As your business grows from a one-person shop to a team of professionals, you need…
January 2, 2020
Comparing the 2010 and 2020 Entrepreneur
In 2010, technology was swiftly on the rise, which enable the entrepreneur to be smarter, faster and more mobile with their business. As we enter the next decade, we see technology becoming not just a supporter of business but an integral part of starting, running and scaling a business. From automation to the gig economy, entrepreneurs are empowered in many ways with technology. Not only is it cheaper and easier to start a business, it’s easier to achieve long-term success thanks to so many technological advances and trends in the last decade.
The SaaS business model
The software as a service (SaaS) business model has exploded in the last decade, as technology continues to provide solutions for business owners. If you need help with marketing, there’s software for that. If you need help with OKRs, email campaigns, or CMS, there’s software for that. It empowers entrepreneurs and startups to scale smartly and successfully. Simply purchasing a license or subscribing to a software service saves time, money and energy.
Shared office space
Purchasing a brick and mortar to conduct business was a huge financial investment and a blocker for the 2010 entrepreneur. But now, many business owners and entrepreneurs are leaning on shared workspaces, such as WeWork and SharedSpace. This way, people are renting an office space for a fraction of the cost. It’s also a great way to network with other entrepreneurs in different fields.
Gig economy
Hiring freelancers is on the rise. Fiverr, Upwork, Guru and dozens of other sites exist solely to connect freelancers with work. Upwork published a study showing how more and more businesses are relying on freelancers. The gig economy labor force makes it easier for businesses to operate on a more shoestring budget by not hiring full-time employees who require benefits and can be released when the work has been completed. The gig economy workforce is flooded with freelancers who are subject matter experts looking to make extra money as a “side gig.”
The gig economy has been on the rise since 2017 and isn’t expected to decline any time soon. In fact, 40 percent of companies expect that gig workers will become an increasing part of their workforce.
Automation
Automation and artificial intelligence is being leaned on heavily by businesses to ease the strain of hiring additional employees. AI chatbots, for instance, are used for customer support and service. Forty percent of large businesses automate at least one business process, while 25 percent of small business owners report using automation.
Delegating administrative tasks to third parties
Live answering and virtual receptionists are being used by more small businesses that understand the importance of having every call answered, but simply don’t have the time to pick up the phone. Also, due to technology, traditional 9-to-5 business hours have been shattered and consumers want real-time customer support and service. Business owners can hire a live answering service that will handle their calls, which frees up time for them to focus on running and growing their business.
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