When you think about starting a business, the first thing that comes to mind is money/capital. Of course, considering how easy it is to start a business in the digital age, you need money to start a business. However, there may be many other factors that affect the business in today's digital economy - some factors that will cause you serious concern, while others do not really focus on these factors.
Blockchain is affecting all types of businesses
Before they started their business, one of the biggest concerns of today's entrepreneurs might be blockchain or encryption. The world is seeing the rise of encryption technology and how to integrate it into existing business ideas. A few years ago, you must have heard the word "bitcoin". From the perspective of bitcoin, people still think that the blockchain is a digital currency, that is, the currency in the digital world. However, this is far from the truth. The blockchain is expected to affect all types of businesses and industries worldwide in the coming days.
This technology redefines the security aspects of many businesses in 2018, introducing the decentralization of modern business technologies and benefiting end consumers in a variety of ways. For example, you can launch a gaming platform where no one needs an existing treaty. You can create your own platform with your own money today. You really don't have to start everything from scratch; instead, you can base your currency on existing blockchain platforms like Ethereum. With ICO, you can let investors from all over the world invest in your ideas. Therefore, the blockchain is definitely a consideration for all businesses in 2018 and in the coming years.
Entity warehouse is not required
A few years ago, only certain types of business could be called a real online business. For companies that need to store their products for a while, a complete online presence is not a solution. Entrepreneurs with these business ideas must have enough money to own their own warehouse. However, in the past few years, this has also changed a lot. As the idea of lowering transportation becomes more common over time, it is increasingly easier for merchants to start their own businesses without much investment.
In the descending transport model, all you have to do is collect orders from customers, forward them to the manufacturer or supplier and ship the goods. You can only act as a contact in this particular model because it is the vendor that sends the product directly to the customer. At the door of the house. You still need an online store that lists all the products for customers to view. However, you don't need any warehouses because you don't have to own, buy or store any products. The good news is that this model now allows price-cutting shippers to offer more competitive prices and is therefore easier to enter the market.
Big data is the biggest difference
Another technology that affects business decisions and how businesses operate is big data. Although the term "big data" seems to refer only to a large amount of data, in reality, you are also referring to methods and techniques for handling big data. It is completely wrong to assume that traditional software and hardware solutions can handle big data in any way. Let's take the bank as an example. A bank can set up hundreds of branches across the country. In these hundreds of branches, the bank will have hundreds of thousands of customers.
Banks have account information for hundreds of thousands of these customers. In addition, the bank continues to invest in stocks and foreign markets to store and use this information. The same bank processes the data of all micro and macro loans it forwards to customers. It also builds information about customers through its mobile app to understand what customers expect from mobile sites. In all of these hundreds of branches, the bank is also equipped with CCTV cameras that collect terabytes of footage every day.
Do you think all this data is wasted? No, the database collected from the bank is used to make bank branches safer. Data from mobile devices can help banks optimize their mobile apps. The data collected through financial software helps banks improve their insurance, loans, mortgages and other products. On the surface, big data is just a headache for big companies, but big data is equally important for small businesses. This means that companies starting in 2018 must have big data methods from day one.
Internet security is currently the biggest threat
Unfortunately, new technologies are not making the world safer, but rather leading to bigger Internet threats. Cyber attacks have become more frequent and complex over time. In the past few years, cyber attacks on some of the world's largest companies, including technology companies, have proven that security must be a major concern for every business - small, medium or large. If you think that starting a new business or owning a small business will be more advantageous than a large business.
In fact, small businesses are at higher risk when subjected to any type of cyber attack. This is because large companies have the technology and funding to respond to attacks, recover and regain their presence. On the other hand, small businesses usually don't have these.
Final thought
The challenges faced by any small business in 2018 are much larger than ever, and are technology-related. The time needs for small business owners in 2018 is to say goodbye to traditional ideas and embrace new technologies to succeed. They must also remember that in modern and future years, each company is, to some extent, a technology company, because it relies on technology to collect customer data, create marketing campaigns, and protect customer information.
Orignal From: Build a small business in 2018 - it's not how much you have
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