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In the year 2020, many things changed for businesses across a great many landscapes. Some companies had to shift their business model, while others had to adapt to new rules being implemented, and other companies didn’t make it and closed their doors. Although the world continues to adapt and shift in ways nobody had expected, the future is unknown going into this coming year. However, there are certain things we can look to expect in the coming calendar year with business trends. This article will attempt to lay out some of the most expected business trends in 2021.
Remote Work Will Continue and Might Grow
In April 2021, most businesses experienced the shock of being told that employees would no longer work from the physical office. Instead, guidelines forced employees to begin working from home. This came with many obstacles for a companies workflow. New equipment, software programs, meeting applications, and other necessities needed to be purchased and implemented to allow for a business to stay open. With so much success with remote workers, it does not look like remote workers will be going away anytime soon.
Adaptability and E-Commerce
Amazon has been experiencing massive growth since the Covid-19 pandemic struck the world. People opted out of physically going to a store to shop and decided to use the E-Commerce method of shopping instead. Many businesses have taken heed to this and have created their own online shopping cart experiences. Companies have found that selling online is a must in today’s business world when so many shoppers do not want to take the risk of going to a physical location to do their shopping. Along with shopping online, the average E-Commerce shopper wants things delivered to them without contacting the delivery driver. This new health attitude has helped launch contactless delivery from many companies, and it looks like a trend growing in this coming year.
Local Business Support
Although Amazon has had immense growth, people are moving to support local businesses owned by families rather than corporations. Communities have rallied over and over again to save beloved local small businesses. This is also part of the Buy American movement, an effort to buy American first, rather than looking to other nations.
Overall, businesses can expect to stay flexible and agile while implementing and keeping an eye on many emerging business trends into the following year due to the COVID-19 pandemic and the uncertainty it brings along with it.
Entrepreneurs play many different roles, and one of these is the role of “one person think tank.” Nobody will hand you the next great business idea on a silver platter; it’s up to you to think of it yourself. But when inspiration refuses to strike, it can be hard to think of new ideas, and entrepreneurs can’t afford to sit and wait for inspiration anyway. Here are some ways to generate new business ideas as an entrepreneur.
How aware are you of the world around you? One way to generate new business ideas is to become more inquisitive and learn more about the world. Take the time to read the latest news not just in your industry but also in other sectors. Maybe there’s a new startup that’s doing well, and you can create some healthy competition for them. If you’re already successful in one industry, it may be time to step out of your comfort zone and start over in a new industry.
Be an artist
Another way to generate new ideas, especially if you want to create new products, is to think like an artist. Or, if you don’t have an artistic streak in you, hire artists to your team. Everyone knows the ideal is to create a product that hasn’t been invented yet, but that isn’t easy to do. The next best thing is to create a product that looks like it hasn’t been developed yet. After all, if given a choice between two otherwise equal value products, customers will pick the more aesthetically pleasing one.
Look at annoyances
Everyone has minor problems that bug them that they may not think about. Take the time to examine what your minor annoyances are and how you can solve the problem. Chances are you’re not the only one who’s annoyed by something, and you can create a product or service that solves these little things. For example, King C. Gillette was annoyed by the time-consuming process of sharpening his razor. His solution was to invent a disposable razor that could be used multiple times before throwing it away and replacing it with another. People laughed at his idea, but Gillette trusted his gut, and the rest is history.
By its very nature, the future is unpredictable. For instance, few could have foreseen the recent COVID-19 pandemic and the effects it would have on our lives. But to survive in the business world, you have to have a bit of a soothsayer in you. By looking at current trends and using them to predict future realities, you can stay on the cutting edge of entrepreneurship and set yourself up for success. Here are some predictions for the future of entrepreneurship.
Cryptocurrency will change everything
Cryptocurrency like Bitcoin is a controversial subject. Some billionaires like Elon Musk invest heavily in it, while others like Warren Buffet call it a “mirage.” But like it or not, cryptocurrency and blockchain technology will likely change how we make transactions in the future. The most significant difference between Bitcoin and our current monetary system is that the “coins” don’t actually exist. The coins are just algorithms, and the blockchain is a secure ledger of our transactions. It’s a currency for the digital age.
Young people will take over
The older members of Generation Z are entering the workforce, and they’re not looking to join pre-existing companies. They are eager to be entrepreneurs and start businesses of all sizes, and set their own rules. There are even systems already in place to support them, like universities offering resources to graduates who start their businesses. With so many young people ready to create their companies and industries, the chances of changing the world also increase.
Ideas are king
Companies like Google, Amazon, and Apple have profoundly affected how we live our lives. But the driving force behind all these great companies has always been an idea, whether it be a better search engine, a way to buy books online, or technology that anyone can use. Ideas are easy to come by, but in the future, coming up with the right idea that will shake up the world will be critical. It’s relatively easy to start a successful local coffee shop. Starting the next Starbucks will take one brilliant entrepreneur.
The future is unpredictable, but it has to be predicted to stay on top in the business world. Things like cryptocurrency, new ideas, and fresh faces will all work together to change the world.
About Jason William Kumpf
Jason William Kumpf has worked in international business for over a decade. With involvement in global real estate sectors, the expat sector, ecommerce, and finance, it is safe to say that Jason William Kumpf is a well-rounded businessman. By having a hand in multiple sectors of various international and national markets, Jason has built an incredible network of global professionals that include recognizable Fortune 500 companies as well as young, burgeoning startups.
Jason William Kumpf is Co-Chairman for an international California Trade and Business Networked called Cal Trade. To expand his reach, he also serves on the Young Members Board for FIABCI International Real Estate Foundation, a French entity with active chapters in 48 different countries. In addition to these positions, Kumpf is the Director of Alliance Partnerships at USForex Inc which works toward creating better exchange rates for several international ecommerce markets. Similarly, Jason William Kumpf is the Director of Partnerships at OFX, also in the international currency exchange rate industry, working towards the acquiring the best exchange rates available for his international clients.
In addition to Jason’s work internationally in the foreign exchange markets, he has also taken a great interest in tech startups. He has a passion for taking an outside look at complex issues and creating tangible solutions to better the overall structure of a new company. Because of his extensive training in a wide range of industries, and because of his energetic and positive spirit, Jason William Kumpf is able to not only craft great business strategy but motivate his teams as well.
Having spent nearly 20 years studying abroad and working internationally, Jason William Kumpf has seen many sides of business, negotiating, and leadership. For this reason, he feels it is incredibly important that he pass on the information he’s gained over the years to those looking to grow within the international exchange rate markets. Having a strong leadership style is valuable, but having the ability to adapt that leadership style to meet the needs of any market you’re working in is a priceless skill that will take anyone with the right drive far in life. Jason William Kumpf hopes to inspire some of this leadership in a new generation of young and talented industry members.
As Jason William Kumpf enters the next stage of his career, he looks towards opening new doors for leadership training and business strategy opportunities. If you’re a young tech startup or just looking for some leadership style advice, Jason William Kumpf’s new blog will act as a great resource. Without sharing what works, progress cannot be made, and Jason William Kumpf is dedicated to not only continuing a successful career for himself, but to see this reality happen for others.
For updates on Jason William Kumpf, be sure to check back often as new blog content will be added regularly.