Application of Technology in Modern Businesses - Essay Example

Once adequate entrepreneurial skills are attained, it becomes time for developing successful business ideas based on the needs of the prevailing market. However, the next and the most challenging part is nurturing the business idea into an entrepreneurial firm. Concerted efforts, energy, and resources are needed at this crucial time. What remains after the establishment of the firm is managing the enterprise into a successful firm.

2. Application of technology in modern businesses cannot be underestimated. Most business processes are heavily dependent on modern technology. Therefore, technology is an overwhelmingly important tool for creativity and innovativeness in that great ideas can be tried and put into practice using technology. It is also important to note that successful entrepreneurs are flexible to fiscal changes in the market. Business in the modern world has become increasingly competitive and dynamic thereby demanding a high degree of business flexibility. Competition may change business conditions and fiscal policies as well and therefore, successful entrepreneurs need to be well-equipped to anticipate and prepare for these changes. Otherwise, it would be difficult to maintain viable business enterprises without a clear understanding of prevailing and even future market conditions.   Read More