Top 7 Entrepreneurship Trends Of 2020
In this new guide you'll see the biggest trends shaking up the field of entrepreneurship.
Here are the 7 fastest-growing entrepreneurship trends of 2020. And the technology and taste changes setting those trends.
Whether you're a seasoned entrepreneur or entirely new to the business world, these are the top trends to watch.
1. Entrepreneurs move into IoT
“Blynk” searches - the most popular IoT platform lets you get started for free.
The hype around the Internet of Things (IoT) has subsided in the last 5 years. But the ecosystem around it is still developing at an astonishing rate.
Previously, IoT business ventures were only taken on by big companies with the time and resources to build systems from the ground up.
But because of recent developments, it’s now much more accessible to individual entrepreneurs.
Blynk is an Internet of Things platform that allows anyone to easily create interfaces for controlling and monitoring your projects, like a smart houseplant watering system.
Pre-designed widgets get you up and running quickly with native iOS and Android apps. These apps can then control electronics, monitor sensor data, get notifications, and so on, so that you can control your hardware from anywhere.
From smart lamps to soil moisture monitors, the device possibilities are endless. And there are YouTube tutorials and Udemy courses available for hungry makers and tinkerers.
Blynk runs thousands of internet connected products, from home projects to massive enterprise venture products.
Blynk also scales from basic prototyping to commercial IoT solutions. So if you find you’ve cooked up a commercially viable piece of hardware in your man cave, you can quickly deploy your first fleet of devices.
2. No-code web apps everywhere
“Low-code” searches - this topic exploded in early 2018 and hasn’t slowed down since.
No code, or low-code, refers to web and mobile development using a drag-and-drop interface. This requires much less technical knowledge than using web programming languages and raw code.
Low-code enables anyone to build and sell digital products such as blogs, online marketplaces, and even fully-fledged Software as a Service (SaaS) apps. All without the need for a developer or designer.
Bubble is one of the top platforms for building no-code web apps quickly and easily.
No code web apps make web entrepreneurship without a Computer Science degree possible. Whole new industries are made accessible to “non-techy” entrepreneurs as a result.
But even seasoned web developers often use no-code solutions as a faster way of building apps quickly to prototype business ideas.
And as this low-code entrepreneurial trend gains momentum, a whole ecosystem is springing up around it.
3. Email moves back on top
“ConvertKit” searches - Nathan Barry's email marketing platform has absolutely taken off over the last 6 months.
Entrepreneurs are falling back in love with email again.
Why? Well for starters, you have full ownership over your mailing list subscribers. Which isn’t true of Twitter, Instagram and Facebook followers.
Social media reach has declined dramatically in recent years. The algorithms on sites like Facebook have become more opaque. And these platforms increasingly make you pay to promote posts to your audience instead.
Search Engine Optimization (SEO) isn’t the holy grail of long-term, sustainable traffic it once was either. The Search Engine Results Pages (SERPs) have become massively crowded by paid results and featured snippets.
Your email subscribers on the other hand, they’ve given you permission to send your message straight into their inbox. And emails get read.
This gives you the opportunity to teach them first, provide value and build trust. And then move into a soft sell when they’re ready.
Even if you don’t sell a digital product, your email newsletter and announcements are still a crucial contact point for customers.
ConvertKit is email marketing software aimed at creators to do work they love.
And email marketing software like ConvertKit, that helps you better connect with your audience, has exploded in recent years.
4. Micro-influencers come into the spotlight
“Micro influencers” searches - the concept didn’t exist 5 years ago.
Micro-influencers are Instagram and YouTube influencers with a relatively small audience (approximately 1,000 to 10,000 followers).
As “Influencer Marketing” goes mainstream, the prices that even influencers charge has skyrocketed over the last 18 months.
For example, men’s clothing influencer Taylor Camp (38k followers) charges $500 for a single promotional post.
Taylor Camp, otherwise known as “thetieguy”, specializes in men’s clothing and grooming.
The increased cost of Influencer Marketing has left many small businesses priced out of this high-ROI marketing channel.
Enter: micro influencers. Not only are micro influencers significantly less expensive to work with compared to their larger counterparts, but they tend to have a targeted, passionate following.
According to our data, more brands are looking for content on how to find, use and take advantage of micro influencer marketing (for example, "nano-influencers instagram").
Also, if you're doing influencer marketing yourself, you may want to consider allocating some of your marketing budget towards micro influencers.
5. Content becomes omnichannel
“Designrr” searches - no that’s not a typo!
Content is still king, but the consumption formats are multiplying.
The number of ways in which people are absorbing content is still growing.
Multiple apps like TikTok have taken off, where creators upload short 3-15 second videos similar to Vine.
And even formats that have been around forever like podcasts are coming back around.
The best online entrepreneurs are adapting quickly to these alternative content formats. Many are repurposing existing content into these different formats to access new audiences.
For example, many podcasters are starting to video record episodes. They can then be uploaded to Youtube, as well as the big podcasting platforms like Apple Podcasts and Spotify.
They could simply upload an audio-only video to YouTube, but videos of the speaker are way more engaging.
These same podcasters then transcribe the show into text, to instantly produce a long-form blog article too.
In fact, the top creators of 2020 specifically design their content production pipeline to hit several channels. And there are tools that even automate this process.
The Desgnrr web app takes any content format you give it and spits out eBooks, transcripts and webpages.
This is perfect if you have videos or a podcast. You can now instantly convert them into written content to reach new audiences, use as lead magnets, or for SEO purposes.
6. Super specialization of skills
“ShipBob” searches - 99.97% of orders ship the same day with ShipBob.
Entrepreneurship these days requires greater specialization to maintain a competitive edge.
Both entrepreneurs and businesses are doubling down on what they’re best at to give themselves an advantage over the competition.
More founders are starting to get help from virtual assistants to perform administrative and other tasks. This frees them up to focus on delivering more value in their specialty.
And this is happening with all parts of the business, not just the founder’s time.
For example, direct-to-consumer eCommerce stores can now outsource product fulfillment entirely.
ShopBob specializes in product fulfillment so that eCommerce businesses can outsource it to them entirely.
Services like ShipBob will store product inventory in their network of fulfillment centers. Then they pick it, pack it and ship it when the customer places the order.
This means that the customer gets the product faster. And the entrepreneur can focus entirely on the product and finding customers.
7. Communities for entrepreneurs flourish
“Indie Hackers” searches - before this website defined the phrase in 2017, it didn’t mean anything.
For a long time, the only people sharing online success stories were those looking to sell their own get rich quick schemes.
But new online communities are springing up where entrepreneurs openly share their business strategies and growth tactics. And even revenue numbers!
A great example is Indie Hackers, a fast-growing online community where digital entrepreneurs help each other grow and learn to build successful online businesses.
Indiehackers has literally coined the term “indie hacker”, or a person building an online project to generate revenue.
Starter Story is another place for entrepreneurs to go for inspiration. But in this case there are interviews with eCommerce entrepreneurs.
And a strong community of female entrepreneurs named Women Make has emerged too.
We can expect more micro-communities of entrepreneurs to spring up across all verticals.
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