Impact Of Technology On Entrepreneurship

Entrepreneurs are flexible, innovative, and trailblazers. So it is only natural that many are aware of the many technological innovations that could prove useful for their many endeavors. Here are some ways that technology is impacting entrepreneurship.

 

Automation

 

There is little doubt how much automation is expected to affect the future of not just in select industries but in how people conduct their daily lives. Already it is slowly taking over certain manufacturing processes. Advances in technology, especially in machine learning and artificial intelligence, are only going to make automation accessible down to your everyday entrepreneur.

 

The technology already makes it possible for online businesses to gather email subscribers and categorize them accordingly and then send out autoresponders to make the process targeted and efficient. Chatbots are already very hard to distinguish between a real person or a machine communicating with the customer.

 

Paperless Trend

 

The moment computers started being used in offices and businesses was the beginning of the end of the paperwork. Already more and more people are relying on digital copies of files rather than printed ones. For many accountants and bookkeepers, more and more of their work is done on computers and very little on paper.

 

Even signatures can be done digitally. Many entrepreneurs are doing away with bookshelves and file cabinets and are instead investing in hard drives with more storage space or cloud storage solutions. Payments also have moved away from physical transactions and are completed electronically, almost completely eliminating the need to visit the bank.

 

Knowledge Accessibility

 

Another obvious way that technology is influencing entrepreneurs is the accessibility of information. Almost everyone has a smartphone or a personal computer that they use to connect online. This makes information readily available to them. Consumers of today are better informed when choosing which product and service they avail themselves of than ever before.

 

Comparing the same product from different brand makes consumer purchases more informed and conscious. Entrepreneurs are now forced to think of ways to stand out against the competition which pushes for better products at a competitive price.

 

Moving to the Cloud

 

There is clear proof that everyone is moving to the cloud. Before, companies used to host their own data centers. Now, they are moving their servers into the cloud. This is a result of a number of things. One, telecommunication infrastructure has never been better and more reliable. It spans almost the entire world so even businesses in remote areas, so long as they have an internet connection, will have access to a server.

 

Two, competition in the industry pushed prices at an all time low which makes paying for cloud storage and computing services more practical than renting and maintaining the servers on their own.

 

Social Media Integration

 

Brands and businesses are always looking to get ahead of the competition. They are always actively searching for ways to reach their target customers. Besides a productivity app, many are already having great success integrating social media to expand their customer base. More than half of the world’s population has a social media account which makes the space ripe for opportunities.

 

A lot of successful startups have begun in social media. What’s great about this is there is very low cost as platforms like Instagram and Facebook are free. And the revenue opportunity is almost limitless.