Trends refer to long term movements in a certain direction. In society a trend describes a direction in the tastes and desires of the general population. For entrepreneurs, trends present an incredible world of opportunities. Once an entrepreneur identifies a specific trend then all their imagination and creative ability can go into generating products and services to satisfy the demand that the trend creates.
Due to the dynamic nature of the business environment, entrepreneurs are advised to scan the environment for any new trends. New marketing methods and technologies for example, may emerge thus creating the need to be inculcated within continuing business ventures.
Emerging trends in enterprise management can be classified as technological, global, social/cultural, or economic issues. Technological trends equip an entrepreneur with knowledge that is useful in the expansion and growth of the business. The use of new technology creates a competitive advantage for the business by opening a potentially attractive market for an entrepreneur.
EMERGING ISSUES AND TRENDS IN ENTREPRENEURSHIP
- Environmental conservation and the need to address environmental standards (NEMA).
- New marketing methods and technologies such as allowing managers to manage their enterprises in the comfort of their homes or mobile offices.
- Introduction of business incubation centres such as:-
- Export processing zones (E.P.Z’s)
- Kenya Industrial Research Development Institute (KIRDI)
- Agricultural technology centres
- Kenya Kountry Business Incubator (KeKoBi)
- Introduction of entrepreneurship education at all levels of education to inculcate the entrepreneurial cultlure.
- Globalisation –
- Networks being created among entrepreneurs to enable them go global.
- Opening unlimited business opportunities which small business enterprises can pursue.
- Business clubs – entrepreneurs are more aware and are forming business clubs in order to access opportunities and markets.
- Gender equity – more women entrepreneurs in self employment hence various financial and non-financial organisations to develop products targeting women.
- More youths being involved in self-employment ( Ministry of Youth Affairs)
- Large organisations are changing products and services regularly to suit for upcoming needs of their customers.
- Many people prefer to start small stalls rather than the traditional retail shops.
- Being used globally to access customers and suppliers.
- Use of ICT such as the Internet to market business activities and products.
- Allowing a business enterprise to post/ have its profile in a website.
- The need for meeting quality standards (KEBS)
- Use of business plans which is becoming more of a requirement with many financial institutions.
- money transfer for example mobile phone payment service is used not only as a means of sending and receiving money but also for selling goods/services, paying bills (electricity, water, creditors) and also as a means of safe deposit/ banking.
- Human rights
- Alcohol and Drug Abuse (ADA)/ Drug and substance abuse.
- Conflict resolutions among others
CHALLENGES POSED BY EMERGING TRENDS AND ISSUES IN ENTERPRISE MANAGEMENT
- Delays in processing approvals
- Meeting the required environmental standards
MANAGEMENT OF CHALLENGES POSED BY EMERGING ISSUES AND TRENDS IN ENTERPRISE MANAGEMENT
Complying with set rules