When Henry Ford introduced the assembly line in 1913, it opened up floodgates of prosperity for industrialists and workers all over America. That pivotal moment in history would change the nature of business and industries forever. Today, we are at the cusp of yet another monumental shift, this time driven by the Internet and modern communications technology.
The number of Internet users has increased tenfold from 1999 to 2013. As of 2016, over 3.4 billion people–or 46% of the world’s population–are on the Internet. Never before has the world been so connected as it is today.
The rapid rise of Internet technology, coupled with the invention of social media and the advent of digital marketing, has created new opportunities and avenues for entrepreneurs everywhere. Unlike Ford’s revolution, wherein capital and infrastructure are the main drivers of growth, the Internet is driven by technology that requires little capital and infrastructure (if any).
The Internet presents a wealth of opportunity for aspiring entrepreneurs in ways unheard of in previous decades. The relative ease by which a business can be scaled using technology combined with the abundance of open source data and software has created the perfect scenario for small businesses to excel in the world stage.
In the Internet Age, low-capital, high-energy startups thrive. In fact, many of them outperform their more established competition simply because they are more robust and adaptable, as is the inclination of most startups. This environment enabled tech entrepreneurs like Peter Loftin, Jeff Bezos, and Mark Zuckerberg to scale their businesses from garage-based operations to multibillion dollar enterprises in spite of limited capital and minimal infrastructure.
Entrepreneurs would be foolish not to take advantage of the tools the Internet has to offer. But what makes the Internet so compelling as a medium for business? Of the many arguments put forth in support of the Internet, two stand out the most: economy and efficiency.
Economy
Entrepreneurs always fall back on value for money to guide their business decisions: Am I getting what I paid for (or more)?
Time and again, the Internet has proven a valuable tool for scaling and growing a business. Because it requires so little capital and infrastructure, the upside virtually unlimited, especially in terms of marketing, operations, sales, and management. Through the Internet businesses can expand their advertising, interact with clients, coordinate with suppliers, and so much more. All that at a reasonable price.
Looking for ways to grow your business? PeterLoftin.com offers insights and tips for budding entrepreneurs.
Efficiency
In recent years, we have seen groundbreaking innovations in office automation, in particular the creation and proliferation of Internet-based apps to boost workspace efficiency.
With today’s technology, entrepreneurs can do nearly everything online, whether it’s sending documents, communicating with clients and employees, outsourcing business processes, and so forth. Furthermore, online apps provide systems and tools that help lighten workload and increase productivity.
Entrepreneurs looking to succeed in the 21st century should look to the Internet to grow their businesses. Not only are online platforms much cheaper, they provide greater economy and efficiency as well.
