Entrepreneurial Trends of 2014
One of my core beliefs as an entrepreneur is that stagnation is counterproductive to growth, while change can be the catalyst for forward thinking, consciously evolving individuals. Although it can be unnerving for many we have to evolve with the times and that goes for inventors and business owners looking to create the “new next best thing” or move their business from stop to go. With the New Year fast approaching, we’re going to see new trends in 2014 as the supply and demand pivots the need for adaptation to a constantly evolving global market. Without further ado, here are the trends I see becoming prevalent as we head into the new year:Entrepreneurial Trends of 2014
A Rise in Environmentally Conscious Consumers – 2014 will see the adaptation of sustainable (green) practices across the board. Major corporations are buying more sustainable products and services, and expect their vendors, who are often small businesses, to comply with supply chain sustainability measures. When marketed effectively, using green sustainable practices will attract a broader market share, thereby increasing profitability.
Innovation in Niche Markets –Technology driven products and services such as biotech, agrotech and nanotech will be on the rise as we seek to create the more efficient ways of managing our resources and living our lives. This is an excellent opportunity for smaller start up companies to take advantage of this niche market void.
Emerging Markets – Companies will be looking beyond our borders to sell goods and services to foreign countries seeking to trade with the United States and form mutually beneficial business alliances. Many countries such as China have seen a rise in their spending power and the need for American goods and services are in high demand. Entrepreneurs will be capitalizing on this opportunity to broaden their customer base.
Affordable Care Act (ACA) and New Industries – 3rd party health care services will be on the rise as companies seek to become ACA compliant.
Mergers and Acquisitions (M&A) – As the economy grows entrepreneurs need to form broader alliances across a greater geography. By forming the right alliances, businesses can increase profits by up to 40%. These M&A will allow businesses to access new markets and cross pollinate their products/services, while running slimmer and more efficient business operation.
Entrepreneurial Trends of 2014Outsourcing on the Rise – In order to minimize overhead such departments as human resources, IT, accounting and payroll, social media, and sales, will increasingly be outsourced. This allows an organization to focus on its core competency without the distraction from other departments. This provides the opportunity of third party companies being created to manage the outsourced functions.
Advertising - 2014 will see an even bigger boom in a move toward social media to carry marketing further. Incorporating a model that uses social media for advertising and messaging will allow entrepreneurs to inexpensively reach a potential audience that is no longer as effective using traditional methods. As a result social media companies dedicated to providing smaller clients with hands on interactive messaging will be on the rise.
The New Year will be an interesting one for our economy. We will see a significant rebirth as new industries are born and older ones reinvent themselves in order to remain relevant in the evolving global marketplace. It’s the perfect time to exercise that creativity and evolvement to meet consumer demands. How are you adapting and evolving in 2014? How prepared are you for 2014? For more advice on reinventing yourself for the new year, follow me on Twitter for daily tips and inspiration on entrepreneurship.
More Business articles from Business 2 Community: