Imagine this: a database from the other side of the world has selected you as the top talent for an upcoming project. You ask your AI assistant to call a driverless car to your front door so you can go celebrate. It’s not a scenario straight out of an AI Hollywood movie – it’s where the future is headed. Now, if what they predict for 2030 is accurate… that work will one day chase people… what will it mean for young entrepreneurs in the future?
The world is evolving so rapidly that a report by Dell and the Institute for the Future (IFTF) says that 85% of the jobs in 2030 don’t yet exist today. Meanwhile, robotics technology is developing at such a speed that in a decade, they predict a gig economy in which work will compete for the best person to complete the job. If that is true, entrepreneurship as we now know it will be turned upside down.
In the gig economy, “companies will set out tasks to be completed, then use information technology to match the task with the people and technology that have the necessary skills, anywhere in the world.”
This sounds promising for new entrepreneurs who, in today’s market, constantly struggle to find a steady stream of clients and gigs. How will this change the way that they do business, and how can we prepare them for the future?
Start Early, Teach Your Children About Money
By 2030, the younger members of Gen Z (born in the 1990s and 2000s) will be in the job market and Gen Alpha (born in late 2010s) will just be stepping into it. While your children are still kids, prepare them for the future by teaching them about money.
Get them involved in making financial decisions when they are still young. For example, when you go grocery shopping, give them $5 and ask them to choose which fruit to buy, based on some criteria that you give them. When they are older, increase their responsibilities.
When they are teenagers, teach them about short and long terms goals, how to invest, and opportunity costs. For example, if there is something they want to buy, ask them to come up with a plan to save the money to buy it. I’m not talking about giving them an allowance here, because that’s similar to employee mindset.
An allowance is like a monthly salary. If you want to teach them to be entrepreneurs, let them think of creative ways to make the money they need. They might sell off some toys, sports or music equipment, or belongings they no longer want. Or they might start their own lawn mowing or baby sitting business. These approaches will start them on the path to thinking like business owners early on.
When they are young, that is the best time to teach them about entrepreneurial mindset, about making decisions about money, and how to pay for the things they want. Then, when they are older, the next step is to work on skills so they can survive in the future job market.
Prepare Future Generations For The Future Job Market
Flexibility and adaptability are two key words for future career survival. Automation will change employment and hiring practices in the future. According to the World Economic Forum, “Nearly 50% of companies expect that automation will lead to some reduction in their full-time workforce by 2022.” This doesn’t mean you’ll be replaced by robots like Wall-E, Baymax or TARS.
It means businesses may be using more contractors and remote staffing. Demand for “human” skills, such as customer service workers, and sales and marketing professionals will increase.
This is one reason why I teach my mentees to have a high-income skill. It doesn’t matter what the market will be like in the future. You will always be in high demand, even in a gig economy.
They will need marketing professionals because they will always need copywriters to write the words that sell. They will need social media specialists and digital marketers to build funnels and drive traffic. These are high-income skills because they are paid well in the marketplace.
Sales professionals will also be highly in demand. High-ticket Closers ™ will continue to be needed to close deals. People don’t often pay thousands of dollars for a product or service after watching a video or reading information online. They need to speak to a closer, someone who will listen to their needs and make sure the product is the right fit for them.
So selling, whether it is with the spoken or written word, will continue to have an established place in the future, even if it shifts toward a gig economy.
Some Pro’s and Con’s Of The Gig Economy
Although some sci-fi movies imply that robots will one day outsmart us, or take over current roles, it’s not likely that computers will match human emotional intelligence by 2030.
Maybe a robot will take your order at a restaurant in ten years. Maybe not. But what they predict is that artificial intelligence will take human abilities to the next level. AI will take over some aspects of our work, but not all of it.
Companies will need to decide when to employ full time workers and when to procure talent. The days of solid full time employment may not exist. Instead, workers in the gig economy will have more influence on their wages because work from multiple companies will be coming to them.
Continuous learning and upgrading will be necessary so that these freelancers will continue to command the best gigs for their expertise. Skills will not be static because in the future proposed by the Dell report, “People are learning as they go and considering new avenues for their career in the process. This will have wide-ranging implications—on work and educational establishments.”
Entrepreneurs in 2030 must consider the implications of a gig economy on their businesses. Freelancers and small businesses will no longer be chasing their work.
The direction of the tide will change and entrepreneurs will find themselves hunted by gigs looking for the top talent. Entrepreneurs, especially those with five or fewer employees, will need to continuously refresh their knowledge or find a niche to stay highly in demand.
How Prepared Are We For 2030?
So how prepared are we to share our professional futures with automation?
We already have over 55 million freelancers in the United States, and they are projected to make up 50% of the workforce by 2020. That means 1 in 3 workers are freelancers.
In a decade, we won’t be living side by side with talking robots, but if we want the next generation of entrepreneurs to thrive in a gig economy, then they need to cultivate the right skills so that work will be competing to choose them.
Do you think A.I. will replace humans? Comment below.