2023 Business Forecast: The Trends Entrepreneurs Need to Know

If Web3 works the way its fiercest proponents say it will, it may offer entrepreneurs the opportunity to connect more directly with their customers as well as new revenue opportunities.

From greenwashing to sustainable transformation

Sustainability has been a buzzword in the business sector for some time now. Many businesses have, however, been accused of greenwashing – a practice in which organisations use deceptive tactics to persuade the public that their products, aims, and policies are environmentally friendly. Going forward, that simply won’t be enough any longer.

The current energy crisis has sharply illustrated the dangers of talking about moving towards a more sustainable future without actually taking the steps necessary to achieve it. Just as COVID-19 forced many companies to accelerate their digital transformation efforts, so the current crisis may well force companies to embrace sustainable transformation.

There is a significant opportunity for entrepreneurs who can help businesses achieve that transformation, but it’s also incumbent on anyone founding a business in 2023 to bake sustainability in from the start.

China reawakens

It’s hard to overstate how big a potential impact China’s ending of its Zero-COVID policy may have. For the better part of three years, the world’s second-biggest economy has essentially been hamstrung. In the medium term, the end of the policy might help alleviate some of the supply chain issues that have plagued the world and helped drive inflation since the initial outbreak of COVID-19. In the short term, however, spikes in COVID as a result of the lifted restrictions may result in fresh supply chain issues.

That said, with quarantine no longer an issue, entrepreneurs may have an easier time looking at prospective Chinese manufacturing facilities or finding suitable goods for import.

Embracing super-apps

Speaking of China, the success of apps such as WeChat in that country has helped spur Western companies’ obsession with so-called super-apps. Essentially these apps aim to bring the features of multiple applications into one platform. So, for instance, you might be able to message and interact with your friends, order a rideshare, and buy goods and services from the same app.

In some respects a move in the opposite direction to Web3, super apps are apparently poised to become seriously big business over the next few years. In fact, Gartner predicts that 50% of people will use a super app by 2027.

The benefit for entrepreneurs is that they should be able to easily build mini-apps within these super-apps with little to no technical expertise necessary.

Cybersecurity becomes critical

While the collapse in cryptocurrencies has impacted cybercriminals’ ability to monetise their activities, it’s likely that the impact will be short-lived. Indeed, many cybercriminals have simply shifted from ransomware attacks back to malware and corporate phishing scams in the pursuit of hard currency.

That also means they’re more likely to cast their nets wider, increasing the frequency of attacks on small businesses and individuals. It’s therefore critical that entrepreneurs educate themselves on cybersecurity best practise and inculcate a culture of proper cybersecurity hygiene as early as possible. After all, the vast majority of successful cyberattacks are a result of human error.

Adapting to the unpredictable

Of course, the past few years should also have taught us how unpredictable the world can be. So while understanding the impact of the above trends is important, the most important skill any entrepreneur can have (as has always been the case) is adaptability in the face of the unpredictable.