The world has witnessed a lot of disruption in the past few years, both on the social and economic fronts. Many factors have combined to create turmoil and uncertainty in some parts of the globe more than others. The COVID-19 pandemic, the Russia-Ukraine conflict, the stock market upheaval, the widespread layoffs, and the rising cost of living, among other things, are the standout factors that are bound to leave their imprint this year.
While these are major challenges, they also create the perfect conditions for new-age entrepreneurship. Disruption, turmoil, and uncertainty necessitate change. And change makes people take risks and explore new opportunities. In that process, new enterprises are born. Some might fail along the way, but several will succeed as the idea of entrepreneurship and people’s needs and demands change.
A number of young people are considering entrepreneurship as a career path, turning their back on the safety net of conventional jobs. In fact, such jobs are not that safe anymore — the massive layoffs in companies of all sizes are a testament to their fickleness.
New ventures, new ideas, new entrepreneurs
So, expect new ventures to spring up, new ideas to gain ground, and a new breed of entrepreneurs to emerge. The new clutch of entrepreneurs will find ways to respond to the prevailing chaos. They will be disruptors who will change the market and dictate trends. They will edge out the old and self-aggrandizing business models, question conventions, and try out new ideas.
In the process, they are likely to step on the toes of the old guard — they sure won’t win all popularity contests! This new class of entrepreneurs will play a vital role in developing new products and services, propelling the global economy forward.
Among the new breed of entrepreneurs will be those who will “multi-hustle”, meaning they will juggle two or more roles. They might have a salaried job but will also start a concurrent venture. Some of them will be working for high-growth businesses while witnessing the spectacular success of their start-ups. Their stint in these successful companies will have taught them to dream big and branch out on their own, arming them with a confidence that eluded previous generations.
These budding entrepreneurs will also have picked up the skills to scale significantly with limited marketing budgets by taking recourse to new-age avenues such as social media. It is likely that most will not depend on venture capital funding but will find alternate means to raise funds. This will enable them to build strong, resilient, and profitable businesses.
The world is witnessing a wave of ethical consumerism and increased awareness of the need to protect the environment and halt climate change. As a result, the new enterprises are more likely to focus on sectors such as renewable energy, electric vehicles, solar-powered devices, vertical farming, food, water, waste management, communications, and so forth. So, get ready to welcome a new generation of businesspersons who will usher in a new era.
