So you want to be an entrepreneur? Millions of people worldwide are in the same boat and it is safe to say there has never been a better time to make the move than now.
While economic uncertainty is creating headaches for many established businesses, this should not put you off taking the plunge and starting a new venture.
All you need is a great business idea and the funds to get your enterprise off the ground. With hard work and dedication, you will soon be on your way to making a fortune.
Of course, if you want to be successful you must pay close attention to the latest entrepreneurship trends. Here is what to keep an eye on in 2023.
Beware the Gen Z entrepreneurs
The days were budding entrepreneurs had to take traditional jobs before going it alone are long gone, with many individuals starting their own ventures as their first job after education.
Around one-fifth of Gen Z entrepreneurs in the United Kingdom have backed themselves to be successful rather than following the crowd by working for someone else.
If you already gone down the latter path and are considering setting up your own business, do not make the mistake of underestimating the abilities of the younger demographic.
Improved business education is driving the Gen Z entrepreneurship boom and we anticipate more young adults with head down this route in 2023 and beyond.
Remote business model to gather pace
The rise in popularity of remote working has generated a wave of new business ventures that are not forced to rely on a structured office environment.
This point has become particularly pertinent in media and journalism, with many successful online operations now based entirely on the services of remote workers.
As entrepreneur Ahmed Bilal explains, ‘office work vs remote work is about company culture and employee personality – and the ability for more people to work effectively from home (or remotely) means we can have a higher employment rate as well as higher work satisfaction’.
The global rollout of 5G Wi-Fi connectivity has the power to make the need for office space virtually redundant in a plethora of other entrepreneurial ventures.
Entrepreneurs in those sectors will likely wise up to the possibilities this operating mode presents, particularly when it comes to reducing their overheads.
Embracing authenticity in social responsibility
Corporate social responsibility (CSR) has become increasingly prevalent in recent years, but it would be fair to say that not every business takes it seriously.
Many organisations pay lip service to being socially accountable, placing greater emphasis on being seen to be doing rather than actually making a difference.
However, consumers have become increasingly discerning in recent times, and most people now quickly see through blatant publicity stunts masquerading as CSR.
The entrepreneurs who will be most successful in the 2023 are the ones who truly commit to CSR by backing up their stated intentions with meaningful actions.
Personalised marketing to keep powering entrepreneurial ventures
Regardless of whether your business venture is a start-up or well-established, establishing a structured marketing strategy is crucial to its success.
A content-rich website and active social media channels are the minimum requirement, but careful consideration must be given to how these are used to engage with your audience.
The data insights provided by such platforms allow entrepreneurs to take a more personalised approach to the advertising and marketing activities they undertake.
Personalisation will become increasingly prevalent in marketing this year, and entrepreneurs must ensure their businesses are geared up to deliver.
