How do entrepreneurs benefit from the advanced technology that is available today and how has it made them successful?

How do entrepreneurs benefit from the advanced technology that is available today and how has it made them successful?

Abstract

The new era of modern technology that has dramatically transformed various sectors of the economy is attributed to the advent of the digital revolution that happened in the mid-20th century. The study uses a cross-sectional analysis to aim in collecting data from the transverse study as well as observation where people from a given population that is studied for a period to come up with data used in obtaining results. Firstly, gathered information from relevant scholarly articles that researched on the same topic. Although there was limited research on the specific topic, the results were eventually analyzed to help in concluding. Results were obtained after analyzing opinions from respondents who had interest on the business field. The results showed a significant relationship between the use of technology and an improved business performance.

Background

A new era of modern technology that has dramatically transformed various sectors of the economy is attributed to the advent of the digital revolution that happened in the mid-20th century. The new marvel presented numerous opportunities to various revolutionists who decided to start the exploitation process to develop modern technology. The development of technology further presented improved growth in possibilities in the business sector. The development of technology has enhanced the activities conducted by entrepreneurship with the improvement in profits becoming evident due to the effectiveness of doing business.

The technological advantage over competitors is a profitable strategy that helps a firm to make enormous profits. Technology is critical in enhancing innovations that have proved to be essential in any entrepreneurship. For example, the failure of Nokia Company to change and innovate led to its failure after most of the phone companies transformed their technology and interface. It is therefore evident that advancements in technology are one of the major contributing factors to the success of entrepreneurs who allow for the changes that can be brought by technology. This study is significant since technology will continue to have a direct impact on the rates of inputs and outputs of a given company thereby influencing the revenues and profits.

1.2 Aim and objective of the Study

The study aims to establish the impact of the internet and technology in promoting the growth and development in the development. The main aim is achieved through the following specific objectives:

To understand the difference between invention and innovation.
To investigate the influence of technology on the output of a given business.

To examine the relationship between success in entrepreneurship and the use of technology.
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1.3 Methodological Overview

The study uses a cross-sectional analysis to aim in collecting data from the transverse study as well as observation where people from a given population that is studied for a period to come up with data used in obtaining results. Firstly, information was gathered from relevant scholarly articles that researched on the same topic. Although there was limited research on the specific topic, the results were eventually analyzed to help in concluding. Additionally, the internet played a significant role to collect information such as that of Nokia Phone Company and the main reason for their failure in 2008. Also, information can be gathered through the use of extensive questionnaires and interviews where new entrepreneurs with startups as well as the experienced ones were asked to provide information about the impact of technology on entrepreneurship.

Chapter 2: Literature Review

2.1 Chapter Overview

As mentioned previously in the introduction, the study aims at assessing the impact of the internet and technology on entrepreneurship. Also, the introduction bit states that sufficient research has not been done on this specific study and thus extensive research needs to be done to close the existing gap in the field of knowledge related with said topic. This chapter focuses on the benefits associated with technology, specifically the internet and social media on entrepreneurs. Also, the chapter incorporates and employs secondary data together with desktop study with large qualitative dimensions, to ensure a valid analysis of content. The first part of the chapter gives the literature on the evolvement of technology in the field of business. The second section gives the integration of the internet on business. The literature on the benefits of social media on entrepreneurship is discussed in section three of the chapter. The final part of the chapter gives the literature on drawbacks caused by technology on entrepreneurship and the critique of the literature.

2.2 Evolvement of Technology in Business Operations

O’Brien (2019, p.2) defines technology as the summation of ideas and rules that guide the course of the production of goods and services. For many years, technology has enhanced human operations in a diversity of aspects, with entrepreneurship being one such instance. Though beneficial, it is crucial for individuals not to forget how far technology has evolved over the years in transforming business performance.

One of the technological innovations that had an influencing impact is the telegraph. Samuel Morse and other associates developed this technological advancement in the mid 19th century in the United States (McPhail, 2011, p.214). Through telegraph, entrepreneurs and great business people were able to communicate irrespective of distance, as this technology worked by transmitting electric signals over placed wires between stations of interest. McPhail (2011, 215) claims that telegraph had an immense influence in the business world, as business establishments could communicate with each other thousands of miles away. About such technology development, another evolvement in the business sphere was the telephone, whereby Alexander Bell drew its invention in 1876 (McPhail, 2011, 258). Just like the telegraph, it enhanced communication hence revolutionizing how individuals lived, interacted with each other, and worked.

Also, television was another technology advancement that influenced many business processes in different ways. Initially invented by John Baird in the early phases of the 1920s, the television marked a great revolution for entrepreneurs due to its significant influence in entertainment and advertising (Ponce de Leon, 2015, p.102). The popularity of the television brought along several opportunities to businesses, whereby they could advertise their products and services, as well as sponsor shows to many clients. About this, the evolvement of computers and the internet has brought along great benefits to entrepreneurs in enhancing their operations as well as the achievement of their set goals and objectives. Bowen &Ozuem (2019, p.450) points out that the evolvement of computers paired with the internet has enhanced communication revolutions influencing business forever.

2.2 Internet Integration in Entrepreneurship

Longenecker et al. (2016, 243) state that the use of internet in entrepreneurship is the demand of time in this new era whereby entrepreneurs should fulfill in their operations. The use of the internet has made the global marketplace to be much more accessible through well installed and established immediate connections and communication lines. Living in a technologically evolving world, many entrepreneurs have been subject to the global economy where such technology is knowledge grounded (Longenecker et al., 2016, 243).

Entrepreneurs can experience such benefits through drawing of valid internet marketing plans (Longenecker et al., 2016, 245). There are several highly-rated platforms available on the internet that can be crucial in winning loyal clients, increase productivity levels, and build client trust (Longenecker et al., 2016, 245). The internet has also brought along tools for campaign tracking that entrepreneurs can consider using for the success of their businesses. Furthermore, internet marketing relieves entrepreneurs in marketing their products and services, as it is swift, engaging, cost-effective, and requires less staff in managing as well as tracking marketing campaigns scope.

To any business, market research plays a vital role before its start, launching of advert campaigns, purchasing domains, posting content, and developing a blog (Simões et al., 2018, 147). Through the internet, entrepreneurs are more likely to discover consumer data, users’ conduct, product and service demands, and essential tools in tracking and monitoring website traffic without delay. Conducting market research through the internet is much faster and beneficial, compared to other offline approaches that are time-consuming, costly, and hard to manage in the long run.

The installation of automation platforms in marketing for businesses is one of the core benefits that most entrepreneurs demand in this new era (Dornberger, 2018, 92). The automation systems encompass the application of the internet in managing software designed for managing, running, and growing business operations (Dornberger, 2018, 92). An entrepreneur can decide to have the automation of all repetitive processes in a business, such as content marketing, sales, client management, and business inventory management operations among other tasks.

Also, entrepreneurs are taking advantage of the internet in managing their business operations as it is available and operating around the clock. Through such a benefit, entrepreneurs have grasped such an advantage in creating and marketing their products and services on the internet any time (Simões et al., 2018, p.147). Some great organizations such as Facebook, Amazon, eBay, and Facebook have become successful because they have focused on operating around the clock in ensuring their clients receive what they demand.

Aljawarneh (2016, 11) claims that internet banking, mobile banking, and payment wallets have enabled entrepreneurs in speeding their business transactions with clients. Customers can make payments in purchasing goods and services from various online stores in defined businesses of their interest (Aljawarneh, 2016, 11). Online services such as PayPal payments have eased the way customers can pay for various products from any corner of the world, and have them delivered through means of their selection.

2.3 Entrepreneurship Benefits Derived from Social Media Platforms

The impact of social media on entrepreneurship in this technology advancement era cannot be subject to underestimation as every entrepreneur is experiencing and feeling its magnitude. Entrepreneurs and established business organizations have experienced some positive impacts sourced from social media by using the same for various functionalities. Most entrepreneurs both new and old in the entrepreneurship field have been using social media in keeping an eye on competitors. Harvey (2017, 25) further claims that social media has been helping entrepreneurs with the opportunity of keeping an eye on rivals in the market. It is essential for every entrepreneur to have a good knowledge of whom they are competing within the market, which will enable them to come up with appropriate strategies on how to remain among the lead (Harvey, 2017, 32). Besides, entrepreneurs use social media in keeping track of what customers say about their competitors’ products, hence providing them with unique dimensions on the approaches to take in tailoring their products and services.

Many entrepreneurs will at one time wish to hear what customers are saying about business products in the market. The core focus behind such a wish can be the maintenance of the business reputation as well as meeting the customers’ demands. Any serious entrepreneurs focusing on establishing a business with an online presence should consider seeking the formation of a reputation management crew, who will be responsible for monitoring activities and responses of customers in social media platforms (Rishi & Bandyopadhyay, 2017, 118). This will be a vital aspect of consideration as it will assist a business in keeping track of the satisfaction levels sourced from customers’ comments, as well as arrive at a defined solution to any complains hence advancing the overall user experience (Rishi & Bandyopadhyay, 2017, 118). Almost every entrepreneur wishes to have the maintenance of business image, as any negative comments and poor business transactions displayed on social media can make a business to go down.

Moreover, social media has over the years since its establishment helped entrepreneurs in advertising their products and services globally. Advertising on social media lowers advertising costs for a business compared to the traditional marketing approaches that required face-to-face interaction (Rishi & Bandyopadhyay, 2017, 118). However, it is essential for entrepreneurs to consider embracing the right social media platform that will contribute to its growth. Besides, the reach of an advertisement placed on a social media platform is visible on a global scale. Harvey (2017, 32) further notes that social media is all about getting all target customers to develop a productive interaction with a business’s page and share their recommendations. Besides, entrepreneurs should follow some common social media trends such as inquiries, breaking news, and progressive sharing in drawing consistency of conversation on its social media pages.

2.4 Drawbacks Subject to Consideration on the Internet and Social Media Use by Entrepreneurs

Though beneficial, the internet and social media poss some impediments to entrepreneurs, which if not carefully handled, they might lead to business failure. One of such aspects is the failure to having in place some defined marketing and social media plan that might end up into condensed benefits to the corporate (Longenecker et al., 2016, 242). Further, if an entrepreneur does not have enough management of the business social media pages, they might not see its benefits and might as well experience some stiff competition from rivals (Longenecker et al., 2016, 243). Another core drawback is that much exposure on social media and the internet might lead to the attraction of various risks, including hacking practices, negative feedbacks, and leaking of private and confidential information to the public.

2.5 Literature Gap

The main purpose of this study is to find the relationship between success in entrepreneurship and the use of technology. Numerous studies have provided information on the importance of technology in various sectors including business; however, they have not shown the relationship and the rationale behind the theory. In this case, the paper should analyze important aspects such as the importance and impact technology has on the business as a whole and the consumers. Additionally, the paper should find the relationship between competition and innovativeness where people are expected to keep up with the trends in business.

Chapter 3 Methodology

3.1 Chapter outline and Research Questions

The chapter gives the methodology used in the research process. The first part gives the methods used in collecting data to be used in the study. Qualitative data was considered for this project due to the efficiency in its collection. Quantitative data collection is associated with several setbacks that necessitate the use of qualitative data. Also, the analysis of data was done based on internet sources to conclude. The study is based on the research question that assesses whether the internet and technology has improved the functionality of the entrepreneurship field.

3.2 Data collection

The data used for this study is collected from scholarly sources and questionnaires. The information recorded includes the individuals’ opinions concerning the internet and technology. The age of the individuals considered in the data collection is also maintained at the adult level. Also, the experience in the business of the individuals is assessed before obtaining information from them.

3.3 Research design

The study is a cross-sectional analysis that aims at collecting data from the transverse study as well as observation. A group of individuals from various markets is studied to come up with qualitative data that can be used to find the results. Firstly, the research aims at gathering information from relevant scholarly articles researched on the same topic. Although there has been limited research on the specific topic, the information is collected and analyzed to help in the drawing of conclusions

3.4. Data Analysis

The data obtained is used to study the performance of the entrepreneurship sector both before and after the integration of technology into the field. The data helps in achieving the objectives of the study after being analyzed.

3.4.1 Innovation and Invention

The study groups appeared more conversant with the difference between innovation and invention. The group, however, seemed to give different opinions concerning the importance of each term on the business sector. The information analyzed concerning invention and innovation included the assessment of the belief of the individuals that any of the terms was important in the entrepreneurship sector. The individuals were required to give a detailed opinion concerning the importance of either invention or innovation on entrepreneurship. The opinions were then analyzed to give a straight forward conclusion concerning the impact of both on the entrepreneurship sector.

3.4.2 Influence of Technology on Business Output

3.4.3 The Relationship between Success in Business and the use of Technology

3.5 Ethical considerations

The success of any project depends on the successful incorporation of ethical standards to avoid setbacks. The study uses information from direct sources and misconducts could easily lead to sensitive reactions from the participants. The confidentiality of the information obtained from the individuals was ensured to avoid improper data access. Also, respondents were not required to give unnecessary identifications. Besides, respondents were only engaged to the extent of their comfort and individuals were not forced to provide information.

Chapter 4 Results and Findings

4.1 Chapter Outline

The chapter presents an overview of the results obtained after the analysis. The analysis was based on personal level interviews and supported by evidence from the internet. The results proved to go hand in hand with evidence obtained from reviewing the literature. The three sections of the chapter present the results obtained from the analysis of data related to each of the objectives.

4.2 The results on the Importance of Innovation and Invention

4.3 The Results on the Influence of Technology on Business Output

The study aims at assessing the impact of technology on the outcome from venturing into different business opportunities. The first issue of concern is the knowledge of the individuals on the relationship between technology and business. The individuals were assessed on the level of knowledge about the different technology that is used in business. The information obtained from the participants about their knowledge about technology is used to form the basis for the preceding analysis. The analysis involves rating the influence of technology on business depending on the opinions given by the various respondents. The opinions from the participants showed that Technology had improved the output of several business ventures. Also, evidence from the internet was sure to support the claim by the respondents. Only an ignorable number of respondents seemed to be convinced that technology had no impact on the success of business outcomes.

4.4 Results on The Relationship between Success in Business and the use of Technology

The study analyzed the relationship between the use of technology and the success of various businesses by considering the opinions of the respondents. This stage did not involve the direct opinions of the respondents. The first step in this stage involved collecting information from scholarly sources. The information was then compared with the opinions given by the respondents at the initial stages. The results showed that the success of various business ventures was directly related to the efficiency of integrating technology into the business.

Chapter 5 Discussion and Conclusions

5.1 Chapter Outline

The chapter discusses the results of the study and draws conclusions based on the results. Also, the chapter gives recommendations concerning the need for further studies on the field. The recommendations made are based on the gaps left out by the study.

5.2 Discussion

The study begins with the selection of a group of individuals with interest in a business. The opinions of the individuals are collected and analyzed to meet the specific objectives of the study. The first objective involved assessing the importance of invention and innovation on business. The opinions from the individuals were based on the extent to which the individuals thought that any of the two skills were important to the business sector. The results showed that invention and innovation were equally important in the performance of any business venture. The other objective was to assess the impact of technology on the success of various business ventures. The selection of the study group for this objective was based on the experience possessed by an individual on matters to do with business and technology. The results showed that technology was crucial in improving the performance of various business organizations. The results from the study appear to agree with the evidence obtained from the literature review. The study makes firm conclusions without the impact of bias by comparing the primary information with information sourced from the internet.

5.3 Conclusions and Recommendations

The study faces challenges that could raise questions concerning the validity of the results obtained. However, the study recognizes the challenges and recommends further studies to address similar challenges. For example, future studies should consider selecting more specific study groups than by going by the general public. Also, future studies should consider using statistical data analysis tools to give more accurate results.

Reference List

Aljawarneh, S. A., 2016. Online Banking Security Measures and Data Protection. s.l.:IGI Global.

Bowen, G. &Ozuem, W., 2019. Leveraging Computer-Mediated Marketing Environments. s.l.:IGI Global.

Dornberger, R., 2018. Business Information Systems and Technology 4.0: New Trends in the Age of Digital Change. s.l.:Springer.

Harvey, S., 2017. Social Media Marketing 2017. s.l.:CreateSpace Independent Publishing Platform.

Longenecker, J. G., Petty, J. W., Palich, L. E. & Hoy, F., 2016. Small Business Management: Launching & Growing Entrepreneurial Ventures. s.l.:Cengage Learning.

McPhail, T. L., 2011. Global Communication: Theories, Stakeholders, and Trends. s.l.:John Wiley & Sons.

O’Brien, C., 2019. What Is Technology?.s.l.:Crabtree Publishing Company.

Ponce de Leon, C. L., 2015. That’s the Way It Is: A History of Television News in America. s.l.:University of Chicago Press.

Rishi, B. & Bandyopadhyay, S., 2017. Contemporary Issues in Social Media Marketing. s.l.:Routledge.

Simões, D., Barbosa, B. & Filipe, S., 2018. Smart Marketing With the Internet of Things. s.l.:IGI Global.

How do entrepreneurs benefit from the advanced technology that is available today and how has it made them successful?

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