5 Trends We Can Expect In Entrepreneurship in the Near Future

A recent Gallup poll has found that roughly 400,000 new businesses begin every year.

Entrepreneurs continue to contribute to the economy through creating jobs and meeting market

needs. Below introduces five entrepreneurship trends that you can expect to see in the future.

Crowdfunding

While banks have traditionally been resistant to supporting entrepreneurs, there are new

financing options available. Crowdfunding works by collecting a large amount of small

contributions through the internet. Crowdfunding can reach a larger audience and is open to

anyone to donate. Investor contributions can be returned through alternative options, such as

financial donations or supplying products or services.

Professional Unschooling

The millennial generation of entrepreneurs will continue to take advantage of alternative

education options instead of attending a traditional brick and mortar school. Massive Open

Online Courses (MOOCs) through top universities now mean that any aspiring entrepreneur can

learn about business for free from some of the best universities in the country. These include

MIT, UC Berkley, Stanford and Harvard University. Entrepreneurs can also self-educate

themselves through blogs, tutorials and lectures, such as TEDTalks.

Unique App Solutions

Entrepreneurs will continue to have cutting edge apps that increase efficiency and decrease

headaches. For example, TrackMaven is a unique mobile app that allows the user to monitor

their competitors’ marketing activities. TrackMaven searches through popular sites, such as

LinkedIn, Twitter, Facebook and YouTube, and provides a customized marketing report. On the

other hand, SanR is an app that turns a smartphone into a scanner and Expensify is a free

financial report app.

Affordable Online Technology

Cloud computing and web based software is revolutionizing how entrepreneurs access and pay

for technology. In fact, there are many inexpensive software solutions available, such as Zoho,

which offers an affordable office suit that comes with HR, CRM, email and finance functions.

On the other hand, Google Docs offers a free office suite to single users. As the demand for

cloud computing and web based software increases, entrepreneurs will enjoy more affordable

online technology solutions.

Demographics

Current demographic changes will alter future business growth and future opportunities. That is,

millennials make up over 20 percent of the population and will become the future backbone of

the workforce. On the other hand, the number of baby boomers retiring will increase during the

next 10 to 15 years. Furthermore, an increasing number of millennials and baby boomers are

moving into entrepreneurship. These demographic changes will also affect future market

demographics.

To recap, crowdfunding and unschooling are entrepreneur trends that will become more common

in the future. Technology trends that will continue to help entrepreneurs include unique apps and

affordable cloud and web based software platforms. Finally, the demographics of both future

entrepreneurs and customers will continue to change.

Roman Temkin is a real estate developer and an entrepreneur from NYC.