Top 5 Global Trends that Entrepreneurs Should Know About

Top 5 Global Trends that Entrepreneurs Should Know About

Trends can be overwhelming, but they can also be the key to let the world know about your business.

Entrepreneurship is a dynamic field, with trends constantly evolving owing to technological advancements, economies and sociopolitical scenarios. These trends may vary, depending on where in the world you look. Today, we bring you a list of emerging trends that are rapidly gaining global traction.

1. Internet of Things

The internet of things (IoT) is an all-encompassing term for objects or “things” that are connected to the internet. “Things” are provided with unique identifiers (UIDs) that make them part of a network. Connected devices can interact and share information with other devices on the network. The information gathered by these “things” is stored and analyzed on cloud servers. 

You are probably very familiar with smart home appliances, such as fridges that tell you when to reorder groceries; water management systems that help you identify water waste points; and monitoring systems that detect power surges and identify gas or water leaks. As technology continues to advance, IoT solutions go beyond home appliances. Now, they can be anything from an Amazon Echo Dot (a smart speaker that can also turn on the lights in your home), an individual with a heart monitor implant to a microchipped animal (an animal that has a chip installed to enable traceability or transmission of information, like behaviors).

The IoT is influential across various industries, as it revolutionizes data collection to improve user experience. To understand users’ preferences and improve overall efficiency, it observes their behaviors and streamlines workflow through automation. Moreover, machines on the network can be programmed to perform repetitive tasks remotely, cutting down on human drudgery. 

IoT bridges the gap between hardware, software and artificial intelligence (AI), allowing the interconnected devices to gain more accurate insights by optimally sifting through and making sense of large chunks of information. 

2. Gig economy

The gig economy can be typified by flexible, temporary or freelance jobs. It often involves connecting clients with service providers across various fields through online platforms. The format allows individuals to work in a part-time setup, temporary position or as an individual contractor with short-term contracts. 

Gig set-ups enable flexible schedules as well as the opportunity to explore various work options and skill sets. Especially for budding entrepreneurs, who are too busy to have a good night’s sleep, can leverage the flexibility to supplement their income during lean periods without the burden of committing their time to a traditional, full-time office job. In the last couple of years, with the pandemic confining thousands of people to their homes, freelance work through gigs provided a valuable supplement to many incomes.

3. Hybrid/work-from-home model

The Covid-19 pandemic has proven the belief that very few jobs can be done from one’s home wrong. Nowadays, lots of entrepreneurs work exclusively or mostly from home, as do many entrepreneurial ventures with a small workforce. This is a benefit for many startups, as it eliminates the major expense of paying for a physical workspace. 

In light of this, more businesses are likely to embrace a hybrid working model. Employees can maintain the flexibility of working remotely while also encouraging in-person collaboration for more exploratory or hands-on work. This would thus provide the benefits of both remote and in-person work.

4. No-code web apps 

Gone are the days when entrepreneurs from non-technical backgrounds were held back from achieving their goals due to a lack of coding knowledge. No-code or low-code platforms are disrupting the establishment and development of companies and products. It levels the playing field by allowing non-technical entrepreneurs to create minimum viable products (MVPs) and improve them for early adopters without putting in huge chunks of time and effort to first learn how to code. 

It grants a lot of independence to entrepreneurs that are starting on a small scale and budget to establish their business without having to wait for a co-founder with a technical background to come in or hiring some coding experts.

5. Increase in niche markets

In a world where every idea and thing seems to exist already, novelty is a game changer. The desire for unique and customizable products has led to phenomenal diversification in the market, giving entrepreneurs room to explore and carve out a niche with their products. 

New niches have the potential to become very profitable. Many small businesses, like Instagram shops, are taking this fondness for the unique and bespoke and creating custom pieces of apparel, accessories, appliances and more to cater to a steadily growing clientele. Often, these niches are focused on specific communities and cater to the expression of their ideas, ideals and expression of their unique identity. From a geographical standpoint, this presents an opportunity to create products catering specifically to local communities, cultures, cuisines and climates, as they are likely to be well-received. 

Trends are a great reflection of markets as well as the changing and ever-evolving tastes and preferences of potential clients from all over the world. Keeping up with trends is a chance for entrepreneurs to have their ears on the ground for the next big thing. We hope this knowledge can help you put your business out there on your journey.

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