For many people, having their own business is just an illusion, a dream that never comes true. But why? People always talk about chasing your dreams, and if that dream involves entrepreneurship, start it up! However, this is not as easy as it seems. Starting a business involves many risks; uncertainty, starting all over again, not having the right skills, not having the right tools. But what if these risks could be mitigated to a large extent so that you could realise your dream?
Until recently, it was almost impossible for people with minimal resources and support to start businesses. However, the newer technologies we have been introduced to over the last few decades have lowered the entry barrier to entrepreneurship (Okano et al., 2022; Tunio et al., 2021).
First, a common reason people do not start as entrepreneurs is a lack of knowledge. The rise and development of the Internet have made it more manageable to develop proficiency in all kinds of areas from home and for free. Platforms such as YouTube, Coursera and Linkedin Learning often offer unrestricted opportunities to circumvent this barrier.
Secondly, the scarcity of the right tools to build a business. In 2022, many entrepreneurs are still unaware of what is possible via the Internet (Altun, 2021). The tools are practically limitless! As a starting entrepreneur with minimal knowledge, you can build websites, develop apps, organise administration & bookkeeping, and quickly connect with fellow entrepreneurs or communities to share experiences and support you (Tunio et al., 2021).
Thirdly, scaling up the business requires funding after a while. There are furthermore more and more initiatives in the funding area made conceivable by the emergence of various technologies. Funding your business with loans, investments or through a crowdfunding platform like Kickstarter was until recently unimaginable for many entrepreneurs (Pathe, 2022).
Entrepreneurship can still be a risky profession and needs some guts and self-confidence. However, technological developments make knowledge, funding, and tools more easily accessible than ever. In addition, technological developments are contributing enormously to rapidly changing industries through the rise of AI, ML, Cloud computing and general digital Transformation (Pathe, 2022).
References
Altun, Y. (2021). Pandemic fuels global growth of entrepreneurship and startup frenzy. Forbes.
Okano, M. T., de Almeida Veiga, O., & Fernandes, M. E. (2022). The Importance of Entrepreneurship in Micro and Small Enterprises in Uncertainty and Barrier Scenarios. International Journal of Business Administration, 13(1).
Pathe, T. (2022). Small Businesses Are Leveraging Technology Solutions To Overcome the Biggest Barriers to Business. FinTech. https://thefintechtimes.com/small-businesses-are-leveraging-technology-solutions-to-overcome-the-biggest-barriers-to-business/
Tunio, M. N., Jariko, M. A., Børsen, T., Shaikh, S., Mushtaque, T., & Brahmi, M. (2021). How entrepreneurship sustains barriers in the entrepreneurial process—A lesson from a developing nation. Sustainability, 13(20), 11419.
