(Newswire.net — January 25, 2021) — When you look at entrepreneurship today and compare it to entrepreneurship from just ten years ago, you can see that the landscape has changed. There are more and more people willing to take on financial risks to make a profit. Thanks to new technologies and easy market-to-market transition, people feel more confident to start their own business online and offline.
According to Dr. Ozan Ozerk, a successful entrepreneur and the founder of Ozan, to propel your business forward, you should consider finding out what the most successful entrepreneurs are doing.
Looking at the latest entrepreneurship trends and successful entrepreneurs can help you make informed decisions. Here’s what you have to know about it to futureproof your business ideas in 2021.
Growth and Innovation Are The Pillars of Entrepreneurship
After talking to Dr. Ozan Ozerk, it has become clear what he thinks are the pillars of entrepreneurship – growth, and innovation. “Playing it safe” is a motto that only large companies with big budgets can afford. Entrepreneurship is all about taking well-calculated risks to reach your targets.
Growth and innovation are the only two things that can enable entrepreneurs to look forward to what the future brings. Taking comfort in financial efficiency is a valid approach, but it’s not the one that has been driving entrepreneurship during the last two decades.
It all boils down to keeping an eye on the markets for new opportunities. Finding relevant opportunities and coming up with products or services to capitalize on them is what entrepreneurship is all about. The best way to achieve growth is through innovation. If we want to prove this statement, there’s no better place to do it but in entrepreneurship.
Entrepreneurship: Niche-Specific or Broad Business Services
If we take a closer look at markets that generate the most revenue, such as eCommerce, insurance, and finances, it’s easy to spot the pattern. The biggest brands in each one of the verticals generate profit via broad business services. How come there are successful entrepreneurs in these verticals as well? Isn’t all of the profit reserved for mid-sized companies and enterprises?
Talking with Ozan Ozerk brought new insights into this phenomenon. Entrepreneurs don’t deal with broad business services – instead, they are focused on niche-specific products and services. Entrepreneurs are more agile and flexible than big corporations, enabling them to react quickly after discovering an opportunity in the market.
However, there’s one more important thing that makes entrepreneurship competitive in saturated and volatile markets. Entrepreneurs deliver value through niche-specific products and services. The value is what renders them successful and helps them get their own piece of the market.
Entrepreneurship and Technology
We’ve already mentioned that technology is one of the factors that enabled entrepreneurs to capitalize on their ideas. After all, if we take the available resources into account, entrepreneurs can’t compare to big companies. Still, small business and entrepreneurship ventures succeed and generate substantial annual revenue – the only thing that makes this possible is technology.
The business software industry is flourishing, and entrepreneurs most certainly benefit from it. Many cutting-edge business software solutions are affordable. It goes to the point that even one-man businesses can afford several of them. It encompasses various tools ranging from email automation and CRM to project management tools and automatic invoicing.
Business software is essential for entrepreneurs because it allows them to benefit from time-saving. Entrepreneurs can now accomplish more, even if they are limited by resource availability. In the future, we can expect to see entrepreneurship becoming even more dependent on time-saving tools.
Teaming Up Provides More Opportunities
In today’s world, entrepreneurship can be very challenging. For instance, an entrepreneur can have a great app or software as a service (SaaS) idea, but they may lack technical and coding skills to turn it into reality. Overcoming this challenge may appear impossible at first.
On the other hand, many tech experts and junior and senior developers are looking for an opportunity to become entrepreneurs. However, they know nothing about branding, marketing, and sales.
Instead of letting go of the idea, entrepreneurs can form fruitful partnerships with other entrepreneurs. One of the best things about entrepreneurship is networking and meeting entrepreneurs from all industries and forming partnerships, as we found out after talking to Dr. Ozan Ozerk.
Crowdfunding Facilitates Entrepreneurship
The worst thing that can happen to entrepreneurs is to lack funds to bring their dreams into reality. Letting go of a perfect idea that’s backed up with market research only because there are no means to fund it is a thing of the past.
Modern entrepreneurship is made possible thanks to crowdfunding platforms. In fact, 40% of crowdfunding campaigns were aimed to help small businesses and entrepreneurship ventures raise funds.
The good news for aspiring entrepreneurs is that there is a market for any idea, no matter how impossible it appears at first. Entrepreneurs who don’t have enough cash to start a venture on their own can now share their ideas with the masses and raise funds to kickstart their projects.
It is vital to mention angel investors as well. There are people with thick wallets out there looking for viable business ideas to fund, which further facilitates entrepreneurship and evens the playing field.
Entrepreneurship Inspires People To Come Together
Finally, before we depart, there is one more thing we want to share with you after talking to Ozan Ozerk. Entrepreneurship is no longer hidden behind this impenetrable veil of mystery. More and more entrepreneurs are willing to share their success stories with like-minded people and even help them turn their idea into reality.
Their many entrepreneur communities out there – entrepreneurs can join them for free to look for business ideas, growth tactics, and strategies. These platforms provide excellent support to people who need just a little bit of motivation to embark on an entrepreneurship adventure.
Entrepreneurship offers people a chance to pursue their business ideas. Over the last couple of decades, the landscape has become even more attractive thanks to emerging technologies and niche-market opportunities.