What is Role of Technology in Entrepreneurship?

0
212
Entrepreneurship

Technology and business run parallel in today’s era. Technology offers many forms of opportunity to utilize business for the betterment of the society. Thus, technology is the way to achieve more profit with less investment. With time it is noticed that in business the hardware and software costs are gradually decreasing.  Due to the increase in the number of opponents in the market. The level of competition is increasing as there are free tools available to do challenging tasks in new start-ups. New businesses with an innovative idea are evolving in developing countries that are supporting and investing in digitization and digital entrepreneurship.

Well said “What do you need to start a business? Three simple things: know your product better than anyone, know your customer, and have a burning desire to succeed.”  –Dave Thomas, Founder, Wendy’s

Businesses are taking technology as the ladder to communicate all around the globe. Yes, it true to believe that the world is small when it is looked through the glasses of technology. Due to tech-advancement, it is possible to communicate with clients, customers through websites, blogs and messages. Business is building its social media pages which lead to a strong public image to attract more projects.

Possibilities for the Business World

The common platform is created where all sorts of businesses is meeting the challenges to be in the race. Thus global networking has become easy in every manner.  It can be said that this is all possible because of technology. The connectivity of the world is gaining strength; therefore, it is possible to reach the entire population all over the world.

Advancement and a new form of technology such as internet technologies are helping to create a virtual global environment like a conference call, video chat.  The value of time is considered thereby minimizing the need for traveling. Technology is building the bridge that creates smooth operations and ease of conducting businesses.

The secret of getting ahead is getting started. The secret of getting started is breaking your complex overwhelming tasks into smaller manageable tasks, and then starting on the first one.”

Technology is also creating 24/7 working environment that is helping the employees to work from home culture. Such kind of approach mainly avoids the need for large offices and reduces the operational costs. Therefore, with all these possibilities and easy accessibility of technology makes it possible for even a normal human being to start a venture.

Impact of Technology

Technology with undifferentiated features sets the firm’s ability to know its present and future growth. Thus, technology helps big firms to consolidate and analyze various parameters like the country’s economic conditions and the firm’s financial position. The technology trends attract customers which ultimately impact the future mindset & number of competitors in the market.

It helps the entrepreneur to take better decisions in a difficult situation with the help of extensive market research. Thus there are many entrepreneurs first acknowledge the current trends of the market and come out with products related to services as per the trend.

This kind of smart approach curtails the failures of their business setups. This is because of the technology which streamlines communication that stores all the historical information which can be analyzed for better results.

Another approach such as two-way communication has become easy in business through technology. Now it possible to know better about their customers and take customers to feedback regarding services, improvise about their products. Hence, the customization has become easy through technology strategies which are the key to sustain in any kind of market.

Technology as a Game Changer

  • BUSINESS AND CUSTOMERS

We all understand that in today’s busy business environment, it is necessary for employees to interact with clients. Hence technology is the only tool that affects a firm’s ability to communicate with customers effectively. As a result, it allows customers to find answers to their questions after hours. For example, just because of tech connectivity fast shipment options allow businesses to move products over a large geographic area around the globe. There are many options where customers use technology to interact with a business. Being correlated to each other the business benefits customer with better communication that creates a stronger public image.

  • OPERATIONS ORIENTATION

With unique possibilities technology also helps a business to understand its cash flow needs. With an aim, technology preserves precious resources such as time and phsical space. Talking about the warehouse inventory, technologies let business owners understand how to manage the storage. Thus with proper use of technology costs of a product can be estimated.  Moreover, technology can save time and money by holding meetings over the Internet instead of at corporate headquarters anytime.

  • SECURITY CAPABILITY

For most businesses of the modern era security threats and harm is a subject of concern. Thus when we introduce technology, it protects financial data, confidential executive decisions, and other proprietary information.

It protects the business top credential that leads to competitive advantages. With the fact, just put technology in between the process that helps businesses to carry their ideas away from their competition.

Wrapping up…

Technology plays a vital role that opens many virtual start-ups in the form of a website or a mobile application. With a billion-dollar venture, there are many businesses running with no physical infrastructure existence. It’s necessary for entrepreneurs to be tech-savvy to become digital entrepreneurs. Apart from that, it is important to be aware of current technology trends. This leads the businesses personalities know how to make use of those for their business.

Last but not the least the success mantra in digital entrepreneurship is to know the customer’s pain points. Thus to solve customer problems directly by providing solutions at affordable costs with innovative ideas. The purpose of the Entrepreneurs mobility solution is to utilize appropriate technologies and thereby bringing transparencies by removing the user related issues.