In the 21st century, the business world has come to understand that technology and entrepreneurship go hand in hand, and this is something that has been unfolding over the last few decades. Tech entrepreneurs have been making news headlines since Thomas Edison rolled out one innovation after another; however, inventors are no longer the only entrepreneurs who must be comfortable with technology.
Business Management and Technology
Entrepreneurs must frequently engage in business management, a function that has become fully reliant on technology. The future of business is being driven by technology, particularly with regard to management. To a degree, the only MBA programs that are worth pursuing these days are those that present a curriculum that is technology focused. The inherent issue is of leadership; business managers who are not comfortable with the technology of their business will have a hard time trying to assert their leadership in business circles.
It is becoming easier for entrepreneurs to find skilled employees; after all, most of the job growth in the wake of the Great American Recession can be attributed to the technology sector. An entrepreneur needs to understand the technology requisites of his or her chosen enterprise for the purpose of recruiting personnel with specific skills who can make their companies grow.
You can also find a wealth of social media sites and recruiting platforms like LinkedIn that connect business owners with prospective employees. There are also other technologies that simplify outreach, track application processes, and check resumes automatically by searching for minimum qualifications and removing non-qualifying applicants. Be careful if you decide to use automated resume checkers, though, since you may end up scratching quality workers off the list due to an absence of keywords in their resumes.
Entrepreneurs who have a good grasp on the underlying technology of their business are more likely to be able to transform their business as needed. For example, an Internet travel agency may hit a rough patch if fuel prices suddenly increase or if attacks related to terrorism make travelers nervous; in this case, the company may be able to take advantage of its assets to quickly transition into a specialty online retailer. Such transformation will only be possible if the business principals feel comfortable enough to shift their technology infrastructure and the skills of their staff into a new enterprise.
Community Support and Subsidies
The sheer economic success of entrepreneurs who operate in the technology sector has not gone unnoticed by government officials at all levels. Since technology is often tied to education and prosperity, municipal leaders are more likely to offer grants and tax breaks to entrepreneurs who operate tech businesses. For many business owners who are just getting beginning, access to such subsidies can provide the boost they need to get started.
In the end, entrepreneurs who don’t understand that technology that drives their particular industries are less likely to succeed.