There are three types of trends impacting our world: technological, social and techno-social. There is also a meta-trend, extending across all other trends, the acceleration of the pace of change. These trends are universal and are listed below.
Technological trends
An endless volume of digital information, from text to pictures and sounds to video, is increasingly occupying all areas of life.
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Such an abundance of information can bring confusion, stress and challenges in achieving a competitive advantage.
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New skills are demanded in order to succeed 🡪 media literacy, systems thinking, critical thinking, and the ability to direct, focus and maintain attention.
Automation of production processes and delivery of products and services, along with disruptive technologies are slowly eroding the requirement for manual and routine tasks and jobs.
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Even though new prospects for entrepreneurship are opening due to these innovations, competition between businesses is also hindered.
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Young entrepreneurs need to continuously acquire new knowledge and skills, and become even more adaptive, agile and resilient so that they can shift quickly to new opportunities.
Hyperconnectivity is the increasing interconnectedness of people, organisations and objects resulting from mobile technology, the internet and the Internet of Things.
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Technological innovation has led to a constantly changing business landscape. This means that business owners are unable to accurately predict market trends and make medium- and long-term plans as they once did.
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Young entrepreneurs will need to become familiar with adaptive planning – continuously adjusting in response to changing information.
Social trends
The working world faces various demographic challenges. The population is aging, and youth creates various pressures. Unemployment and underemployment remain a challenge for young people around the world.
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Demographic changes present opportunities and challenges for entrepreneurs. These social drivers shift initiated more prospects for women, and freelancing, self-employment and entrepreneurship is now more accepted. This might generate an increase in competition for resources and support.
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Young entrepreneurs need to be more innovative and service-oriented to remain competitive. Increased competition can lead to stress, which they must find ways of managing.
The working world faces various demographic challenges. The population is aging, and youth creates various pressures. Unemployment and underemployment remain a challenge for young people around the world.
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Demographic changes present opportunities and challenges for entrepreneurs. These social drivers shift initiated more prospects for women, and freelancing, self-employment and entrepreneurship is now more accepted. This might generate an increase in competition for resources and support.
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Young entrepreneurs need to be more innovative and service-oriented to remain competitive. Increased competition can lead to stress, which they must find ways of managing.
Techno-Social trends
World’s economies are more independent that ever. Flow of Products, projects and knowledge🡪 collaboration between organisations and nations
Global value chains🡪 crucial part of doing business.
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Range of opportunities for entrepreneurs🡪 growing demand for products and services developed and distributed globally but adapted to the local market.
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Young entrepreneurs must understand the complexities of the global environment while also demonstrating sensitivity towards other cultures and the ability to operate in diverse cultural settings.
Global agenda🡪 focus on environmental concerns
Environmental and social sustainability must be included in organisations’ business strategies and practices.
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Appropriate green measures can boost competitiveness, reduce expenses and help avoid potential legislative penalties.
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Many new opportunities are created🡪 young entrepreneurs will need new knowledge and skills.
(YBI,2018)