2024 and Beyond: Navigating the Future of Global Entrepreneurship

When I was leading corporate leadership strategic planning workshops, one of my favorite exercises was to have leaders take a look at what was on the horizon in order to get a sense for potential opportunities, challenges, and trends they may face in the coming year. This exercise is called an environmental scan, and I love what Gary Hamel, renowned business thinker, author, and management consultant, once said, "Environmental scanning isn't just about predicting the future; it's about shaping it to your advantage." 

With 2024 rapidly closing in, it's time to start thinking about what the new year might hold for your business and how you can set yourself up for success. Your willingness and ability to pause and scan for what’s may come is crucial if you’re aiming to have both strategic business success and the impact you really want to create. 

So, let’s take a look at what I believe we’ll see in the world of entrepreneurship, how impact-driven businesses fit into those trends, and what steps you can take now to ensure a strong 2024 for yourself and your business.

The Rise of Social Entrepreneurship

I was on The Prowess Project Show a few weeks ago, and the host, Ashley Connell, asked if social entrepreneurship was on the rise. My answer… a resounding YES!

As we move toward 2024, we'll continue to see an increasing number of entrepreneurs seeking out ways to make a positive impact on society and/or the environment through their businesses. This trend, known as social entrepreneurship, involves creating businesses that generate both positive financial returns AND create social, cultural, and environmental benefits. From ethical fashion brands to sustainable food companies to traditional businesses partnering closely with nonprofits and other entities in order to tackle issues in the social realm, social entrepreneurship is becoming more popular and more important than ever before.

In a Deloitte Consulting 2019 Global Human Capital Trends survey, they found, for the first time ever, that CEOs named societal impact as the top success factor for annual performance. As the world becomes increasingly aware of the urgent need to address social and environmental challenges, more and more people are turning to social entrepreneurship as a way to drive positive change. 

Employees and consumers, especially Millennials and Gen Zers, are a powerful driving force in this rise as they continue to demand more from companies. They are more conscious of their environmental and social impact, and businesses that prioritize environmental sustainability and operate ethically will continue to benefit from it. According to Fuse Marketing, after learning a brand supports a social cause or is socially responsible, Gen-Z consumers are 85% more likely to trust a brand, 84% more likely to buy their products, and 82% more likely to recommend that brand to their friends and family. Gen Z makes up 42% of the population, so it’s safe to say that social entrepreneurship is definitely here to stay… and that companies that opt out will almost certainly experience growth challenges in the long-run. 

Embrace Technology… But! 

Technology is changing the way we do business. With the rise of Chat GPT, AI-powered marketing automation, and blockchain-based supply chains, among others, technology is helping entrepreneurs to streamline their processes, reach new customers, and create innovative solutions to complex problems. For impact-driven businesses, technology presents an opportunity to scale our impact and reach more people than ever before.

But… not at the expense of human connection. On the heels of COVID, there is still a deep desire to be seen, valued, and supported as a human first. There are already movements within the entrepreneurial ecosystem to be authentic and human, especially in marketing, sales, and content creation in a way that tech and AI simply can’t do. 

Additionally, I anticipate that we’ll continue to see a push from clients for more access to humans in the business. Gone are the days where you can just put out an online course or other on-demand content and expect it to fly off the proverbial shelves. 

“‘In a saturated market where new direct-to-consumer startups are popping up left and right, customers “want to feel that they’re getting something superior,’ said Krystal Melissa Wu, who has worked as a community manager for various tech companies.” Consumers want to know they’re valued and part of something bigger. 

What might that look like for your business? It doesn’t have to be all or nothing. Think about what works for your business model, where you can take advantage of technology, and how you can continue to engage with prospective and actual clients who believe in what you’re doing and want to invest in your services. 

Focus on Diversity and Inclusion

With an increasingly diverse global population, businesses that authentically prioritize diversity and inclusion are more likely to succeed in the coming years. From hiring practices to product development, companies that value diverse perspectives and cater to underrepresented communities will have a competitive advantage in 2024 and beyond.

Diversity, Equity, and Inclusion (DEI) will continue to be a powerful force in business and entrepreneurship because it aligns with the evolving societal expectations and demographics I mentioned earlier. More than just being 'the right thing to do', DEI has long been recognized as a critical driver of innovation, profitability, and business success, but the demand to do this well… in theory and practice is growing. 

This is especially true when you factor in Belonging.While diversity focuses on representation, and inclusion on participation and influence, belonging takes it a step further by ensuring that all employees and stakeholders feel valued and comfortable in being their authentic selves at work and in your community. When individuals feel a sense of belonging, they’re more engaged, motivated, and committed to your business and brand’s success. Therefore, businesses that prioritize DEIB can expect to see improved performance, employee retention, and overall growth.

Globalization and Cross-Cultural Communication

As the world becomes increasingly connected and population demographics continue to shift, entrepreneurs who can navigate cross-cultural communication and global business practices will have a significant advantage. 

From international marketing campaigns to sourcing materials from overseas to strong awareness and sensitivity to world events, global entrepreneurship requires a deep understanding of cultural differences and effective communication skills.

It also requires a level of discernment on what you and your business stand for, when to speak up, and when to remain silent. 

Are you noticing the main theme here?

More attention on humans and being human. 

More awareness of and taking a stance on issues that impact humans and the earth.

More purpose infused into your business. 

We aren’t going to move away from this any time soon. The world’s problems are growing at unprecedented rates, and while there are many organizations and initiatives actively seeking to address those challenges, businesses still remain the best, most agile, and innovative when it comes to creating and executing on solutions, especially when that’s done in partnerships with nonprofits organizations and governments who are already on the ground.

As purpose-driven business owners, we have a powerful opportunity before us, and by embracing social entrepreneurship, technology with a human touch, DEI-B and ethical business practices, and a global mindset, we can set ourselves up for success in 2024 and beyond. 

Whether you're just starting out or you're a seasoned entrepreneur, it's never too early to start thinking about the future and taking proactive steps toward a more impactful, sustainable, and successful business.

Here’s to making an impact!