By: Kirill Bensonoff
The omni-presence of the internet has evolved the way that entrepreneurs are approaching the business world. More traditional industries have meshed with the technology of the modern age and assembled virtual offerings of all kinds, bolstered by their direct connection to communities of consumers all through the same digital platform. The latest estimate is that up to 65% of primary school aged children will one day have careers which don’t exist today, in industries which might not exist yet. The concept of entrepreneurship is steadily adapting and changing to meet the demands of the new technological dawn, and the internet is the catalyst.
Recent statistics suggest that a new age of entrepreneurship has come about due to the increased exposure of business leaders to potential consumers and ideas via the web, in a refreshed version of networking. WIll the online “movement” be the new medium of choice for business entrepreneurs of the future?
Why The Internet?
Along with the popularization of the internet, there are multiple other factors contributing to the concept of online entrepreneurship, such as the growing demographics of millennials in business, and particularly startup culture. Other contributing factors include a changing economy, with less stability found in traditional job sectors and the higher cost of living. With full audiences of engaged consumers spending more time online, there are abundant inspirations and opportunities for entrepreneurs to get direct exposure to what consumers want and break new ground.
The meteoric rise of social networking websites have also created unique data sources, and inspiring innovation and modern entrepreneurs have their fingers on the pulse. Internet-based models for businesses are lowering barriers for entrepreneurs to global market entry, allowing more individuals to create businesses of their own.
Entrepreneurs of the New Age
The growing pace of online businesses could have another radical effect on the new age of entrepreneurship. Entrepreneurs are not only starting younger, but are also coming from more diverse backgrounds and sectors which are not traditionally associated with the internet, such as agriculture startups, supply chain work and more.
A recent OPEN Forum Infographic found that while as many as 95% of the surveyed entrepreneurs had obtained a Bachelor’s degree from a higher learning institution, only a small fraction of that amount have attended business school or have formal qualifications in the business field. Startups dealing with traditionally non-internet based industries are becoming more common, and the internet is facilitating the modernization of these sectors. Easy accessibility to online learning resources has been key in transitioning to this new step of ‘entrepreneurship for all’.
At its heart, the American economy was built on the innovation and work of entrepreneurs. Today, the internet and startup culture have brought less volatility and is less sensitive to downturns which typically affect the rest of the economy, differing from entrepreneurial pursuits of the past. Rather than waiting to find jobs in a struggling economy, the democratization of online entrepreneurship is seeing more individuals create jobs for themselves and others and working on the new economy.
As social change accelerates and the public need for online convenience increases, innovation in business will keep up and drive further changes. Each iteration of startups in the space are in some way a renewal and reforming of the economy, with different opportunities to succeed.
Advancing Across Borders
Streamlining business processes makes more room for new methods and approaches to entrepreneurship. Entrepreneurs of today are on a different spectrum, starting ahead and simultaneously have more direct exposure to potential consumers online. Advances in online technology are also changing employees — companies are increasingly making use of remote work as a productive and cost-effective model.
Remote work is growing at an exponential rate with both founders and employees spending less time in offices and more time online. This signals a large scale move to location-independent business and enterprises run across borders via the internet.
The breakneck pace of technological development and the spread of the internet across the globe is having a big impact on entrepreneurship, business and the global economy. The future of entrepreneurship will be more focussed on global interoperability and new online perspectives in the business world. The growth of the internet has evolved the way that entrepreneurs approach the business world, and will shape the younger and more digitally-inclined entrepreneurs of the future.
Entrepreneurship has joined the latest digital revolution, and the internet is the new foundation of business for business leaders of the future.
About the Author:
Kirill Bensonoff is a serial entrepreneur with multi-million dollar exits in the technology industry. He has focused on building technology focused startups in the fintech, blockchain and enterprise IT verticals. As a graduate from the EO Entrepreneurial Masters at MIT, he has served as both an advisor and angel investor to over 30 different companies. Kirill has been published or quoted in national business and technology media, including Forbes, Inc., Huffington Post, Bitcoin Magazine, CoinTelegraph, The Street, Crowdfund Insider, Investing, Crypto Daily, Cointelligence, and Securities, among many others. Kirill is the chief product officer for the fintech-driven solutions offered by New Silver, a non-bank loan originator for real estate entrepreneurs; the host of The Exchange With KB podcast, a founding member of the Chain Reaction blockchain angel group, and he also runs the Blockchain+AI investment syndicate.