The benefits of being a tech savvy entrepreneurPosted on: April 1, 2020
by Ruth Brooks
It’s hard to imagine starting a modern business without using some form of technology; in fact tech has been the catalyst for a wave of entrepreneurship in recent decades. Starting a company now is more attainable and more achievable, with the number of start-ups growing from 440,660 to over 650,000 in the five years to 2017.
The development of new ideas, products, services and processes is integral to creating entrepreneurial opportunities, and to be able to do this effectively, information is essential. Those with aspirations to start their own business need to know if their idea is a viable one; what can sound like an excellent idea to a small group of like-minded friends may not have wide-spread appeal. The key to gaining the confidence of stakeholders such as investors or venture capitalists is to conduct thorough research.
The application of tech in the ideation phase
In the 90’s the internet was often referred to as the ‘information superhighway’, and it’s easy to see why. With just a few clicks or search terms we are able to find information about almost anything. Couple this with the advent and popularisation of social media and the internet offers entrepreneurs a wealth of data which can be used to understand the viability of concepts and identify target audiences.
It’s a two-way street though, crowdfunding websites are now commonplace. Entrepreneurs are able to sell their idea in to an audience and gauge interest before investing time and money in the product or service, gaining vital insights and making the leap to launching a start-up less of a risk than it once was.
Tech in the early stages
The early phases of setting up and running a business are often a juggling act, with only one or two people doing the juggling. This is where being tech-savvy can make a great difference. Employing technology such as machine learning (a form of artificial intelligence where computers learn and improve processes automatically) means entrepreneurs can do more with much less. Automating IT processes such as security monitoring, data management and reporting reduces both the need for IT specialists and the burden on business owners, giving them more time to focus on making a success of the company.
Wrexham University now offers a 100% online MBA Entrepreneurship, giving ambitious professionals the opportunity to equip themselves with the skills and knowledge required to launch a new venture. The programme covers modules such as entrepreneurial thinking, human resource management, implementing strategies and creative – change not only relevant to aspiring business owners, but also to those growing and developing small businesses or leading innovation-focused and entrepreneurial teams in larger companies.
The programme is delivered entirely online, so students can study at any time and on a wide variety of devices, giving the entrepreneurs of tomorrow the ability to learn the skills they need and earn a Masters degree without the need for a career break and with the flexibility to fit study around their work and family commitments. There’s a choice of six starts dates per year, so study can begin at a time that’s most convenient and there’s also the option to pay per module, negating the need for a high level of upfront investment.
For more information and to begin your application visit: https://online.wrexham.ac.uk/mba-entrepreneurship/