UK entrepreneurs are looking to take advantage of the next emerging business trends which could boom in 2018 and beyond.
If you’re a budding entrepreneur considering going solo with a passion for all things tech, there are some great opportunities for you to build on your skill set and turn that brain power into a thriving business.
Combining research from the digital marketing specialist, Yell, that looked into attitudes around entrepreneurship, and supported with further insights from Google Trends, let’s take a look at some of these emerging technologies and the opportunities they present.
Tech trends on the rise
Everyone’s talking about how artificial intelligence (AI) is changing how we do everyday tasks in our personal lives and at work. However, Google Trends shows that the concept may not be so widely understood, with the definition of AI being searched for 180 percent more over the past 12 months. Compare that to people asking “what is cloud computing”, that only increased 60 percent over the same time period.
This information suggests that more people understand the concept of cloud computing versus artificial intelligence. For the technically minded among you, this could be a great area for you to step into while it’s still in the early stages and brings with it massive potential growth.
With Google, Amazon and Facebook leading the charge, it is predicted that 62 percent of businesses will use AI technology in 2018. There is an opportunity here for people with unique ideas and a deep understanding of AI to develop new technologies with a practical application. If you have any ideas of how you can automate manual tasks, automate reporting or use voice recognition in a unique way, you may be able to make a successful business out of it. Your humble idea could become the next big thing.
Another breakaway technology is Amazon Web Services (AWS), with the top 14 AWS-related web searches growing by over 1,300 percent over the last year. Many of those queries are categorized as ‘breakout’ searches, meaning they are new and had few, if any, search previously.
AWS is already a big player in the cloud computing world, but they’re not resting on their laurels. As they grow in size, they are constantly making changes to the infrastructure and adding new elements to their coding platform, providing ever-increasing capabilities and opportunities. Now is the time to get AWS certified and position yourself as a key implementation partner, proving help, support, and expert insight to your clients. The platform is so wide and varied in its applications, you can choose to specialize in an industry that aligns with your interests.
However, the technology itself doesn’t have to be new for you to craft a new business opportunity for it. Despite being over 20 years old, the Java programming language is getting more widespread every year. It is seen as relatively easy to learn so is great for first-time developers and the perfect option for people who would enjoy building something from nothing.
You can use Java to build games, mobile applications, desktop applications, and web applications, so it really is full of possibilities depending on your interest. Java developers are highly skilled, well paid, and in demand so if you build up your knowledge and experience, it’s almost guaranteed that you can carve out a great career within Java. When you’re ready to step out by yourself, you can build your own agency, delivering Java projects for key clients around the world.
The ups and downs of entrepreneurship
Yell Business surveyed 1,500 consumers in the UK, and 40 percent said they have considered starting up their own business, but only 13 percent of those made the leap into entrepreneurship. When asked what had stopped them from doing so, the top three answers were lack of money (61 per cent), they don’t know how or where to start (50 percent), and risk of failure (26 percent).
Despite a risk of failure putting many people off, the data shows that this fear may be unfounded. Out of 1,500 small business owners surveyed, 68 per cent said they made a profit in their first year, with almost a third (31 per cent) turning a profit within just two months.
The perks of being your own boss can outweigh the potential risks and give you the extra push you need to start your own business. In the Yell survey, when asked about the perks of being a business owner, 82 per cent said they liked being their own boss, while choosing their own hours and making their own decision ranked high (61 per cent vs. 52 per cent).
Have you got what it takes to go it alone?
Looking at intent, searches for ‘making a business plan’ increased 850 per cent over the past 12 months with London, Manchester and Birmingham showing the greatest interest. People are also looking for advice on how to make the switch from employee to entrepreneur with ‘how to be an entrepreneur’ being searched for 50 per cent more in the UK over the last year.
This growth in search volume suggests that people’s interest in becoming an entrepreneur in the UK is at an all-time high. However, you should bear in mind that it’s one thing to have the technical ability, it’s another thing entirely to have the drive and ambition to start up your own business. It takes a special kind of person to take on the responsibility and the challenge of building a business from scratch. You need to have the passion and motivation to push through any obstacles; it’s a real departure from the 9-5 when you can switch off when you leave work at the end of the day.
If you think you have what it takes, 2018 could be your year.
This piece was updated on April 10th 2018 by James Lloyd-Townshend, CEO of Frank Recruitment Group.