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 Becoming an entrepreneur today is the best thing you can do. The world is taking giant technological shifts, which is the center stage in entrepreneurship.

Entrepreneurship, in the modern world, isn’t as hard as it was before the 20th century. There are many ideas to brainstorm, and resources are everywhere. So if you’ve ever thought of owning a business, don’t shy from taking a leap.

Now, here is the catch.  You don’t just bump into anything you come across. Many industries are promising, but you are not compatible with all of them.

However, eight industries are worth checking out. Research and studies show that they’ll be the go-to industries in the coming years. So you’d better give them a shot as early as now to secure your market.

1. E-Sports Industry

Black male playing esportsSource: uhd.edu

E-sports scope is growing larger, very fast and has transformed how we view games.

 According to Kent Wakeford, COO of Gen.G, E-sport games garnered around 14 million viewers worldwide. These were broadcasted worldwide in digital platforms. From this study, the e-sports audience is estimated to reach 276 million people by 2022.

These numbers show that it’s the best time to find you a spot in the bandwagon. Why? Anyone can play digital games. There are no special skills required, as the existing pro sports. The audience is young, enthusiastic, and global. 

If you are innovative in digital gaming, you can come with gaming products and shape-shift them to business models. Since the market is on the rise, it won’t be soon before you start minting money.

2. Cannabis

Cannabis industry is among the most evolving markets in the world today. People are coming up with different ways of consuming it. It’s no longer used for recreational purposes only.

The percentage of Americans who admit to using marijuana regularly

 

The benefits of CBD found in marijuana are the secret behind its robust push into the markets. It’s mainly used for medicinal purposes like relieving chronic pains, calming epilepsy, reducing depression, and treating type1 diabetes. 

Through all the noise, here’s why cannabis is still making headlines in the global markets. 

  • The industry has the highest number of sales ever recorded. By 2021, the global recreational marijuana market will reach $31 billion, while CBD will pass the $22 Billion thresholds in the same year.
  • Products like vape, edibles, and beverages are recording a considerable market share. Vape has the most significant sales as it grew by 69% in 2018.
  • The industry is getting investment from every corner.  Many non-weed related companies want a bite of the cake; hence are ready to part with millions for distribution deals, production, and product design.
  • The industry has an influx of product branding. The market is in demand for new products with different potency levels and effects.

To understand more about this industry, listen to this episode of the Black Wealth Renaissance podcast featuring Hope Wiseman, the founder of Mary and Main medical cannabis dispensary.

3. Fintech

Innovation is on the horizon and has introduced us to yet another impressive piece. Financial technology is the go-to trend for entrepreneurs that want to conduct their businesses more efficiently. In most of the cases, you don’t have a human involved because it relies on Artificial Intelligence to control your business’ financial performance.

As an entrepreneur in the fintech industry, you’ll be helping businesses minimize the traditional institutions to reduce expenditure and maximize profits.

 For instance, payrolls, insurance, and securities have been handled manually for a long time.  As a fintech enthusiast, you can come up with systems that automate such processes to reduce money spent on hiring someone to do these tasks.

A few of the fintech options that are making headlines are cryptocurrencies (money of the future) and forex trading. While forex trading has been there for a while, we still don’t know its capabilities. Fintech is flexing its muscles to give us information on the unknown side.

With these fintech ideas on your fingertips, you can leverage on them to ease the financial pain points of many businesses.

4. BlockChain

bitcoin

As a part of fintech, blockchain is a new world that we have not fully explored yet. We still don’t know what it is capable of. But the fact remains that learning blockchain as early as now will prepare you for a better tomorrow.

Imagine a world where you don’t need a bank as an intermediary to make transactions. You bet you know the profound changes blockchain will have on how we view money.

Some of the areas blockchain has had a bite on include transforming the value of ownership using tokens. Some companies like Swiss Real coin and block square are already there to help you. What does it bring to the table? You get faster transactions and significant liquidity when buying real estate. 

Plus, blockchain has impacted AI, decentralization, and SAAS now BAAS (Blockchain as a Service). Pretty interesting!

5. Big Data Analytics

 

There is need to examine the extensive data we have in our workplaces, business, health sector, and government.

We need to unravel the information to get hidden patterns, study market trends, and explore customer preferences in our businesses. If you put this together, you are simply talking about big data analytics.

As an entrepreneur, even the simplest knowledge of big data analytics should be your right-hand guy. You are not only offering a service/product but checking the customer experience and employee performance to make judgments for the betterment of the company.

You don’t need to be a graduate in data science to do data analytics. You can easily research new revenue opportunities, better customer service, improve operational efficiency, and get competitive advantages over competitors.

6. Robotics

Since the time of the robot dance movie, robotics has won a place in human hearts. It has already secured a spot in entrepreneurship. 

Today, robotics has not only revolutionized the industrial world but also began advancing to our homes, and Alexa is leading all the way.

According to this study by Business insider, there will be a huge shift from human laborers to robots in 20 years.  

Some tech giants and wealthy entrepreneurs like Bill gates believe in this idea so strongly. From his point of view, robotics will help a great deal in curbing the hefty slaps of tax bills. 

According to Elon Musk, he believes that one day the government will pay people for doing nothing because robots will be doing everything. 

Venturing into this industry is not a bad idea at all. The only downside is that it requires a lot of resources before you set up a robotic shop. But it’s always a good idea to start small.

7. Electric Cars

A few days back, electric cars were just a dream. Today, this dream is slowly shaping itself into a reality. Some companies are already making electric cars and have dispatched them to the market.

 

Tesla company is at the forefront. When you drive through Silicon Valley, you will notice the numerous Tesla electric cars on the road.

 

The reason why many people are turning to this side is not only because they are environment-friendly. Imagine driving a vehicle that you won’t need to fuel. Pretty cost-effective, right?

 

The industry is still making baby steps, and there is room for more innovations to thrust the industry forward. The good thing is that the demand curve is on its climax.

 

8. Online Education

 

Learning in the classroom is slowly becoming a traditional way of learning. People are slowly going digital, and e-learning is the go-to thing for many students today. They find it simple, convenient, and just fun to get your degree after three years of learning on your tablet or laptop.

 

The value of online learning, as of now, is estimated at $176 billion. By 2025, the industry will have hit $325 billion.

 

A few years back, offering an online course would be met with hostility. It also happened that graduates had a hard time getting jobs with their “online certificates.” However, as technology slowly takes a shift in every sector, more universities have given in to the idea.

 

The exciting bit is that e-learning does not target professional courses like MBA alone. Today, you can get a course in almost everything. Whether you want to learn how to play guitar, become a better cook, or even become an online tutor.

 

The Takeaway

 

Technology is the steering wheel for all the eight industries we’ve looked at. So it goes without saying that for you to venture into any of the sectors, you should arm yourself with the latest technological trend. Either way, you should at least put one of these options in your checklist before you start brainstorming business ideas.

 

Caroline Wanjiru

Blogger