The next boom industry

If you’re a young entrepreneur with a love for all things IT and a desire to go solo, there are some excellent options for you to expand your skillset and transform your brainpower into a flourishing company.

While the previous 18 months have been difficult for organizations across the board, demand for digital innovation has skyrocketed as firms rely on technology to either survive or grow. That implies an opportunity for individuals with novel, original ideas that can harness technology to their advantage.

Technological developments are accelerating.

While cloud computing was already on the rise before the epidemic, it has exploded in popularity during the previous 18 months. Gartner anticipated that cloud expenditure would reach $332.3 billion (£250.5 billion) in 2021, up from $270 billion (£203.5 billion) in 2020, as firms sought quicker, more flexible, and secure digital solutions. And as organizations navigated the turbulent seas of 2020-21, the cloud was a natural companion for digital innovation.

Salesforce, Microsoft, and Amazon Web Services (AWS) all had significant revenue growth during that period. Businesses began using their software. And, with the majority of the global workforce likely to stay remote, even on a hybrid basis, demand for video applications such as Zoom and Teams, as well as the platforms that enable them, will continue eternally. Additionally, the option to strengthen such offers exists.

Additionally, the trend toward increased dependence on digital consumer services will continue. We’ve all downloaded apps for local eateries and have become used to parcels being delivered to our homes regularly from internet purchases. While that tendency may moderate as we gradually return to dining out and shopping, it will not vanish entirely. Similarly, we will not abandon the additional entertainment services we have subscribed to to keep ourselves entertained as many working lives alter as a consequence of improved work-life balance, there is a possibility that they may become even more essential to us.

Artificial intelligence is advancing.

That is not to imply that cloud computing is the only area of technology that has witnessed a recent rise in demand. While artificial intelligence (AI) was once seen as futuristic or even frightening, the fact is that it has been ingrained in our daily lives. Now, PwC estimates that artificial intelligence can generate $15.7 trillion (£11.7 trillion) in revenue by 2030.

From voice-activated personal assistants like Google Home or Alexa to website chatbots, it’s not just about consumer-facing goods; companies increasingly depend on it to notice trends and guide behind-the-scenes choices as well. While the reality of AI is still immensely inventive and exciting, it is a far cry from the dismal image painted 10-15 years ago. This is another excellent field to enter for the technically inclined while it is still in its infancy since there is still enormous development potential.

The landscape is also extremely encouraging from an entrepreneurial standpoint. Anyone with a novel concept and a thorough grasp of artificial intelligence has the chance to build new technologies with a practical application. Whether it’s automating manual operations, reporting, or even creatively using voice recognition, there’s a strong possibility you could build a lucrative company around it.

Do you have what it takes to go it alone?

Without a doubt, technology continues to advance. be a sector with tremendous development potential across various niches and ecosystems. However, you should keep in mind that having technical skills is one thing; having the passion and ambition to start your firm is quite another. It takes a unique individual to take on the responsibilities and challenges associated with starting a company from scratch. You must possess the will and desire to succeed.overcome hurdles; this is a significant contrast from the 9-5, where you simply shut off when you leave work each day.

However, before making the jump and employing your first employee, it’s worth examining how drastically the world of work has changed in the previous year. While your workweek may no longer resemble a 9-5, there is a strong possibility that neither do those of your workers. Therefore, before you even consider posting a job advertisement, consider the compensation package on offer and how it represents the ‘new normal.’

Are you able to provide a remote or hybrid work environment, as well as flexible hours? If you do, you will appeal to traditional applicants and talent pools that may be constrained by full-time, site-based employment. On the positive side, despite the skills gap in technology, diversity continues to be a significant area for improvement—appealing to individuals outside of standard hiring patterns will put you in a strong position to gain an advantage in recruiting.

As you can imagine, there is much more to consider than just having a good concept for entrepreneurship. Consider the circumstances around any overnight success; the instant the light seems to flicker on is often the product of months, years, or even decades of hard labor. That era may be marked by steady progress until momentum propels you to success, but it is also likely to be marked by errors and roadblocks. As a result, you must be prepared for learn from them to progress.

The good news is that, despite early fear headlines about the economy, there is no doubt that possibilities exist. Assuring that you’re adaptive and ready to roll with the punches that continue to come your way, as well as prepared to work more than you’ve ever worked before, is the greatest approach to ensure long-term success.