Entrepreneur Roman Semiokhin has extensive experience of the real estate, tech and gaming industries, keeping up to date with the latest entrepreneurship trends.
From fine-tuning business strategies to maintain relevancy to social awareness, this article will explore key entrepreneurship trends for 2022.
Revisiting Business Strategies
Building a successful business consists of three key stages:
- Starting Up
- Business Growth
- Business Expansion
Business owners need to plot each part of the business journey carefully to position their company for commercial success. It is crucial for business leaders to develop effective development strategies for each stage of their company’s lifecycle, enabling leadership to identify potential sticking points and strategise remedies in advance of problems arising.
COVID-19 has left an indelible mark on consumer behaviour, not only creating economic uncertainty but also accelerating digital transformation and sparking changes in customer expectations and priorities. Businesses need to evolve in response, conducting research and analysing data to ensure that they and the products and services they offer remain relevant in a post-COVID-19 world.
Subscription-Based Business Models
As businesses emerge from the shadow of COVID-19, more and more companies are coming to appreciate the benefits of a subscription-based model. Not only do subscription-based business models enable business owners to generate a reliable monthly income on autopilot, but they are also an effective method of encouraging repeat custom, requiring minimal input after the customer has signed up.
Today, subscription-based services like Microsoft 365 are rapidly becoming the norm. According to research from McKinsey & Company, 46% of survey participants paid for some form of online streaming service, with monthly subscription boxes and meal-kit services also proving popular with consumers.
According to research, the average person checks their mobile phone 96 times per day. In an increasingly digitised world, more and more consumers are taking their spending power online, with ecommerce sales topping $791.7 billion in the United States alone in 2020 – equating to a 32.4% increase in sales compared with the previous year.
Industry experts point out that the digitisation of commerce was already happening prior to the arrival of COVID-19, with the pandemic merely speeding up the process. With an ever-increasing number of consumers spending swathes of the day glued to their mobile device, savvy entrepreneurs are investing in their digital offerings, leveraging the power of mobile commerce to gain a significant edge over their market rivals.
The advent of social media platforms and influencer culture has driven a shift in consumer attitudes. Today’s shoppers are looking for more than just products to buy, actively seeking out brands that align with their values.
Research reveals that 64% of shoppers are prepared to boycott a company with a contrary social or political stance, with 77% of shoppers deliberately seeking out brands that share their own values.
Businesses can capitalise on this trend in a variety of important ways. For example, they can engage with customers regarding environmental issues, highlight charity fundraising efforts, or publicise how passionate their staff are about a particular cause. Whichever route the business owner chooses, it is vital to maintain clear and consistent messaging across all channels, showing the company’s values to the world.