There are several emerging technologies, revolutions and crises that are currently prevailing in the business environment that can act as a manta for success for entrepreneurs and professionals. Some of these include.
- Artificial Intelligence (AI): AI is and has now become increasingly important in the business world, as it can help entrepreneurs and professionals automate tasks, increase efficiency, and improve decision-making. The world for example with the introduction of ChatGPT has been greatly disrupted, never to recover from it. Consulting, Accounting, Research, and several fields have totally been disrupted over the last months. This poses both opportunities and challenges for entrepreneurs and professionals to think outside the box.
- Blockchain: Blockchain is a digital ledger technology that can be used to create, secure, transparent, and decentralized systems. It has the potential to disrupt industries such as finance, healthcare, and logistics. Today with blockchain, financial inclusion goals have made significant progress across the world especially through microfinancing and other financial service product offerings.
- Remote work: The Covid-19 pandemic has accelerated the future of work as we called it several years ago. There is a complete shift towards remote work, and many companies are now embracing this trend. Entrepreneurs and professionals who can adapt to remote work and leverage technology to collaborate and communicate effectively will have an advantage over their counterparts who adapt less.
- Sustainability: There is a growing awareness of the importance of sustainability in business, and entrepreneurs and professionals who can incorporate sustainable practices into their operations can differentiate themselves from competitors and appeal to environmentally conscious consumers. The world is moving away from the linear economy to a more circular economy.
- Social media and influencer marketing: Social media platforms has become a strong channel for not just communication but everyday lifestyle. Channels such as YouTube, Instagram, Facebook and Tiktok has now become not only strong marketing tools but also avenues to earn and access greater audience with less spend when compared to traditional channels. Those who can leverage this channel would be positioned for the future.
- Cybersecurity: With the rise of digital technologies and online business, cybersecurity has become a critical issue. Entrepreneurs and professionals need to protect their data and systems from exposures to cyber threats. They cannot afford to be relaxed like yesterday if they intend to position themselves for success
- Crisis management: The Covid-19 pandemic has highlighted the importance of crisis management, and entrepreneurs and professionals who can respond quickly and effectively to crisis would be better positioned for success.
In a broad-base market, entrepreneurs must take advantage of the diverse customer set and opportunities to lead their organization for success. Some key steps to take would be to:
- Leverage technology: Embrace technology to reduce cost, automate processes and streamline operations for best possible outcomes.
- Develop and communicate a clear Mission and Vision: Employees are further motivated when there is a clear mission and vision for organization. This would inherently have a positive effect on other stakeholders of the company.
- Foster a culture of innovation: Innovation and creativity among employees should be encouraged and rewarded. The next best product is yet to be built, a culture of innovation would help the company easily grow and remain relevant.
- Prioritize customer service: Technology today allows today’s customers with multiple alternatives of options. Entrepreneurs and professionals need to constantly ensure that their customers are satisfied with their products and services. Excellent customer service at base level is no longer standard, we need to go over and above. Satisfied customers would become loyal customers who would in turn generate positive word-of-mouth referrals for the company
- Build a strong team: Execution depends on the strength of the team, to execute the mission and vision the entrepreneur needs to attract the best of hands to join him or her on its mission for greater results and scale.
Lastly, be Flexible and Open to change. The world is fast paced, it can be argued that we currently live in one of the fastest times in the history of the world. The difference between those who would succeed and those who would not, would be linked to how adaptable and flexible they are or can be to change. If it’s not working, change it…!