Most industries had to struggle and adapt to new changes caused by the pandemic in 2020. Recent entrepreneurship trends started emerging in early 2020. Most of these trends are continuing in 2021, while others have been faced out or improved. Numerous new entrepreneurial predictions are in progress. The following are entrepreneurial trends in 2021:
An alternative source of business capital
Most businesses have run out of capital in their reserves due to the impact of COVID-19 restrictions. The majority of the companies are already taking advantage of the Paycheck Protection Program (PPP), loans for economic security, and pandemic relief for struggling businesses.
However, businesses that incurred heavy losses are also looking for more capital, mostly from alternative lenders and investors. Most entrepreneurs are securing extra money through grants, crowd-funding, peer-to-peer lending, fin-tech, angel investors, and venture capital.
A rise in digital marketing
Entrepreneurs are publicizing their products through social media marketing using numerous social media platforms, targeting billions of internet users. The number of marketers using social media ads has been increasing tremendously since 2017. The use of social media ads is growing as marketers are shifting from brick-and-mortar publicizing approaches.
As entrepreneurs are applying social media platforms, they are still using organic approaches such as content marketing to increase their investment returns.
Adoption of Augmented Reality/Virtual Reality technologies
AR and VR are currently breaking ground in the business sector as COVID-19 has made many businesses realize the importance of AR/VR in networking events. Entrepreneurs are exhibiting trade show events through the VR/AR experiences.
Artificial Intelligence (AI) and Data Analytic technologies are also gaining momentum in business applications. The AI is creating a personalized user experience to serve customers effectively. How will the business be without the contextualization of business data by the AI?
The AI is automatically serving clients as it only needs clients to request it to be performed verbally. Businesses are currently using Data Analytics and Machine Learning to market their products and offer efficient services to customers. Small and large enterprises are applying all these technologies.
Changes in Human Resources Policies
The Federal Minimum Pay will soon change with the new guards in administration. The legalization of Federal Paid Leave might be near than expected. Businesses will soon have to adhere to the Occupational Safety and Hazard Administration (OSHA), a policy aimed at enhancing the safety of workers.
Entrepreneurs should adopt the above trends if they want to take their ventures to the next level. The trends are here to stay as they are making business processes to be more efficient.