The Future of Entrepreneurship

As we continue the celebration of National Entrepreneurship Month, a question comes to mind — What role will entrepreneurs play in the economy over the next 5–10 years?

Investopedia addresses how entrepreneurship affects the economy as promoting economic growth, even if positive effects are sometimes overhyped. It goes on to list four key points for consideration:

• Entrepreneurship refers to the “pursuit of opportunity beyond resources controlled.”
• Entrepreneurship has become increasingly socially conscious, taking stock of the impact of entrepreneurial activity on societal issues and tending to view the possibility of addressing those issues as an important function of entrepreneurship.
• The impact of entrepreneurs on economic growth is overall positive, though it may be more mixed than its proponents realize with evidence pointing towards widely different results within different sectors of the economy.
• The evidence of how effective socially conscious innovations have been at solving the issues they tackle historically has been mixed.

In an eye-opening article, The Future of Entrepreneurship in the 21st Century, the author, Dr. Srikanth Gaddam points at some of the trends and changes we have seen throughout the business world over the past few years, and what those changes could mean for potential entrepreneurs looking to start their own business ventures in 2020 (and beyond), as well as how those changes could affect the future of entrepreneurship going forward. He lists them as:

The Rise of the Social Enterprise — there has been a sharp increase in the social awareness of consumers and the desire to contribute to businesses who use a percentage of their profits to help a range of deserving causes, and this change in habits has paved the way for a new kind of business venture. These businesses are known as social enterprises and are driven by purpose rather than profit, with a goal of improving the lives of others — and they’re most certainly becoming more and more common in today’s vast business landscape.

The Importance of Digital Trends — aspiring entrepreneurs should certainly keep a keen eye on the changing trends appearing within their potential consumer base. These trends can then be used to better market products or businesses towards the target demographic, leading to an all-important increase in sales and overall growth of the brand — or they could even be the thing that directs target audience toward the business [idea] in the first place.

Growth of Platforms — there has been a sharp increase in the establishment of businesses that operate using the platform model. A platform is a business model in which the company relies on building a large and prominent user base to grow, achieve prominence and maintain long-term success.

Dr. Srikanth Gaddam wraps up his article with, “Overall, there has never been a better time to set up your own business, as long as you can keep up with the trends and stand out among the rest. You could be the entrepreneur behind the next global cultural phenomenon.”

In 2017, a similar question was asked on Quora — What will the future of entrepreneurship look like 10 years from now? What is your advice for young entrepreneurs?

A response from a founder, brand consultant & teacher:

“The future of Entrepreneurship in 10 years looks very promising. Technology and the information age that we are currently in is paving the way and enabling people to become Founders and CEOs at a higher rate and a younger age than our parents did-I’m speaking about the Millennials. Anyone born after 1982. Starting a business and failing was catastrophic for them, and it would be for some today, but it is easier to rebound from a failed venture today. Don’t ever be afraid to fail, it’s called learning. And you can’t prosper without it. Just don’t make the same mistakes three times. My advice as a Brand Consultant that consults Entrepreneurs every day, don’t put your eggs all in one basket. Don’t start a business and not love what you do and be willing to put the blood, sweat and tears into it.”

I hope the information shared above has helped to spur some thoughts in your own mind about entrepreneurship and especially its role as we face economic uncertainty, a changing business landscape, social issues of the day and so much more. This has me thinking once again about whether I am an entrepreneur. You should ask the same of yourself.

Why is there reluctance to say, I am an entrepreneur? I’ve been asked that question many times. Heck, I’ve asked that question of myself on more than one occasion. It seems, at times we’re prouder to call ourselves, Founder or CEO or to say, I’m a business owner. Why is that?

Are those titles more respectful than entrepreneur? Yet, we hear of late, we’re in an entrepreneurial economy. So, is that a bad thing or a good thing, and especially if we have a hard time fully admitting to entrepreneurship? Or should we just be entrepreneurial in how we approach our work, whatever that truly means?

Are we claiming to be in an entrepreneurial economy to justify the disappearance of the lifelong career at one company and this is just a way to say we need to create and prove ourselves repeatedly, and forget the gold watch?

Back to the reference of being an entrepreneur… Is there a stigma of being a dreamer, always looking for something better, bigger, faster as opposed to what some believe is mundane, repetitive work with the security of a paycheck? Often, I hear it’s mostly due to yesterday’s immigrant mindset of being thankful to just have a job, yet it’s that same immigrant mindset that is the epitome of entrepreneurship.

“Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma — which is living with the results of other people’s thinking. Don’t let the noise of other’s opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.” — Steve Jobs

We are living our fears.

I believe it’s because of fear — fear of failure, fear of what other people think, fear of the unknown, fear of the what if, fear of starting over, fear of change… But it’s when those fears are hit head-on and the adrenaline rush of success far outweighs those fears because you know, deep in your heart, that you have a deeply ingrained talent that can and will make a difference.

Does that mean failures aren’t possible? Hell no, but it’s working through those failures, those blips, those aberrations that provide experience and resiliency to improve and innovate to make the next step, the next task, the next venture successful. That is entrepreneurship. And it’s when I don’t consider what I do as entrepreneurship, is when failure mostly occurs. Conversely, it’s when I focus on what I do as an entrepreneur, complete with that thinking outside the box and failure is not an option perspective, and when focused more on results as opposed to opinion of others, THAT is when success mostly occurs.

Yes, I’m an entrepreneur. My focus will stay as such as it is not only good for me, but also for my family and for those that rely on me to help them achieve their wishes, hopes and dreams! Why? Because I believe in possibilities, as without them, there are none.

Please spread the word about National Entrepreneurship Month. After all, we do need more and more entrepreneurs. Recognizing and celebrating entrepreneurship will help inspire and motivate entrepreneurs in ways that we may not yet be able to imagine. As well, it can go a long way toward inspiring future generations of entrepreneurs.

Have a great day. Make it happen. Make it count!