It’s the future, and you’re living through it. What have been the biggest changes in business since then? What kinds of companies have risen to the top? In what industries are there untapped opportunities for entrepreneurship?
Here at seonluk.com has some more information about Business Ideas for The year 2022.
You’re about to find out! The following is a compilation of forecasts from experts in various fields. These predictions may not be 100% accurate, but they give a rough idea of where we could be heading.
Here some Business Ideas are discussed-
1. Companies are increasingly focusing on intangible assets
In the last decade, the importance of intangible assets has grown. According to the World Intellectual Capital Report, in 2012 alone intangible asset value amounted to over $69 trillion, accounting for over 77% of global GDP. It is predicted that by 2022 intangible assets will account for over 86% of total GDP.
The rise of intellectual property (IP) will have a significant impact on businesses. IP includes patents and trademarks which can be used as defensive or offensive weapons in business battles.
Companies like Google have made active use of their IP while others such as Tesla and Ford have seen their IP attacked by others, who want to replicate their technological advances without having to pay for them.
2. Markets are increasingly global
The world is getting smaller, and with it international trade. With the rise of globalization, businesses have had to learn to compete in an international marketplace. In a globally competitive market it is important that companies can handle cultural nuances in different regions around the world and have bilingual employees that can deal with customers in their native language.
This may mean having business-savvy employees who not only speak English but also another major language such as French, Spanish or Chinese. Companies that don’t adapt to global competition will struggle to survive and be taken over by competitors better suited to meet this demand.
3. Successful businesses will adapt to environmental concerns
The environment is steadily becoming an important consideration for businesses. As the public becomes more aware of their impact on the planet, they will put pressure on companies to be more environmentally responsible.
If a company has a negative impact on the environment, it could tip its customers over the edge and drive them away. Currently, many environmentally friendly technologies such as electric cars and renewable energy sources are expensive yet still in their infancy.
Through mass production and technological advances these products should become more affordable and widespread which would make it easier for companies to adopt them. This will give them a competitive advantage with consumers who are looking for ways that they can reduce their carbon footprint.
4. Customers are becoming more demanding
The customer is not always right. In fact, they can be very wrong! Customers demand that companies provide them with a better service and in return they expect a greater level of customer care. This means that companies will increasingly have to become customer-centric in nature, while also paying attention to their customers’ needs and interests.
The services provided by businesses are changing thanks to the ever-increasing importance placed on customer experience. Businesses will have to move towards understanding the wishes and requests of consumers, as well as knowing how to make products and services that are appealing to these groups.
5. Data privacy is big business.
In 2017 and 2018, Facebook made a lot of headlines due to the Cambridge Analytica scandal, where they allowed third parties to access customer data. Facebook isn’t the only one guilty of this, although they have been the most prominent.
For example, Google allows advertisers to utilize its customer information to target their product towards relevant customers. This is a lucrative practice since they charge businesses handsomely for this service. It has also been called into question if these platforms are monopolies and if they should be broken up by government mandates.
In the future, it is likely that consumer privacy will become even more of an issue. Data privacy will become a top priority for businesses to ensure that they treat their information responsibly. This may cause attrition amongst customers and damage reputations.
6. Specialization is growing
In the last 20 years, there has been a push towards specialization in business and this trend is set to continue into the next decade. Businesses that utilize several forms of expertise and perspectives have shown to be more successful than those that rely on one person or skill set alone.
Whereas certain businesses can be successful with just one niche or specialty, large corporations often have several smaller business units each with their own specialty or focus area.
