PR4P: How do you define the current economic climate for entrepreneurs?
RF: I think it’s great. Entrepreneurship is relatively insulated from the woes of the world. No matter what types of political or economic forces are at work, people are always going to be starting new businesses. The numbers might vary. Regardless of what people say, the climate is always right for entrepreneurship.
PR4P: What will have the biggest impact on entrepreneurs in the next three years?
RF: There is going to be a big understanding that business skills matter. There has been a huge explosion of startups with the bro-culture. Over the next few years, we’re going to see a shift—that a successful startup is not just personality-driven and that there has to be some real business fundamentals underlying the business. The days are numbered for businesses that are essentially selling an amazing idea that is really an empty shell. You can see that trend emerging with the ouster of Travis Kalanick from Uber.
PR4P: How do you think robotics and artificial intelligence will impact the entrepreneurial landscape?
RF: We’ll see more automation of routine tasks, especially in businesses that have physical locations. Any type of business that has a physical location, you’ll see more robotics. As for Artificial Intelligence, you’ll see that playing a larger role in customer service.
PR4P: How is the current environment for funding, and what, if anything has changed?
RF: I haven’t seen much of a change over the last several years, changes in the funding landscape are fundamentally the same. VC dollars might go up and down but Friends and Family or Angel Dollars fill the gap. Something always fills the void. There will always be always be shifts in how businesses are funded, but I don’t see the pipeline stopping. Some form of funding always comes into play and fills the gap.
PR4P: Any predictions for emerging business trends in 2017-18?
RF: A trend that we will see is a clearing out of some of the latest business trends.
Food delivery options will lean out. The subscription model for clothing startups will lean out. Startups in any overpopulated space will thin out. And there will always be something new right around the corner.
PR4P: You are an entrepreneur—what do you envision for the future of your business?
RF: I see my business continuing to grow and evolve as I find new ways to help entrepreneurs and organizations grow and achieve what they want to achieve. To my own business, I’ve already added additional people who I rely on. I foresee expanding that roster of talent over the next couple of years.