- Individual Entrepreneurship will become more and more popular. The gig economy is forecasted to continue to grow (65 million plus are already involved) becoming even more appealing to those who seek flexibility and freedom in how underutilized assets, time, experience, skills, knowledge, passion, and purpose can be converted into income earning opportunities. Companies like Shopify make it so very easy to embrace digital assets such as a website with shopping capability making it possible to turn basic ideas, even hobbies into an enterprise further fueling the growth of Individual Entrepreneurs. Technology has changed the game.
- The percentage of gig workers working multiple gigs will continue to grow fueling the growth of Individual Entrepreneurs who manage multiple gigs. The satisfaction rate amongst gig workers is also expected to remain high because gig workers choose what they do thus enjoy what they do, gain confidence from the learning experience, and grow in confidence as to what it really means to enjoy the attributes of flexibility and freedom as to how income can be earned.
- Direct sellers should grow as a percentage of overall gig workers. Direct selling possibilities reward the individual entrepreneur for customer acquisition, retention, and continuous purchasing of customers and sharing with others how they too can benefit from engagement. Love for the brand and sharing of the brand is a traditional attribute of direct selling and also a critical component of the future of all retail.
Insights: The percentage of gig workers working multiple gigs will continue to grow because the choices and possibilities enable working more than one gig when gigs do not conflict with one another. The gig worker who rents an underutilized asset, leverages underutilized time through a service, selling, or leasing focused gig that can be activated during underutilized time leverages flexibility and freedom in how new income can be generated while providing a foundation for becoming an Individual Entrepreneur.
The satisfaction rate amongst gig workers remains high because gig workers experience realities (outcomes) that match expectations. The positioning of “gig work” by the companies providing “gig opportunities” tends to be an extremely easy to understand value proposition generally offering immediate income which is paid as soon as the work is completed. The gig worker, new Individual Entrepreneur is most satisfied with the possibilities of earning a few hundred dollars in accordance to time invested, not a new career. When outcomes match expectations, satisfaction is always very high.
Direct sellers will grow as a percentage of gig workers are predicted to gain more market share. Direct selling is a channel of distribution focused on leveraging a relationship. Direct selling companies enable intermediaries an opportunity to add value to the customer acquisition/retention process by paying a commission to the intermediary on the ongoing purchases of customers they influence, including the ongoing success of the customer acquisition process initiated and managed by other intermediaries who have been personally influenced and sponsored.
Summary
The future looks very bright for those who seek and participate in the NEW Economy. The NEW Economy is about the trends that have unfolded right before us and the innovation, change, and transformation we are now living. The NEW Economy is also about the many choices that are now avaialble which enable Flexibility and Freedom in how we choose to develop careers, ensure that our incomes exceed our expenses, enabling our innate desire to live a life of purpose and achievement.
Article contributed by
The AFE Editorial Team