By Dominic Allon, below, CEO, Pipedrive
Every August since 2010 when the UN founded it, World Entrepreneurs’ Day has been observed on August 21. Like all awareness days, the intention is for the community to engage in some reflection. In 2024 entrepreneurs and businesses of all sizes, but most assuredly small and growing firms, know they are in the middle of ongoing economic, social, and technological change.
Very recently the new UK Labour government has been keen to push stability as a core aim, and that it’s developing “a plan for the long term that matches the focus and ambition of business”. Huzzah, entrepreneurs may exclaim.
Small businesses are tossed about by market instability and ‘unprecedented’ events on the world stage, all affecting access to goods and services, and customer demand. Entrepreneurs may also be excited or sick of all the talk about AI and how it is or will soon change how business operates. Yet it’s hard to know what tools are best, or how regulation in the future may impact using or providing data-heavy or AI-led products.
Plan, invest, grow
The King’s Speech laid out a clear vision for the government’s business agenda for business. Future legislation will focus on employment rights relating to contract terms, equality in pay, and pay reporting for larger firms. Interestingly, the Digital Information and Smart Data Bill may allow people to use digital ID more widely. Entrepreneurs should take note of new ways to reduce costs and improve services. There was no AI bill mentioned, but the Government will drive “appropriate legislation” to regulate AI, given the real possibilities for poor and unfair social outcomes. That said, there are already best practices for creators and users to ensure AI is used appropriately and compliantly with existing applicable laws, like the EU’s.
So, the Government’s focus on stability is a positive sign.
While nothing in the future can be guaranteed, entrepreneurs are often pattern-spotters, and they should be reading widely and understanding what economic, political, legal, and technological trends may mean. That may seem like a big commitment but reading a few good news sources a day offers the chance to better understand and then react quicker to the changing world. It’s understanding and action at the right time that builds the space for growth.
Learning is key
Continuing that theme, learn to love learning. Tech skills are only going to be more central to business delivery. Either take on these skills or understand how to attract and grow them in your business early, so the talent is ready at the moment of need.
Pipedrive has a ‘School of Code’. It’s a software engineering internship that lets people try out our business as we give them skills to set them up for a career in tech. If you can, mentoring or internship schemes offer a talent pipeline, and can also be a way of growing diversity, or simply giving back to the community.
Great people management really must include a commitment to growing mental skills as well as educationally certifiable skills. Mental models and characteristics such as adaptability, positivity, and openness are also important in understanding new markets, new challenges, new people and new situations.
Pick good tech and hold on lightly
Invest in technology carefully, it will be a rare kind of entrepreneur that can thrive without tech. Generally, good tech investments are those that give time back to focus on what matters to the business as you scale – automation for example.
Smaller businesses have to be laser-focussed on their tech investments with an eye to what will help them today and tomorrow. Moving from freemium to a paid subscription, or buying more software seats, must be anticipated and budgeted. Mentorship, advice, and consultancy helps. And every entrepreneur will be actively listening to the experience of customers and colleagues.
Additionally, entrepreneurs should absolutely be using ‘cool’ tech like generative AI where it makes good business sense. At the same time, remember that even the best apps can’t offer human attributes like creativity, empathy, problem-solving and people-centricity. A good tip is to focus on adding these into your people-skills and have tech pick up administrative or areas of ‘toil’. AI-assisted CRM can remind the sales team when the right time is to follow-up with a prospect or can draft a basic email ready for skilled editing. The right tools allow people more time to become indispensable to customers.
