Whether beginning a small business from the ground up or purchasing an established company or franchise, an entrepreneur must assess the company’s potential and capabilities to make it successful. This analysis must be thorough, examining the opportunity’s risks and rewards. Financial, product, and human resource analysis are all required for business appraisal. Examine the business’s potential and risks to make an informed decision and improve your chances of success. A person must examine several facets of a business proposal to determine whether it is reasonable.
Entrepreneurs assess creative product ideas, methods, and marketing trends through the opportunity screening process. (Laverty & Littel, 2020) This screening helps identify the likelihood for success in following the idea and can help refine planning by focusing on the viability of financial resources, the capabilities of the entrepreneurial team, and the competitors. (Laverty & Littel, 2020) Morris and Zahra (2000) suggest that once an opportunity has been identified, timely adoption of that opportunity to meet actual market needs is critical to the success of a new enterprise. (p.92) In this paper, the current and future trends of business opportunities will be investigated.
Trends in business opportunities
The COVID-19 pandemic has negatively affected the global economy, causing everything from job insecurity and rising unemployment to massive amounts of stress on people and healthcare systems. Simultaneously, some positives emerged from this situation. For the first time, small businesses are dabbling in e-commerce as reliance on technology increases. What is evident is that becoming an entrepreneur is quickly becoming the preferred career path for “Generation Next,” as many young people seek to break free from salaried employment. (Brown et al., 2020) Established enterprises are not the only ones who assist society get through a catastrophe, as COVID-19.
A new generation of up-and-coming entrepreneurs will drive innovation, ensure long-term viability, and construct safe, equitable, and robust economies that benefit all. (Brown et al., 2020) In this work, three key trends shaping this future entrepreneurship will be mentioned.
First, digital technologies have become synonymous with global entrepreneurship in the present and future. Everyone has seen how corporations that responded fast to the crisis gained a strategic advantage over their competitors. There are millions of people working from home, companies that supplied quickly while maintaining outstanding service attracted devoted clients. People are more comfortable with new technology. COVID-19 has unmistakably sparked digital entrepreneurship in the same manner that other disasters and health emergencies have in the past sparked constructive change.
Fortunately, COVID’s demise has aided in the digital reduction of barriers to business. According to Gartner (2020), cloud-based technology has reduced the cost of starting and running a business by more than half. It is also a lot easier to get your hands on new technology. (p.5) SMEs can promote their products to a broader audience using websites and platforms that combine a digital stack, which improves interactions between buyers, sellers, and partners. (Brown et al., 2020) McKinsey (2020) stated that companies that set out their digital strategy years in advance were able to scale those projects in a matter of days or weeks. The rate of change has been incredible. (p.6)
Solutions that are not based on a specific location
The pandemic has opened doors for businesses and altered the way we all operate – maybe for the better. New solutions that work anywhere will characterize future entrepreneurship. Location-independent solutions take, for example, healthcare, which has undergone significant transformation in a short period. Telehealth, remote diagnostics, and medical equipment are now significantly more prevalent in society. (Bechtel et al., 2020) FedEx, which is on the front lines of healthcare and is witnessing these shifts in real-time. (Bechtel et al., 2020)
For years, it has been transporting medical equipment, new pharmaceuticals, and clinical trial materials. Now it is working on some of the most critical projects ever undertaken. It is naturally proud of the outstanding efforts of FedEx teams around the world in delivering the COVID-19 vaccine. (Bechtel et al., 2020) In other industries, technology is fostering a location-independent, mobile-first, and social-commerce-centric environment. Digital nomads already make up the new generation of successful entrepreneurs.
The world is about to enter an exciting new era of entrepreneurship, which means more women, young people, and entrepreneurs from all occupations. Access to technology allows start-ups from Ghana to Bangladesh to compete in the same global arena as companies from more industrialized countries in an increasingly linked world. (ECOCOS, 2019) A significant skill pool feeds this diverse enterprise, and Asia-Pacific stands out. The region is home to about 60% of the world’s youth, a massive resource of 700 million people aged 15 to 24. (ECOCOS, 2019)
As barriers to entrepreneurship diminish, so will opportunities for young people worldwide — from every country and culture, from every sector and society, all offering their unique talents and perspectives. Asia is blessed to have some of the world’s most vibrant start-up ecosystems. (ECOCOS, 2019) When e-commerce and cross-border trade are booming, there is a lot of support for new entrepreneurs and venture capital models. However, the practical aspects of scaling up and growing a worldwide business continue to receive little attention.
Among all the trends provided, I would instead prefer to invest in digital entrepreneurship. Many countries see digital entrepreneurship as a crucial pillar for economic growth, job creation, and innovation. Digital entrepreneurial behavior, culture, strategy, and a supportive innovation ecosystem that includes governments, industry, business, educational institutions, and non-governmental organizations all play a role in a country’s digital entrepreneurial capacity. (Zhao & Collier, 2016)
To be successful in business, an entrepreneur must first assess the potential and then consider how clients are evolving. It could signify a shift in strategy or simply developing the company in new and creative ways. While it is true that some decisions should be made based on short-term facts, anyone looking to establish a business should constantly have an eye on the future.
Bechtel, M., Briggs, B., & Buchhloz, S. (2020). Tech Trends 2020. Deloitte Insights. Web.
Brown, S., Hingel, G., Ratcheva, V.S., & Zahidi,S. (2020). The Future of Jobs Report 2020. World Economic Forum.
Laverty, M., & Littel, C. (2020). Entrepreneurship. OpenStax.
Morris, M.H. & Zahra, S. (2000). Adaptation of the business concept over time: The case of historically disadvantaged South African owner/managers. Small Business Management, 38(1), 92-100.
Zhao, F. & Collier, A. (2016). Digital Entrepreneurship: Research and Practice. Web.
ECOCOS. (2019). 8th Economic and Social Council Youth Forum. Web.