Technology is a way to achieve more profit with less investment in the business. The cost of hardware and software is gradually declining due to the increase in the number of competitors in the market.
There are free tools that can be used to do challenging tasks in startups and new businesses. All developing countries support and invest in digitalization, digital cat ideas and digital entrepreneurship.
Technology enables better firms communication with partners
customers, customers through websites, blogs, messages & social media sites that lead to powerful public images.
Internationalization and global networking has become easy because of technology and makes it possible to reach the entire population around the world.
Technology also carries a 24/7 work environment and works from home culture that avoids the need for large offices and reduces operating costs. Strategies like “bring your own device” minimize electronic waste.
With all the advantages and easy accessibility of this technology, maybe even normal people to start their business.
Impact of Information Technology:
Information Technology affects the firm’s ability to know its future growth and stand by strengthening and analyzing various parameters such as the state of the economy, the firm’s financial standing, technology trends, customer’s future thinking, and the number of competitors in the market.
It makes the entrepreneur able to make better decisions in difficult circumstances. With extensive market research, many entrepreneurs have been able to know current trends and come out with products and services according to trends that minimize failures.
Information technology coordinates communication and stores all historical information that can be analyzed for better results.
Bilateral communication has become easy in business through technology that allows them to know better about their customers and take customer feedback and their opinions on their products and services and improve them.
The renovation has become easy through technology which is the key to success in business.
Impact of the Indian Empire:
The Government of India promotes and promotes projects such as digital India for technological advancements for startup in India and motivates entrepreneurs to use technology for their businesses.
The objective of “Make in India” project is to bring easy procedures, quality infrastructure, easy rules and regulations to start and carry out business in India.
The Indian government E-Biz portal to develop a conducive business environment in India by providing one-stop shop to provide G2B services and reduce delays for information and services, approvals, licenses, permits, approvals, protest certificates for start ups.
Technology opens a lot of virtual startups in the form of websites or mobile apps with billion dollar businesses without physical infrastructure.
Anyone who uses technology to run their business is called as a digital entrepreneur.
Today’s entrepreneurs need to equip themselves to use technology to run their business and become digital entrepreneurs to join this digital car
It is not necessary for tech-savvy entrepreneurs to become digital entrepreneurs but need to be aware of the current and emerging technological trends and how to use them for their business.
Hence, the spell of success in digital entrepreneurship is to identify customers’ pain points, solve their problems directly by providing solutions in cost-effective with innovative ideas and appropriate technology, and bring transparency by issuing intermediaries.