Last week Smarta.com asked me to note down my thoughts on what is hot for 2010. Here are my answers:
- Where do you see the biggest opportunities for entrepreneurs in 2010?
This depends on the skill-set of the entrepreneur. Those looking for genuine business models using social media can find some very disruptive and therefore lucrative businesses. The digital space continues to grow year on year – last year saw internet advertising revenue great than anything else (Including television). I think 2010 will be a winning decade for the young entrepreneur. For the first time in history young people are an authority on something that really matters in the economy – the internet. My advice to any entrepreneur first starting out is think about what you know and think about what you are passionate about. Think about what you want to change can help also!
Other sectors that are hot and only getting hotter is green business, sustainability, CSR, social business, etc. There will be many new businesses created this year around this sector – from new more engaging ways to recycle used products; to nationwide carbon trading schemes; the opportunities here are endless. I strongly believe innovation lies on the edge – start ups today have a unique opportunity being agile to react to today’s challenges. There are many global issues that are likely to be solved by individuals with innovative business models rather than governments or corporations.
2. How will the successful companies of the next 10 years differ from those of the previous decade?
They will be small, faster and more effective. As we saw from the last decade, we are living in times of exponential change. This decade will be the decade of the global entrepreneur. The individual that now has the global marketplace at their fingertips. It is easier than ever before to start a business – the barriers to entry are much lower in the digital world.
Brand is becoming more and more important. People no longer want to read corporate jargon but want to touch and feel the brands they use. There will be more Innocent Drinks-esk brands. The personal brand of the team behind businesses has also never been so important. The people in the team should live and breathe the business values.