As an entrepreneur, staying abreast of entrepreneurship trends should be important. After all, you want to maintain your competitive edge and keep growing and scaling your business to make it as successful as possible.
Fortunately, we’re here to help. In this blog, we’re breaking down a few of the leading entrepreneurship trends to know about in 2023 and beyond.
9 Popular Entrepreneurship Trends
Whether you’re a skilled entrepreneur or new to the business world, these nine entrepreneurship trends can help you grow your business and expand your skills:
1. Increasing Importance of Social Responsibility
Today, 67% of respondents want to work with socially conscious and responsible companies. What might surprise you, though, is that social responsibility isn’t just important to consumers.
Engaging in socially valuable projects reduces employee turnover by about 50%, and 79% of millennials list their company’s level of social responsibility as a factor in their loyalty and decision to keep working for a company.
Examples of social responsibility initiatives in action may include improving labor policies, reducing a company’s carbon footprint, increasing charitable giving, or upping community and virtual volunteering.
2. Increasing Diversity
Today, diversity is critically important in the workplace, and it’s become a driving force for entrepreneurs everywhere. Currently, 92% of business leaders agree that good workforce education programs should focus on diversity and inclusion goals.
Additionally, businesses identified as “diverse” and “inclusive” are 35% more likely to outperform the competition and 790% more likely to capture new markets.
Fortunately, entrepreneurs are finding ways to increase diversity in the workplace. Common initiatives include providing opportunities for school children to be involved in entrepreneurship programs and creating programs that accelerate the entry of women and minority populations into the world of entrepreneurship.
3. Highly Specialized Business Education
In recent years, the business landscape has changed drastically. Thanks to a constantly changing world and the many disruptive new technologies present in the modern entrepreneurial environment, business education programs have had to be redesigned, and more specialized programs have emerged.
Today, many business education programs include a focus on cross-disciplinary collaboration, data-driven decision-making, and leadership skills, among other things.
4. Younger Entrepreneurs
Once upon a time, entrepreneurs were hard working people who’d spent years and years in a given field or career.
Today, the average age of entrepreneurs is getting younger and younger. In fact, Forbes reports that the average age of a successful startup founder is 45, which may even be on the older side. Stories about entrepreneurs in their teens and early twenties abound, and many of them are creating ground-breaking, dynamic-shifting companies.
The bottom line? There’s no such thing as being “too young” for entrepreneurship today.
5. A Stronger Reliance on Internet Content
Historically, companies tended to produce things – real, tangible things you could put your hands on. In recent years, though, the dynamic of entrepreneurship has shifted. Today, there’s more of a focus by many entrepreneurs on creating virtual and digital content while creating opportunities for monetizing online content
Not convinced? Consider a recent statistic from YouTube, wherein the video-sharing service reported that it’s paid out $2 billion in the last five years to partners who monetize YouTube content, many of whom are young entrepreneurs.
6. Mobile Businesses are Adapting to New Landscapes
Mobile businesses, like food trucks and mobile pet grooming services, have seen a few years of booming business. Mobile apps and online services also give you more opportunities to improve the customer experience while increasing accessibility 24/7.
In 2021 alone, the food truck industry was worth an estimated $1.3 billion, which just goes to show how much consumers love the idea of flexible, mobile business opportunities.
Fortunately, that enthusiasm doesn’t end with food trucks. Things like health services, personal trainers, beauty services, auto detailing, cleaning services, and more now provide on-demand delivery services that expand consumer access and allow businesses to operate outside of traditional limits.
Entrepreneurs love that these businesses require little overhead and that word can spread rapidly via social media or word-of-mouth advertising. The result is a field that provides nearly unlimited expansion opportunities for entrepreneurs.
7. Specialty and Boutique Shops Specializing in Hyperlocal Goods
What’s a unique thing about where you live? Now, can you think of a specialty shop that sells trinkets, goods, or supplies that capitalize on that unique feature? Chances are good you can, since this has been a booming branch of entrepreneurship for a few years now.
These specialty shops sell hyperlocal goods that cater to niche markets and can range from food and beverage shops to thrift stores and art boutiques.
In addition to providing truly unique products, these stores also promote a sense of community and generate deeply devoted niche markets of customers.
8. Green Businesses
Just like companies have been focusing more on diversity, equity, inclusion, and social responsibility, green business has become a significant trend in modern entrepreneurship.
Today, 88% of consumers are more loyal to companies that support environmental and social issues, and about 60% of companies have documented sustainability strategies.
Examples of green business initiatives include using recycled office supplies, slashing carbon emissions, investing in green architecture, and working with social innovation firms to promote environmental responsibility.
9. Focus on Disruptive Technologies
Ever since Mark Zuckerberg proclaimed that businesses should “move fast and break things,” disruption has been a buzzword in entrepreneurship. We even discussed how strategic disruption is key to business evolution.
Entrepreneurs everywhere have adopted the concept by adopting disruptive technologies designed to remove barriers and bottlenecks and create or maintain a competitive edge.
Leveraging disruption intelligently allows teams to automate repetitive tasks and free up resources to invest in growing and scaling the business.
Become a Better Entrepreneur This Year
If you want to increase your entrepreneurship skills, exploring these entrepreneurship trends is a great opportunity to grow.
Whether you increase your focus on social responsibility or green initiatives or build different education programs within your company, investing in your business is a great way to promote customer loyalty, encourage brand recognition, and stand out as a genuinely unforgettable enterprise.
Explore how Alloy Gives Back To The Community With Causely. Causely is Alloy’s giving partner and a really cool organization.
“Giving back is a core value for the Alloy brand!”
Rick Mayo, CEO
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Article by: Rick Mayo
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