Now is the age of the entrepreneur, and today’s entrepreneur operates in a sphere where changes follow each other in rapid succession. In the coming years, the interests of the consumer will once again become a focal point in business. Entrepreneurs are advised to seek a personal relationship with their clients by taking account of their individual needs and desires. Social media and new technologies will play an important role in this process as it becomes easier to learn about people by what they post.
There are five trends shaping the life of entrepreneurs:
Stalk Your Pray
Forming a relationship with one’s client is paramount, and it is easier than ever with the prevalence of blogs and social media. Look up clients on Google or Facebook and find out their likes and dislikes. Check LinkedIn and see where they interned after college, and even view their Instagram to see photos from where they last vacationed. No businessperson hits the mark every time, but having a personal relationship will help get past the rocky times to the happily ever after.
Growth of Personal and Local
There is an increasing awareness and interest among consumers about the origin of the products they buy. Local entrepreneurs can play into this concern of consumers, whereas multinational corporations often fall short in allaying consumer concerns. Their impersonal, rigid and sometimes arrogant treatment of consumers is no longer acceptable now that entrepreneurs offer a valid alternative. Today’s consumers have no problem switching providers of products or services. They like to shop around to find a flexible provider who is willing to offer them that little extra.
Importance of Cloud Computing
Cloud computing is going to become the entrepreneur’s best friend. It enables entrepreneurs to access data and software at any time and from any location. They no longer have to invest in servers and server storage, nor do they have to worry about software licenses and management. In cloud computing, one pays only for what one uses, so there isn’t any wastage of funds. Moreover, entrepreneurs can tailor the service to the needs of the business.
Surviving in a Difficult Economy
The economic crisis has driven growth among entrepreneurs. Businesses need a high degree of flexibility to be able to survive a difficult economic climate. Entrepreneurs have the advantage as long as they aren’t afraid to innovate. Success comes from seeing new opportunities to work together with colleagues as well as competitors.
Future growth will not be found in turnover alone. Attention to personal growth and becoming a better employer is gaining influence in areas such as sustainable development. The personal circumstance of employees will become an important focal point. This is another area where the entrepreneur can outshine big business. Employees prefer a varied job that enables them to meet the occasional challenge. Personal contact with the employer is also high on the list. This approach is valuable for entrepreneurs because valued employees take fewer sick days and perform better.
Banks have been hesitant to provide small businesses and entrepreneurs with the funds they need to grow their business. That is why new forms of financing have been developed. Crowdfunding is a popular new form of financing in which multiple investors come together, each providing a small contribution. This way of financing decreases the risk of large financial losses for investors. Anyone can be an investor in crowdfunding. Family members, friends, customers and suppliers can all contribute to the success of a business they believe in. Crowdfunding contributions can be returned to the investors with interest, just like regular lending, but it can also take the shape of financial donations, or the supplying or exchanging of products or services.
These are the most important current and future trends for entrepreneurs as traditional business structures become irrelevant.
Jenny Q. Ta is the founder and CEO of Sqeeqee, the first-of-its-kind Social Networthing™ site that gives individuals, businesses, celebrities, politicians and nonprofit organizations the ability to monetize their profiles in unprecedented ways. A seasoned entrepreneur with two successful investment enterprises to her credit and a self-made millionaire by age 27, she is the author of Wall Street Cinderella, which details her escape from Vietnam during the war and her path to success from welfare to Wall Street.