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IT And Entrepreneurship: 5 Ways They Go Hand in Hand
by Kara Masterson Wed, 01/25/2017 - 12:41
The American dream can perhaps be best encapsulated by entrepreneurship. Anyone with a good idea could start their own business to pursue their true passion. However, running a small business these days is quite different than it was in decades past. Today, technology plays an ever increasing role in small business and entrepreneurship. Information technology, in particular, is extremely important. Below are five ways that IT and entrepreneurship go hand in hand.
One of the biggest ways IT is impacting entrepreneurship is through big data. Big data may seem like a fuzzy buzzword, but it can actually help a company form distinct competitive advantages over its competition. Big data is the storage and analysis of large volumes of data that were previously so voluminous that they couldn’t be stored with older IT hardware.
Basically all of the information pertaining to a business can be stored. This includes data regarding customer relationships, sales trends, marketing campaigns, business processes, equipment operation and far more. This data can then be analyzed by complex analytics software to provide important Intel that a company can use to make decisions and plot strategy.
Today, most small businesses don’t actually exist in brick and mortar buildings. Instead, they exist completely in cyber space. The trend towards ecommerce has taken over business, and there’s no end in sight for the trend. According to business data, the size of ecommerce will soon reach $2 trillion a year. That’s nothing to laugh about.
For most products, if it isn’t sold online, it won’t be purchased by wide swaths of consumers. Internet shopping is steadily increasing and replacing traditional brick and mortar retail. Certainly consider an ecommerce website as part of your business plan if at all possible.
IT as Entrepreneurship
While information technology is at the center of how endless companies transact business, IT can also be a very lucrative field to launch a new company in as well. Many IT startups went on to become some of the biggest names in America like Facebook and Twitter. Angel investors are constantly looking for the newest big thing in IT in Silicon Valley. However, having a good idea is one thing. You also need to be technically proficient enough to make it a reality. Choosing a career as an IT professional requires years of school and obtaining qualifications through technical certifications. If you do so, however, you could someday launch your own successful IT company.
One of the biggest factors in IT today is mobile. Mobile is by and large the method people now use to connect to the internet. According to statistics, mobile internet use eclipsed the amount of people connecting to the internet from a desktop computer during sometime in 2014.
There are many ways to take advantage of mobile as an entrepreneur. You could launch an app to help supplement your business. Apps are a lucrative industry on their own. You also need to keep in mind that most people now find products and places to shop with their phones. Craft your website and SEO strategies with mobile in mind.
Traditional marketing like print, TV and radio is exorbitantly expensive. Internet marketing, however, is much cheaper to obtain. Many internet ad placement services only charge a company each time a person actually clicks through the link to reach their website. In other cases, there is no overhead expense at all as is the case with social media.
Overall, information technology has changed how businesses do business. If you want to become an entrepreneur, you should certainly consider different ways to integrate IT into your business plan. It’s pretty much required in the current market.
About the author
Kara Masterson is a freelance writer from West Jordan, Utah. She graduated from the University of Utah and enjoys writing about business and finance and spending time with her dog, Max. Information credited to Fone Angels, smart phone and tablet repairs.