How Entrepreneurship has changed in the 21st Century?

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Small Business is really growing and booming in the 21st Century because many people are opting for small business opportunities over working for large companies. Individuals born 1990 and after are no longer willing to follow the old-fashioned custom of getting a 9 to 5 job with great benefits. Individuals who are in their 20s and 30s are making the new trend to small business ownership and entrepreneurship. These young people are starting their own businesses for several reasons like:

  • Creative freedom.
  • The flexibility of work hours.
  • The job market is not that great at this time.
  • They want to make a social change.
  • Love the freedom of being their own boss.

40b4a8f5-5055-4fa1-a0a3-9ecaf4eaf5a2There is also an increase of women starting their own businesses as well. Many women who are going through a major shift in their personal lives are deciding to start their own business. Also, many developing countries are starting to realize the importance of giving women the tools needed to start their own businesses to improve their financial conditions and family life. “Educate a man, educate one person. Educate a woman, educate a community.

Many women are becoming successful entrepreneurs for the following reasons:

  • Many women want to have creative control of their ideal lifestyle.
  • Many women are starting businesses out of necessity because they want to fulfill a need or service that is not being meant.
  • Many women are starting businesses because they are passionate about a certain cause.
  • Many women are starting businesses because they have a business idea that has been nagging at their mind and heart for several years.
  • Some women will start their own business to spend more quality time with family and friends. Mainly to have more flexible time to spend time with their children.
  • Many women are becoming entrepreneurs because they want to be their own boss.

There are many societal advancements that are making it easier for the “21st Century” Entrepreneur to start and sustain their own business. Many countries are starting to see the importance of helping their citizens with starting their own business because small business is the key to economic development and economic sustainability. Many societies are starting to realize that the best way to improve their economic conditions is by assisting their citizens with starting their own businesses.

Here are some amazing ways that many countries, like developing ones, are starting to see the benefits of small business development:

  • Many governments are starting to provide financial incentives for their citizens to start new businesses to save the environment or ending illegal activities. For example in countries like Brazil and Colombia, who are located near the Amazon forest, they are providing their citizens with financial incentives to start new businesses. This is to stop the logging of the Amazon forest and cattle grazing in the Amazon forest. Logging of the forest and cattle grazing of the Amazon forest has been destroying the Amazon. Many countries that are located near the Amazon forest are finding alternative means for their citizens to make a living.
  • Countries like India, Nigeria, Cambodia, and so forth have been the premier examples of countries trying to improve the lives of their citizens. These countries have realized that the only way to decrease the poverty level in their countries is by educating and financially empowering their women. These countries see the importance of assisting women with starting their own small business as a way to improve their family financial situation. Many countries all over the world, developed or developing, have realized that women are the best small business owners because the number one customers in the world are women. Women are the main ones who do the shopping and marketing for their families.
  • Many countries are starting to encourage their people to start their own businesses because small business is what sustains and maintains the world economy. Many major corporations will close their shops, relocate their business to other countries, or will downsize. But, small businesses rarely go out of business, many small businesses are local, and small businesses are supported by local communities.

Many big corporations are starting to see the importance of doing business with the small “boys”. Many big corporations are starting to create “Supplier Diversity” boards or departments that assist them with recruiting small businesses to work with. Many small businesses with the assistance of government agencies are now able to compete with big companies for work with the government and in the private sector as well.

Here are a few ways how big business is starting to think and act like a small business:

  • Many big corporations are starting to outsource a lot of their work to small businesses. Many big companies are starting to see the benefits of outsourcing to small businesses because it cut costs and does not require them to hire employees to do certain tasks.
  • Many big companies are starting to partner with small businesses in order to bid on contracts with government agencies. Many government agencies are requiring large corporations to hire smaller corporations to get certain contracts. Many government agencies set aside a certain percentage of bidding contracts for small businesses and minority-owned businesses.
  • Many big corporations are starting to realize that if they do not change their practice policies they can lose business and customers to small businesses. Many customers are starting to demand that big corporations stop seeing them as numbers and as human beings. Many customers are starting to buy their products and services from small businesses because of the better customer service they receive.

Another reason why it has become easy for individuals to become successful entrepreneurs is due to the advancements in technology. You no longer need to have personal contact with your customers as a business. You can now do business with someone in another country from the comfort of your own home. It does not cost a lot of money to start a business in the 21st Century.

Here are a few advancements in technology that have made it easier to do business in the 21st Century:

  • Social media platforms have made it easy for entrepreneurs to promote, market, and advertise their products and services.
  • Small business owners can provide their products to customers in a fast and efficient way. You can now receive products in one day, instead of, a week.
  • Some businesses can provide their services to their customers virtually without having to meet them in person. This is especially true in the technical field of a website, mobile apps development, marketing and IT.
  • You can have a meeting with essential players in the business without everyone being in the same location due to webcasting, teleconference, and video conference.
  • You do not need an office to have a small business because you can work from the comforts of your own home. All you need is a laptop computer, cell phone, and portable printer.

The world of “entrepreneurship” has changed greatly in the last few decades and it has changed for the better. So, if you have the desire to start your own business or become an entrepreneur, you can do it without being fearful of doing so.

If you are thinking about starting your own small business or non-profit organization do not hesitate to contact me  AHRangel@consultant.com

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