Accumulation of wealth is every human being’s, company’s and nation’s dream and it is the reasons we expend endless energies in pursuit of success in wealth creations with ingenious ways being concocted to exponentially grow the mine fields and cornucopia of possessions whose street value is worth the efforts and struggles. Great wealth is a relative term whose degree of truth keep changing as the world change and what is resourceful redefined. Valuable wealth may be tangible or intangible and normally take a revolutionary approach especially when metrics are employed to determine who the wealthy gurus are at a particular time, place and the demographics on the global space. According to economists, wealth is a resource of financial measure of what a person, company or nation has accumulated and it is the sum totals of the market value of all physical and intangible assets less debts if any.
There are a myriad of strategies to create wealth with entrepreneurship topping the list. Entrepreneurship is one without which humanity will lose its very existence as there will not be men and women of valor who take risks to delve in to the meandering, twisted unknown and uncertain universe and innovatively create wealth through tactfully blending labour, capital and land. The 21st century entrepreneurs are well endowed with technology to disruptively creating wealth massively boosting financial health a nation. From reengineering business processes to innovative products and services, technology is spinning the norms in wealth creation leaving even the seasoned geniuses hanging in both suspense and searching for new knowledge to catch up with and keep ahead of the pack. Indeed, leveraging on technology will infinitively power the next frontier of wealth creation through entrepreneurship. Robert Kiyosaki quips that ‘the ability to leverage is the reason some people become rich while others do not’. He defines leveraging as the action or the enabler of efficiency. For an entrepreneur to create great and tangible wealth, embracing the various forms of leveraging as provided by Robert Kiyosaki is imperative such as; leveraging on other people’s time, money, knowledge and systems including technological systems.
Thanks to technology, today’s sharp-witted entrepreneurs are creating ‘overnight millionaires’ with growth trajectories of exponential gradient despite turbulent business environments alluding to the fact that investing and leveraging on technologies will ultimately spice-up the output and chunk products and services that will attract more local and global markets thereby contributing to the growth of a nation’s Gross Domestic Product (GPD) with improvement of its wealth reserve. The acquisition and dissemination of technology has to do with the purchase of external technological knowledge and expertise for the purpose of improving both efficiency and effectiveness in profitability and consequently improved wealth creation embodied in machinery, tools, and equipment and hiring tech skilled workers. Scientists quip that entrepreneurs’ business ideas are generated through the non-academic right brain where intuition, insights and inspiration rules and manifested by experts or the left brain in research and development, logic, analysis and inferences. It is therefore arguably true that entrepreneurs must inculcate technology to convert their ideas into wealth.
Technology fueled entrepreneurship adds value to both domestic and external markets with tech infsed businesses begetting overall growth, balance of trade through competitive quality products and services, generate jobs and consequently shoot the per capita incomes while diminishing recession risks in the future for the domestic markets. In the external platforms, the benefits include; boost exports hence boost foreign exchange earnings, technological competitive advantage as well as globalization of operations leading to benefits of economies of scale through mass production and cost reduction. An entrepreneur’s wealth creation’s detour can prove lonely especially for start-ups and may pose survival, stability and sustainability hiccups and may result in enterprise closures in extreme cases acting as a pointer to build relevant capacity to thrive through joint ventures. A joint venture is a business agreement in which parties agree to develop, for a finite time, a new entity and new assets by contributing equity on agreed ratios which will advise sharing of markets, intellectual property, knowledge, revenues, expenses and assets. According to Grant Thornton, entrepreneurs and companies wishing to embark on a joint venture must consider; the agreement contents, alignment to business goals of parties, flexibility as well as well coined strategic launch as this is where the rubber meets the road. The infusions of appurtenant technology coupled with great think tanks in joint ventures create great benefits to parties.
It is therefore pre-eminent, that entrepreneurs appreciate the role of leveraging on technology in championing opulence growth through chunking new better quality products and services, new markets as technology according enterprises the muscle to spread their tentacles to any part of the globe. There are still areas where technology need more attention to keep the growth trajectory northwards such as, i) customer relationship management, ii) advanced data analytics, artificial intelligence and machine learning, iii)emerging technologies, iv) social media communities and customer engagement and v) Big data and data value management. Needless to say, individuals and economies must embrace continued tech disruptions through old and new technologies in order to reap big in productivity, profitability and wealth creation for posterity. As for all the world economies, they must be cognizant of the fact that, all great successful organizations began with an entrepreneur who dared to take risk to breathe life to those ideas and created wealth. Indeed, wealthy entrepreneurs beget wealthy nations with technology steamrolling the process.
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