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How to Make the Latest Entrepreneurial Economy Work in Favour of Business Venture, Says Radhika Garg

Business Finance

Press Trust of India  |  NEW DELHI 

/ -- The world of commerce is changing at a rapid pace in this digital era. The lightning pace of innovation is adding fuel to this change. Subsequently, the cost of entrepreneurship has significantly dropped, making it safer for aspiring entrepreneurs to invest in a business venture. The advancement of mobile technologies and the availability of internet communication or virtual workforce have made this journey smoother for present-day entrepreneurs. These changes have eliminated the advantages that large businesses or enterprises once enjoyed and have helped the firms with an adaptable mentality to flourish.

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The shift in the entrepreneurial economy is making it difficult for businesses with a deep-rooted culture to thrive, as industries have difficulty maintaining pace with the system. If a business is not willing to change its approach or practices, then it may fail to survive in today's competition. However, digitalization can turn these changes to their advantage.

Flexible entrepreneurs have the following qualities.

They are not opposed to changes in the world of commerce. They do not resist the pace of changes. They know that 'small' is the new 'big' in today's world. The new-age entrepreneurs are willing to get closer to their clients if it is necessary.

One may reap the benefits of the changed entrepreneurial economy if one is a flexible entrepreneur who is open to modify the structure of business operations according to the changing market demands.

In yesteryears, the companies that developed quality products got more prominent in the absence of enormous competition. Hence, successful businesses increased their products' prices after adding advanced or modified features. They became successful in this task, as a product's demand remained higher than the supply. However, one day, one may think of building this product on their own instead of purchasing it at a higher rate for an unnecessary feature.

The entrepreneurial economy is often considered the building blocks of an economy. They take risks to fulfil customer needs and expectations. Entrepreneurship helps to eliminate disparities between regions through the implementation of the industry in the countryside and areas less developed. The growth of industries and companies in various fields led to the development of services such as road, public transportations, health, education, and entertainment. The implementation of those industrial activities resulted in the development of a more vibrant economy.

"Earlier it took years to start a business. However, today's entrepreneurial economy allows you to start a business in a few days. You may decide to remove all the fancy features that may seem redundant to you when developing a product and focus on the core competency of the product. This decision allows you to develop a quality product at a lower expense. Hence, you can deliver a quality product to the customers at a lower price with better acceptability in the market. You may find free legal services over the internet or create an account with a search engine to receive free e-mails/contacts/calendar/applications and to store the essential documents. One can also communicate with the customers/clients using telecommunication applications or perform all these tasks using a laptop/PC with paid/free internet connection," says Radhika Garg.

The scenarios mentioned above show how new-age entrepreneurs benefit from the changed entrepreneurial economy. The advancement in the fields of communication and technology has brought opportunities to aspiring entrepreneurs. Today, it has become possible for the new-age businesspersons to start business ventures with nominal investment or asset and with a great idea. "If your business culture supports quick response necessary to compete in the entrepreneurial economy, then you can make your dream a reality," added Garg.

Every business venture should continuously study the nature of the environment and its influence on business. However, a small study is not enough. Attempts must be made to influence the environment to make it suitable and favourable to the venture. The most successful business is one who not only adapts to the environment, but also modifies the environment to suit his requirements through direct and indirect influences.

About Radhika Garg

The writer of this article is Radhika Garg. She is a part of the Board of Directors at Rajdarbar Group (formerly Global Realty Group), Managing Director & Founder - of Indian Youth Card and Managing Director & Founder - Rajdarbar Capital Ventures.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, May 07 2019. 11:35 IST