The Future of Entrepreneurship
Entrepreneurship is more popular than ever, with leading websites, magazines, and newspapers dedicating ample space to news stories and features on the subject. As a way of life, it’s become the top career choice for emerging and established entrepreneurs. Aspiring young people dream of becoming ‘entrepreneurs’ and can often be seen on university campuses contacting business mentors for help with their startup ideas. According to entrepreneur Shalom Lamm, let’s look at what the future of entrepreneurship looks like in the U.S.
Diversity and Inclusion
Diversity and inclusion are increasingly important for American entrepreneurs as it helps expand their reach and appeal. Lamm points out that while certain cultural differences in entrepreneurial thought exist, the ‘American dream’ of entrepreneurship remains a common thread among all cultures. This is encouraging news for aspiring young people from minority backgrounds who aspire to become entrepreneurs and often find themselves underrepresented in the startup community. Building diverse teams, and making business environments that are open to all, are key to future success and a thriving entrepreneurial world.
Rise of Social Entrepreneurship
While established entrepreneurs are likely to remain in the private sphere, looking for profit and growth, more entrepreneurs will likely be drawn to the social sphere. This includes those who want to tackle social problems and more mainstream philanthropy. While philanthropic goals often remain personal for wealthy benefactors who donate for altruistic reasons, they can also be a powerful business initiative to drive sales and build a brand. Social entrepreneurs may look to start up revenue-generating organizations, such as think tanks and advocacy groups.
Emphasis on Sustainability
Entrepreneurship is becoming more sustainable as the world becomes more connected, shifting away from traditional manufacturing and towards a more collaborative economy. This is important for entrepreneurs, who need to balance ideas and sustainability to make their ideas come true. The Internet of Things (IoT) can make all aspects of business more efficient, helping to cut wasteful spending. Lamm points out that entrepreneurs are also coming together to solve problems like climate change.
Growing Importance of Cybersecurity
Cybersecurity is one area that’s likely to see a rise in importance in the future due to its role in IT infrastructure. Lamm sees vulnerabilities around cyber intelligence that must be fixed. This is part of a larger trend toward the decentralization of technology. According to Lamm, we will see more tools for entrepreneurs who want to run businesses without relying on traditional systems and platforms. One innovation he highlights is blockchain-powered startups, which can help corporations minimize risk while maintaining transparency.
Continued Growth of E-commerce
Technology is making e-commerce accessible to a much wider audience. This gives aspiring entrepreneurs more opportunities to start businesses and sell products worldwide. According to Lamm, this helps foreign entrepreneurs enter the U.S. market and carve out a niche without worrying about the challenges of setting up physical stores or manufacturing facilities. Despite its potential, e-commerce also has some drawbacks for aspiring entrepreneurs: as it becomes increasingly saturated, finding a niche where you can compete can take time and effort.
Entrepreneurship isn’t just about financial success: it’s a personal journey of passion and ideas that can have serious repercussions if not managed well. Entrepreneur Shalom Lamm sees the future looks bright for entrepreneurs, with the rise of social entrepreneurship and sustainability becoming important factors in growing business opportunities.