Kevin Mulleady knows the importance of looking ahead and staying abreast of industry developments to stay a step ahead of the competition. He offers insight into entrepreneurship trends that will likely affect how entrepreneurs do business in the coming years.
Digital nomadism is a prevalent trend that will likely remain in place for the foreseeable future, Mulleady notes. It wasn’t too long ago, he points out, that entrepreneurs strove to move into their own brick-and-mortar locations. Having a building with the company name on it was seen as a sign of moving ahead in the world, while working from home was seen as a mere stepping stone to the ultimate goal. However, as internet commerce became more prevalent, the idea of setting up a physical business office lost some of its allure, and it appears that COVID-19 has taken the wind out of this trend for good. Many realized that running a business from home is not only convenient but can also save a lot of time and money. What’s more, most employees prefer to work from anyway. A remote work setup benefits everyone involved, even consumers, as low overhead expenses can translate into low product/service costs.
The digital nomadism trend couples with the trend towards international cooperation and networking. In times past, an entrepreneur would have been limited to choosing business partners and suppliers in his or her immediate area. However, a growing trend toward globalization has drastically impacted entrepreneurship, Kevin Mulleady explains. An entrepreneur can easily connect with partners and suppliers worldwide; indeed, many are naturally inclined to do so as entrepreneurs are frequently first- or second-generation immigrants who are aware of international trends. The ability to choose partners from literally anywhere in the world has opened multiple opportunities for entrepreneurs to reach an international audience. This, in turn, has enabled entrepreneurs to target niche audiences, which is yet another trend that will likely remain in place long-term.
As Kevin Mulleady points out, it is no secret that a growing number of consumers are looking for authentic business relationships that meet their needs. The day of mass-producing goods is long gone; instead, companies that specialize in meeting a consumer’s exact needs and preferences will be the ones most likely to succeed now and in the future. Globalization has enabled companies to successfully find and serve niche demographics as a business no longer needs to have a large customer base in the same city or state to be successful.
Kevin Mulleady says there are two more important trends that entrepreneurs should take note of; these are mobile and social commerce. Recent statistics show that most people check their phones about once every ten minutes, a trend that entrepreneurs can cash in on by creating an app that offers discounts, freebies, and valuable information to keep consumers informed and engaged. When effective mobile marketing is coupled with a mobile-friendly site, the results can propel a business to long-term success as a whopping 27% of the world’s population shops online, which is growing year on year. Social commerce is likewise imperative to success, Mulleady explains, as nearly one-third of online shoppers buy goods online. Facebook is currently the leading social platform for sales, but other social media outlets are looking for ways to get in on the trend, thus providing savvy entrepreneurs with multiple channels for selling goods/services to interested consumers.
As Kevin Mulleady has learned firsthand, willingness to adapt and change is key to success. He encourages entrepreneurs to stay abreast of entrepreneurship trends to generate ideas for new products/services, discover new niche audiences, and lower operating costs to maximize profits. The trends he outlined above aren’t the only ones that are currently affecting current and would-be entrepreneurs, but they are the most important ones as they will have a significant impact on new business owners long-term, and they apply to entrepreneurs in just about every single industry and geographic location. Those who want to build a successful business would do well to consider these trends and see which ones can be leveraged to build a business that will stand the test of time.