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Thu, June 13, 2024

How do we ensure that we navigate a successful economic future?

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As we mark the beginning of a whole new decade, how do we ensure that we navigate a successful economic future?

This is the age of validation and people want to work for impact driven futures. The younger generation especially wants their work to mean something. They are ambitious and competitive, and in no uncertain terms they want options and opportunities that go beyond the simple pay check. And for employers, the skills will be more relevant than formal education.

This is also a decade where even the smallest business owner cannot ignore technology. With smart phones and smart watches and digital bio metrics and AI in place, every single thing that you say and do can be traced back to you. This can be scary as a private individual but it’s exciting times for companies and businesses that have access to all this data that can used to predict outcomes and create new opportunities.

Online shopping is going to be big and the future of retail stores is not entirely obsolete but will have to change their dynamics of function to incorporate technology in their systems. We may feel that this is not quite true for Nepal, but hold the thought, the transformation is already happening in small but effective measures.

Sustainability is what every individual must own up to and care about. What is your carbon foot print, and is it necessary? Minimising carbon and waste is important. Businesses that are already thinking and working towards circular economics will stand to do better in coming years.

Collaboration will be key in the coming decade as more innovative ideas juggle for space and investment in the market. But steer clear of people that have financial and business dreams born of greed. The ability to think big, work hard and have strong work ethic are what keep people and ideas together.

The ability to meet disruptions, the fearlessness to meet the pace of change, to have a growth mindset are key traits any entrepreneur must develop in the coming decade.

At the same time, we must also look at empathy and value based businesses that think beyond profit towards better and meaningful social outcomes for all. This is especially true for Nepal where the common man struggles every single day to create a better life.

 

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E-Magazine
MAY 2024

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