How to use technology to disrupt traditional industries and create new opportunities

Traditional industries that have been there around for decades and decades have been finding themselves in a difficult stage today due to growing challenges from the emergence of disruptive technologies. From artificial intelligence to blockchain, technology is transforming the way we live and work, and entrepreneurs who embrace it are reaping the rewards. Technology is revolutionizing the way traditional industries operate and providing opportunities for entrepreneurs. Some of the traditional industries that are ripe for technological disruption or have already embraced it are:

Healthcare – In the healthcare sector, AI-powered diagnosis and treatment recommendations, telemedicine platforms that allow patients to access medical care remotely, and wearables that can monitor vital signs are all examples of technological disruptions.

Education – Coursera and Udemy kind of online education and learning platforms are also disrupting the traditional education industry by making education more accessible and affordable.

Transportation – In the transportation sector, ride-sharing apps such as Uber and Lyft have disrupted the traditional taxi industry, while electric and self-driving vehicles are steadily making inroads.

Banking – The banking sector embraced technology to provide faster, more convenient, and cheaper banking services to consumers and businesses alike.

Retail – Amazon disrupted the traditional brick-and-mortar kind of retail industry much earlier by offering a wider selection of products at lower prices. Virtual try-on technologies are another revolution giving people a virtual shop experience for clothes and accessories.

As technology continues to evolve, we can expect to see even more disruption across a wide range of industries. So if you are a business owner looking to stay ahead of the curve or an entrepreneur looking for the next big opportunity, this article will provide you insights on how to successfully disrupt the traditional industry to create a space for yourself.

Identify which industry you want to disrupt

First and foremost is to identify which industry is ripe for disruption. You can start by analyzing the market and identifying the inefficiencies and pain points. Target those which lack innovation and run on an outdated business model. Identify the sector where customer dissatisfaction is high. It’s an opportunity to use technology for sealing customer loss.

Identify the technology and understand its power

Research is the key to identifying the technology to use it creatively and constructively. Look for technologies that can improve efficiency, reduce costs, and enhance customer experience. Artificial intelligence, blockchain, and the Internet of Things (IoT) are just a few examples of technologies that are disrupting traditional industries.

The right team with the right set of skills

Any disruption, apart from technology and plan, needs the right team to complete the execution of the plan. People with good experience in technology, business development, and marketing should be a part of your team to have the next big disruption.

Be ready with a disruptive business model

A disruptive business model that can use technology to create new revenue streams, reduce costs, and improve customer experience needs to be developed to be a step ahead into the future. For example, a company that uses blockchain to create a more secure and transparent supply chain can disrupt the traditional logistics industry.

Implement your model and continuously innovate

Once you have come up with your offering that has great features to attract early adopters, launch it. If found viable, you can go for scaling it through digital marketing to reach your target audience. Continuous innovation is the key to staying ahead in the technological disruption race in these times of big changes. Keep yourself up-to-date and remain open to new ideas.

Technology has tremendous power to disrupt traditional industries and give them a new look. By identifying inefficiencies and pain points, understanding the technology, building a team with the right skills, developing a disruptive business model, building a minimum viable product, launching and scaling, and continuously innovating, entrepreneurs can use technology to disrupt traditional industries and create new opportunities.

Qualities and traits of a social entrepreneur: Are you one among them?

 

Entrepreneurship is green. Social entrepreneurship is greenery. In a world where businesses are driven by maximum profit, social entrepreneurship is about maximizing goodness along with profit. If entrepreneurship needs a passion for business, social entrepreneurship needs a passion for working for business and communities. Social entrepreneurship is a challenging field that requires great traits and qualities to be unique and successful. Individuals undertaking social entrepreneurship need to have a passion for social change and the ability to think creatively and strategically. Social entrepreneurs need to take on risks and overcome obstacles with courage.

This article will try to get into the aspects of the qualities and traits of social entrepreneurs. We will also try to understand why specific traits are required in this sector without which one cannot become successful.

The first and foremost trait of a social entrepreneur is his zest for bringing social change. Social entrepreneurs are always motivated by the urge to make some positive change in the society where they live. They are driven by the belief that a small step to positive change in a community can set in motion the cycle of positive change in the world. They are driven by a sense of purpose and a deep commitment to their cause.

Secondly, as they are passionate about social change, they think creatively. They identify the problem and try finding solutions that have no or the least negative impact. In a way, social entrepreneurship is driven by the motive to bring environmental sustainability. Without this passion, social entrepreneur is unlikely to be successful, as they will lack the drive and determination needed to overcome the many obstacles that they will inevitably face.

Thirdly, social entrepreneurs are high in creativity and innovation. They see opportunities where others see problems. Social entrepreneurs see social issues as an opportunity to bring positive change. This makes them highly adaptable to changing circumstances and hence allows them to open out to new solutions and perspectives.

Fourthly, social entrepreneurs are great risk-takers. They are one step ahead of traditional entrepreneurs in taking business risks. They dive into businesses that are unconventional where risks of long-term no-breakeven are much more than profit. Even when they see the odds stacked against them, they create opportunities. They are comfortable stepping outside the usual comfort zone of business and taking decisive actions when it comes to creating a positive impact in society. Social entrepreneurs know that failures are easy in the way than success. Yet their drive to create an impact in society gets them going.

Lastly, collaboration and teamwork are the essences of social entrepreneurship. As social entrepreneurship is more about community good than an individual business goal, social entrepreneurs need to have the ability to bring people together. They need to be able to communicate effectively, listen actively, and be open to feedback and constructive criticism. Social entrepreneurs need to be able to work effectively with a wide range of stakeholders, including investors, partners, employees, and the communities they serve.

Thus, social entrepreneurs require a unique set of qualities and traits to succeed. Successful social entrepreneurs demonstrate a deep passion for addressing social and environmental problems, as well as a willingness to take risks and pursue innovative solutions. They are creative and courageous to take risky bets. They are resilient, adaptable, communicate effectively, and possess a strong sense of empathy for the communities they serve. By using their skills and talents to create positive social change, social entrepreneurs can make a real difference in the world and leave a lasting legacy of impact and inspiration. So if you think, you have these qualities within you and you are also driven by the passion to become a positive change-maker in society, social entrepreneurship is your domain.

The rise of social entrepreneurship and its impact on society

 

Social entrepreneurship is a powerful force. It's invasive in bringing change to society. The impact of social entrepreneurship on society has been profound. Social entrepreneurs by way of using innovative business models create innovative solutions to some of the world's most pressing problems. Social entrepreneurs have businesses in the areas of providing clean water and sanitation, developing sustainable energy solutions, providing clothing and food, and so on. These entrepreneurs are not just focused on profit, but also on creating a better world. They are into creating positive social and environmental impact with their businesses.

One of the major reasons for the rise of social entrepreneurship is the increasing availability of funding and resources for social ventures. Governments, foundations, and private investors are all recognizing the potential of social entrepreneurship to create real change, and are investing accordingly.

By way of social entrepreneurship, they are creating economic opportunities for individuals in communities that have traditionally been left behind. Social entrepreneurs are the changemakers for a just business world.

The quality thing about social entrepreneurship is that it is not just limited to a sector or industry. Healthcare, education, agriculture, energy, and so on. Every sector is in need of social entrepreneurs. Social entrepreneurs know very well that communities and customers are not separate. Customers today look for products and services that are altruistic. Communities at the same time deserve to be respected and given opportunities. Social entrepreneurs are packaging the expectations of these two to create social ventures. They are finding new ways to deliver services, create products, and engage with communities that are more effective and sustainable than traditional approaches.

Social entrepreneurship, unlike other traditional businesses, faces significant challenges. The major challenge is the difficulty of measuring impact. Due to their multiple goals and outcomes, it's difficult to assess its effectiveness. Industry support is also tough to get as maximizing profit is not the prime aim for these ventures. Despite these challenges, social entrepreneurship has been growing by leaps and bounds. Some examples of social entrepreneurship include:

Patagonia: Patagonia is a clothing company built around environmental sustainability. It uses recycled and organic materials in its products and invests in environmental activism and conservation efforts. Patagonia has also pledged to donate 1% of its sales to environmental causes.

TOMS Shoes: For every pair of shoes that the company sells, it donates one pair to a child in need. Since its inception in 2006, TOMS has given away over 100 million pairs of shoes to children in over 70 countries.

Warby Parker: Warby Parker, an eyewear company, also has a buy-one-give-one model. For every pair of glasses purchased, Warby Parker donates a pair to someone in need. They also have a focus on sustainability and use eco-friendly materials in their products.

Ben & Jerry's: Ben & Jerry's is a well-known ice cream brand that has a strong focus on social and environmental responsibility. They source their ingredients from fair trade and organic sources and support various social causes, such as climate justice and racial equity.

SELCO Foundation: The SELCO Foundation is an India-based nonprofit that promotes sustainable energy solutions in rural areas. The organization provides access to solar-powered lighting, cooking, and irrigation systems to people living in remote areas.

Chakr Innovation: Chakr Innovation is another India-based startup that has developed a technology that captures particulate matter emissions from diesel generators and converts it into ink. The ink is then used to print T-shirts and other products.

Saahas Zero Waste: Saahas Zero Waste is also an India-based startup that provides waste management solutions to businesses and households. The organization works to promote a circular economy by recycling and repurposing waste materials.

Goonj: Likewise, Goonj also works to provide clothing and other essential items to people in need in India. The organization collects and recycles old clothing, which is then distributed to communities in need.

These are just to name a few companies in the area of social entrepreneurship. It’s a healthy thing to see that more and more young individuals are entering this greenfield area. The rise of social entrepreneurship is a powerful and positive trend that has the potential to change the world for the better. By empowering changemakers and providing innovative solutions to complex social and environmental challenges, social entrepreneurship is creating a more just, equitable, and sustainable world for all.

Impact of social entrepreneurship on society:

The positive impacts of social entrepreneurship though difficult to be assessed are not hard to be felt. Some of the impacts are:

Empowering communities: Social entrepreneurs generally work with communities that are in need of a particular solution. This empowers communities to take charge of their own development and provides them with the tools to improve their lives.

Driving innovation: Social entrepreneurship has out-of-the-box business models as they take unique approaches to solve problems. By creating new products, services, and business models, social entrepreneurs can drive economic growth and promote positive change.

Addressing social problems: The goal of social entrepreneurship is to solve social problems. Hence such businesses revolve around identifying issues that affect society and creating sustainable models that address those problems.

Promoting sustainability: Many social entrepreneurs focus on promoting sustainability, whether it's through using eco-friendly materials, reducing waste, or promoting renewable energy sources. By doing so, they contribute to a cleaner and healthier environment.

The impact of social entrepreneurship cannot be overlooked among other traditional businesses in play. These ventures have helped address many issues such as the creation of jobs, empowerment of communities, sustainability, and driving innovation. Social entrepreneurship is the need of the hour for creating a positive and lasting change in the world.

What does entrepreneurship require? A checklist

 

Entrepreneurship is not easy but it's always worth trying. Before jumping off the squirrel wheel and becoming an entrepreneur, it is required that one carefully weighs not only the business idea but also his or her abilities and prerequisites for becoming an entrepreneur. It is always advisable to familiarize yourself with it properly! By believing in yourself and developing as an entrepreneur, you can achieve your goals. Here is a checklist that those interested in entrepreneurship should go through before starting out!

 

Do you have a business idea?

 

Is the spark of entrepreneurship just long as the matchstick or did it come to you because you have entrepreneurs in your family. Did you get it by reading books on entrepreneuship? Whatever, it is, your decision to become an entrepreneur should be planned thoroughly. You may have a great business idea and a plan in head but you don’t know where to start. That’s ok! It’s worth if you start by understanding the existing supply and demand aspects and your rivals in the market. However, an idea is not enough even if there are no players in the field. You need to refine your idea to make your product unique. A great start requires a great business plan as it helps assess strengths and weaknesses of your idea.

 

Ask yourself why does entrepreneurship motivate you?

 

To become an entrepreneur there is no age bar. You can take up entrepreneurship even after you retire from job. It can also be part time along with your job. However, entrepreneurship is suitable for people with special skills. Do you want to use your skills in a way that nobody has done or offered before? Do you want to plan your schedule the way you want it to be without being afraid of long work days? If this motivates you, you can always give entrepreneurship a shot.

 

For some, entrepreneurship runs in the family. It’s a trait. Starting a business gets easier in a family where entrepreneurs are already on the go. Continuing a family business is natural in such cases. You can also end up becoming an entrepreneur if there are no jobs available in your field, but there is still a demand for products or services.

 

Are you ready to put in all effort to make your business successful?

 

Entrepreneurship is synonymous to responsibilities. An entrepreneur wears all hats of that of a CEO, marketer, salesperson, customer service executive of his company. Not everyone can afford all these positions and hire people right at the start or even before the first order is received. But if you are ready to juggle everything with a smile to realise your dreams , entrepreneurship is your call. You may get many setbacks but those should encourage you to trust your abilities and commit to becoming successful in business.

 

Do you have enough entrepreneurship within you?

 

Understanding your market and the business basics is desirable, especially for those dreaming of starting out big. Even small businesses require good industry related knowledge, of course, if one possesses the skills related to the business is beneficial. On the other hand, you need not have skills to run a business. In that case, you might require a team and need to delegate work to them. But having knowledge about the job is a plus. One should always have the urge to learn the skills or gather good knowledge about it in order to lead your team.

 

Are you ready to learn?

 

Successful entrepreneurs always learn new things. They keep their eyes and minds open to all the knowledge resources and all the possibilities around. Follow the entrepreneurs or companies whom you admire and try emulating them to learn and succeed.

 

Are you always ready for constant change?

 

Entrepreneurship is never static. Its always dynamic as the market where entrepreneurship flourish is always dynamic. Hence, entrepreneurs need to constantly keep learning. There are several ways to doing a job with both pitfalls and success as the outcome. But it should never discourage you from trying and testing the waters. Every entrepreneur learns to work better and more efficiently over the years, but if necessary, you can also get more training for yourself.

 

If the answer to all these questions above are yes, entrepreneurship is definitely your calling. The gap between your transition from wage earner to an entrepreneur is already narrowed when you find that you have a clear cut business idea in hand, you know that entrepreneuship motivates you to the core, you are ready to sacrifice your energy and time into creating something new, you are a constant learner and you are ready for constant change. Take the plunge then, why wait!

Entrepreneurship is emerging as a trend! For many, the first thing that comes to mind about entrepreneurship is the freedom to decide your own working hours and be your own boss.

What do women entrepreneurs need to succeed other than the capital

Capital, no doubt, is at the top of the list when turning the focus to entrepreneurship. Much of the capital goes into the business for various needs. Right from investment in machinery to small tools, salaries, and working capital for day-to-day requirements, capital is required everywhere. But there are certain things more important than money when it comes to women entrepreneurship. Need no mention, women-owned businesses are not very capital intensive.

As customers have migrated to internet shopping, women entrepreneurs are finding it easier to enter into e-commerce businesses with much ease than traditional businesses. Those in traditional businesses are also finding it necessary to come online. Online stores are becoming a must-have in present-day markets. It may not require the kind of capital required in a traditional brick-and-mortar space. But it does require knowledge about the web and how it functions. A great deal of e-marketing also goes into establishing a physical presence in the virtual space. E-commerce businesses are great opportunities for women entrepreneurs. However, the flip side is that women find it hard to match up their online sales with their male competitors for various reasons. Let us try to understand the other things that women entrepreneurs require to succeed in business.

Starting a website and selling online cost time and money. Women generally start small, either single-handedly or with a small team. A large chunk of the cash in hand gets invested in building a website for creating a reputable business online. Of course, there are large volumes of “how to” videos and literature available online to take help from. But not every material is cut out for each individual woman entrepreneur’s need. It requires a great deal of time to research which most of the time is difficult for women entrepreneurs to devote because they have other things to look after as well. Women entrepreneurs may thus require the help of experts to learn the precise tricks of the trade. Women entrepreneurs may benefit from access to strong networks of other entrepreneurs, mentors, and advisors who can provide guidance, support, and opportunities for growth. Women like learning more in a setting through discussions and talks, a natural trait that almost all women possess.

Women entrepreneurs also may need to learn digital marketing to reach out to their customers. Other than this, women may need to know the strategic business tools that other established businesses apply if they want to make their presence felt in the market. Customer Relationship Management tools are some basic strategic tools that can take businesses a long way. Accounting tools such as Freshbooks, Quickbooks, etc. can make accounting quick but most women entrepreneurs still use traditional accounting practices to run their businesses. Using tools speeds up the decision-making process and women entrepreneurs need to leverage these tools in order to grow their businesses.

Women need resources that go beyond the capital requirements. In the D-2-C market environment, meeting customer requirements is a real challenge. Women entrepreneurs require a supportive business community, mentors who can advise them on marketing and sales generation, etc. Supporting policies and regulations are other aspects that can create a more level playing field for women entrepreneurs. Interventions from government and policymakers are important to create a conducive environment for women entrepreneurs to increase their participation. Also, women entrepreneurs require a work-life balance more than anybody else as they juggle responsibilities at home and work. Support, courage and confidence building, and inclusion at all levels by removing all forms of stereotyping from society can be a great way to help women entrepreneurs grow. Overall, it's not only capital that determines women's entrepreneurial growth but a supportive ecosystem that includes access to money, education, training, mentoring, availability of strategic tools for running a business, supporting policies, work-life balance, and culture that values diversity and inclusion is needed for women entrepreneurs to grow and flourish.