If you’re an aspiring millennial entrepreneur, like me, and many of my readers on this blog, chances are you’ve wondered to yourself what the future may have in store for the world of entrepreneurship. Unlike businesses in the 60s and 80s, businesses today are affected almost daily by changing interests, latest trends, new search engine algorithms, new social media features, etc.
The massive market of millennials, isn’t impacted much by old-fashioned T.V. ads, gets bored of a website within 12 seconds and has a purchasing power of over 44 B $. Also, their world can be taken by storm, by a device as silly as the ‘fidget spinner’. Complicated, right? It is.
The way businesses operate today, is also constantly changing. As opposed to massive startups costs of brick and mortar businesses of the past, young entrepreneurs today are embracing concepts such as drop-shipping and e-commerce, and making genuine profits, by themselves, running small business out of their backyards.
A quick timeline of our digital technology:
The digital world today:
As of 2015 stats, 205 Billion e-mail messages are sent and received every day, reaching recipitants with delays of less than a second. Nearly 3 Billion people use social media, and approximately 110,000 ecommerce websites deal on the Internet.
The impact on business:
How does all this digitization affect businesses? Well, here’s how.
An increasing number of people would rather have good delivered home, than physically purchase it themselves. Nearly 27% of millennials research and buy products online, before they even visit a physical store.
In today’s world of octa-core processors and one-day shipping, consumers want processes and procedures to be as fast as possible.
It only makes sense for businesses to adapt to the requirements of the consumers. As an entrepreneur, it definitely makes sense to do what is in the best interest of their consumers.
Increasing Automation and System-dependency in Business:
Automation is the use of various control systems, to make an apparatus, process or system operate automatically.
In simple words, you set up systems to do work, that could otherwise be done by a human, machine, or another system.
A very basic example would be to set up an auto-reply system on you customer service e-mail.
Benefits of Automation in business:
Where system-dependency come into the picture:
Due to increasing automation, more and more processes are being carried out on machines and devices. As a result, businesses are shifting from a people-dependent structure to a system-dependent structure.
The main benefit of system dependency is that once you have a completely automated system set up, that can work with or without your presence- essentially, a franchise.
According to a report by Millward Brown, more than 75% of millennials have a negative response to online ads. Banner and T.V. ads, often go unnoticed by them.
The ease of access of setting up ads online, using Google AdWords or the other innumerable third-party advertisement agencies out there, has filled the Internet with ad content that is uninteresting, unethical, spammy and often not genuine. This could be one of the reasons why people these days don’t always trust what they see on ads.
How then, do we access this market?
In case you’re about to think it’s impossible, hold your horses! That is far from the truth. Millennials are greatly affected by the personalities they follow, both on and offline. Influencer marketing is the secret to reaching out to this vast market. YouTube influencers, social media celebrities, and movie stars are the type of people millennials believe. Having them advertise products is a lot more effective than conventional ads, when reaching out to the market of millennials.
These are just a few of the observable trends that will greatly affect business and entrepreneurship in the near future. If you haven’t yet, start evolving your business- go digital, go social and market the effective way!
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Here are a few of our suggested reads, for every aspiring entrepreneur out there- the best business and entrepreneurship books, out there. Purchase a copy below, and we'll ship it to you for free.
We started Best Business Books, with the goal of providing the best business and entrepreneurship books, to those who need them the most.
Best of 2017: