Sustaining Entrepreneurial Spirit in the Modern Era

Businesses operate, survive and progress in a highly dynamic economy, where change is the rule, not the exception. The change may be slow, sudden or almost extensive. One of the important forces of change is the change in technology. Most of these changes are used to enhance human capabilities to accomplish meaningful work. These changes are sometimes thriving on the entrepreneur. A successful entrepreneur works to visualize these future changes rather than waiting for it and create a more desirable environment in the organization.

Technological breakthroughs do occur and it takes courage for an entrepreneur to accept the change and its implication. Technology breakthroughs like computers, color television sets, electronic sets, fuel-efficient vehicles, etc. have encouraged entrepreneurs to manufacture these products. Thus changes in technology from time to time pose several alternatives before the entrepreneur. This is an ongoing process in which the entrepreneur sets goals and strategies to meet changes in technology. But for strategies like marketing, human resource, supply chain, financial and legal strategies, etc. connection with people is important. Entrepreneurs define the formal relationships among people and specify both their roles and responsibilities. Because the end product is an integrated system of people & technology and to administer these systems, entrepreneur is required.

Technology is helping us solve problems where human power alone is not enough. Different types of businesses require different technologies, but again, it is impossible to solve all integration needs with a single technology. This article will help you understand, that technology is only the part of the original solution and how in different sectors the entrepreneur’s surrounding really matters.

Accounting– Technology allows us to complete tasks faster. It replaces the tiresome tasks of manually storing, compiling, sorting, etc. and the ability to use data with a simple digital solution. For example, Sales ledger in the early days was time-consuming, expensive and all paper-based process. Technology helped increase productivity with the development of spreadsheet software like Microsoft Excel. Employees today are far better at finding what they need when they need it. Though only this will not achieve the outcome. Here, let’s take a clear look at how the entrepreneur’s spirit is really helping to achieve the desired goal.

Technology is good for bringing the change not forcing it. It cannot make employees more efficient. Yes, the right technology can help to make the work easier, but if an employee is truly falling behind or is just inefficient, all the technology in the world will not solve this situation. The truth is such employees can be sometimes inefficient due to either inexperience or laziness. An entrepreneur can identify this problem by improving communication in such departments. This explains why human interference is important to address this situation, where technology is just a bandage, fix the problem for a short time. Adding new and faster technology will not fix the problem. While a better solution is sitting the departments down together and talking about the problem with the entrepreneur will be a real solution.

Retail– Technology allows retailers to be available day and night interacting with customers how, when and where they are ready to shop. Retailers depend on technology to manage inventory, track customer-purchasing habits, predict trends and deliver goods and services. Wireless communication, QR codes and Augmented Reality are some of the changes in technology to the retail industry. Ultimately, the entrepreneurship element remains central even if it is embedded within AI, advanced analytics, etc. Because a customer’s shopping experience is more important than price and product quality. Entrepreneur encourages employees to use their creativity to ensure every customer experience is memorable. Entrepreneur’s human interaction adds the value to the company and maintains loyal customers.

Communication– In virtual workplaces, employees can interact and develop ideas by connecting through the use of video conferencing. This may include training and important meetings from far places to the employees. Technology can also be used as real-time feedback from the employees which allows the entrepreneur to improve the needs of the employees. Entrepreneur’s good communication is necessary to allow efficient flow both internally (among employees) and externally (using technology).

Automation– The robots are coming and can actually help us, to be more productive, freeing us from most of the time-consuming and repetitive tasks. One of the most important areas of application of automation is computer-aided manufacturing. Today CAD/CAM technology has been applied in many industries including machine components, electronics products, and equipment design. Even banking and financial institutions have embraced automation technology in financial transactions. But just because technology is advancing it does not mean it will replace human. Technology can do an adequate job, but we still need humans. It is certain that people to people communication remains fundamental where the entrepreneur’s contact in the various stages is required.

Security– Technology becomes even more critical when operating the business online. It is important to protect the businesses from cybercriminals who could steal data or lead to website downtime. Encryption and decryption protect information from being accessed by a third party or cybercriminals. It takes only about a minute without slowing down any file or document.

Storage– Technology has led to the development of cloud computing to store business information and has been accepted by many in the world of business. Cloud Computing is cost effective and convenient to the company management and employees can access data from anywhere by just using a device that can access the internet. It helps entrepreneurs to trust these technologies and build a strong trust among internal management of the company.

Overall Artificial Intelligence, Blockchain technology, Cloud Computing, Internet of Things, 3D printing, etc. today are helping entrepreneurs to use this technology in every field to grow their businesses. But technology alone cannot create a company culture, where human interactions are valued. Because it is people who are assigned to work on this technology and to encourage them the entrepreneurs keeps their spirit alive. By creating an interested working environment, interactive dialogues among employees, support and motivation to the employees, reward system, etc. reflects the culture of the company. It is an entrepreneur who understands what the needs of the company are, by creating a connection with all the stages of management that brings the desired output. Hence, entrepreneurial spirit and technology should go hand in hand. Therefore we need evolving technology as well as intelligent humans. We need guided missiles as well as guided men to create the better world.

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