What lies ahead for the entrepreneurs of the world? Younger generations are starting to look for alternatives to the standard 9 to 5 jobs, and entrepreneurship seems like a viable option.
Where entrepreneurs started to where they are now
What do entrepreneurs from all time periods have in common? All entrepreneurs, no matter how they start, fail at some point, but successful entrepreneurs don’t stop after the first failure. In fact, entrepreneurs are much more likely to be successful on their second project. Unfortunately, one study showed that 71% of failed entrepreneurs chose not to try again.
Entrepreneurs are not just people who own a business – they are people with a vision. Even with all the technological advances in the modern world, being an entrepreneur is not an easy task. Competing with everyone else across the globe makes it challenging to be successful, no matter how many unique ideas you may have.
But despite these challenges, entrepreneurs throughout history have shaped the economy and the world. From merchants to farmers to technology developers, entrepreneurs have come a long way from their beginning.
The why behind entrepreneurship
Entrepreneurs often start as people with a lot of really good ideas. Whether they’re interested in automobiles, technology, or fast food chains, entrepreneurs always have a vision. There are certain entrepreneurs, such as social entrepreneurs, who aim to make a difference in the world by doing good.
But most successful entrepreneurs start because they want to shape the future and make a profit. Even the most altruistic entrepreneurs often have wealth in mind. It’s no surprise that entrepreneurs frequently end up on the list of wealthiest people.
A study by Wealth-X examined the world’s wealthiest people – those whose net worth was at least $30 million. Their study found that almost 68% were self-made and that only 8.5% inherited their wealth. The remaining 23.7% had a combination of the 2. Those who succeed financially across the globe are people who innovate and find ways to create their own businesses or take over businesses to make them successful.
The growing interest in entrepreneurship
The interest in entrepreneurship as a career path is growing, especially for those in the younger generations. For many years, salaried office jobs were the norm for college students after graduation. But especially after the COVID-19 pandemic, remote work has become more prevalent, with over 61% of workers choosing to work remotely. Young people are looking for more control over their schedules and lives.
A survey done by consulting firm PwC surveyed over 44,000 millennials on the topic of work. 71% of millennials stated work demands interfere with their personal lives and 66% wanted more flexibility in their work hours. According to a Pew Research Poll, 64% of adults working from home said remote work has made it easier to balance their work and personal life.
With advancements in technology and information easily accessible for anyone, the possibility of becoming an entrepreneur seems more attainable than ever before. Many members of Generation Z are looking towards those who have already crossed the path before them as entrepreneurs to be able to learn from those who have wisdom on the subject.
Digital trends
The future of careers, in general, is rooted in digital technology, and entrepreneurship is no different. Digital trends have made it easier, and more affordable, to become an entrepreneur. Due to the rise in technology, digital entrepreneurship has continued to grow.
Digital entrepreneurship includes entrepreneurial opportunities created through digital platforms, and in recent years, these opportunities have continued to grow. Easy access to technology, such as a laptop, is one reason why entrepreneurship is more accessible today. According to the U.S. Census Bureau, from July to September 2020, there were over a million new business applications submitted.
According to a survey by Yelp, the number of business closures continue to rise, with over 160,000 businesses closing in 2020 alone. But the number of businesses that closed after the start of the COVID-19 Pandemic has created more opportunities for new business owners.
With an increase in remote and hybrid work, and digital marketing available for free through social media, it has never been more accessible or affordable to start an online business.
E-commerce
Short for electronic commerce, ‘e-commerce’ is another reason why it has become possible for many people to become entrepreneurs in the digital world. E-commerce is any online activity that involves purchasing products or services.
Ever since the Digital Age, e-commerce has been on the rise. In the modern world, online shopping is replacing in-person shopping in many cases. One of the biggest benefits to e-commerce that keeps customers coming back to it is convenience. In a time when many workers are either fully remote or working hybrid, having your products delivered right to your door is much easier than having to go to a store to purchase something.
There are many benefits to the entrepreneur as well, one of them being passive income. While in a physical store, the owner only makes a profit when someone walks in and makes a purchase, with online shopping, the owner can actually make money off products while they’re asleep.
Modern leaders in entrepreneurship
Entrepreneurship in the modern world has continued to grow with advancements in technology. It’s challenging to predict what the future of entrepreneurship will look like in the next 50 to one hundred years. But as time goes on, the business leaders of the world change, as well.
For example, Tim Cook is someone to look out for in the business world, as he became the CEO of Apple after the death of Steve Jobs. Or Jack Ma, who was the first Chinese entrepreneur featured on the cover of Forbes Magazine.
Entrepreneurs have the benefit of working for themselves, but entrepreneurial leaders have to develop a clear vision and be able to clearly communicate their vision to their team. One way entrepreneurial leaders motivate others is by sharing their success. When their business or organization succeeds, they acknowledge the work of others.
History tells us that entrepreneurs dramatically impact the economy and help shape society. Without people like Thomas Edison, Henry Ford, Steve Jobs, and Mark Zuckerberg, the modern world would look very different.
