Entrepreneurship Today

Yap, Merrick

BUSIOP2

1. What are the driving forces of our economy today?

The driving forces of our economy today are as follows: Technological Developments, Social Trends, Globalization, Demographic Shifts, and Paradigmatic Changes.

2. What are the implications?

In the field of technological developments, the implication is that in the near future, technology will be able to replace the low-skill jobs, thus people have to improve their skills to get jobs. There will also be a convergence of technology and economic factors that will be able to change the ways of work and business as we know it today. In Globalization, the implications are that networking technologies will be improved and distance won’t hinder people from connecting all over the world anymore. In the demographic field, the implications are that more people will be migrating to different countries if some countries don’t improve and “brain drain” will happen to those countries. In social trends, jobs in the future will be depending on what will be happening to our planet, a factor such as global warming is an example of what will determine future jobs. For the paradigmatic changes, the implications are that soon, there will be more employers than employees, because of the rising number of businesses everywhere.

3. What will it take to be successful in this context?

To be successful in this context, we need to improve our skills and elevate them in order for us not to be replaced by technology. We should also be updated on what the trends are in our world so that we will know what to focus on and what we should be doing. We should also start training ourselves to be employers and no longer be employees.