The word “entrepreneur” has undergone a marked evolution. Originally, at the end of the 18th century, it referred to a specific type of businessperson who focused on boosting profits by cutting costs, and in the era of the tech billionaire, it has become shorthand used to describe individuals who break new ground in business.
However, entrepreneurship is changing again. Anyone who goes online will find a plethora of resources aimed at the entrepreneur, and every day thousands of new start-ups are launched in the developed world. Entrepreneurship has been democratized thanks to the impact of new technology, and this is sure to have profound effects on future generations.
Entrepreneurship requires flexibility, communication skills and personal resilience – qualities that can often be instilled by teaching children in a foreign environment, which is why so many parents want to learn more about international education.
As we look ahead to an ever-changing economy, what will entrepreneurship become? Here are three ways in which it is set to change.
No more nine to five
Technological change and economic instability have already undermined the concept of the career, as fewer and fewer people are able to stay in the job that they qualified for until they retire. As job automation spreads across all industrial sectors, the days of clocking on for the nine to five will be over. In the economy of the future, people will increasingly turn to being entrepreneurs, making their own jobs, rather than depending on an employer to hire them.
Instead of being the preserve of a small number of individuals, entrepreneurship will be the first option. Future generations of school-leavers and graduates will be attempting to create their own companies or markets instead of looking for a safe job with a big corporation.
The challenge of automation
Automation is set to have a huge impact on our economies as traditional roles become obsolete overnight, but where it can create turmoil, it also offers opportunities. With automation handling the day-to-day tasks of administration, it will be possible to run entire companies from your laptop. Freed from the requirement to be located in an office, entrepreneurs will be able to unfurl their creativity in any location.
Entrepreneurship as a way of life
Traditionally, entrepreneurship has been seen as a way to become rich, but the entrepreneurial billionaire is unlikely to be typical in years to come. Increasingly, young people will get into entrepreneurship as a means to generate income, express themselves, or add value to their communities. Entrepreneurship will become a way of life, and not just a means to an end, for future generations.
It is likely that by the middle of this century, our economy and society will have changed beyond all recognition, with entrepreneurs and entrepreneurship at the heart of those changes. It is vital, therefore, that our children are taught the initiative, adaptability and creative skills that they will need to thrive in the entrepreneurial future.