There are a lot of things that make a business grow or fail. A few years ago, it was impossible for small- medium businesses to penetrate their markets as much as billion-dollar companies could for many reasons but most of them involved their inability to reach larger audiences or even market them on a higher level. Fortunately, that isn’t the case in these modern days. We all know how technology has made an impact in our lives but if you’ve never thought about it in a business aspect, here are some ways that technology has been transforming businesses- whether they be backyard businesses, start-ups and million-dollar ones, too.
1. Bigger Is No Longer Better
Back in the day, we used to think that the bigger the company, the better. The idea was that there was more security in larger scaled businesses but recently, companies have been springing up from nowhere much like Facebook, Instagram, and Google, and have successfully turned their ventures into billion-dollar companies.
This has allowed start-ups to gain access to resources and knowledge that was previously only available to large groups enabling them to create a name, market, and sustainable revenue. Technology has opened up so many opportunities for the everyday businessman.
2. Business Models Have Completely Changed
Business models are the thing of the past. Although it is still necessary, it is no longer a standard template as it is constantly changing along with the technological trends of the industry. Many start-ups have gained overnight success and global recognition, surpassing long time businesses because of their advancement in social media marketing and the like.
The business of business has since shifted to something that is more accelerating, constantly changing, more appealing and even experimental.
3. The Crazier, The Better
It’s no longer a given that the biggest and brightest are the only ones capable of running a business and running it smoothly. We are now living in the digital age, where anyone and everyone can start their own business and be their own boss. We are now living in the age of information where knowledge can be easily accessible enabling your everyday average Joe’s to equip themselves with information that a Harvard graduate would have to spend years learning.
Nowadays, we have garage innovators building machines that can vastly improve our economy and ways of living- removing all limitations that were previously created against man.
What a time to be alive!