Developing an Entrepreneurial Mindset for the Digital Age

A digital report by We Are Social and Hootsuite recently highlighted a number of statistics that demonstrated how integrated technology has now become in people’s lives. For example, more than 5 billion people use a smartphone. At least 4.2 billion of them use social media for an average of 2 hours and 25 minutes daily. There are even innovations like the cloud and artificial intelligence that can help businesses streamline their processes. All of this is proof that technology provides many opportunities to take advantage of — you just need to learn how to fully utilize them for your business.

That said, here’s what you need to do:

Set goals for your data collection process

There are many ways to extract the data that you need, from tracking your customer’s movements on your website to monitoring their engagement on social media. But with so many potential methods on your hands, how do you know which ones will provide you the best insights? The answer is to set goals and to have key process indicators (KPIs) to help measure your progress towards that goal.

For example, if your goal is to have more return customers, you can place a tracking code on your checkout page. This will let you know if a user who has made it to the checkout page (or purchased an item) does so again. This lets you focus your data collection on the points that matter. Just make sure that your KPIs are quantifiable.

Update yourself on the latest tech trends

New technologies are crafted every year and existing ones are always evolving. For example, the cloud is a virtual space that you can use to run software applications or stored data. The cloud is powered by edge computing, which is the reduction of latency and bandwidth usage by bringing the equipment closer to the source data. Its servers are built using modern rigid-flex PCBs, which are the ideal solutions for pieces of technology that needs powerful features. In fact, its small form factor is also what enables the development of wireless products like network sensors and 5G hardware — innovations that could prove useful to your business’ growth.

An entrepreneur should always be aware of what the currently available technologies are, how they work, and whether or not they can benefit you.

Prioritize the user experience

Since the potential of technology is vast, it can be tempting to stuff software and websites with a lot of functions. However, you shouldn’t do this. After all, there’s no such thing as a bad user only a bad user experience. User experience determines how satisfied the customer is with your product or service. The better it is, the more likely that they will be a repeat visitor customer. This is why websites should be kept simple, for instance. Put all the major categories on the navigation bar, so it’s easy for the user to find what they need. Or do you have an online shop? Make sure that your checkout page contains all the information the customer needs to process their transaction. User experience is especially important for entrepreneurs that offer tech services like the cloud and CRM.

An entrepreneur should be familiar with the depth of influence the digital age has on their operations. It’s not enough to be aware of the existence of these technologies either; you need to learn how to incorporate them into your business. The above tips can help.

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