Entrepreneurship is a dynamic term that could originally be understood as the act of someone increasing profits while simultaneously driving down the cost of production. Today, this definition does little to capture the true meaning of what entrepreneurship is, nor does it define what it means to be an innovator, risk-taker and individual who’s willing to deviate from the status quo to create his or her own path. Amid estimates that 65% of primary school aged children will end up working in jobs that don’t yet exist, the concept of entrepreneurship is being fundamentally redefined, and professionals of all backgrounds are noticing the need to have an entrepreneurial mindset.
Automation Will Increase Creativity
In a time when AI and the internet of things (IoT) are becoming commonplace in households, governments are extensively considering the potential effects these technologies can have on the labor force. Advancements in autonomous cars and drones are placing some organizations on edge, as they believe that labor-replacing technologies will wipe out thousands of jobs. While advancements may temporarily displace certain job sectors, history has shown us that technology tends to create substantially more jobs than it destroys.
Automation (in the immediate future) will do what technology tends to do everywhere: replace low-skilled jobs with high-skilled positions. IoT will lead to the replacement of repetitive, routine-focused jobs while permitting human jobs to be creative and more focused on interaction. The streamlining of standard business processes and out-of-the-box computing solutions permits more room for ingenuity and novelty execution in entrepreneurship. Entrepreneurs will be able to innovate on an entirely new spectrum, starting considerably ahead of the current paradigm while dedicating more time to innovation and less to routine administrative tasks.
The last decade has seen a substantial increase in globalization, cross-industry reliance and international outsourcing. With advances in broadband and cloud computing, companies are finding that remote work is a cost-efficient and productive option for them. The Bureau of Labor Statistics identified that up to 24% of U.S. workers conduct some or all of their work from home in 2015. There are now plenty of companies that employ workers who do all or most of their work remotely, and this trend is increasing at an exponential rate. With a number of companies switching to remote environments and emerging virtual technologies (such as VR tackling virtual conferencing) on the edge of going mainstream, it is only a matter of time before the option to work remotely becomes the gold standard. What this means for entrepreneurship is that companies are heading toward location-independent enterprises that can be run from anywhere in the world.
Before deciding to spend the next several years of your life on an entrepreneurial venture, seasoned entrepreneurs will tell you that it is of the utmost importance to properly vet and validate your idea. Receiving feedback and validation requires taking a risk to affirm that the idea has merit and can survive within your market. As the entrepreneurial culture grows and crowdfunding sites like GoFundMe and Kickstarter continue to rise in popularity, feedback is being driven by collective online communities. Data acquisition is transforming market validation and investment opportunities while simultaneously transferring more control to the hands of both consumers and entrepreneurs. An entrepreneur can now acquire enough data and feedback within a couple of months to decide whether to refine an idea or start the journey over again. Moreover, ideas are able to reach the market quicker because there are already entire communities behind them.
Protecting your intellectual property is a crucial business practice, but with technology advancements moving at a rapid pace, innovators are finding that it is more important to demonstrate market interest and viability instead of waiting between one to two years for their application to be accepted by the USPTO. Ultimately, investors and customers are only interested in their needs and the value the company offers them (at what risk and cost). With the advent of new collaboration tools and systems, entrepreneurs are utilizing these techniques to eliminate the mundane, repetitive routines that plague startups and increase focus on the approaches that will distinguish them from competitors. Open source has introduced itself as one of these tools and has jumpstarted countless ventures by providing lower development costs, faster timelines to market, faster adoption and increased collaborative opportunities. With open systems on the rise, the existing barriers preventing some from pursuing entrepreneurship will be eliminated, and going from idea to execution will be considerably expedited.
Technology that was once only available to governments and conglomerate organizations is now accessible to garage startups. These new developments have seen diverse innovators of all varieties enter the tech-venture landscape while transforming the entrepreneurial approach. However, regulations and resources are tightening, making it increasingly difficult for entrepreneurs to innovate and prosper without facing bureaucratic obstacles and government intervention. To adapt to these policies, businesses are taking remedial approaches — including uprooting their companies and essentially changing governments for those better suited for entrepreneurial activity — and have relaxed anti-competitive restrictions. Regardless of regulations and restrictions, the foreseeable future of entrepreneurship is immersed in global inter-reliance and technology-enabled businesses, offering new and unique opportunities for entrepreneurs to innovate and shape the future.
BY Alexandro Pando
Multinational serial entrepreneur. Innovator in disruptive technologies. Creating and assisting companies across the globe.