As we start to see a glimpse of 2023, it's very apparent of the vastly changing world we are all living in, and quite simply the economic crunch time of the decade. Much like in 2007/2008, the ‘entrepreneurial economy’ is emerging again. It could be quite simply blamed on a natural human reaction to zero stability and the habitual fear of the unknown – but as our generations evolve it's coming transparent that it’s something deeper and there’s a shift happening within the personality of our workforces.
Defined as ‘agile workforces’, they are experts in dealing with new challenges of today’s landscape and are comfortable with disruptive change. Understanding the flexibility and abnormal life cycles of businesses in today’s climate. Technological disruption is still accelerating to the finish line with market research changes not far behind it, and the cycle of ‘new way of doing things’ becoming nearly more frequent than our prime minister. Further, historical brands such as Ford, Burberry and Absolut pride themselves on their agility to move with the times, whilst watching fellow brands like Blackberry crumble with the pressure to do so. However, as easily agile workforces grow, it creates a parallel to those wanting to create their own organisations and become free from the strain of corporate businesses’ struggling to pass the exams of 2022 and life after Covid.
Forbes came out with the statement titled ‘Pandemic Fuels Global Growth of Entrepreneurship and Start-up Frenzy’, the acceleration grossly surpassing the numbers that were predicted. Such surge is being blamed on a mixture of things, the accessibility to passive income and the growing gig economy, agile workforces creating founders who are aware and conscious of the climate they enter into, workers who were laid off in the pandemic whilst also the opposite, extra time in lockdown led to creativity and spur of ideas. The increase of digitalization can be also viewed as a catalyst in the start-up world, as those who have been capitalizing early on the impacts of technological improvements have seen between the lines and found simple solutions to previously overlooked problems
The World Economic Forum (2022) reports 6 trends in global entrepreneurship:
“1. Positive entrepreneurial sentiment on opportunities suggests global recovery
2. Entrepreneurial activity rates are still lower in most countries compared to pre-pandemic
3. There is a rising trend of low-growth entrepreneurial activity
4. There is a paradox between perceiving it as easy to start a business and intending to do so
5. Digitalization is rising among low-income countries and new entrepreneurs
6. Entrepreneurship education in school continues to fail”
With what seems like a unstable few years ahead of us all, it is positive to see start-ups and the entrepreneurial world still paving its way through the storm – much like our members who continue to work hard for positive change.