Leveraging Technology for Entrepreneurs
By: Brianna Tipping
The introduction of technology into the business world has evolved in many industries. A product as simple as an organizational app can help boost small businesses. Leveraging these tools can set a company apart from others as they affect how customers interact with the company. Many blog posts and articles have used the term “digital disruption” as a descriptor for how technology has impacted industries and companies worldwide. Businesses and entrepreneurs need to keep up with evolving technologies to prevent themselves from becoming victims of digital disruption. Those external processes are vital to a business, but so are the internal technological processes they use. Throughout this article, I will address how different technologies help elevate a business with the help of Bence Horvai, a Calgarian entrepreneur. Horvai owns and operates a company called Focus Wave Co. This company works with content creation, producing photo, video and audio content. This profession has been around for many years, but with technological developments, it has changed vastly over the decades.
To understand what digital disruption looks like, we will discuss what it is and provide examples. Digital disruption describes the impact that technology has upon an industry. Often, it involves forcing a company to adjust its business strategy as an attempt to keep up with current market trends. Digital disruption is evident in the automation industry between electric vehicles and gas vehicles. For example, once a brand like Tesla entered the market, many other companies were rushing to get their research and development teams to focus on electric vehicles. Even now, many brands, like Chevrolet, Ford, and BMW, have released electric counterparts. The advancements of electric cars are a catalyst for market changes, forcing many companies to scramble to avoid becoming obsolete. Those who are not able to conform to market trends have to distinguish the company with a different competitive advantage, or the business will fail.
Though electric vehicles can have significant and expensive changes, less physical technologies can also create change for business owners. A more relatable example of digital disruption is the introduction of e-commerce. Many consumers are choosing to shop from the convenience of their homes. E-commerce sales are one of the biggest shopping platforms in 2020. Research done by eMarketer (See Figure 2) shows the growth of retail e-commerce, forecasting to 2023. Since 2017, Canada’s retail e-commerce industry has only risen in sales. A lack of online-adaptation causes many brick-and-mortar stores to liquidate. Often, these types of stores struggle to compete with large online platforms, like Amazon or Alibaba.
To address this issue of the rise of e-commerce, optimizing an online platform is essential in competing with large online retailers. So, I asked Horvai what his take on social media is. I asked, “Let [us] go back ten years, back to 2010, how do you think the power of social media has developed since that time?”. In the interview, he said,
“I do [not] think we really had anything. I mean, we had Facebook, but at that time I believe MSN was still a thing. I don [not] know if you were on it, but I was on MSN. So that was basically the beginning. You would go home from school, or work, or whatever, and you would hop on MSN. And that [is] what it was. Since then, it became a more social platform. It became, in my opinion, more of a stage where people can put out their art, opinions, their everything, and it [is] free for people to consume.”
Social media has developed significantly over the last decade. As Horvai discussed, there is a stage for anyone to perform on. To get a sense of how social media has impacted entrepreneurship, I asked, “How are you now able to leverage it for your business?” To this, he replied,
“There [is] Facebook campaigns, Instagram campaigns, there [is] so many different things that make a brand more recognizable, and I think social media has been probably the biggest in my brand recognition. But two years ago, Focus Wave Co. did [not] exist, nobody knew what it was. Now because I pushed it all over social media, Instagram, Facebook, Twitter, as well as working with local creatives, influencers, models, [and] companies that have a big reach, the brand itself extended. So, it [is] crucial at this point. If there [is] no social media presence, you do [not] exist.”
Horvai’s profession relies on networking. He gains customers by displaying his works. The same statement may not apply to other industries, but in 2020, having a social media presence is essential for every small business owner. It is a tool that any business owner can use to attract customers and stay relevant.
Opposite to customer-facing technologies, entrepreneurs must also effectively choose and utilize the techniques used on the backend. I asked Horvai how much of his business processes are reliant on technology, excluding cameras. He described that approximately 80% of his business processes consist of technology-based processes, like email. The remaining 20% of operations are in-person networking or going outside to take pictures and videos. That 80% is the reality for many small business owners. There have been many apps created to replace the old way of doing things, like the way where one would use paper and pen. Processes that Horvai can now complete with technology are activities like accounting, contract drafting, communication and many more. Having digital processes can save time and money for small business owners.
Horvai uses QuickBooks for accounting software, for example. This accounting software is beneficial to many entrepreneurs because it helps track your expenses throughout the year. When it comes down to tax season, one can avoid the hefty costs that come with bookkeeping. But out of all the software that Horvai uses, he said that his cloud service through Google is one that he could not operate without, as it connects all his needed information on all of his devices. Cloud services are applications that are made available via the internet. For example, Google offers online services such as Google Drive, an online storage space, Google Sheets, an online equivalent to excel and even something as simple as Google Calendar, an online calendar system. Cloud services are a valuable tool for entrepreneurs. Once you understand and properly utilize these types of tools, business processes can operate smoother and more organized.
Horvai uses many different pieces of technology in his everyday work processes, and these technologies help the business run successfully. I asked him how he finds all the different apps and programs that he uses. Horvai said that his process is “Trial and error [is] a lot of it. I watch a bunch of videos on tech and how certain videographer do things, and how certain photographers do things.” Platforms like YouTube provide a platform for many entrepreneurs to reach their early adopters or general market. YouTube also has large amounts of traffic that view various advertisements or product reviews. This dynamic is quite impressive, as is a way for small business owners to elevate their marketing reach, as we discussed previously with the importance of social media.
But Horvai explained that the devices you use are just as important as the software you use. Though he mostly uses Google’s software programs, Horvai is a user of Apple products, saying that he heavily uses his iPad every day. I asked Horvai, “How is Apple’s technology different from a Windows computer or an android phone?” Horvai explained that the most significant benefit for him is the Airdrop feature, “I can basically drag a three-to-four-minute video clip, a music video, an Instagram video, [or] a YouTube video if I really wanted to. I can drop it over my Airdrop folder, and I can just drop it immediately onto my phone, or onto my iPad. I can show my clients ‘this is what I do. Do you want my services?’ Or I can just post it on Instagram in less than 5 minutes.” He continues to mention that he has tried to convert to PC counterparts, due to the amount of money you can save, but Horvai stuck to Apple due to the ‘tethered connection’ between all the different devices.
Starting a new business in 2020 for a new entrepreneur can be difficult. Taking advantage of all the technological tools available will benefit both the entrepreneur as well as their new business. Horvai himself enjoys utilizing programs like QuickBooks and cloud services from Google. The software that a business owner uses helps organize the company so that it runs smoothly. And, as Horvai displays, something as simple as the device you use can provide customers with a tailored experience. These types of tools are not noticeable by the consumer, as they are so simple, but without them, consumers will notice. Leveraging these tools can give a company a competitive advantage over others, through cost-saving methods or a better service method. Additionally, more visible tools, like social media, should also be utilized by a company to keep up with market trends and be noticed by consumers. Horvai thanks social media as it has allowed him to become a member of the Calgarian content creator community.
