If you think entrepreneurship is tough now, just wait until 2022. Entrepreneurship will be a cutthroat and highly competitive field because of technology and automation, requiring skills that average college graduates don’t have. If you’ve been thinking about setting up a company in Ireland in 2022, read this first.
The year 2022 will mark the end of one decade of massive technological advances. Technology has already sped up at a constant rate for many decades, but it’s about to hit an inflexion point. We are currently experiencing an exponential rate of advancement where everything is happening faster.
Computers are doubling in power every 18 months instead of every two years, 3D printing is exponentially increasing in speed and capabilities. Robots can now run 30 miles per hour instead of 5. Weaponized drones that can fire on targets with deadly accuracy are moving out of the military realm and into the private sector…the list goes on.
These technologies will continue to progress at their current rates until they reach some form of Singularity—a theoretical moment in time in which artificial intelligence becomes super intelligent and capable of designing technology better than humans can. However, it will not be the end when this moment occurs–it’s only just the beginning.
In a world full of highly intelligent robots with machine learning capabilities, there will be little room for error from human workers.
Any repetitive task or doesn’t require much thought is going to be at risk of being handled by automation, which means many current jobs will cease to exist. Businesses will have no need for a customer support department because a computer program could more reliably and quickly answer any questions. There would be no need for drivers because driverless cars are safer and less expensive. And restaurants won’t need waiters if their dishes can order themselves.
The moral of the story is that humans are going to have to start letting go of specific jobs and developing skills that will be more difficult for robots to replicate. But don’t worry, there’s still hope! The coming 4th Industrial Revolution won’t kill entrepreneurship because it will require human creativity on another level which you can only achieve by diversifying into other fields which are less likely to be automated.
So, what skills should entrepreneurs be honing in on by 2022?
The following are a few that come to mind:
- Creativity and Innovation
- Critical Thinking and Problem Solving
- Social Intelligence
- Emotional Intelligence
- Agility and Adaptability
- Collaboration and Teamwork
- Leadership and Mentorship
- Strategic Thinking
The list could go on, but the key is that entrepreneurs will need to be versatile and think on their feet to stay ahead of the curve. No amount of book learning or experience will thoroughly prepare you for the challenges that will be faced in the business world by 2022–you’ll have to learn as you go and be able to adapt.
Even if you’re not looking to become an entrepreneur, this is still good news for you because it will increase job security moving forward.
Since entrepreneurs are the driving force behind economic growth, they create countless jobs at all levels throughout the economy. See which industries will have the most job openings here. And don’t forget that small businesses create 75% of new jobs! So supporting entrepreneurship in your own community is a great way to help out. Become a mentor or volunteer with young people who want to break into entrepreneurship and pass on what you’ve learned over the years. If every person did one thing to support their local startup ecosystem, we would usher in another industrial revolution full of innovation and opportunity for everyone.