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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.
If you’re an entrepreneur and don’t fully utilize social media to help your business, you are letting a seriously beneficial opportunity go to waste. Social media can help you grow your business and your brand with minimal effort and reach audiences or customers who may not have heard of your business otherwise. To properly utilize this powerful tool, we put together this list of social media tips for entrepreneurs.
Use ALL social networks
Maybe you have one or two social networks that you like to use for entertainment or staying connected with friends in your personal life. But what you want to use might not be what your customers are using, so make sure you have a presence on all social media platforms to maximize your influence.
There are millions if not billions of social media accounts vying for attention every day, so if you want to be one of the few that gets noticed, you need to do something unique. Kedma Ough, the “Small Business Superhero,” wears a superhero costume to get noticed. You don’t have to be quite as flashy (though it might not hurt), but you have to do something to make your brand memorable to people.
Remember, it’s “social” media.
Too many social media accounts fail because they focus on creating and sharing promotional content and not using the platforms for their intended purpose: being social. It’s not just enough to post something weekly or daily and be done with your social media work. You have to respond to comments and messages, engage with other people’s stories, and make your business seem less like a business and more like a person. That will help increase your brand’s value.
Optimize each platform
You can’t just make a popular Facebook post and then copy and paste the same thing to Instagram, Twitter, YouTube, and LinkedIn. Each social media platform has different strengths and different algorithms, so you have to take the time to optimize each of your posts whenever you post to another platform. Otherwise, that big sale or contest you’re having will just get lost in the shuffle.
When you’re a business owner, the customer is king, which goes double if you’re an entrepreneur. Your business will thrive or struggle depending on how well you can deliver what the customer wants, and luckily finding this out is as easy as asking. But what’s the best way to gather feedback? By starting with the people who love your product, utilizing social media, and asking intelligent questions. Let’s break it down even further.
Start with your biggest fans
It might be tempting to cast a wide net and get as much feedback as possible, but doing so is counterproductive. Instead, you should focus on your biggest fans, the ones who love and believe in your business. Ask them what you can do to be even better. Your fans aren’t just eager to talk to you about your business, but they have many valuable opinions on what you can do to grow. If you can start with just the five people who love what you can do, you can better reach the five thousand who merely like it. That’s how you grow your business.
Utilize social media
Social media is a powerful tool for promoting your business, and it can also be used to engage with customers and gather feedback. You can start by reading their comments on your posts and online reviews of your store or post a short survey to get a more directed response. You can also post an Instagram story and encourage customers to respond. To drive up even more engagement, you can host a contest that requires customers to fill out a survey to enter.
Ask smart questions
Smart questions get smart answers, so really put some thought into what you’re asking, how you ask it, and most importantly, what you want to find out. For example, instead of asking simple yes-or-no questions such as “Do you like our product?” ask more in-depth questions like “What do you like or don’t like about our product?” You will get much more valuable feedback this way, feedback which you can better utilize to improve your product and business.
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.