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Technological advancements and their effects on entrepreneurship

So much can be said about importance of technology to entrepreneurs. Right now is the beginning of the year; a time to reflect on where you are, where you’ve come and where you are going. Mostly important for entrepreneurs. But how did we get there? Technology has facilitated most inventions and innovations in the field of entrepreneurship. Almost all entrepreneurs are obsessed with tech; in most cases, we call them tech entrepreneurs. Regardless of the field, you are in, all entrepreneurs have been impacted by technology. Below are the positive impacts of technology on entrepreneurship.

1. Marketing

Technology has presented several options for marketing to entrepreneurs. This includes search engine optimization and the creation of online profiles. This enables the flawless flow of goods and services from producers to consumers. Through technology, physical distance is no longer an obstacle in reaching out to customers. Marketing plans are made easily using technology. Guess how this is achieved?

Now online marketing has analytics tools that enable entrepreneurs to analyze their traffic and know where to focus on. Moreover, they are also provided with options for using the best keywords that can attract more traffic. Even better, you can know the number of traffic that you get from social media marketing! How is this possible? Have an online presence and embrace online marketing platforms and search engines. Examples of these analytics tools include Google analytics. These tools go a level higher and provide other options that make your target audience get to you. Get to Google analytics, buy YouTube subscribers and enhance your marketing. Give it ago and all these will be yours.

2. Communication with customers and clients.

Even away from entrepreneurship, technology has greatly impacted the way we communicate and interact with one another. Amicably relationships and interaction are needed for customers to be loyal to firms. Through phone calls, websites, social media platforms and other means, companies and firms get to interact with their customers on a personal level. This enables companies to get feedback including complaints and thank you notes from customers.

Think of it this way. You have two daughters who need to purchase new phones. Even so, they have different tastes; one needs sum sang and the other one needs infinix. They, therefore, order the phones from different firms; Sum sang from firm A and Infinix from B. Two days after the purchase, firm A calls to inquire how the lady is doing and whether her expectations have been met. Even so, firm B doesn’t call after delivery. How do you think the two ladies will talk about the respective firms from which they bought the phones? This is the right time to embrace technology and all its benefits.

3. Transportation and Delivery of Goods and Services.

Yesterday, I went for an interview in the suburbs of Nairobi; Kenya. First, I was very worried when I was listed for the interview. I didn’t know the location of the place. Just with a click on Uber, I was able to get to the destination. So many applicants were shortlisted for the interview that I only got to the platform at 11pm. Having eaten in the morning, I was exhausted and tired, not knowing where to turn. Again, Uber rescued me. Within 30 minutes, I had already eaten. Just imagine. Technology has reduced all kinds of friction and difficulties customers experienced while trying to satisfy their needs. Just look at the efficiency and delivery of the meals I ordered! So efficient, so convenient, very competitive.

4. E-commerce.

Technology has enabled creation of business behemoths just out of efficiency in delivery. Think of Amazon and Alibaba which are the leading online retail. They have established themselves by allowing customers to get goods and services at the comfort of their homes. How is this possible? Technology answers it all. This is just the beginning. Firms can sell their goods and services easily at low cost. Selling, buying and delivery of goods has become very convenient. Moreover, technological advancements have enabled entrepreneurs to have their employees work online.

There are many positive impacts of technology on entrepreneurship; only so much can be enumerated here. Do you want your employees to work remotely? Do you want to have cheaper and faster marketing platforms and strategies? Do you want to have faster and convenient transport of raw materials and delivery of finished goods? Let’s all go. With New Year comes better goods and services. Let’s embrace technology.

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