In an effort to keep our loyal FranNet blog readers as informed as possible, we thought we’d take a crack at spotting some of the major entrepreneurial trends happening in the second half of 2017. We’re already six months into the year now and the 3rd fiscal quarter is almost upon us. Here are a few tidbits we picked up that may affect the entrepreneurial world as we gear up for the remainder of this year:
Entrepreneurship Gets Diverse
Statistics from 2016 (which we’re now disseminating) are showing us the growing trend of diversity among the ranks joining an entrepreneurial path in life. The Millennial Generation is fast taking over the Baby Boomer set, as many of our youngest and brightest are striking it out on their own as opposed to joining the corporate world. Almost 1 in 4 say they want to own their own business someday. And to say nothing of the female set—women starting their own businesses just hit a 20-year high. Guess Wonder Woman really is having an effect out there! Lastly, 40 percent of all new entrepreneurial startups last year were minority-owned ventures. Pay attention--entrepreneurship is getting diverse.
Big Data Means Big Engagement
The rise of big data and all that it encompasses is truly changing the entrepreneurial landscape. Apple just this week announced their new product, HomePod, as a direct competitor to Amazon Echo and Google Home devices. Imagine the information they can collect (encrypted, of course!). More and more, entrepreneurial companies are seeking inventive ways to engage with their customers. Their philosophy is now customer first, brands second.
Time and time again this year, we’ve seen the QSR community testing out automation in the entrepreneurial space. Fast food restaurants are now employing sleek ordering kiosks instead of giving teenagers their first job opportunity. For the brands behind the effort, it makes financial sense. A one-time payment trumps a recurring $10 an hour! Who knows what other entrepreneurial brands will begin to bring automation into the marketplace?
Brands Now Have a (Social) Responsibility
Consumer expectation is now a thing. More and more, the general public is looking for more than just the delivery of goods and services in exchange for their discretionary income. Sustainability, consciousness, and idealism are working their way through many an entrepreneurial brand’s marketing plans. According to research from Neilson, “…nearly 55% of global online consumers said they’d pay more for products or services provided by businesses dedicated to positive social and environmental impact. Likewise, 90% of consumers expect businesses to worry more about these important issues than they do about earning a profit.”
If you’ve been ruminating on the beginning of your own entrepreneurial journey, it would be advisable to keep these and other facts in mind as you plot your future. Technology continues to drive us downstream at a furious pace and the marketplace continues to fracture into multiple niche target markets. If you’d like to apply some of what you’ve just read in a conversation with a qualified FranNet representative, we can walk you through exactly how your own scenario may line up with the entrepreneurial trends of 2017.
Let’s chat! There’s a local FranNet consultant right in your market who knows that market inside and out – knows the personality of the market – knows the competitive landscape. FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here and find your local consultant right now!