Business is changing rapidly and as an aspiring entrepreneur, you are always planning ahead and looking for the next major shifts. In the video below, Patrick Bet-David, talks about eight different points that you should pay attention to in the next five years.
1. Attention Span
You have probably read about our decreasing attention span and how it influences our daily lives. So why is it important for your business? It is already hard to get attention for your business today and it will undoubtedly become even harder to get and maintain the attention from your costumers as the attention span decreases. So you need to learn how you to get the attention or you will have a hard time selling your stuff.
While the attention span decreases, the delivery speed must increase. In the next five years, everything will be about speed. People want the products now, they want ultra-fast delivery and if you can offer this to our costumer, you will have big advantage over your competition.
3. Social issues
There is a reason why social media became so important for people and business. Social media enables us to connect and interact with brands and friends alike. This will become even more important in the future. As a business owner, you will have to find a way to connect with your costumers socially. You can achieve this by dealing with important political and social issues. Patrick takes Toms shoes as an example. For every shoe you buy, Toms sends a new pair of shoes to a child in need. These are exactly the businesses which will thrive in the future.
Education will dramatically change over the next ten to twenty years. Schools will have to develop new ideas to keep up with the increasing speed and decreasing attention span. In addition online education will grow even bigger, making education cheaper and more accessible to the people around the globe.
If you want to learn more, watch the video below. Not only does Patrick talk about the points mention above in more detail, he also discusses why data will become your biggest asset, why mobile will dominate the market, the reason why boring Industries will dominate exciting industries and why transparency will become indispensable.
Video on YouTube
Watch more at VALUETAINMENT
Thanks for watching, see you next time!