Although it is hard work and a tuff journey to become a successful entrepreneur, many young people chose to create a venture of their own and become a start-up rather than to work for a boss. Being a business coach, I picked up a few trends that are currently prominent beacons in this exciting landscape.
One of the most outstanding facts is that many new entrepreneurs enter and start up in the services sector. They spot a void or a gap, and they go for it. To provide a service does not ask for a lot of start-up capital and it is something that can almost deliver immediate returns. Together with this trend I see more and more that successful entrepreneurs stay industry specific. If they start delivering a service within an industry, they stay there, build contacts and relations, and grow their business there, because people within the same industry talk to each other. So, the word of mouth factor helps entrepreneurs to become role-players within an industry.
I also do not see as many new products entering the market as innovations. This has become a steady trend that entrepreneurs take an existing product, tweak it a bit, improve it, or add something to it, and then they have a new marketable product. It is especially in the field of technology that the most opportunities arise.
A growing trend is also that entrepreneurs become project managers. They take on a job from a client, do the parts that they are interested in and outsource the rest to third parties. They coordinate the activities, put everything at the end together and hand-over to the customer.
Interesting and promising gaps are also spotted within the Green and Health industries. People want to live greener and more environmentally friendly, as well as healthier. This consciousness creates a whole new world with a lot of opportunities that range from packaging of products to food and beverage, right through to the tourism and hospitality industry with eco-tourism as a growing industry and organic food as an increasing niche.
Other interesting trends are that entrepreneurs are working fewer hours and they are building their business around the lifestyle that they chose. They have strong rituals and habits and the business fills the gaps in between. Sometimes the whole family gets involved and the business becomes something that they do together to bond as family.
One negative trend that I am picking up, is that entrepreneurs struggle with marketing. There is too much noise out there! It is difficult for buyers and seller to “hear” each other, to find one another, and to get together. The virtual world is so cluttered. People communicate on different platforms and places. The real art is currently to find out where the eyes and ears of potential customers are.
Despite this challenge, it seems as if more and more, especially Millennials chose to become entrepreneurs and it is among them that the mentioned trends are mainly gaining momentum.