Three blogs in!!
GOOD Morning,
Today's going to be a little more informal, just a quick list in answer to the question:
What were some of the key customer, technology and market trends that drove entrepreneurship during the last decades?
Customer
Seeking authenticity, value and a story
No longer influenced by mass marketing
Looking for something truly remarkable
Fine-tuned their bullshit detectors- they now can tell when a company is scamming them, or doesn’t have their best interests at heart
The boom in millennials and the power they have over businesses- frugal, savvy, looking for something they can connect to
Consumers seeking personalised attention
Consumers demanding control over their data
Technology
The use of voice commanded technology such as Alexa and Google home
Tech to improve our earth e.g. electric cars
The use of apps and technology to make life even easier and convenient- e.g. Apple ecosystems, Uber, AirBnB,
The use of Artificial Intelligence in algorithms, robots/ computers/ systems replacing menial jobs and processes, creating efficiencies and taking jobs
Blockchain technology interrupting industries such as banking, procurement, legal
Commoditisation of technology
The use of handheld devices for mobile shopping
Market
The emergence of a “shared economy”
A rise in the need for ‘soft skills’ such as leadership, communication, creativity, interpersonal, teamwork as machines take become smarter than us and do old jobs quicker- we need to ensure we stay in control
The growth of alternate lending- more and more businesses are going with non-bank lending, institutions that make the process easier, faster and more likely to secure capital
Recurring revenue models becoming increasingly popular e.g. subscriptions
Social responsibility is becoming a more and more important part of businesses success- consumers are choosing companies that align with their values and who are consciously trying to improve their communities
Growing pools of cheap labour and industrial power in India and China- predicted to overtake USA to become the world’s largest economy in 2030.
See you next week! Until then, keep moving forward.
Misha
Something Small
Donuts
Mmmmm yum
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