Business maintenance cost increases when the processes and technologies are obsolete thus the decision to stay updated at slightly extra cost becomes judicious. Consumer preferences, their demand and expectations change with every upcoming technology so businesses should continuously work towards driving the most out of limited resources with the help of technology.
Technology plays an organic role in SMEs growth. Below are some advantages of technology to small businesses.
Technology is necessary to communicate effectively with clients. Small businesses growth has a lot to do with establishing an effective communication network with consumers because these days consumers immediately look up the web to find about a company’s product. One-to-one communication develops a clear public image which ultimately translates to a large consumer base. With spurring social media sites communication in real-time with the clients has become a lot easier and faster. They can get quick feedback and queries on their products. Also, technological communication ensures that business is not restricted to a specific geographical domain which earlier would not have been possible.
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Job Creation: Startups Starting Up!
Do startups create jobs? This could unarguably be one of the most sought after questions in recent times. While it is out and clear that startups make way for employment opportunities, the discussion boils down to the importance of startups in creating jobs. The startup ecosystem indeed plays a major role in job creation and is touted as an economic panacea.
Importance Of Technology For SMEs
We, humans, by nature, tend to be lazy. We always try to make tools, machines, gadgets, etc., to save us time and energy and give us satisfactory results. Technology is the charisma that kept changing our way of living and our style of doing things drastically. Our way of conducting business is also not spared by the Tsunami of technology.
Importance Of Digital Economy
Economic activities that result from billions of interactions between individuals, businesses, data, devices, and processes constitute a digital economy and India is well on its path to becoming a digitally advanced economy. Driven by cheap data cost, faster connectivity, and affordable smartphones, India had over 1,160 million internet subscribers in February 2020, as per the Telecom Regulatory authority of India (TRAI), second only to China.
India's Economic Growth – Can The Startups Redefine?
Recent years showed a considerable rise in the startups of India. During globalization, MNCs or Multi-National Companies had a massive role in India’s economic growth. Now, it seems that startups are revolutionizing the Indian economy. These startups are amplifying the revenue generation and enriching the GDP.
ENTREPRENEURSHIP EDUCATION FOR BUDDING MINDS
In the present economic situation, having knowledge of an academic subject is no longer sufficient for a new graduate. Students are increasingly required to have skills and abilities which will increase their employability, such as: the retrieval and handling of information; communication and presentation; planning and problem solving; and social development and interaction.
CHALLENGES OF ENTREPRENEURSHIP DEVELOPMENT IN INDIA
The Economic survey in 2019-20 using World Bank’s data on entrepreneurship stated that India ranks third in the number of new firms created. However, India ranks significantly lower in terms of intensity when compared with countries like UK and US.
HOW INNOVATION PLAYS AN IMPORTANT ROLE IN THE PERFORMANCE OF SMEs? WHAT ARE SOME INNOVATION FACTORS TO FOLLOW?
Innovation in a business must respect the business strategy in terms of the SME's long-term missions, visions, and goals and is systematic implementation procedures and changes to improve the products and services your company offers. The innovation implementation ensures an appropriate response in terms of increased sales and enhanced customer satisfaction. The image strengthening of your firm will lead to better customer relations with your company and at the same time provide financial stability for the company.
ECONOMIC REFORMS THAT CAN CHANGE THE ENTREPRENEURIAL ECOSYSTEM
The year 2021 marked 30 years since economic liberalisation surfaced in India and writing on this occasion, the richest man of India; Mukesh Ambani said that bold economic reforms such as ending the license –quota raj, liberalisation of trade and industrial policies, freeing up capital markets and financial sector helped our GDP grow ten folds since 1991 and India transformed from an economy of scarcity in 1991 to an economy of sufficiency in 2021.
ROLE OF WOMEN ENTREPRENEURS IN INDIA – THEN AND NOW
As per the 2019-20 annual report of the MSME ministry, among 63.3 million MSMEs that India has, women–owned 20.4% of them up from 13.72 % in 2013-14. This data supports the fact that there has been growing acceptance of women in entrepreneurial roles but it hasn’t always been the case.
TECHNOLOGY AN ENABLER FOR SMALL BUSINESSES
Today times are such that firms operate in a dynamic environment and they must act dynamically too, at least firms should keep an eye on obsolete processes and technologies and replace them with updated versions to stay competitively ahead.
The Forever Virus
The Omicron wave could possibly mark the beginning of the end of the pandemic. What else does the virus have in store for 2022 and the years to come?
Hole in the Net
What good is a social safety net if the people who need help the most can’t access it?
Books to Look Forward to for a New Year
ALONG WITH THE PROMISE OF A BRAND-NEW YEAR COME NEW READING CHALLENGES to start and winter weekends that are perfect for cozying up with a good book.
China is trying to force trading partners to toe its line on Taiwan. The U.S. and EU must fight back
Cultural Traditions to Celebrate
Each year, UNESCO compiles traditions, knowledge, skills and art from communities across the globe, in a list of “Intangible Cultural Heritage.” The chosen items are not historical monuments or artifacts, but rather “living expressions inherited from our ancestors.” In a time of rapid globalization, the list serves to recognize and celebrate cultural diversity and highlights how traditional ways of life interact with the contemporary world. From the navigation skills of Micronesian wayfarers to a thousand-year pottery tradition carried by women in northern Peru, here’s a snapshot of this year’s list.
THE CHRISTIAN PROPHETS WHO PREDICTED DONALD TRUMP WOULD BE REINSTATED AS PRESIDENT IN 2021 AREN'T READY TO ADMIT DEFEAT YET
GOLF GOES TO NETFLIX AND IT HAS COMPETITION FROM TENNIS
Formula One racing got a huge boost in interest in North America through the Netflix series “Drive to Survive.”
A DIGITAL DIVIDE HAUNTS SCHOOLS ADAPTING TO VIRUS HURDLES
When April Schneider’s children returned to in-person classrooms this year, she thought they were leaving behind the struggles from more than a year of remote learning.
THE HOTTEST CARS TO LOOK OUT FOR IN 2022
The chip and supply chain shortages of 2021 have been difficult for automakers and consumers alike.