21 Jun How Technology Along With Innovation is Helping Entrepreneurs Build Successful Startups
The advent of digital revolution in late 1950s ushered in a new era of modern technology, which was a result of constant innovation and change. The world saw how many opportunities were brought in by this new found marvel, and thus, began the process of exploiting and developing new technology in order to gain more power and assist in development across various sectors, industrial or otherwise.
The extent and power of technology was further witnessed when it came within the reach of various business owners, who saw the growth and possibilities it could bring into their businesses. Soon, having a technological advantage over other competitive players in the market became the pinnacle for success in businesses of all shapes and sizes. Thereafter, advancement in technology became one of the major contributing factors in expansion and success of many business ventures.
Nowadays, there are many startups that have emerged by exploring new and innovative technology and are dedicated to further their growth using the same. With extensive market research, many entrepreneurs have been able to pinpoint current trends that could help in developing that kind of technology for both businesses and consumers.
Building a business from scratch can be a daunting and tiresome task, which involves many risks and minimal guaranty of success. Around 25 per cent of startups fail in their first year of business due to various factors like lack of experience and improper book keeping skills. Therefore, prior industry experience and knowledge can help entrepreneurs build their business with adequate planning and design in place.
Modern world is dominated by innovative ideas and new technology, but innovation alone cannot facilitate success. Innovators need a great start to further their ideas and explore newer and better avenues. Similarly, startups require initial funding so they can kick-start their business till the time it starts generating revenues on its own. Investors look for dynamic entrepreneurship ventures and only invest in the cream of the crop. A great idea and persuasive ability can help startups gain investors who could help them in expanding their business goals.
With so many tech startups coming into existence, investors and partnership firms can only handle so much funding as well as managing their own businesses. To facilitate this kind of monetary assistance for fledgling business ventures, various forms of funding have been made available specifically for this purpose. Entrepreneurs can get funding for their startups through different sources such as – angel investors, which consist of wealthy and prominent people who provide business funding to startups, and crowdfunding, which involves raising money for any kind of venture through the involvement of a large audience at a single platform, usually the Internet.
Tech startups can also expand their reach to potential customers with the help of World Wide Web. Having an online presence can greatly influence the reach of entrepreneurial ventures and help accelerate their growth. Technology is constantly evolving with changing times due to varying consumer preferences and startups are slowly becoming an excellent example to showcase and promote exactly that.
Startups have recently become a great way to further the progress of technology since they are helmed by constant innovation and meticulous planning. Building a startup requires lot of dedication and hard work as creating a new venture from scratch can be tiresome, yet fulfilling. It gives an entrepreneur the chance to explore uncharted territories and create something which may have great significance to every individual in its future.
Hundreds of tech startups are popping up every day either out of personal ambition, or a genuine fascination to explore new avenues with modern technological assistance. Business is no longer just about buying and selling of goods and services, but how technology can be used to assist and expand those services. People can now access any service they desire off the internet, many businesses which began as startups have become successful after garnering customers mostly through their online presence.
With new technical advancements at the helm, modern entrepreneurs are not apprehensive about minimum success or courting failure since most of them have recognized the need of the hour, viz. Technology, and with that kind of knowledge, they can further hone their skills as well as work on creating a better business module.
Over the years, there has been an increase in number of startups, or entrepreneurial ventures that have come into existence. Despite the risks involved, many of them have charted through unfavorable circumstances and flourished mostly through innovation of modern technology. Therefore, one can safely assume that tech startups are here to stay and may help in contributing to the constant process of innovation and development of technology.