By Henry Aladiume
Most discerning observers suggests that we live in very interesting times, as the channels and platforms that could facilitate entrepreneurial experiments, have grown exponentially in the last two decades. Some experts say the unfolding challenge, however, is that the rapid evolution in technology has meant that prospective entrepreneurs must constantly update their knowledge base, tools and resources to remain relevant in a world in which technology is constantly in a flux.
The facts suggest that there is a huge opportunity to build businesses on existing platforms like: Google, Facebook Tiktok, YouTube, Twitter and others through utilizing their features to grow and monetize a huge audience. Also, advances in technology has often led to business innovations and disruptions that have created upheavals in the marketplace.
The phenomenon of business innovation could be seen from the rise of ride sharing applications like Uber and Lift which have disrupted the conventional taxi business. What about how Airbnb has reconfigured the hotel and hospitality business? In addition, another interesting phenomenon in technological evolution is how YouTube has created a video streaming model that has opened opportunities for aspiring entrepreneurs and made a significant number of them millionaires.
Also, Netflix re -imagined the video streaming business and maximized the opportunities in that sector and in the process edged out many conventional cable TV operations. Some analysts have urged entrepreneurs in the technology space to build their success formula around the philosophies of four of the most influential thought leaders in technology- Bill Gates (Microsoft),Steve Jobs(Apple),Jeff Bezos(Amazon) and Elon Musk(Tesla).
Many business analysts contend that these men built successful companies by being innovative and instinctively understanding one of the immutable laws of marketing the” law of focus”. Interestingly, Elon Musk said that part of the strategy for achieving success is to focus on accomplishing goals in shorter spans of time .Based on Musk philosophy a task which would normally take ten years should be completed in ten months and would enhance success.
On the other hand Jeff Bezos believes that we can live in the present, but be executing tasks that are supposed to be in the future. Bezos once stated that part of the reason for his entrepreneurial success comes from the fact that his business plans and their implementation are always the future. In Bezos world he emphasizes that while most companies are currently working on the current year’s plans, he is already executing plans that are three years ahead. In essence, the Amazon founder says their strategy is anchored on the idea of implementing for example 2026 plans in 2023.
Many business leaders have stressed that there are monumental opportunities that exist for entrepreneurs to build successful businesses on existing technology ecosystems, but founders must be laser focused, innovative, disruptive, knowledge driven and visionary in order to beat the competition.
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