Advancements in Technology has completely changed how business is been done and modern Entrepreneurs must learn how to use this fact to their own advantage. We cannot really afford to go about doing our business the same it has always been done, we have to properly re-think about our overall business approach and look for sections of it which technology has improved.
The biggest effect of advancements in technology seems to be rendering the physical location irrelevant.
Real estate agents always claim that the 3 most important things they consider in a deal is “location, location and location! But these days, we see physical locations playing a much lesser role. By adopting technology into your business, you can easily break the location barrier and expand faster and further than you could if you were bound to the old model.
Do you know stores have moved from buildings into websites and now into devices? Are you already thinking in this way or are you still obsessed with building beautiful stores?
It might be important for a new retailer to setup an ecommerce website first, before even opening a physical store. These days, most of your customers are online, searching for you. You need to have your website there, ready to introduce you to them and get you more customers. The most important thing is for the Entrepreneur to have an open mind and be ready to go wherever the market is. It is not wise to proudly stick to a strategy is not working and this is exactly what many people do.
We need a willingness to experiment, a willingness to try new things and see which ones brings in the most profit. Highly profitable business operations are now possible in this period, but they require some bravery.
The old rules of business are dead
