Welcome to the Exponential Age, the mark of the fourth industrial revolution where it is all about digital technology. Even though we’ve all experienced some tough times amidst the COVID outbreak, the benefits of living in the 4th industrial revolution have been a beam of light. The same digital technology that some businesses have been resistant to, has saved many from crashing during these hard times. And if you weren’t rushing to get on board the digital wave before the global pandemic, you ‘re probably right now, because there’s not much room for these disruptors to be pushed back at the moment. It’s time to recognize that these technological advancements are not just academic exercises. They have a direct impact on business and an entrepreneur needs to understand how to harness those benefits.
“An entrepreneur who wants to succeed in this 4.0 world, need to understand the extent and depth of these technological changes and how they impact production, management, business, financial, and other operating systems and processes.”, says Ziad K Abdelnour, president, and CEO of Blackhawk Partners, a New York-based investment firm. “One thing is for sure, these developments have created opportunities to enhance the customer experience”. There is a growing virtual world in which businesses can connect to and coordinate with employees, customers, and vendors in real-time. That same instantaneous communication has fundamentally changed how we deal with one another. This has been incredibly useful in a time where social distancing has been our nation’s motto. According to Ziad Abdelnour ”Those who have been resistant to the shift in technology have experienced the heaviest blows during this pandemic.” To simply put it, they were not prepared by any means. They’ve either missed out or been late to pick up on how to adapt and maintain customer-centric businesses without the use of physical locations. Having already developed a digital presence before the outbreak would have allowed them to communicate better with their customers, keep them up-to-date and build convenient ways for their customers to be able to access their products and services even further.
However, while the pandemic has definitely intensified the cons of not embracing new digital enhancements, it’s been a fact that businesses not keeping up with the times are falling behind. It’s understandable that there has been some resistance to the movement. As with any disruptive phase, it can be especially hard for an established large corporation to implement new processes. Sometimes the more experience you have, the harder it is to break from conventional mindsets. Leading companies often get stuck in old business models. For example, Barnes and Noble seemed convinced that people would always want a physical book in their hands and were slower to catch on to the digital book formats. Or even the good old fashioned Taxi industry has had tons of struggles with keeping up with new software that has drastically changed the game for public transportation. Companies like Uber have begun to crush the taxi business simply because they used technology to eradicate the issues of limited access and lack of fare control. They were secure and critical enough to challenge the traditional ways of doing things. Uber is just a software app; the company doesn’t own any cars but is now the biggest taxi company in the world. While older businesses may not like the fact that these innovations are changing the game, the changes have been great enhancements for customers. That being said it’s important to realize that technology has given businesses the opportunity to hear and respond to the exact needs and wants of their customers. Why not take advantage of that?
Technology by itself is not the disruptor. Not being customer-centric is the biggest threat to any business. The most successful entrepreneurs will be those who embrace disruption, can pivot quickly, and figure out how to personalize technology to best fit their needs. You’ll need to buck conventional wisdom when facing new challenges and not settle for incremental thinking. You must keep learning, so you can take advantage of the technological advances that seem to be happening at warp speed. By nature most humans resist change because it moves them out of their comfort zones. Clearly, entrepreneurs are people, and they are equally prone to the same resistance, however, it’s the ones that can escape limited mindsets and see the bigger picture that will embrace the technology and win in the long run. Don’t get in your own way of achieving your business and start-up goals.
And for those interested in how to create a business “powerhouse” and survive and thrive in the time of corona without being a debt slave can check out the “Master Class” by Ziad K Abdelnour online at https://zshark.freedomforall.io/salespage
