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Evolution of entrepreneurship in recent years

Entrepreneurs are making up new concepts, zeroing in on market prospects, and running an established business.

Evolution of entrepreneurship in recent years
Photo credit: EW Staff

Pandemic has no doubt affected the economy considerably but who says that it has only been affecting it negatively? Though there have been reports of labor shortages and business closures, one of the positive results that emerged out of the Pandemic is the growing interest in entrepreneurship. 

The count of new business in July 2020 jumped to over 500,000. Startups are formed when people spot an opportunity and use their innovation to make the most of it, and the pandemic has only heightened this idea. 

Evolution of entrepreneurship in recent years

Unable to start companies due to lack of traditional opportunities, people are now choosing self-employment as a more favorable prospect than conventional choices in the current economic environment. 

This growing desire and number of startups are reshaping the face of entrepreneurship. 

Adaptation is driving business owners 

The current situation clearly highlights the need for adaptability and it can’t be at a slow pace. Entrepreneurs are making up new concepts, zeroing in on market prospects, and running an established business. Within a few days, the idea takes the heap and takes off with rising demand or supply chain snags. Due to this, the already existing companies need to make overnight adjustments to new regulations and customer sentiments. The game is no longer a years-long business plan but it’s adjusting to the present environment. 

While coronavirus holds back public gatherings and shopping, a business that isn’t dependent on offline traffic for sales will continue to have demand in the market. Companies are required to prepare to rearrange staff, job duties, store environment in order to respond to volatility more efficiently.  

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Technology is increasing accessibility 

There are no second thoughts to the fact that the internet and technology have made it possible for everyone to start their own business online and market it with the least effort. They have eliminated the need for traditional stores to successfully run a business. It has also opened doors for self-employment. It exempts them from the risk of tolerance of startup and investment in marketing. With the benefit of providing third-party services, you can pursue entrepreneurship without affecting your daytime job. 

Many people also become freelancers to avoid competition and pursue their diverse interests. So a person may enjoy being a market specialist while pursuing his lifelong interest in baking. 

Entrepreneurs who wish to start web-based service platforms can use tech to their advantage in order to meet the needs of biased communities. 

Social responsibility is motivating business models

Social concerns like climate change, socioeconomic inequalities, health and education of underprivileged people, etc are the motivation behind startups’ Innova and ideas. This way, the non-profit sector also benefits along with the private sector by creating new ventures focusing to help the underrepresented populations. 

Entrepreneurs are using their brains to develop ideas that would benefit society. They’ve stepped up to fill the demand for green energy sources and generate solutions to help alleviate climate change.

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They’re designing filtration products that help remove carbon dioxide from the environment, using AI and Robotics to make pesticide-free farming solutions, delivering renewable energy solutions to homes that don’t have access to electricity, etc. These startups are driven by social responsibility rather than profit or income needs. 

Entrepreneurship has existed for years now but the technology and pandemic have evolved it in a different manner in recent years. It has reshaped its model to make self-employment a more attractive career option. It forces business models to increase their flexibility and adaptability. Workers are no longer waiting for paychecks but are seeing purpose and meaning in their careers.

Written By

Tisha Malik is a News Analyst and Author at Empire Weekly. She is a self-motivated and hardworking student pursuing a BBA from IP University as well as a French-language degree from Delhi University. She was born and raised in Delhi and is an ambivert who enjoys trying new things, whether for her profession or for food! Her interests include reading books (on habit building, financial intelligence, and entrepreneurship), learning new languages, networking with others to learn new things, creating content, and so on. With an entrepreneurial mindset, she always seeks opportunities and makes the most of them. She looks forward to connecting and working with people who could appreciate her skills and help her enhance them.

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