The future has always looked so much better than the present, and the funny thing is- you don’t actually know how the future looks like. Most say it is better to focus on the present and live in the moment. But, in the business world, the future is just as important as the present, if not a lot more important. So, let’s pose the question here: what will the future of entrepreneurship look like?
If we’re to judge on what is currently going on around us (and that’s quite everything we have to base our prediction of the future), entrepreneurship looks like the “job of the future”. Indeed, there has never been a better time for young entrepreneurs to launch their own business like there is today: technology is more accessible and opportunities for mentorship and training are easier than ever to come by, the governments seem to support the entrepreneurial initiatives more and more and there is also a hunger for building something new from scratch, for new advances in technology and new discoveries like we’ve rarely seen before.
The IT sector seems to be winning at the category “most handsome guy to invest in”. Artificial intelligence, electric cars, 3D printing, smart cities, solar power, bitcoins are also some hot industries that have a bright future ahead.
There is also one word that will play a big part in the next entrepreneurial era: innovation. This will probably become a currency to trade in. Innovate, create, move on the fast-forward, stay ahead of the competition, come up with the new big thing, repeat.
But, let’s see what are the safest predictions we can make about the future of entrepreneurship.
- Mentorship: Entrepreneurs are, nowadays, mentors and role-models. Giving back seems like a very important part of the entrepreneurial philosophy. And by giving back, here, we mean giving back knowledge. Entrepreneurial mentorship camps for teens, or entrepreneurial academies don’t look too far away in the future. The beginnings are here now, almost.
- Entrepreneurship as an identity in itself: Yes, more like a nation. An entrepreneurial nation to which young people will be eager to adhere to. Silicon Valley almost looks like a country in itself, with its own unwritten rules and customs and networks. Entrepreneurs are proud of who they are and what they create and relate to their business.
- Old might become new again: Desperately need to draw the attention of important investors? How about sending a handwritten letter? Or get an old typewriting machine and put it on your desk to write special letters to your most special partners or employees. Technology is currently taking over and playing a big part in our lives, but meeting face to face with people instead of a video conference can add to that discussion a personal touch that not even the most advanced technology can bring. So a nonconformist way of approaching meetings can go a long way, like, let’s say, having to meet at a specific point in a park without using Google maps or any other maps app. This might add a good, humanistic touch to an entrepreneur’s relationship with his/her employees, partners etc.
- A madness of innovation: This is no surprise. We might even have an Innovation University in the future and people will get degrees in innovation. How to innovate? Seems impossible to teach that, but who knows? Leaving any sign of joke aside, innovation will be the biggest celebrity of the entrepreneurship game. Creating new products, technologies, opening new markets, all has to have a “new” in front, so that entrepreneurs can hope to thrive in some ways.
- Education systems that support entrepreneurial mindset: Entrepreneurial education is present in schools at the moment, but, in the future, it will be a very important subject and teachers will stress on it. Educating the young minds still in schools and letting them know that they can do more than getting a job in the future will gradually become part of the formal education in many countries across the globe. The most important thing young minds will need in the future is the motivation that they can and have to do what they love with their lives. With that comes sacrifice and hard work which will also be part of the entrepreneurship education.
- Network – the key currency: For beginning a business, you need capital. One of the most important forms of capital that will play a major role in the future, is The Network. A network is a sophisticated web of relationships and knowledge of people, friendships and feuds, human nature at its finest. Mastering it will be the most important art of entrepreneurship and, why not, a currency in itself. The rates of exchange will be knowing people who know people and being known by other people who know other people.
- Young entrepreneurs, very young: The future of entrepreneurship will look young, very young, as it is a growing trend nowadays and the young minds are the most prone to innovate.