ICSB’s Top 10 Micro, Small and Medium Enterprises Trends for 2021
The International Council for Small Businesses is putting forwards its “Top Trends for 2021”, offering solutions regarding innovation and organization for those that run a Small Business.
Here is a summary of these 10 trends being put forwards by the ICSB:
- Family businesses will lead in a human-centred approach of investing in their employees first, leading to an ability to rebound event after crisis such as the one we are living in now. This type of organization, valuing social as well as financial capital, will be guiding more financially centred companies towards a model that values every member of the family’s strengths, making it stronger and able to excel in all circumstances.
- Reimagining cities for a new world after the COVID-19 pandemic has shown that the “entrepreneurial city” mindset existing before the crisis may not be the only option. Working spaces outside of major urban areas may as well be the future of entrepreneurship, as our relation to space is evolving and we realize that business resources may not be contained to a specific location.
- Arts are the soul of the world, as the different lockdown experiences have proven. People everywhere were trying to experience art from their homes. Finding a way to answer the human need for art by making it accessible to everyone in more situations will be a subject to follow in years to come.
- Science, Technology, Engineering and Maths (STEM) will help solve the “innovation equation”. However, one of the historic mistakes made by STEM entrepreneurship should first be addressed. This is by helping put forward female entrepreneurs in STEM fields. We must continue to focus STEM efforts on gender equity and Sustainable Development Goals.
- Equitable Embodiment and a search for cohesion. Treating individuals in a fair and equal manner will be an essential component of the future, as integrating actors that have been marginalized by the “old business ecosystem” is a prerequisite to work for equitable solutions for all.
- The end of the status quo, as it is not enough anymore to sustain society in the wake of the COVID-19 pandemic. The human progress took a step backward, as inequalities rose, jobs were destroyed, and economies (strong and vulnerable ones alike) are failing. In this context, MSMEs have a crucial role to play by “shaping the destiny of their businesses”.
- Digital distinction and trade wars will be closely linked as entering new market opportunities for MSMEs will be greatly helped by their ability to use digital opportunities and platforms in their strategy. Digital presence is now attainable and easier than ever even for small structures and if used well can be a smart, cost-effective way to grow a business.
- Small business resiliency and their ability to innovate will help them do more than just survive the crisis. The ability of entrepreneurs to adapt and find solutions to their problems, by knowing their business, focusing on employees and connecting with customers will allow them to do more than survive.
- Humane entrepreneurship will be a subject of importance, as it is the “human element that make MSMEs unique and long-lasting". By putting the human element first, MSMEs recognize and acknowledge a special thing which people immediately relate to. The well-being of employees and the sustainability of business practices must be prioritized by MSMEs for them to continue developing in a good way.
- Womenpreneurs are the future of the entrepreneur, as the typical chores given to women are a great training for the entrepreneurship process, from managing a tight budget to maximising their time’s utility. The numbers acknowledge it (between 15 and 69% rise in benefits of companies hiring and promoting top women executives – Kathy Frey, WE Conference, 2020). Empowering women will be one of the most cost effective and straight forward way to improve for MSMEs in times to come.
For more details on each of the Top 10 Micro, Small and Medium Enterprises Trends for 2021 that the International Council for Small Business identified, visit their website here.
