Technology

Why Technology Is Important To Entrepreneurs Today

From finance to advertising, what is the success mantra for an entrepreneur today
Why Technology Is Important To Entrepreneurs Today
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Associate Professor & Head of Department, PGDM IT & Analytics, ITM Group of Institutions
4 min read
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Technology is the way to achieve more profit with less investment in business. The hardware and software costs are gradually coming down because of the increase in the number of competitors in the market. There are free tools available to do challenging tasks in new start-ups and businesses. All the developing countries started supporting and investing in digitization, digital copy-cat ideas and digital entrepreneurship.

Technology makes it possible for firm’s better communication with its partners, clients, customers through web sites, blogs, messages & social media pages which lead to a strong public image. Internationalization and global networking has become easy because of technology and makes it possible to reach the entire population all over the world. The internet technologies and telepresence create virtual global environment like conference call, video chat & Webinar and minimizes the need of travelling, brings smooth operations and ease of conducting businesses. Technology also brings 24/7 working environment and work from home culture which avoids the need of large offices and reduces the operational costs. The strategies like “bring your own device” minimises electronic wastes. With all these advantages and easy accessibility of technology makes it possible for even a normal human being to start a venture.

  • Impact of Information Technology:

Information Technology affects the firm’s ability to know its future growth and stand beforehand by consolidating and analysing various parameters like country’s economic conditions, firm’s financial position, technology trends, customers future mindset, & number of competitors in the market. It makes the entrepreneur to be able to take better decisions in difficult situation. With extensive market research, many entrepreneurs have been able to know the current trends and come out with products and services as per the trend which minimises the failures. Information technology streamlines communication and stores all the historical information which can be analysed for better decisions. Two-way communication has become easy in business through technology which makes it possible to know better about their customers and take customers feedback and their opinion about their products and services and improvise on that.  Customization has become easy through technology which is the key to succeed in business.

  • Impact of Indian Government:

Indian government encourages and promotes various projects like digital India for the advancement of technologies for start-ups in India and motivates entrepreneurs to make use of technology for their businesses. The objective of the project “Make in India” is to bring easy procedures, quality infrastructure, easy rules and regulations to start and execute the business in India. Indian government’s E-Biz portal to develop a conducive business environment in India by providing a one-stop shop for providing G2B services and reducing the delay in getting the information and services, approvals, licenses, permits, clearances, no objection certificates for start-ups.

Technology opens many virtual start-ups in the form of a web site or a mobile application with billion-dollar business with no physical infrastructure. Anybody who makes use of technology for running their business called as digital entrepreneurs. The word “entrepreneur” is leading to the buzz word “digital entrepreneur”. Today’s entrepreneurs need to equip themselves to make use of technology to run their venture and become as digital entrepreneurs to join this digital bandwagon. It’s not necessary for entrepreneurs to be tech-savvy to become as digital entrepreneurs but need to be aware of current technology trends and where and how to make use those for their business. So, the success mantra in digital entrepreneurship is to know the customers pain points, solve their problems directly by providing solutions in affordable costs with innovative ideas and appropriate technologies, and bringing transparencies by removing the intermediaries.

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