How Digital Revolution is Opening Up New Opportunities for Entrepreneurship?
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A revolution swept us up when we started talking digitally, on social media; when ideas on digital platforms transformed into mammoth businesses with enviable returns; when hidden talent did not depend on a reality show to be globally recognized and applauded – that’s when it became a Revolution. Today the digital revolution has encompassed all age groups and in all fields of Business, Entertainment & Entrepreneurship.
Digital Revolution: Blessing for entrepreneurship
If we were to compare notes with our grandparents and parents on the ease (or difficulty) of having a new business up and running once a new idea was explored and found to be viable, I am certain that we will find setting up a new business and get it running even in recent times gone by was extremely difficult. From convincing the family to everyone else and then relying on the word of mouth to help the business take-off, were some of the best business strategies available to new entrepreneurs.
The scenario has changed in recent times -all due to the digital revolution we spoke of at the outset. The struggle to come up with a feasible business idea is still constant but marketing the business to people located far and wide has become very easy.
With the digital outreach, targeting specific audiences and wide geographical audience reach has become easy to a large extent if such an audience is also digitally connected. You can market your product or service to correct audiences at just a touch of a button.
Collaboration & Innovation:
The world being accessible at just one press of a button, it is now feasible to collaborate with remotely located yet similar minded people to work on an idea or other business propositions or innovations. Innovation, the most basic concept that triggers entrepreneurship, remains a crucial and integral part of any business.
Learn while you earn:
As with all else, a digital revolution too has both positive and negative aspects. Digital revolution is not a panacea for all your problems. Just as you cannot master a subject of science by just learning the theory of it and not putting the science to practical tests and usage, you cannot become a successful entrepreneur by just watching how-it-is-done online, not even if you watch it on a loop.
The videos and tutorials can at best help you understand some nuances in a language of your choice; but the actual business has to be practised, the ups and downs of it to be experienced in order to become a successful entrepreneur. By putting all you have learnt to practical use in the course of running your business will take you far.
New India Technology - an affordable deal:
Digital revolution and its associated benefits have been possible due to the mobile technology and data plans being really affordable and accessible in India. Because a significant percentage of the Indian population is mobile and data enabled and connected, the digital revolution is a success; and entrepreneurship is growing. A variety of businesses - entertainment, shopping, paying bills or connecting 10000 miles away from everything is available on a single tab on a smartphone.
Cheaper Promotions Rates:
Online and digital platforms go a long way in creating awareness about businesses – whether old or new and their offerings. They help entrepreneurs promote the products or services to the relevant audiences and for the affordable budgets.
With the increase in a number of innovations there will be an increase in employment opportunities as well. It is easier to connect with the right people through online portals after vetting them for potential, skills and capabilities required for the job at hand.
Digital revolution is a blessing for promoting entrepreneurship but it alone cannot replace a good idea and the hard work that makes any business a success.