Question

What role does technology play in providing opportunities for entrepreneurship? 

Answer 1

An Entrepreneur is a person who builds and runs a business(s). It comprises coordinating with people, arranging money, planning activities to run the business, and all the things which are required to keep it together.

We all live in the hi-tech era, businesses are driven by data and the successful collaboration of systems and subsequent mining of the data brings out the essential information for strategic development and advancement.

For instance, let us refer to its role in advertising; search engines use your personal data like your search history to build up a profile of you which is in turn used to display advertisements that are relevant to you and interests you. This improves the effectiveness of their customer's advertising.

Entrepreneurs use technology as a system which creates several ways for them to generate income through a set of processes that makes ends meet. The biggest cost in business is labor, by using technology you can reduce this cost through automation of tasks that were performed by a person thus giving a higher output with fewer errors at lower costs.

Entrepreneurs should make substantial use of advancing technology and adapt to its way to reduce their operating costs and improve effectiveness.

With little ability to differentiate, the only way to compete is to out-operate competitors which means better systems in both logistics and technology. Neither guarantee success but if you have poor systems you are guaranteed failure.

Technology is the future; everything is starting to be run through machines so it is not surprising that tech entrepreneurship is focused. Everything has become faster, more efficient, and possible with technology. Despite the fact that a lot of people might debate that a lot of problems have been born rather than eradication of them that really isn't the issue anymore.

In this fast-moving world people want to do things better, faster, and for less. Technology makes this possible. Thankfully we were able to exceed all other animals with the use of tools and technology.