Undoubtedly, there are no accurate studies that highlight what the future will hold with regard to economic opportunities, but thanks to globalization, rapid advances in the scientific and technological sectors (among others), change is being experienced faster than ever. Ordinarily, experts argue that because the pace of technology adoption is speeding up, an entrepreneur will need to be able to move fast in order to meet demands as they increase. According to Bplans.com, over the course of the next 20 years, the world’s middle class will increase from one billion to three billion, and become the most important economic and social sector in most countries. This, the author adds, means we should see a significantly higher demand for consumer goods and services. Small business opportunities, as well as bigger business opportunities, should abound. If you are an entrepreneur, or aspiring to be in business for the long haul, Doing Business shares essential business opportunities envisioned in the future. In the next paragraphs, this reporter also breaks down how the changes will affect supply and demand, how technology will likely revolutionize products as well as the areas ripe for disruption. Increased demand for affordable housing The fact that urbanization is one of the key demographic and socioeconomic drivers of change, experts say that this alone presents good opportunities for future entrepreneurs. The argument is based on grounds that more people flocking to work in cities will raise the demand for affordable housing. According to Bplans.com, this means that real estate firms and construction companies are probably going to do well. It also means there are going to be big environmental risk factors. “You could either specialize and become a “sustainable developer,” or become an environmental impact assessor. It might also be a great time to go into law, or to open a legal practice, perhaps specializing in compliance and commercial law.” Changing work environments and flexible working arrangements Another key driver of change according to WEF is the flexibility of working arrangements, which according to experts may well mean increased demand for space and power outlets in coffee shops. This, they say, investing in a café business or co-working space might just be a great idea. The “Internet of Things” Similarly, the rise and people’s dependence on smart objects, commonly known as the internet of things, will not only unleash a huge amount of data about how we live, but is also expected to open up new opportunities in semiconductor and software fields. Others are fields related to information policy, security and systems integration. According to the McKinsey Institute, the “Internet of Things” has a potential economic impact of $4 trillion to $11 trillion come 2025. The sharing economy, crowd-sourcing….. Another opportunity is represented by the rise of the sharing, or the collaborative economy business. Currently, companies that operate within the collaborative economy model enjoy immense success and an ever-expanding user base. This has largely been enabled by the internet, which has in turn allowed for the creation of sites that allow anyone to list their apartment or home online and offer it up as a vacation rental, or of course that allow people to book a taxi from one app on their phone, wherever they are. These companies and companies like them have already disrupted marketplaces (like the taxi industry, in the case of Volkswagen) and are projected to continue doing so going forward. The fourth industrial revolution skills For the majority, the world is already on the cusp of a fourth Industrial Revolution. Thus, investing in skills such as developments in 3D printing, robotics, AI and machine learning, nanotechnology, genetics, and biotechnology all point toward big opportunities in the near future.
