Entrepreneurship has gained insight in this decade itself. Before this, the corporate world dominated the economy. The main goal of all the individuals was to join a big company, work for limited hours, limited accountability, and get promoted and incremented each year.
Now that individuals are well aware of the concept of entrepreneurship they have started to give up their corporate jobs because who wouldn’t want to be their boss instead of being responsible to others?
Increase in Demand For Entrepreneurship
The pandemic has created a resonance in people’s minds in choosing entrepreneurship as a path to their futures. During the pandemic, when most people lost their jobs, were sitting at home with no income, and were unable to support their families, entrepreneurship came to their rescue.
People started opening their small businesses right from their homes. During this time, we also saw many areas being digitalized which earlier were restricted to offline stores. Small businesses started taping into e-commerce. This was because they had the opportunity to work from home which gave them better flexibility in the workplace.
What we can predict in the future is that people leave corporate jobs and start their ventures. Entrepreneurship is the current trend among young adults including gen Z. Entrepreneurship can shape the future economy which will solve various problems at their ground levels, bring creativity, and innovation and build an economy that will benefit everyone.
What To Expect From Entrepreneurship
The structure of entrepreneurship has been changing every decade. Self-employment has gained more prospects in recent years. 2020-2030 is known as the decade of entrepreneurs. Everything evolves with time hence we can entrepreneurship to evolve in the next decade. Here are a few innovations that we will see in the future:
- Digitalization: In the digital age, we will see every new venture starting from their homes. Even today, after the pandemic most of the ventures are still operating from their comfort spaces. The barriers to entrepreneurship have been reduced in this new age. In the future, we will see almost every company having its cloud-based technology which also helps in reducing the operational cost of a business.
- Bridging The Age Gap: The new age of entrepreneurship will be more accessible to different populations of a country. This means more young minds, individuals from diverse backgrounds, cultures, and ethnicities and female entrepreneurs will take a lead. Technology has enabled even rural people to set up their venture and take it to another level.
- Location: Entrepreneurship allows you to work from anywhere around the world. In the future, more and more individuals will prefer to work in the comfort of their homes. Future entrepreneurship will have solutions irrespective of location.
Apart from this, we will see the development of the interpersonal skills of an individual. Some of these demanded skills are –
- Creativity: Creativity is the core of entrepreneurship. Future entrepreneurs will have the guts to take risks and bring out authentic ideas. The problems which are difficult to tackle will be taken upon and solved on the ground problems.
- Intuition: Intuition will support entrepreneurship in making quick decision making. Intuition or “gut feeling” is a sense of prediction about the future. Entrepreneurship requires the skill set of being prepared for the future and being able to take quick decisions.
- Vision and Mission and Execute: The future entrepreneurship team will have the necessary skill set unbounded by geography to achieve the goals of the venture. Entrepreneurs must build a team with whom they can co-create their vision and implement it.
- Rapid Changes: The world economy is not static but dynamic and keeps changing. It is the duty of the entrepreneur to be prepared for such changes and also prepare their team for the same. There are going to be several changes concerning technology in the future. The real task then is to adapt to such advanced technology. Modern technology will be an asset to entrepreneurship.
- Mental Being: The future of entrepreneurship is going to be a challenging and tedious process. Although entrepreneurship allows an individual to handle their business on their terms, taking an entire business can affect one’s mental health. Thus an entrepreneur should have the ability to handle the pressure. With more awareness of mental health, we can expect future entrepreneurs to take good care of their mental health along with their physical health.
Corporate Vs Entrepreneurship?
It is very subjective to decide what will dominate in the future, corporate or entrepreneurship. Both have their pros and cons. Some might not be able to adjust to corporate life while entrepreneurship is not everyone’s cup of tea.
Currently, we are observing a rise in demand for entrepreneurship. More and more startups have started setting up by people of all age groups. Here are a few things which we might observe in the future-
- As of today, there are more job seekers than givers. In the future, with more awareness of schemes like start-up India or make in India, we will have many individuals willing to take the risk and give the required time for the same.
- The future will require more entrepreneurs for the betterment of the economy. The economy might observe a wave of recession or inflation which will affect the GDP (Gross Domestic Product) of the country in a negative aspect.
- To make the situation right, we need entrepreneurs performing different activities and solving the problem at their root levels.
- Although, during the recession, individuals will shift to corporate jobs as they will have a guaranteed and fixed amount of salary.
- Many individuals will still prefer a comfortable job where they have to work for limiters with limited responsibility.
- Entrepreneurship will bring in more other opportunities for the unemployed. Entrepreneurship also brings innovation and inventions in various fields.
- The future will also have individuals who prefer to work on an already-developed idea. Manage and ideate already implemented strategies.
- Schools will help in teaching young minds the concept of entrepreneurship, and the basic skills required to commence a start-up. This would also assist students to help in finalizing their career goals.
No Managers In The Future?
Managers are the backbone of entrepreneurship.
Taking risks and starting a venture is not how entrepreneurship works. A successful experience requires a manager who can lead an exceptional management team. Ninety per cent of start-ups fail because they are not able to handle the risk that comes with entrepreneurship and its aftereffects.
Business ideas, capital, and decision-making are not sufficient for entrepreneurship. Leading and managing a team is also a requirement. Hence the future also holds several managers working towards leading the company and its members to the pathway of success.
An entrepreneur and a manager are like marketing and selling. An entrepreneur is a marketer who generates a lead for their organization whereas a manager or a seller converts this lead into actual sales. Managers are innovative and creative which helps in generating funds for the company. Managing different tasks is the duty of the manager hence we need managers in the future.
Thus we know several managers will exist in the future. But the question is who will dominate the industry? Entrepreneurs or managers?
Entrepreneurship is about solving problems uniquely and sustainably. Soon we will observe a large number of social entrepreneurship companies being set up which helps improve the standard of living in society. With advancements in technology, we will observe the task of managers being replaced by machines or automated robots.
For example, Sunder Pichai, CEO of Google, was once a product manager at the start of his career. It was his skills and expertise that made his position up the ladder in the company. and later his creativity and experience made him CEO of the company.
Thus the industry will be dominated by entrepreneurship. But at the same time, there will be many individuals willing to become managers because it is the manager who performs the task of staffing, of deciding who is fit for what role.
Entrepreneurship is an essential part of any economy. Without entrepreneurship or a business, there would be no existence of managers. In a country like India, where the literacy rate is increasing at an increasing rate, there is a lack of employment opportunities available to them. An individual needs to enter the corporate world first before starting their venture as it is essential to get prior experience in management before entering into entrepreneurship.
The future will see a large number of entrepreneurs entering the industry which would help in the betterment and development of the country. Everyone with an idea will directly start their venture. The latest technology and less legal compliance will make the task of entrepreneurs a little less tedious.
Even though there is a chance that the role of managers is replaced by robots but will these robots replace the crucial task of innovation, imagination, and expressiveness of a manager? Thus, we need both in an organization for it to function smoothly.
Therefore, there is no competition between entrepreneurship and the corporate world. It simply depends upon the preference and skill set of an individual. Instead, both of them are required for smooth functioning.