The COVID-19 brought many changes to different companies and businesses. There has been a shift to the business landscape. What is the future for businesses in the coming years?
The data below is the various business changes to look out for in 2021 and the following years.
According to CB Insights, the top 5 reasons why startups failed in 2019 are no market need, no more cash, not the right people, outcompeted, and cost issues.
If you are an entrepreneur and you don’t want your business to fall into the trap, best to keep up with entrepreneur trends today.
Here are some entrepreneurship trends:
Business from Home
Many people have chosen to manage jobs from home and keep certain freelance jobs. This is the gateway for entrepreneurship. Many people who start as freelancers end up creating their own consultancy business.
Digital nomadism has come to rise a few years back. It is a type of remote working where the worker lives as a nomad. Nomads can practically work anywhere.
After COVID-19 hit, digital nomadism took a new meaning. Every people were forced to stay at home. Many startup businesses were also forced to revert to where they started. While settled businesspeople will likely utilize more separated workers to man digital touchpoints, online shopping and selling have become prevalent.
Globalized Business Powered by Remote Work
Globalism has been a trend for a couple of years. It is the practice of working with international teams to build, support and expand their business. Some other people believe that globalism is just an option for companies after years of starting.
The globalism trend is a particular sector in media and professional services. It fits the knowledge economy. In the coming years, globalism will essentially continue to be the norm in top-performing business.
Mobile Commerce
Due to the pandemic hit, many consumers are glued to their phones. Entrepreneurs take this action to their advantage. Just like digital nomadism and globalism, the internet paved the way for better mobile trade. Now, businesspeople can lead to being more competent even in the comfort of their homes.
Social Commerce
Social commerce is the use of social media as a medium to give and receive feedback. It creates an in-person digital marketplace. Social networks will provide their users with new tools for social selling, just like what is happening now.
The Continuous Rise of Subscription Based-Business
The rise of subscription-based models for established business and newer ones will likely be worth 11.1 billion dollars by 2027. Today, subscription-based models have become the trend as it is picking up more steam. Music, movie, planned meals, and local gyms have a subscription-based scheme.
Let’s take the example of Amazon. The company is performing well because of the Prime subscription service. Many brands have changed to subscription-based services. This allows them to get a steady source of revenue.
Many entrepreneurs will run a business from home or less similar conditions that made a chance for globalized business in years to come. Furthermore, the industry and societal trends that emerged from the same conditions are pretty related and posed to help enterprises cope with the pandemic.