The Significance of Technology for Entrepreneurs

A lot has changed for entrepreneurs from the previous decades. Majority of these changes are brought by the advancements in the technology. These technology tools are used to achieve more profit with fewer investments. In terms of electronics, the competition in today’s world has paved the way for less-expensive hardware and software. Furthermore, there is a rise in open source software. Communities prefer to use open source software that provides availability and the ability to modify the software as per requirement. Such digital investments have aided in digitizing the major popular terms and now it has created a new term called ‘digital entrepreneurship’. Technology advancements have resulted in better communication, maintenance, supervising and performance enhancements. Customers are now connected without any hassles with blogs, websites, and social media.

The internet and global networking have enabled the corporations to reach out to the whole world with ease. Operations like conference calls, video calls, and webinars have simplified the process and have saved numerous costs. Easy access to educational resources, website development, app development, and communities has brought entrepreneurs together. All these technological advancements are making it easy for new entrepreneurs to start new businesses. Entrepreneurs, who started their businesses in the 70s or 80s, did not have these opportunities nor had such tools. However, still today many entrepreneurs are hesitant to embrace these tools that can be very powerful in mounting the ladder of success.

The Impact of Information Technology

Information Technology aid in analyzing various parameters economic conditions like firm’s financial position, technology trends, customers future mindset, and a number of competitors in the market. It is also possible to predict the future growth of the company using such tools. Using such information, young entrepreneurs can make tough decisions in difficult situations. Extreme research and in-depth knowledge of data will help them in penetrating the market seamlessly. Entrepreneurs will know the current market trends and will render out products and services relevant to these trends. Startups will be able to track data and meet deadlines efficiently. These technological tools help both small and big start-ups all around the world. Virtual offices and twenty-four-seven work from home processes have eased up the operations and have reduced operational costs. Moreover, these tools are affordable, easy to use, and intuitive. These tools have made the communication safe, secure and flexible. The two-way communication has become easy improving overall results in precise delivery of product and services. Such types of communications are necessary for the efficient flow of information between business conducting parties. The technology advancement has opened new channels of communication both internally and externally. It has streamlined the flow of all the information, which can be used to analyze for improved communications. Technological outlets have been created to gauge feedback for the interaction with customers improving and altering services according to their needs. Such communications has increased the customization, which is a key to success in startups. Using all these availabilities and easy accessibility, anyone can start any venture at any time.

The Support from Indian Government

Indian Government encourages and promotes digital India projects. These projects aid in the advancement of technologies for start-ups and motivate entrepreneurs to use them in their relevant business. The big initiative Make in India aims at developing easy procedures, quality infrastructure, and easy rules for the establishment of the startups. Indian Government’s E-B12 portal is one stop shop providing G2B services aiding the entrepreneurs in easy access to approvals, licenses, permits, clearances, no objection certificate and many more services.

Age is Just a Number

The age of smartphones & laptops have made it easy for people to record photos and videos, and music. People have converted their smartphones, laptops into studios, sound booths, and digital stores. Adding to the fact that these young people have lived their life in technological advancements and therefore it is their second nature. On the contrary, such advancements have made it easier for veterans to supervise, create their own new business, passionate projects etc. from their residential’ sofas.

Social Advantage

Social profile aids new and young entrepreneurs to promote their business online. These are not as powerful as corporations providing digital marketing, however, it helps in spreading the name. Engagements with customers using LinkedIn, Facebook, Instagram, and Whatsapp can really skyrocket the popularity of any startup. These further aid in gauging the feedback via comments, likes, responses that can definitely be used to the advantage.

An Overall Summary

Technological trends have made the world so open that any startup can be established in form of website, application, and that too without any physical infrastructure. Entrepreneurs are evolving into the digital entrepreneurs due to such trends. Moreover, to join this digital playing field, entrepreneurs must embrace and use these technological aids to run new ventures effectively and efficiently. Monitoring customer’s strength and weakness, providing solutions at affordable costs, innovative ideas, and bringing transparency will be the success mantra for entrepreneurs in the upcoming digital age.