Updated: May 19, 2021
You may wonder after reading the title.
In recent times, we are inseparable from the fact "Evolution of Technology". Gen - Z is using online shopping, to buy clothes, books, groceries, and every other that we need in daily life (Amazon, Flipkart, etc.). Technology changes our way of transportation. We just forget the offline reservation counters and non-ending queues. Applications like OLA, Uber give us the comfort to book travel by sitting at home. book. We can not ignore the impact of Social Media (Facebook, LinkedIn, Twitter, etc) in our daily routine. Digital Payment System (PayTM, Google Pay) is more than a necessity, but a lifestyle.
Entrepreneurs need to stay tuned to technology. Why? Small business owners and startup founders are well aware of the benefits of using the required technology. But, sometimes following situations may arise
Many entrepreneurs are still doing business, with a traditional mindset. The traditional mindset will not allow using of the latest technology but is harmful to business sustainability.
Entrepreneurship is about adopting the changes, is about accepting the flexibility. Working on market predictions makes you ready to face any challenge.
Non - Availability of Fund :
When we consider small business owners or startup entrepreneurs, the decision to adopt the technology or not is based on the availability of funds, rather than the usability of the specific technology.
Many ones fail to understand the use of specific technology for their own business. Some entrepreneurs are too dependant on their own thinking ways and are not able to grasp the technological developments.
Often small businesses are dependant on old versions, as budget restrictions.
Many times, the oldest technology is available. But, skilled manpower is not available, or small business owners cannot afford the time and cost involved in training the manpower.
Use of outdated technology:
You might have observed the typewriter, outside the government offices or lawyer's offices?
For small businesses, the use of outdated technology directly affects productivity. It requires more hard work to do to accomplish a particular task, resulting in extra manpower and man-hours, too.
And still, the result is uneconomical production, affecting your overall business performance.
An example of a Typewriter Vs Basic Computer is well explanatory.
Though, we accept the fact that job loss due to automation, or a considerable increase in cybercrime, is a negative impact of using technology. One cannot ignore the other side of the coin.
To achieve productivity, preciseness in your business, entrepreneurs must have an open vision towards using the technology. Always need to keep an eye on technological developments, to avoid sudden unwanted interruptions, in your business.
So, dear entrepreneurs, Stay tuned with Technolgy ...