There is no doubt that entrepreneurship is on the rise globally. A recent study by the Kauffman Foundation found that 3 million new businesses are created each year in the United States, and this number is only increasing. So what are the latest trends in global entrepreneurship?
Women Entrepreneurs are on the rise!
One of the most notable trends is the increasing number of female entrepreneurs. According to the Global Entrepreneurship Monitor, the number of women starting businesses is growing at twice the rate of men. There are many reasons for this trend, including the desire for more flexible work arrangements and the desire to be their own boss.
Some of the most famous women entrepreneurs whose startups are changing the world include Sheryl Sandberg of Facebook, Oprah Winfrey of Harpo Productions, and Arianna Huffington of The Huffington Post.
Nykaa’s Falguni Nayar is one such example. Nykaa is an online beauty retailer in India that was founded in 2012 by Falguni Nayar and her husband, Sanjay Nayar. The company has since become one of the fastest-growing beauty companies in India, with annual sales of over $20 million.
Falguni had a degree in electrical engineering from Purdue University and worked in the technology sector for over a decade before starting Nykaa. She was motivated to start her own business after realizing that there were no good online options for buying beauty products in India. She credits her success to the fact that she is a woman and understands the needs of Indian women. “There’s a lot of talk about empowering women, but unless you have a seat at the table, nothing changes,” she says.
The Mobile Revolution!
Another big trend in global entrepreneurship is the mobile revolution. With over 4.6 billion active mobile phone users worldwide, there are a lot of opportunities for businesses to go mobile. A recent study by Google found that 61 percent of small businesses in the United States plan to start selling products or services online in the next 12 months. This is likely because mobile devices allow entrepreneurs to reach more customers and sell products and services anywhere, anytime.
Some of the businesses that gained momentum by joining the mobile revolution are Uber, Airbnb, and Pinterest.
TutorHelp.Club is an online tutoring company that is taking advantage of the mobile revolution. The company was founded in 2013 by two Indian entrepreneurs, Piyush and Akshay. TutorHelp.Club is a mobile-first tutoring platform that connects students with qualified tutors for help with their studies.
Social Entrepreneurship is gaining popularity!
Another trend is the increasing popularity of social entrepreneurship. Social entrepreneurs use business methods to solve social or environmental problems. Some of the most successful social enterprises include TOMS Shoes, Warby Parker, and Airbnb.
Grameen Bank, founded by Muhammad Yunus, a Noble Laureate has become an inspiration for millions all over the world. It serves as a model for social entrepreneurship by providing microloans to entrepreneurs who are unable to get traditional loans from banks. It is a perfect example of how social entrepreneurship can change people’s lives for the better.
En-Noble, the brainchild of Topaz Smith, is another example of a social enterprise that is making a difference. En-Noble is an international network of independent travel suppliers. People can buy products from them knowing that their money is going to local communities and helping in preserving their cultures. Topaz has a degree in international business from the London School of Economics and has been working in the travel industry for over a decade.
Businesses embrace digital technologies!
Another trend is the increasing use of technology in entrepreneurship. Technology has made it easier than ever for entrepreneurs to start and grow their businesses. For example, social media platforms like Facebook and Twitter have allowed businesses to reach a wider audience than ever before.
Some of the best examples of businesses that have grown multiple times over with the help of technology are Snapchat, WhatsApp, and Instagram.
Spacemaker AI is the first company to offer artificial intelligence (AI) based solutions to the real estate sector. Its software helps builders and architects to come up with environmental-friendly and smart designs for different types of sites and structures.
As the world becomes more and more connected, entrepreneurship is becoming an increasingly global phenomenon. Entrepreneurs are starting businesses all over the world, and this trend is only going to continue in the years to come.
So what does the future hold for global entrepreneurship? Only time will tell, but one thing is for sure – the world of business is changing, and entrepreneurs are at the forefront of this change. So if you’re thinking about starting your own business, now is a good time to do it!
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