Innovative innovators have played a leading role in enabling technology entrepreneurship. In the modern entrepreneurship theory and conceptualization, a wide range of possibilities have been introduced.
In today’s time, almost all entrepreneurs live with technology; In most cases, we call them tech entrepreneurs. Technology has affected all entrepreneurs. A successful business requires skill and time management, which is possible only through technology.
Technology-assisted in various ways, such as planning business strategy and increasing production. The need for technology in businesses as a fundamental tool for competition, customer relations and management will increase.
An entrepreneur is dedicated to discovering something new and taking advantage of novel concepts and visions while taking the risk involved.
The concept of entrepreneurship refers to the ability to mobilize a particular skill or factors of production – land, labour and capital and use them to produce new goods and services. The history of early industrial development and trade and subsequent innovation in any country is largely the history of its entrepreneurs.
Technology entrepreneurs offer many marketing options. Through technology, physical distancing is no longer a barrier to reaching customers. Marketing planning is using technology easily.
Technology has enabled the creation of business giants with efficiency in delivery. Think of Amazon and Alibaba as the major online retailers. They have established themselves by allowing customers to access goods and services. Firms can easily sell their goods and services at low prices. Selling, buying and delivering goods has become very convenient. In addition, technological advancements have enabled entrepreneurs to make their employees work online.
A message is like an email; an email is also a text form of communication, we can instantly share pictures, and important documents from far away place instantly. Businesses use email to share official documents and instant applications for official work.
Communication with customers
Cordial relations and negotiations are essential for customers to be loyal to the companies. Through phone calls, websites, social media platforms, and other means, companies and firms interact with their customers individually. It enables companies to receive feedback, including complaints.
Read more: How you can grow your small business?.
Technology in managing time and resources
Managing time and resources is often the hardest part. Every small business has to make sure whether they are using their time and resources properly or not, as this is the first and foremost step towards the success of any business.
Technology has provided ease of managing a business. Employees can easily share their work progress and reports across different software specially built for the business.
The modern concept of entrepreneurship is very broad and is not limited to any single aspect such as risk-bearing, promotion, decision-making, or innovation. Thus b. Higgins defines entrepreneurship as “the demand for investment and production opportunity, organizing an enterprise to start a new production process, raising capital, hiring labour, arranging the supply of raw materials, finding a site, Introducing new technology or commodity. Exploring new sources of raw materials and selecting top managers for the day to day operations of the enterprise.”
In conclusion, it can be said that today’s concept of entrepreneurship is all-inclusive. It refers to the entrepreneurial actions of creating, organizing and coordinating business activities, risk-taking and innovating to deal with economic uncertainty.