Abstract
The paper focuses on the topic of Business and Entrepreneurship by contrasting and comparing various articles on the same. The articles are the research work of different scholars, so they have various similarities and differences in their themes. The paper looks into various secondary sources on the impact of technology on Business and Entrepreneurship. Entrepreneurship involves innovativeness and creativity, that is, introducing new products into the market. The business and entrepreneurship world has adopted technology extensively in almost all aspects of its operation, for example, communication, manufacturing, and marketing. Adoption of technology has more benefits than disadvantages in any business or enterprise, for example, the increase in profits; with small businesses, it’s challenging to incorporate technology due to factors such as inadequate resources. Green energy is more sustainable due to its affordable and environmentally conserving nature. Planning is essential in any enterprise or business as it ensures success and secures a business’s future. Being knowledgeable about consumer preferences is essential in ensuring success in any company.
Business and Entrepreneurship
Many researchers have navigated the topic of Business and entrepreneurship research. A business is any organization or enterprising entity engaged in professional, commercial, and industrial activities, which could be profit or non-profit organizations. A person who creates a new business is an entrepreneur enjoying most of the rewards and bearing most of the risks. This paper aims to look into various secondary sources on the topic of business and entrepreneurship and then compare and contrast them.
This research paper compared and contrasted the following articles on the impact of technology on business. The articles are; “Technology, Innovation, Entrepreneurship and The Small Business—Technology and Innovation in Small Business,” “Stakeholder collaboration in entrepreneurship education: an analysis of the entrepreneurial ecosystems of European higher educational institutions,” “Stimulating Academic Entrepreneurship through Technology Business Incubation: Lessons for the Incoming Sponsoring University,” and “Green entrepreneurship and business models: Deriving green technology business model archetypes.”
Similarities
According to the articles, technology has diversified business and entrepreneurship by expanding its horizons. The issue of incorporation of technology in business and entrepreneurship is not only being researched, but scholars are also looking into a more holistic approach that involves an interdisciplinary approach. Higher education institutions are integrating hard sciences and engineering and coming up with enterprises, thus expanding the business world.
Businesses have always been on the cutting edge of technology; anything that may speed up manufacturing will attract more business. Technology and business are naturally interwoven nowadays, from domestic to global enterprises. The technological advancements made decades ago have caused a corporate rebellion that has impacted all aspects of the working class. The advantages of the various technological corporate communication techniques have given organizations more flexibility, efficiency, speed, and complexity. The main objective of business technology is to provide the right tools that may be utilized to lead organizations through the stages of growth.
Online marketing is the most recent trend, even if print advertisements are still used. Information technology has aided businesses in connecting with their customers through social media platforms like Twitter and Instagram. These websites foster a close relationship between a company and its customers. Regular updates and prompt responses to client inquiries are possible. Social media platforms and internet advertisements are less expensive than conventional print advertisements, and all sizes of businesses may use them. It is altering how businesses operate, but there are challenges involved. Traditional retailers who do not consider IT to be a crucial component of their business may find it difficult to compete with online retailers. Businesses that do use IT must maintain cohesion across all channels for sales and keep up with the pace of online transactions. Most businesses have thrived greatly mainly due to technology, irrespective of their size. Technology in business and entrepreneurship boost profits, and individuals are able to run businesses efficiently. With technology, communication with clients is made easy, which is one of the factors for successful entrepreneurs and business growth.
Any sort of technology must be mutually adopted by businesses in order to grow. However, in the event of bad adoption, the business is likely to fail. If they mutually embrace each other, business profitability and survival will soon grow. Before using any technology, businesses and organizations should monitor it to ensure sustainability. Green energy is one of the most affordable, sustainable energy sources. When integrating new technology and online content, organizations must consider their goal and vision. Offering the same goods and services in physical and online establishments will be more challenging. Customer service must be maintained when more aspects of the business become automated, and internet sales rise. Social networks, for example, Instagram, are essential in any business and enterprise due to factors such as marketing. Due to continual developments that make ordinary tasks easier and faster, technology gives companies more free time. It is also obvious that technology has many benefits for people. Advantages include increased global communication, machinery that boosts output while cutting labor costs, and encouragement of innovation.
Differences
According to the article, “Technology, Innovation, Entrepreneurship and The Small Business—Technology and Innovation in Small Business. Small Business adoption of technology is a significant obstacle. Following the introduction of technology, small businesses may experience rapid growth or abrupt demise. Small firms might not have the resources to invest in and use technology.
Discussion
I agree with Louis that the idea of contemporary business is changing, and planning is essential for any business or enterprise. Planning makes it easier for businesses to allocate resources and save time. Planning for the future of businesses and enterprises secures future success. As Louis states, any business, be it small or big, should contribute more to the nation’s economy. A business or enterprise is considered an important part of society if it can boost the economy through employment, supply of essential products and services at consumer-friendly prices, and paying taxes. Small businesses are as important as large businesses because they target the economic minorities in any nation, giving them the ability to sustain their lifestyles. One of the strengths in business and entrepreneurship is the ability to identify and adjust to consumer tastes and preferences. Planning should be at the core of any business or enterprise; however, the future success of any business is unpredictable. Thus, planning helps individuals run their daily activities orderly and organized.
References
Bischoff, K., Volkmann, C. K., & Audretsch, D. B. (2018). Stakeholder collaboration in entrepreneurship education: an analysis of the entrepreneurial ecosystems of European higher educational institutions. The Journal of Technology Transfer, 43(1), 20-46.
Linton, J. D., & Solomon, G. T. (2017). Technology, innovation, entrepreneurship and the small business—technology and innovation in small business. Journal of small business management, 55(2), 196-199.
Lyken-Segosebe, D., Montshiwa, B., Kenewang, S., & Mogotsi, T. (2020). Stimulating Academic Entrepreneurship through Technology Business Incubation: Lessons for the Incoming Sponsoring University. International Journal of Higher Education, 9(5), 1-18.
Trapp, C. T., & Kanbach, D. K. (2021). Green entrepreneurship and business models: Deriving green technology business model archetypes. Journal of Cleaner Production, 297, 126694.
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