Impact of Technological Advancements on Entrepreneurship within Organization

This report analyzes the impact of technological advancements on entrepreneurship within organization. It assesses the challenges faced by entrepreneurs while implementing advance techniques in business. The report includes a case study on Marshfield Bakery. The research methodology used is interpretivism with inductive approach and qualitative research method.

The Entrepreneur project

Table of Contents
Introduction......................................................................................................................................3
Organization Overview:...................................................................................................................4
The concept of technological advancements within entrepreneurship........................................4
The impact of technological advancements on entrepreneurship within organization................5
The challenges faced by entrepreneurs while implementing technological advancements within
organization. New technology is useful in improving the flow of creative ideas in business.....7
Research Methodology....................................................................................................................8
DATA collection and analysis.........................................................................................................8
Recommendations............................................................................................................................8
Conclusion.......................................................................................................................................8
References........................................................................................................................................9

Introduction
In the present era, technology has become a crucial part of business. Nowadays business
entities are likely to implement recent & updated techniques so that they can grow in the future
period of time. By implementing latest techniques, it is possible to grow the business in
significant manner. Here, technological development is about using the updated techniques in
order to ensure competitive edge in market place. In context of entrepreneurship, technology is
highly important as it helps entrepreneurs in creating a unique identity of the company in market
place. Currently, there is extensive competition in market place. In this situation, technology is a
crucial way to run the business smoothly. By this way, entrepreneurs can easily maintain a
distinct identify of business in market place. Further, entrepreneurs are able to develop new as
well as innovative products & services by using latest techniques (Nambisan, 2017). The main
aim of present study is to assess the impact of technological advancements on entrepreneurial
practices. Further, it will also assess the challenges faced by the entrepreneurs while
implementing advance techniques in business.
Research Aim:
“To analyze the impact of technological advancements on entrepreneurship within organization”.
A study on MARSHFIELD BAKERY .
Research Objectives:
 To understand the concept of technological advancements within entrepreneurship.
 To assess the impact of technological advancements on entrepreneurship within
organization.
 To evaluate the challenges faced by entrepreneurs while implementing technological
advancements within organization.
Research Questions:
 What is the concept of technological advancements within entreprenuership?

 What is the impact of technological advancements on entrepreneurship within
organization?
 To evaluate the challenges faced by entrepreneurs while implementing technological
advancements within organization?
Rational of study:
The present study is based on technological advancements. The main rational to undertake the
current project is to evaluate the impact of advance techniques on entrepreneurial practices.
Here, recent and updated technologies play a crucial role in development & growth of
entrepreneurial ventures. Through the study, the researcher can easily assess the impact of
technological advancements on entrepreneurship. Further, the investigator will also able to grow
in personal context in terms of improving the communication skills, presentation and research
skills. These skills & abilities will contribute in career growth of investigator in future period of
time.
Organization Overview:
Marshfield bakery is taken into consideration for the purpose of completion of present
report. It is a small bakery shop that was started by Paul and Lynne to offer quality cakes,
biscuits and other such products to customers. It was started in the year of 1984 in a farmhouse
kitchen. However, they have been explore in terms of locations over the period of time.
The concept of technological advancements within entrepreneurship.
According to Kummitha, (2018), technological progress is about identifying new
methods to produce a particular product. By uplifting the technology, it is possible to produce
unique as well as innovative products in an efficient manner. Change in technology lead towards
high productivity of capital, labor and other factors. Basically, it shows the progress of
transferring the inputs into outputs in an efficient manner. Advance techniques makes a firm
enable to produce creative products so that the customers get satisfaction. Main aim of
technological development is to enhance the overall experience of buyers. Apart from this, it also
helps in providing competitive edge to the organization. Nowadays, technological advancements
have become a crucial requirement of business. Without implementing the latest techniques, it is

quite difficult to run the business smoothly. Technical upliftment is helpful in enhancing the
overall productivity of the company so that they can produce goods or services in cost effective
manner.
Entrepreneurship is a practice to start a new venture with an aim to earn huge amount of
profit. Here, the venture is started by the entrepreneur to offer unique and creative products to the
customers (Ratten and Usmanij, 2021). In addition, entrepreneurship refers to the ability of a
person to start, organize as well as run a business venture along with the possible uncertainties to
earn adequate amount of profit in the future period of time. Entrepreneurship is a quality that is
present in entrepreneur and makes them able to start own venture. To ensure success of such
venture, there is requirement to have an innovative idea. Without having an innovative thought,
it is quite difficult to maintain a unique identity of business organization. Technology is a crucial
part of entrepreneurship. In this context, entrepreneurs are likely to come up with innovative
thoughts & ideas to set a unique presence in the market place. Nowadays, there is a concept
called technological entrepreneurship. This concept is related with setting a new venture to
exploit technological innovation. By introducing new techniques, it is possible to grow in the
market place in significant manner (Coulibaly, Erbao and Mekongcho, 2018). After the initial
phase, technology also makes the entrepreneurs enable to take better decisions in difficult
situations. By doing extensive market research, it is easy for the entrepreneurs to come up with a
new idea to ensure future growth of business.
The impact of technological advancements on entrepreneurship within organization.
According to Broberg, 2021, it is analyzed that technological advancements play a crucial
role in growth of each and every organization. Over the past decade the influence of technology
has enhanced in our daily lives. In this context, individuals are likely to use mobile phones,
laptops and more in their daily life. Through the use of technical devices, it is possible to
enhance the overall knowledge base of a person. In context of entrepreneurship, technology is
useful in terms of maintain appropriate communication. By having advance techniques, it is
possible for the entrepreneurs to easily communicate with internal as well external stakeholders.
Technology is likely to provide ample of channels to maintain necessary communication at
internal as well as external level. During virtual space employees can easily interact with each-
other through technical devices. With this, it is also possible to conduct the virtual meetings and

video conferencing. Through technology, it is possible to collect the feedback of customers in
order to make necessary improvements in the future period of time (The Importance of
Technology in Entrepreneurship, 2015). By this way, organization can easily improve their
existing products & services to address the needs of buyers effectively.
By having latest and updated techniques, business managers can easily perform extensive market
research using necessary tools. This is highly important in terms of providing necessary
information to business people to prepare effective business strategies. By using survey and
customer feedbacks, business organization can easily enhance the overall product. In the present
era, the most significant use of technology is its wide reach. With the help of latest techniques, it
is possible to promote the products or service worldwide (Ratten, 2018). Now, the company can
make use of social media platforms to enhance the awareness of customers in significant manner.
Through technology, information can be circulated to ample of people by just clicking on a
single button. For the purpose of promotions, business entities are also likely to prepare their
own websites. Here, websites are used to interact with the existing as well as potential customers.
It makes easy for the business managers to promote their offerings across the world.
In context of the Marshfiel bakery, technological advancements are helpful in improving
the overall productivity. With increasing size of business, there is requirement of effective ways
of communication. In this regard, emails and other such tools are used to maintain the proper
flow of information within business. Moreover, the technology has been facilitated remote
working. After COVID-19, the trend of remote working has been enhanced. Now, companies are
likely to offer hybrid or remote working to their employees. To work remotely, it is imperative to
have advance technologies in terms of computer, laptop, mobile and more. For this purpose,
companies need to train their employees so that they can cope up with technological
advancements (Michael, Storey and Thomas, 2017). Additionally, advance technology is useful
in terms of decreasing the overall cost in an efficient manner. By implementing latest techniques,
organizations can easily enhance the productivity of business that will further reduce down the
overall cost in significant manner. Reducing the cost makes the entities enable to offer the
products to the buyers at lower cost which will provide them competitive advantage in future.

The challenges faced by entrepreneurs while implementing technological advancements within
organization. New technology is useful in improving the flow of creative ideas in business.
According to Buccieri, Javalgi and Cavusgil, (2020), Implementing technological
advancements is important for business success. It is monitored that technological advancements
are helpful in improving the overall productivity. By having latest and updated techniques,
business managers can easily perform extensive market research using necessary tools. This is
highly important in terms of providing necessary information to business people to prepare
effective business strategies. With the help of latest techniques, it is possible to promote the
products or service worldwide. Now, the company can make use of social media platforms to
enhance the awareness of customers in significant manner. However, it is not easy to implement
the latest techniques as it requires huge amount of investment, infrastructure and more which
enhances the overall cost of production in significant manner. For entrepreneurs, they need to do
extensive research regarding the recent technology so that they will be able to get competitive
advantage. Here, selecting the best possible technique is not easy (Song, 2019). It takes huge
time and efforts. Additionally, entrepreneurs need to have adequate amount of funds to
implement the technology in business. For this purpose, they need to raise capital from different
sources. Additionally, they also need to make necessary adjustments in the available
infrastructure so that technology can be implemented successfully.
While implementing advance techniques in Marshfield bakery, employees are likely to resist it.
It is often found that employees are not likely to support the idea of implementing new
techniques as they do not want to come out from their comfort zone. Hence, the company has to
face the issue of employee resistance. Here they need to arrange necessary training sessions so
that employees can work in a advance environment. Apart from this, the entrepreneurs are also
required to appoint efficient workers who can easily work with advance techniques. This will
enhance the overall cost and further put a major impact on the profit margin (Yunis, Tarhini and
Kassar, 2018). Hence, the entrepreneurs are likely to face numerous challenges while
implementing the latest technology within organization.

Research Methodology
It is a an important section of the overall research project that is intended to offer wide
range of information along with systematic evaluation and interpretation regarding the selected
topic of research. Additionally, it also includes various ways of collecting the data in order to
support the blueprint & systematic framework for the completion of research project successfully
(Daniel, Kumar and Omar, 2018). In context of current study, the data will be gathered and
analyzed regarding the technological advancements in the field of entrepreneurship.
Research Philosophy: It is related with developing broad knowledge and understanding
regarding a specific phenomenon so that meaningful results can be gathered out of the research
project. The major two philosophies which are used in the project report are interpretivism and
positivism. Here, interpretivisim philosophy is about collecting data with small samples and it is
likely to deal with quantified information. On other side, positivism philosophy is highly
structured to collect necessary amount of data in significant manner (Humphries, 2017). In
respect of the existing project, the selected philosophy is interpretivisim. The main rational
behind adopting the respective philosophy is its better way of implication and analysis of the
research elements in order to interpret the information effectively. Besides this, the use of
interpretivisim philosophy lead towards better set of philosophical position of the researcher so
that meaningful results can be received in future.
Research Approach: Under this, a plan is provided so that the overall research project
can be completed in better and effective manner. Mainly research approach is of two types:
deductive and inductive. In present scenario, the selection has been made of inductive approach
that is concern with emergence of generalization & necessary theories (Worthington and Bodie,
2017). Therefore, there is implementation of inductive approach so that the entire study can be
conducted effectively based on quantitative set of research.
Research strategy: Here, research strategy is likely to provide a detailed plan so that the
overall project report can accomplish insightful results. For this purpose, there are ample types of
research strategies can be used by the investigator such as experiments, case study, survey,
interview and more (Daniel and Harland, 2017). As per the nature of present study, case study
method has been selected for collecting significant amount of data. In present scenario, choosing

case study method is meaningful as it will help in gaining in-depth and detailed information
about a particular research topic.
Research Design: This is also one of the important sections of the overall research
project that comprises the overall strategy that is being used by the investigator to understand the
various components of research report efficiently (Clandinin, Cave and Berendonk, 2017). In
research project, the main types of research design are correlation research design, descriptive
research design, experimental research design out of which descriptive design has been selected
in the present scenario. The respective research design will allow in terms of analyzing the facts
with an aim to develop broad understanding regarding the topic of research.
Choice of method: In context of choice of research, there are majorly two choices such
as quantitative and qualitative (Knottnerus and Tugwell, 2018). From these two methods,
selection has been made of qualitative research as it is helpful in terms of gathering detailed and
in-depth information regarding a particular topic. The respective research methodology supports
in developing in-depth knowledge about a particular subject so that significant decisions can be
made in future period of time.
Data collection methods: To complete a research study successfully, it is imperative to
collect necessary amount of data. Collecting primary information is highly time consuming as
the researcher needs to contact to the respondents in order to gather necessary set of information.
On other side, secondary source is less helpful in gathering vast amount of information within
limited period of time (Ratnam, 2019). For current project, secondary sources will be used where
the information will be gathered through different sources like websites, journals, publications
and more. Here, the use of secondary source is justifiable to collect vast amount of information
regarding a specific subject.
Reliability and validity: To maintain the validity and reliability, there is use of authentic
sources in context of present study that includes variety of source like websites, journals,
publication and others. Additionally, the present study is tend to highly reliable as the data
gathered from the research study can be used in case of further investigation regarding the topic.
Ethics: To perform the research work profoundly, there is requirement to follow
necessary ethical principles (Phakiti and et. al., 2018). In context of the existing project, the

major ethical principles have been selected as confidentiality, anonymity and more. Here,
following the suitable principles will allow the research to keep the information confidential in
order to protect the data significantly.
DATA collection and analysis
Theme 1: The concept of technological advancements within entrepreneurship
In present time, technological advancements have become an essential requirement to
ensure the growth and progress of the business entity. With the help of new, advance, recent and
updated technology, it is possible to expand the business in future period of time. In context of
technological advancements, effective techniques are applied in business in order to get
appropriate outcomes in the future period of time. Now, scientific and technological
advancements have become an integral part of business that drives the future success. In addition
to this, technological advancements make the entity enable to understand the things that are
important for satisfying the buyers (Troise and et. al., 2021). With the help of technology, a
businessmen can easily understand the needs and requirements of buyers so that they can
develop suitable products accordingly. Further, technological evolution is helpful in facilitating
innovation and creativity within the company to make the things easier for both business
personnel’s & buyers. In present time, the business men also realize the significance of
technology in business as it helps in inventing new tools to deal with the future complexities
efficiently. In the recent time, digitalization is gaining huge popularity and it might prove a
significant advantage for the business organizations as well (Madrid, Ahmed and Kumar, 2019).
To ensure future growth, the business personnel’s need to focus on evolution of new and updated
technologies. It is monitored that technology is helpful in performing various activities in an
effective manner. Also, it has been made the things really convenient and effortless for the
businesses all across the world. Besides this, the demand of products and services has also been
increased all around the world. To fulfill the increasing level of demand, there is requirement to
use efficient techniques. It is found that technological advancement will prove helpful in terms of
increasing the scope of business so that the things become more convenient and easier
(Importance Of Technology Advancement In Business Sector, 2021). Additionally, the broader
scope also likely to enhance the scope of future improvements in significant manner.

In context of Marshfield bakery, it is a small company that was started to earn potential
amount of profit by offering quality material to the customers. With the passing year, the demand
of products of the respective bakery is also increasing. To meet with such increasing level of
demand, the entity is required to implement advance technology. While using advance
techniques, it is possible to adopt new, advance and innovative ways to produce the necessary
products. By using the updated techniques, they easily improve the production to fulfill
increasing need of the buyers. Additionally, technological advancements are also useful in terms
of improving the quality of overall production to attain higher level of customer satisfaction.
This will allow the organization to increase brand awareness so that more and more people get
attracted towards their offerings that will lead the company towards higher sales & profit margin.
Also, they can use recent technological platforms to promote their products significantly. Here,
they can make use of different social media platforms like Face book, Instagram, You Tube and
more with an intention to get the attention of ample number of buyers. This will allow the entity
to earn substantial amount of profit to ensure long-term survival in the competitive business
environment.
Theme 2: Impact of technological advancements on entrepreneurship within organization
Entrepreneurship really plays an important role in development and growth of the economy by
creating job opportunities, social welfare and more. In addition, entrepreneurs are likely to
contribute in development of the country by uplifting the existing income-level of the
individuals. It is an important practice in terms of creating ample of job opportunities so that one
can easily grow & succeed in the future period of time. The main aim of entrepreneurs is to
produce appropriate products or services to fulfill the needs & requirements of buyers. Also,
information & knowledge is highly important for performing an entrepreneurial activity
significantly. In the present time, new technology has created changes in way of accessing the
information and also provides a robust communication system. In addition, technology has been
enhanced the significance & value of the information & communication. Apart from this,
technology is helpful in dealing with ample of issues that further contribute in enlargement and
growth of business entity. Nowadays, there is extensive competition prevails within the industry.
In such situation, an entrepreneur is required to have effective technologies in order to ensure
long –term survival in significant manner. Further, technology also helps in developing new,

innovative and creative products to gain the attention of significant buyers to earn substantial
amount of profit in longer run. By having advance techniques, it is possible for the entrepreneurs
to easily communicate with internal as well external stakeholders. Technology is likely to
provide ample of channels to maintain necessary communication at internal as well as external
level. During virtual space employees can easily interact with each-other through technical
devices.
In context of Marshdfield bakery, they can also get positive outcomes by implementing recent
and updated techniques in business. To ensure long-term sustainability in the existing market
place, it is important to conduct extensive market research so that appropriate information can be
gathered. By collecting the necessary amount of data, the respective organization can easily offer
necessary products to the buyers as per their needs and requirements. Additionally, they are also
likely to use the latest techniques to promote the products widely. For this purpose, they use
various social media platforms like Face book, Twitter, Instagram and more. These platforms are
useful in terms of gaining feedback of customers to make necessary improvements in the overall
production process in future period of time. Besides this, technological advancements are also
helpful in terms of maintaining proper communication with various stakeholders. Through
effective techniques, it is easy for the respective bakery to maintain regular interaction with the
potential buyers to drive benefits in the future period of time.
Theme 3: Challenges faced by entrepreneurs while implementing technological advancements
within organization.
Implementing technological advancements in business is not an easy practice. Here, ample of
challenges faced by the entrepreneurs during implementation of technological advancements. To
implement the recent and updated technology, there is requirement of ample of funds. However,
the entrepreneur are not likely to have sufficient funds to invest in the business which further
create obstacles in terms of maintaining efficient performance of business entity. As entrepreneur

works at initial level, hence they are not likely to maintain adequate amount of funds.
Sometimes, funds might create major issues in terms of running business smoothly.
Implementing new changes might affect the existing process of business. It means the
entrepreneur needs to facilitate modifications in the existing system that will affect the business
performance significantly. Here, resistance of workforce is one of the main significant challenges
that are encountered by the majority of the entrepreneurs while they implement new techniques.
It is found that employees are likely to work as per pre-defined way. However, implementing
updated techniques will facilitate multiple changes in the existing practice. In this situation, it
will be quite difficult for employees to work in the new environment. Therefore, the
entrepreneurs have to face resistance of employees during implementation of technological
advancements in business (THE KEY CHALLENGES OF IMPLEMENTING NEW
TECHNOLOGY INTO YOUR BUSINESS, 2020) . In the competitive environment, it is
really important to prepare plans proactively and ensure that the planning process is both
democratized and accessible. To speed-up the process, it is required to teach existing employees
how to use recent technology to improve their engagement in business practice. However,
entrepreneurs are less likely to get positive response from the workforce as they feel more
comfortable & convenient with existing work practices.
In this context, Marshfield bakery is also likely to face numerous complexities while
implementing the advance techniques. Being a small organization, they face issues of funding.
They do not have sufficient amount of funds in order to implement technological advancements
in the business organization. Further, the entity also faced issues related to resistance of
workforce as they are not comfortable to work with new and latest techniques. They are
comfortable in existing work practices. Support of workers is really important for implementing
the advance techniques appropriately. Without support of workforce, it becomes quite complex
to implement the latest, new and advance techniques in business. These are some crucial
challenges that are faced by the respective company during implementation of advance
techniques in business environment.

Recommendations/ Growth strategy proposal
Out of the above-mentioned, information, it is found that the respective company is
facing several complexities. It is important to implement necessary recommendations so that the
overall performance of the organization can be improved. In this regard, the necessary
recommendations are mentioned below:
Ansoff matrix: It is analyzed that Marshfield bakery is a small organization that is working
within UK. To enhance the current profit margin, the respective entity needs to implement ample
of growth strategies. Here, Ansoff model is used to ensure the future growth & enlargement of a
company. In present scenario, the four quadrants of the respective model are mentioned below:
 Market penetration: It is an important strategy wherein the entity does not need to
introduce any new product in new market. Rather, they can easily operate business at
small scale with existing products or services. Here, the respective entity needs to provide
several offers such as discounts, coupons, vouchers and more to the buyers to attract them
efficiently.
 Market development: Under this, existing product is introduced in new marker. This
strategy is highly important to expand the current market with an aim to earn potential
amount of profit margin. Here, the respective company needs to expand its current
boundaries to earn higher amount of profit in future.
 Product development: This strategy is related to develop new product to attract existing
customer base. Here, new product is launched so that existing profit margin will get
enhanced significantly. In context of Marshfield bakery, they can also launch new
product to expand their existing product mix. This will help them in enhancing the
existing profit margin significantly
 Diversification: It is about launching new product in new market place. In context of
Marshfield bakery, they need to offer new products in new market place. However, this
strategy is risky but also important to uplift the existing profit margin.
From the above-mentioned strategies, market development seems the most significant
strategy for Marshfield bakery. In this, they can easily expand the current business by offering
similar products to new set of customers. This will allow the respective entity to enhance their
existing sales & revenue in significant manner.

 It is found that employees of the respective company are likely to resist the
implementation of updated technology. In this situation, the entity needs to maintain
proper communication with workforce so that they get to know the significance of
changes. Further, communication is also helpful in maintaining proper flow of
information across the business organization with an aim to minimize the conflicts
effectively. By this way, they will be able to get support of workforce that will lead the
entity towards future growth.
 Motivation is highly important to encourage the workforce to work in change
environment. Here, business managers of Marshfield bakery need to motivate workforce
through necessary monetary and non-monetary strategies. In context of monetary
benefits, they need to offer incentives, bonus and other such offers to the employees.
While non-monetary benefits are related to recognition, appreciation, promotion and
more. Through, motivating the workforce, it is easy to get their support in terms of
effective implementation of technology in business environment.
 It is suggested that Marshfield bakery is required to arrange suitable training &
development programs for workforce. It is found that employees are not comfortable in
working with new, latest and advance techniques. Therefore, the business managers of
the respective organization needs to arrange suitable training and development sessions
so that the employees can learn new skills. These skills & competencies will help the
entity in improving the knowledge base & competency of workforce so that they can
cope up with technological changes efficiently.

Conclusion
Out of the above-mentioned data, it can be summarized that technology is required for
performing business activities in consistent manner. Implementing updated and advance
technology helps the business organization to grow significantly. In addition, technology is
helpful in making the things easier and convenient to get positive outcomes in the future period
of time. In context of entrepreneurship, technology is highly important as it allows the
entrepreneurs to understand and fulfill the needs & requirements of buyers. Furthermore,
technological advancements are also helpful in updating the overall product or service with an
intention to facilitate higher customer loyalty and satisfaction. The above-project is based on
Marshfield bakery that is small bakery organization offering different bakery products such as
cakes, biscuits, pastries and more to the buyers. The report is useful in terms of analyzing the
impact of technological advancements on business organizations. It is monitored that
technological advancements play an imperative role in future success & growth of business.
Moreover, the organization also has to face numerous challenges in terms of lack of investment,
infrastructure and more while implementing the technological advancements within business
organization. These challenges will put a direct impact on the future performance of the business
entity significantly.

References
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