Lesson 2 of 7
In Progress

We are in the middle of a different way of doing business

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What we value, the way we live, work and interact is changing and so must your business. A number of factors are converging at once.

Millennials in the workforce
Millennials are starting to make up the largest percentage of workers. They are also moving into leadership positions as baby boomers retire. This is changing how we thinking about and do business.

Covid-19 has acted as a catalyst
It has overcome resistance to remote working and accelerating similar trends. Working from home (WFH) is now an acceptable way to do business whereas before the pandemic many employers had the mindset of “if I can’t see you, you’re not working”. Many brick and mortar based businesses are failing whilst online businesses are thriving.
Remote, hybrid and distributed working has increased leading to people choosing to live away from city centres. What effect will this have on:

  • Domestic and commercial real estate?
  • Service providers and population density?

Employment vs Entrepreneurship
Careers are seen as less stable than ever. The secure corporate 9 – 5 no longer exists. No longer do we have a career that lasts our entire working lives. The trend of changing careers 1 -3 times in our lives shows no sign of slowing down. The US Department of Labour estimates new entrants to the workforce will have up to 10 – 14 jobs before they are 38. The unreliability of employment due to layoffs and lockdowns have pushed many people to start their own enterprise as people realise that being a business owner puts you back in control of your life. Google trends report that searches relating to starting a business are up. Some examples are:

  • “how to start a business on Instagram” is up 650%
  • “how to start a lip-gloss business” is up 1050%
  • “how to start a lash business” is up 750%

Clearly, people are looking to take back control of their lives, for freedom and a business, set up the right way is the best way to create it.

Increasing access to tools and technology
We are also seeing the emergence of the 4th industrial revolution. This is unlocking tools and technology that changing the ways we access business services as well as increase acceptance of new ways of working.
The digital shift is reducing corporate advantage. SaaS (Software as a Service) gives small businesses access to tools that used to be reserved for large companies.

Regulation
Have things become more or less regulated over your lifetime? It’s clear to see the impact this is having on businesses in the short term but what will the long term consequences and requirements be? How will labour laws change?