The business landscape is changing rapidly and with the rise of internet use, social media, and content platforms, the speed of communication is having potent effects on the business world. For Entrepreneurs that are willing to adapt and are open to change, it appears to be a new age of limitless opportunity. Companies with limited internet involvement, specifically social media attention and influence, are running the risk of being left behind.
The speed the internet has brought to business has radically changed the game. A small reminder of the growing opportunities for entrepreneurs is Amazon’s recent acquisition of Whole Foods. When Amazon was launched in 1994, Whole Foods was valued at $220 Million, and in 2017 Amazon was able to buy the company. This feat by Amazon shows how fast a company in the current business climate can grow and develop into a major player. Current technology is simply changing the way people live, consume information, and make decisions. If you look around, the transition from consumption of traditional cable is changing before our eyes. With the rise of shows and movies being available through providers such as Netflix, HBO, and Hulu, many families are opting to cancel their cable and watch the shows they want, when they want, through these alternative services. The trends beg the question of how long will it take for Youtube channels to get more viewers than major TV networks? How can cable adapt and overcome these obstacles in the current business landscape? It is important to pay attention to this movement of attention and the direction consumption is heading.
The most beautiful part about the current state of the business world is that anyone with a smartphone is a player. Anyone. It has been proven through Vine, Musically, and Youtube that anyone can grow a following and create a brand around themselves. This extends from 10 year olds making funny content with their friends, to grandma offering the world her best Thanksgiving desert recipes. Anyone can create content about what they love, if they are good enough. Traditionally, it was very difficult to get attention. For someone to offer video content about their cookie recipes, they would have to land a TV Deal with the Food Network. Now all they have to do is make a Youtube channel or Instagram page. The gatekeepers of industries are becoming irrelevant, and authenticity and quality of work are the difference makers between who rises and who falls. The internet has created massive transparency through online reviews, blogs, yelp etc. and there is no room for long term frauds or scams. It is imperative for every company, whether they have 5 employees or 500 to offer a consistent and high quality product/service because the world will know. This offers a unique freedom for the best talent, the best business, the best organization to rise to the top faster than ever before. The game has been changed forever. Opportunity has been changed forever. Look around, it is the best time to be an Entrepreneur this world has ever seen.
Michael Milo - EclubSC Director of Content