Five key entrepreneurship trends for 2025
Five key entrepreneurship trends for 2025
As the world prepares to celebrate Global Entrepreneurship Week (GEW) from November 18-24, 2024, under the theme "Entrepreneurship is for Everyone," the entrepreneurial landscape is undergoing remarkable transformations that are making business ownership more accessible than ever before.
Pat Mokgatle, Partner: Entrepreneurial Business at BDO, says, “The democratisation of entrepreneurship has never been more evident. Digital transformation and remote work capabilities have dismantled geographical constraints, allowing aspiring business owners from all backgrounds to participate in the global marketplace. This shift is particularly significant for individuals who have historically faced structural barriers to entrepreneurship.”
According to Mokgatle, five key trends are creating new opportunities for diverse entrepreneurs to enter the market:
1. Digital Transformation
The accelerated adoption of digital technologies has levelled the playing field, enabling entrepreneurs to launch and scale businesses with minimal initial investment. Digital tools are now essential for driving innovation and maintaining competitiveness in today's market. The ability to your business beyond the shores of South Africa via social media have never been easier with global populations on the various networks from tik tok, to Instagram, The international market yearns for authentic stories told the indigenous way. Brands that leverage the social media world very well will continue to benefit from the global market beyond our shores.
2. Remote Work Revolution
The normalisation of remote work has opened doors for entrepreneurs to build global teams and access diverse talent pools, regardless of location. This flexibility has made entrepreneurship more viable for those balancing business ownership with other responsibilities. This new phenomenon post covid has allowed entrepreneurs to release some liquidity in terms of the rental savings from utilising less space as they work remotely, the downside to this is that teams tend to
3. Sustainability Focus
Environmental consciousness has created new market opportunities, particularly for entrepreneurs focused on sustainable solutions. This growing sector allows innovative thinkers to address global challenges while building profitable enterprises. This focus for local entrepreneurs opens up doors to funders who are looking to back sustainable projects through dedicated funds and initiatives to meet the SDG goals. Positioning and reporting back on your business’ ESG objectives will be a competitive adbvantage given that a lot of smaller businesses are under the impression that this kind of work is only for the large corporations.
4. Community based models
The increased focus on brands building communities be it a wellness and running club or even a bookclub, creating a community for your brand ensures that your product has advocacy from day to day users. We look at products that get this right and they thrive as they cultivate a community based model that sees their products or services generate revenue on a daily basis. Build a community and service them well the business will grow organically.
5. SME funding
There is surge in PO/working capital short term financing opportunities as the lifeline of any SME business is the ability to have cashflow within the business. The ability to utilise the short term financing without the need to have collateral is a great way to uplift an entrepreneur especially when typically debtors take between 30 to 45 days to pay. This not only starves the business of the oxygen it need but actually puts the entrepreneur under immense pressure therefore funding the business in the short term becomes pivotal. The governance and funding readiness of any business will be paramount in order to unlock the funds available in the market.
For entrepreneurship to truly be accessible to everyone, support systems for the next generation of entrepreneurs are crucial. Financial literacy programmes, scalable business support service and expert guidance in navigating regulatory requirements are becoming increasingly available to entrepreneurs from all backgrounds.
As we celebrate GEW 2024, the focus extends beyond just acknowledging entrepreneurship's importance to actively creating pathways for diverse individuals to pursue their business aspirations. The combination of technological advancement, shifting work paradigms, and increased support services is creating an ecosystem where entrepreneurship can truly be for everyone.
This Global Entrepreneurship Week, Mokgatle encourages potential entrepreneurs from all walks of life to:
- Explore the digital tools and resources available for business development
- Connect with mentorship and support networks
- Consider how their unique perspectives could contribute to solving global challenges
- Take advantage of educational resources and financial literacy programs
The message is clear: entrepreneurship knows no boundaries, and innovation can come from anywhere. As we celebrate GEW 2024, we're witnessing the dawn of a more inclusive and accessible entrepreneurial ecosystem that welcomes everyone to participate in shaping the future of business.