When you think of starting a business, the first thing that comes to mind is money/capital. Of course, it takes money to start a business, even if it is very little considering how easy it is to start a business in the digital age. However, there could be many other factors affecting a business in today’s digital economy, some that you show great concern about and others that you don’t really pay much attention to.
Blockchain is affecting all kinds of companies
One of the biggest concerns of today’s entrepreneurs before starting a business is probably the blockchain or crypto technology. The world is seeing the rise of crypto technology and how it is being integrated into existing business ideas. A little over a couple of years ago, you must have heard the term “bitcoin”. From bitcoin, people still believe that blockchain is all about digital currency, meaning money in the digital world. However, this is far from the truth. Blockchain is expected to affect all kinds of businesses and industries in the world in the coming days.
It is a technology that redefines the security aspect of many businesses in 2018, introduced decentralization to modern business technologies, and benefits end consumers in multiple ways. For example, you could launch a gaming platform where no one needs existing coins. You could launch your own platform with your own money today. You really don’t have to start everything from scratch; instead, it could base its currency on existing blockchain platforms like Ethereum. Through ICOs, you can get investors from all over the world to invest in your idea. So blockchain is definitely a consideration for all businesses starting in 2018 and the years to come.
Physical warehouses are not necessary
A few years ago, only certain types of businesses could be called truly online businesses. For companies where products need to be stored for some time, a full online presence was not the solution. Entrepreneurs who had such business ideas in mind had to have enough money to have their own warehouses. However, this has also changed quite a bit in the last two years. With the idea of drop shipping becoming common over time, it is becoming easier for entrepreneurs to start their own businesses without much investment.
In a drop shipping model, all you have to do is collect customer orders, ship those orders to manufacturers or suppliers, and ship the products. It only acts as a link in this particular model because it is the supplier that ships the products directly to the customers’ doors. You will still need an online store with all products listed for customers to view. However, you don’t need a warehouse because you don’t have to own, buy, or store any products. The good thing is that this model now allows dropshippers to offer much more competitive rates, making it easier for them to penetrate the market.
Big Data is the big difference
Another technology that has been influencing business decisions and the way companies operate is big data. While the term “big data” seems to refer only to large amounts of data, it actually also refers to the methodologies and technologies used to handle big data. You would be completely wrong to think that traditional software and hardware solutions can handle big data in any way. Take the example of a bank. A bank could have hundreds of branches located throughout the country. In these hundreds of branches, the bank will have hundreds of thousands of customers.
The bank has account information for millions upon thousands of these customers. In addition to that, the bank constantly invests in foreign stocks and markets, storing and using that information. The same bank handles the data of all the micro and macro loans that it is forwarding to its clients. It also stores information about customers through your mobile app so you know what customers expect from the mobile website. In all of those hundreds of branches, the bank also has CCTV cameras that collect terabytes of footage daily.
Do you think all this data is wasted? No, bank data collected from banks is used to make bank branches more secure. Mobile device data helps the bank refine its mobile app. The data collected through financial software helps a bank improve its insurance, loans, mortgages, etc. Offerings At first glance, it may seem like big data is a headache only for large companies, but big data is just as important for small businesses, too. What this means is that companies starting in 2018 will need to have a big data approach from day one.
Internet security is the biggest threat now
It is unfortunate that instead of making the world a safer place, new technology has created greater threats on the Internet. Cyber attacks are becoming more frequent and much more sophisticated. In recent years, cyberattacks on some of the world’s largest companies, including technology companies, have shown that security should be the top concern for all businesses, whether small, medium or large. If you think that starting a new business or having a small business gives you some advantage over the big guys.
In fact, it is small businesses that are most at risk when they come under any kind of cyber attack. This is because large companies have the technologies and capital to fight the attack, recover and get back on their feet. On the other hand, small businesses generally don’t have any of that.
final thoughts
The challenges for any small business in 2018 are much bigger and more technology related than ever before. The need of the hour for small business owners in 2018 is to say goodbye to traditional thinking and embrace new technology to be successful. They should also remember that in the modern age and for years to come, all companies are (like) tech companies to some extent due to their reliance on technology to collect customer data, create marketing campaigns, and protect consumer information. customers.
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