Entrepreneurs Rising

Starting a business will get even easier

🌐 Entrepreneurs Rising

Starting a business will continue to get easier. And the new businesses will require fewer people.

It used to be that starting a business was capital- and time-intensive. You needed to choose all the right tools.

You needed to manufacture a product, or be a licensed professional of some fort to offer a service for a fee.

If going the product route, you needed a tremendous amount of startup capital to buy equipment and materials. You also needed an initial base of customers to prove to the financiers you would have the ability to repay them.

For a service-based business, you needed to be a professional, usually licensed. In this case, the capital was in the form of paying for your education. You went to a 4-year university, plus some post-graduate work. If not a post-graduate, your expertise came from years of experience.

Then came the Internet.

You could launch a business selling products and never have inventory. Using platforms like Amazon, you could sell products, and have them shipped directly from manufacturer to customer.

You could live anywhere in the world, and make millions on the spread between your cost of goods and the price.

As for service-based businesses, the new asset was attention. Think of the YouTube creators, Instagram influencers, bloggers, and newsletter publishers. They don't have to be experts licensed by the state. Their expertise comes from the attention they command. More viewers, readers, subscribers lead to more advertising dollars.

So how are we going to get even easier?

New technology will make starting and running a business even easier.

No-code tools allow you to create a website or newsletter in minutes.

AI tools will help create some or most of the content. AI can also "man the phones."

Crypto and blockchain will allow for instant payments, anywhere in the world.

Anyone can have a business that looks like it has hundreds of employees, when the reality is it might be one person with a smartphone and a Wi-Fi connection.

We're going to see more solo-preneurs.

They're going to be creating content, much like we've seen for the last decade.

However, they'll also be analyzing data, writing programs, creating feature-length movies. They'll be able to thrive on a micro-niche service or product because their costs will be so low.

They'll have access to onchain funding and insurance if needed.

They will likely use decentralized platforms, so their audience will be even more valuable.

How do we prepare for more solo-preneurs?

First, understand this will be normal. It won't be the guy doing crazy videos or the girl taking pictures of her clothes. The businesses will look more like many you see today, but without the need for all the employees. If you have specialized knowledge, or even a drive to learn, you'll be able to run the business.

Those business-owners will need some services.

  • Retirement planning

  • investing help

  • accounting

If you offer those services now, try helping the solo-preneurs.

They'll also need products like mortgages, auto loans, etc. Most current banks don't work well lending to entrepreneurs, so those models will have to be built. Those new models will use blockchain technology for transparency, liquidity, and settlement.

If you’re thinking about your own career, you can find a micro-niche and learn everything you can. There’s so much information available in books, podcasts, YouTube, and online courses.

If you have an expertise already, it won’t take much to start a side hustle, and try to turn it into a full-time gig.

Start to learn the tools you’ll use to launch and grow your business.

And remember…not every business needs to be a unicorn. You can have a great life with your own 6-7 figure business.

Have a great week