Every year, tens of thousands of businesses close down, and thousands more launch. What makes this year different is the unprecedented pace of change that has hit all industries, not just those associated with “traditional” business models. The ripple effect of these mergers, acquisitions, and expansions is changing the face of entrepreneurship, and it’s been fascinating to follow.

The Growth Of Online Businesses

If you’re reading this, I assume that you’re in some form of business or are considering entering the field. I also assume that you’re aware of the massive shift that’s been taking place, and that you’re committed to adapting to progress. That’s exactly what this article is about.

For those who might be unfamiliar, the rise of the digital economy is almost unparalleled in history. Thanks to the invention of the internet, and the subsequent widespread adoption of smartphones, tablets, and E-commerce, businesses can now conduct their entire operation online, and entrepreneurs can create multiple passive income streams (such as via shopify or dropshipping) without having to worry about physical inventory.

The Growth Of Online Marketplaces

One of the most interesting developments in recent years is the rise of online marketplaces. Although they’ve been around for some time, the perfect storm of digital disruption has given them a new lease of life. Here are a few of the most prominent (and successful) examples of online marketplaces:

• Etsy
• Amazon
• Shopbop
• Livestream Fashion
• Mister Rogers
• Nasty Gal
• GapDX
• Stitch Fix
• One Kings Lane

Each of these platforms is dedicated to selling fashion and lifestyle products, but they also provide a broader set of marketplaces that can be harnessed for virtually any type of business. When used efficiently, online marketplaces can be a source of almost unlimited revenue, which makes them a bit more economically attractive than a regular online store. If you’re looking to establish yourself as an authority in your niche, these are all the more reason to join the fray.

Why 2017 is the Year of Adaptation

If you’re reading this, I assume that you’re in some form of business or are considering entering the field. I also assume that you’re aware of the massive shift that’s been taking place, and that you’re committed to adapting to progress.

If you’re looking to establish a business in the future, you might be wondering what type of entrepreneurial environment to consider getting involved in. I’d like to suggest that you take a hard look at 2017, and consider all the reasons why this is the year of adaptation.

The Rise Of Digital Nomads

One of the most interesting and profound shifts that we’ve seen in recent years is the rise of digital nomads. Due to increased automation, coupled with the decreasing cost of distance education, more and more people are gaining the skills necessary to become self-sufficient, and entirely independent. When you couple this with the fact that globalization is making the world a smaller place, it’s no surprise that increasing numbers of entrepreneurs are choosing to pursue a digital nomad lifestyle. Here are a few of the most prominent examples:

• Air BnB
• Shopify
• Fiverr
• Uber
• Lyft
• TaskRabbit
• TikTok

As you might suspect, the rise of the digital nomad has led to a corresponding rise in the freelancer market. If you’re looking to establish a side-hustle, or want to consider transitioning to a digital nomad lifestyle, there’s no question that this is the right time to do so.

Raising A Baby Brings A New Dependency

If you’re reading this, I assume that you’re either in the process of preparing for motherhood, or have already been blessed with the achievement. Either way, congratulations! Having a baby will certainly change your life forever, and it’s a dependency that you’ll need to learn to manage. Here are a few of the most prominent effects of becoming a parent on your entrepreneurial journey:

• Productivity: Whether you’re an entrepreneur, or just a parent who needs some extra help, being able to work remotely is extremely convenient. Having a parent-friendly work environment where productivity is encouraged is invaluable. Be sure to create this environment by offering a competitive salary and promising career progression.
• Team: Aside from being extremely productive, being able to collaborate remotely with your employees (or potential employees) is fantastic. Instead of having to hire full-time staff, or outsource and contract out labor, being able to scale resources as needed is extremely beneficial.
• Scaling: If you’re a business owner who’s been operating at a modest size, the possibility of taking your business to the next level is very exciting. However, this is easier said than done. A healthy dose of both inspiration and practicality are needed if you want to scale successfully.
• Cash Flow: Building up a profit center or retaining earnings over time is preferable to relying on external funding to get your business off the ground. External funding is typically preferred when businesses need money to pay for inventory, or tactical support such as marketing or legal counsel. Having a stable and reliable source of revenue is essential for business growth.

Becoming an entrepreneur is a complex process, and it’s essential that you take the time to digest and apply each piece of advice and information that you come across. This new environment that we’re evolving into will certainly present new challenges, but it’s also going to offer new opportunities. No matter what your choice is, the path forward is always going to be paved with gold.