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What Does Entrepreneurship Look Like in 2021

Everyone has been waiting eagerly to wish 2020 goodbye due to the challenges caused by the COVID-19 pandemic. Some of the changes experienced in 2020 will continue, while others will develop to ease the ways of doing business. REMOTE WORK The lockdown forced businesses to allow employees to work from home as there was movement restriction. […]

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What Does Entrepreneurship Look Like in 2021 - Scott Cathcart

Everyone has been waiting eagerly to wish 2020 goodbye due to the challenges caused by the COVID-19 pandemic. Some of the changes experienced in 2020 will continue, while others will develop to ease the ways of doing business.

REMOTE WORK

The lockdown forced businesses to allow employees to work from home as there was movement restriction. Working from home had some benefits; hence employers will encourage some of their employees to continue working remotely in 2021. Business meetings will be held through video conferencing using Zoom, Webex, Google Teams, and Microsoft Teams. Employees will save enough money that they would have incurred through transport to and from work. They also had time to interact with their families. However, employees working from home had some problems which business leaders need to find remedies in 2021. Businesses need to support their remote employees with the right office tools and mental health support.

AUTOMATION OF BUSINESS FUNCTIONS

Businesses will be going digital in 2021. Many companies will prefer to automate business functions to avoid the cost incurred in hiring employees. Already the world is experiencing automation in warehouses, supply chain, and transport systems. White-collar automation will become a common phenomenon among business leaders as computerized machines will work efficiently and effectively. Automation will make tasks easier to perform. The adoption of artificial intelligence in business will respond to queries from clients and market business’ products.

ADOPTION OF THE VIRTUAL INTERFACE

Virtual interfaces will become a new way of offering services to clients who don’t want to visit offline stores. Businesses will use augmented reality and virtual reality to try out products while still at home. For instance, customers will be able to try out clothes and make-ups while seated in their homes through the mixed reality interface.

DEVELOPMENT OF 5G INFRASTRUCTURE

Businesses will be shifting to the 5G network, which is faster than its predecessor. With the remote working, employees will require more reliable connectivity, much possible through the 5G network. Therefore, telecommunication companies will develop an efficient 5G network to meet the demand in the market.

Business leaders should be ready for the above 2021 trends. 2021 will be prosperous for businesses if they fully adopt the developing trends and take advantage of opportunities.

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