This report explores the advancements in Information and Communication Technology (ICT) and their impact on entrepreneurship. It discusses the potential of e-commerce and social networking in the digital age. The report also introduces OurGroup, a new business that aims to capitalize on these opportunities.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
Running head: ENTREPRENEURSHIP IN A DIGITAL AGE1 Entrepreneurship in a Digital Age Name Institution
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Entrepreneurship in a Digital Age2 Successful Business Plan Group Report Executive Summary The advancements in the field of Information and Communication Technology (ICT) have, indeed, revolutionized entrepreneurship. Unlike it was before, today, people only need the internet and the internet-enabled devices like, tablets, smartphones, and Personal Computers (PCs) to engage in commercial activities. Technology has created room for electronic commerce (e-commerce) whose adoption has made it quite easy for the buyers and sellers to exchange commodities and complete transactions in the virtual space. ICT has made life much better because it supports ad sustains e-commerce and social networking. All these are lucrative opportunities that still need to be explored because they have lots of potential especially for the upcoming entrepreneurs. OurGroup is a new business whose philosophy is purely based on e- commerce. It is a new social media platform that will get to enjoy a competitive advantage as well as a substantial share of the market because of its novelty, progressiveness, innovativeness, dynamism, and cost-effectiveness in comparison to its rivals.
Entrepreneurship in a Digital Age3 Introduction OurGroup is designed to be a new business which seeks to target the all he segments of the market including the kids, teenagers, youth, and the adults. OurGroup is a social media platform that will be designed to operate in the PCs, tablets, and the smartphones. This implies that OurGroup will be operated as a website and a mobile application. In terms of functionality, OurGroup will serve as a new social media platform in which the users simply have create their personal profiles by signing-up using their personal identification information including the names, date of birth, age, physical address, and all the other information such as ethnicity, race, physical address, and images. What makes OurGroup superior in the market is that it will be enabled to perform a wide range of activities that no any other social medium offer to the users today. These include the sharing of information, live video chat, live text chats, and a platform for commercial and dating activities. All these indicate that OurGroup is a one-stop medium for communication, social networking, dating, and trading. At the same time, the medium will be developed using a sophisticated technology that will make it possible for the users to operate it without using the internet. These are the strategies that the medium will use as a competitive advantage to enable it strategically position itself and be able to enjoy a substantial share of the market. Analysis and Research ICT has revolutionized life and made it much better and convenient than it has never been. OurGroup is a new business that is aimed at offering a wide range of services to the internet users. One of the major ways through which ICT has transformed the society is that it
Entrepreneurship in a Digital Age4 has created room for e-commerce. With the availability of and accessibility to the internet and internet-enabled devices, people can easily engage in e-commerce without having to travel for long distances to make purchases or transactions. Rather, all these activities can be easily executed virtually (Hudson, Huang, Roth & Madden, 2016). Nearly all he business is embracing the use of e-commerce because it has emerged as the most attractive business trend in the market today. ICT has also revamped the use of social media. According to research, social media has become a very powerful and influential tool that has attracted billions of people. Currently, there are billions of people who currently use the social media to communicate, network, and engage in various commercial activities. Some of the leading social media platforms in use today include Facebook, MySpace, SnapChat, Twitter, Instagram, Skype, and WhatsApp. These are platforms which have attracted millions of users. For example, according to latest statistics, Facebook, YouTube, Instagram, and WhatsApp command a following of 2.7 billion, 1.3 billion, 1 billion, and 1 billion users respectively (Chong, Lacka, Boying & Chan, 2018). These are people who use these social media platforms each and every day so as to perform a wide range of activities such as communication, entertainment, social networking, and e-commerce. So, by joining this market, OurGroup is assured of tapping into this clientele (Armstrong, Delia & Giardina, 2016). As a new business, OurGroup is bringing an a better alternative that it is more innovative, novel, convenient, efficient, and cost-effective as compared to all the other alternatives that currently exist in the market. However, in order to achieve all these, OurGroup should do everything right, right from its inception. Among the success strategies that it should consider implementing is the use of modern technology and marketing (Cawsey & Rowley, 2016). These are the strategies
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Entrepreneurship in a Digital Age5 whose proper application can enable OurGroup to succeed in accomplishing its short and long- term objectives.
Entrepreneurship in a Digital Age6 References Armstrong, C.G., Delia, E.B. & Giardina, M.D., (2016). Embracing the social in social media: An analysis of the social media marketing strategies of the Los Angeles Kings. Communication & Sport, 4(2), pp.145-165. Cawsey, T. & Rowley, J., (2016). Social media brand building strategies in B2B companies. Marketing Intelligence & Planning, 34(6), pp.754-776. Chong, A.Y.L., Lacka, E., Boying, L. & Chan, H.K., (2018). The role of social media in enhancing guanxi and perceived effectiveness of E-commerce institutional mechanisms in online marketplace.Information & management, 55(5), pp.621-632. Hudson, S., Huang, L., Roth, M.S. & Madden, T.J., (2016). The influence of social media interactions on consumer–brand relationships: A three-country study of brand perceptions and marketing behaviors.International Journal of Research in Marketing,33(1), pp.27- 41.