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5 Major Business Trends Entrepreneurs Need To Watch In 2020

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Look around at some of the most successful billionaires on the planet and you will start seeing something common. All of them have been able to make the right predictions for the future. This has not only helped them prepare better but also take the right course of action now. 

The sign of a great entrepreneur is how he or she is able to adapt to the changing realities and take the right step forward. One area, which always sees aggressive advancements and developments is ‘technology’. 

In this article, we are going to look at five business trends driven by technology entrepreneurs need to watch for. However, before we do, let us first look at why entrepreneurs should take technology seriously in 2020. 

Why Entrepreneurs should pay attention to Technological Trends in 2020?

The hallmark of a successful entrepreneur is how good their vision for the future is. They back themselves to understand how consumer, technological and market logic will play out over a period. All their decisions have at their core foundation these three factors.

For the past three decades, technological advancements have come to define our world. The internet, along with search engines and social media has changed the way live, work, enjoy, or even have relationships. 

According to leading Business Guru, Dan Lok, in 2020, businesses need to be structured on technological lines. In other words, right from the point of engaging with consumers to showcasing your products, every process should have at its roots- technology!

List of 5 Major Business Trends Entrepreneurs need to watch in 2020

  1. Smart Connected Technology-

Entrepreneurs need to realize the fact that some technologies are here to stay. Smart connected technology driven by Artificial Intelligence is making waves everywhere we look. From our home assistant to our automobiles, everything is connected by the IoT. If you are an entrepreneur, you should look at ways of bringing your business to smart technologies. 

  1. Electric Vehicles-

Not everyone can become Elon Musk and create a multi-billion dollar EV company. NO y0ou do not have to do that. As a businessman, you need to understand that you need to watch the developments in the world very closely and take steps accordingly. This means that you can start support businesses, which can help the EV world and grow in the future. 

  1. New Sources of Energy-

As human beings argue about life-altering issues like Climate Change and Global Warming, entrepreneurs are approaching the same from a different angle. They are looking to invest in alternative sources of energy, realizing the requirements for a changing world. This means investing in solar power, wind energy and even investing in precious minerals and metals. 

  1. 5G Connectivity-

There is no doubt that advancements in network communications have helped the business community grow. In 2020, most major telecom companies have started rolling out 5G tech. as a business, you need to adapt your business to the new forms of networking. 5G tech is faster and can help establish a smoother flow of information and communication across countries and continents. 

  1. Shipping and Logistics Tech- 

Many businesses fail to use technology to streamline their internal processes. One major area where tech can make a significant contribution is in the field of shipping and logistics. This relates to using technology to manage inventory, tie-up with their shipping providers and ensure proper supply of goods and services for their business. 

The Final Word

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It is important that entrepreneurs have a vision for the future. In 2020, that vision is increasingly dictated by technology. By following all the five points mentioned in the article, you can ensure that your business is ready for the technological future