Entrepreneur Spencer Schar has experience of a range of different industries, including real estate development. This article will provide an overview of entrepreneurship trends predicted to feature prominently in 2024.

The attached infographic contains some interesting entrepreneurship statistics for 2023.

Alternative Financing Sources

With unpredictable lending rates and ever-changing markets, traditional loan options are rapidly falling out of favor with small and early-stage businesses. Start-ups and growing companies are seeking out new funding avenues that simultaneously enable them to keep interest rates low while taking on less risk. In recent years, there has been a surge in alternative funding options.

From peer-to-peer lending and venture capital to crowdfunding, the attached PDF explores some of the most popular alternative funding sources in 2023.

Social Media Spending

The pandemic drove an acceleration in the shift to digital advertising, a trend that is predicted to continue in the wake of COVID-19. Social media platforms are becoming an increasingly popular conduit for businesses seeking to reach their target markets, with social media ad spending predicted to reach $225 billion in 2024 according to data from Zenith Media.

The attached video takes a closer look at social media marketing, exploring the key benefits for businesses.

Data-Driven Decision-Making

Companies are increasingly coming to rely on data analytics to provide valuable customer and market insights, enabling them to make smarter, better-informed decisions about customer behaviors, market trends, and business operations.

Remote Working Practices

With many businesses forced to adopt remote working practices during the pandemic in order to remain operational during lockdowns and stay-at-home orders, businesses have come to realize the considerable advantages posed by remote working, not only in keeping workforces happy but also in helping to reduce the business’s overheads (in many cases, quite considerably). Adoption of remote working is tipped to continue throughout 2024 and beyond, requiring businesses to adapt and put in place new technologies and policies to support it effectively.

Automation and AI

Automation is far from a new concept in most industries. Nevertheless, it has become more sophisticated and widespread in recent years. Machine learning and generative AI such as Chat GPT are making it possible to automate virtually any process. In addition, big data and AI are now paving the way for enterprises to personalize customer interactions at scale. Forward-looking companies are increasingly adopting big data and AI technologies, enabling them to analyze customer data and use the insights gained to deliver personalized experiences that win and wow customers.