The Evolution of Information Technology Entrepreneurship

Introduction

Information technology has had a deep impact on the current era. Almost every aspect of globalization is highly dependent on it. It has become dominant in all aspects of globalization. Information Technology is the study of transmitting information in various ways through the means of computers. It is a system that implements significant software and hardware that enable us to transmit information, store data and manipulate it in many fashions which reduces the complexity for the analysis of data. It is abstracted by the development and designing of software, implementation of appropriate hardware, and maintaining them in order to keep the system effective. It uses a computer to store, transfer and manipulate the data or information. Entrepreneurship is the ability to plan and run the business with uncertainties of the profit, prepared for the upcoming risks, and tackle them with the proper decision and appropriate planning. Entrepreneurs also contribute to the economic development of the nation as well as contribute for society through employment. An increase in entrepreneurs could be the reason to reduce unemployment. In contrast to the early days, it is found that entrepreneurs are increasing in correspondence to globalization. IT is entrepreneurship is the ability to take risks, run ideas, and plan business by storing, transferring, recording, and manipulating every transaction through software applications and computer hardware. In simple words, IT entrepreneurship is the modern and scientific pattern of running business activities through a computer-based system. IT is entrepreneurship has unlocked another broader scope throughout the global market. Nowadays, IT has enabled entrepreneurs to focus on specific problems rather than every overwhelming aspect. Thus, entrepreneurs are able to spend their time for productive work and better business ideas rather than getting involved in various unproductive works.

Globalization 

In this modern age, Globalization plays an important role for growth in every aspect. In contemporary, Information Technology Entrepreneurship has affected globalization dramatically. Globalization and Information Technology are interrelated with each other. Globalization can be grown through information technology and vice versa. In the past decades, it can be observed that globalization has reached from manual to digital shopping. All these drastic changes are the result of the advancement of Information Technology. Also, it can be analyzed that Information Technology Entrepreneurship is an abstraction of globalization. Moreover, a business has basic foundations to operate, which are planning, research & development, investment, marketing, and so on. These basic foundations directly or indirectly relay with Information Technology. The advancement of Information Technology has revolutionized marketing strategies. Thus, the advancement of Information technology has shaped Entrepreneurship on a greater scale. Nowadays, with the expansion of information technology, it becomes easy to make various decisions on the basis of analysis of data related to business. Information Technology provides prior advantages to business organizations. Information Technology has made globalization easier by making it possible to learn the culture, language, and customs of the global market. As business ventures require large amounts of data and information of various aspects; Information Technology helps to store large data and information within a small space and provides the required information to the concerned at the moment. Computer-based transactions also help to save time for business as it is easy and fast to transact through computer software and hardware. Entrepreneurs need to analyze huge amounts of data on a daily basis in order to form a plan and forecast the future to face future uncertainties. It is easy, fast, and accurate to analyze data and information through software applications. Information technology Entrepreneurship makes business accessible to more people; resulting in the profit increment of an organization. It is easy to design and develop new business ideas through computer software, and also globalization helps to gain reliable data. It is easy and fasts to collect and transfer data through computer software and hardware which a business venture requires. Hence, with information technology, entrepreneurs will have the capability to monitor, reevaluate, modify, and employ global business strategies that will meet the global challenge. The spread of information technology has made production networks cheaper, and easier and has been fundamental for globalization. Globalization has allowed real-time trading and collaboration for international trading. The developments of technology change the market and also reformulate the way of business. This helps entrepreneurs in different ways to gain more profit at low risk.

Moreover, businesses have been revolutionized and scaled up to global from limited local due to advancements in Information Technology. As Information Technology is replacing the efforts of humans in various aspects, Information Technology Entrepreneurship is expanding its scope. The advancement in globalization impacts the lifestyle of every individual. Nowadays, people are becoming modern and trying to adopt technology for various purposes. They want every service in their door rather than going out for small purposes which saves their time and efforts and hence it unlocked many other opportunities for entrepreneurs. In the current situation, Information Technology is broadening its scope. In the early days, Entrepreneurship had limited strategies to be implemented for their growth and the development of the business. Thus, entrepreneurs had to face various difficulties for the growth of their business such as complexities in marketing, improper management of customer data, and losing information due to a lack of technology and effective ways to manage it. Due to the modernization of Information Technology, it can be observed that the moreover difficulties have been sorted out and the barrier of business expansion is getting thinner day by day. All of these together are broadening the scope of Entrepreneurship. Obviously, Information Technology is the best way to expand and grow a business. As the encroachment of technology, information about various arenas can be transferred throughout the world which can be fruitful for the analytical aspects. Decision-making is the crucial part of the business for which actual data of the market plays a vital role and it can be cracked through the information provided by respective businesses throughout the global market. With the digitization of information, more and more businesses are increasingly leveraging the benefits of digital tools to improve their prospects. Information technology has been crucial in turning this process into a complete success. Of course, the digitization of information technology helps in the planning process of entrepreneurship for their business. The scope of information technology entrepreneurship is increasing due to the changing lifestyle of people. As people are focusing on their career development and also the growth of their business, they are changing their lifestyle in accordance to modern technology. Information technology provides the best tools for communicating with customers and solving their problems in the right time. It has unlocked the facilities like Email, social media, and other messaging platforms for this purpose. In general information technology has broadened its scope in various aspects like automation of business processes, mobile technology, protecting data and information, and providing customer satisfaction.

Information Technology

It’s difficult to overstate the importance of information technology in today’s business. No matter what industry it belongs to, a business economy is information that makes it possible for it to conduct business. Modern technology can drastically increase the company’s performance and productivity. Technology helps us to connect with people worldwide and information helps to satisfy their needs. Information Technology provides multiple channels for businesses to communicate both internally and externally. In fact, information technology helps in knowledge-based business. Information technology can help to increase the export of the national product to the international market, which results in the increment in national GDP and advertisement of national products. Of course, it results in a decrease in unemployment. Likewise, information technology helps to promote business and entrepreneurship. It is impossible to get success without information technology. With an information system, businesses can save time and money while making smarter decisions. A company's internal departments, such as marketing and sales, can communicate better and share information more easily. In every step of the business, the entrepreneur realizes the importance of information technology. Nowadays information technology has spread widely in society and is integrated into all aspects of life and so on for entrepreneurs. Since this technology is automated and uses complex theories, it reduces human error. Furthermore, employees can focus on the other aspects of a business rather than spending their time in collecting data, filling out paperwork, and for manual analysis. Hence for the success of the business, entrepreneurs should understand the importance of information technology.

In the absence of information technology, business simply stops. Every department and area of the business depends upon information and technology. Information technology has become the blood vessel of the business. In simple terms, information technology is the reason for the success of the business. Every data of the business can be confidential because of the information technology. A valuable part of every office and business environment is information technology because it keeps the data and system accurate. Information technology fosters innovation in the business. Information Technology also provides the current situation of the competitors and it helps entrepreneurs to change their business planning in accordance to their competitors. Information technology in business helps entrepreneurs to be alert about the status of their business and it can help them to change their focus on the area which is being lacked. Information Technology also helps all the areas of the company to become more productive and focused. In today's society, Information Technology is everything for business and the business cannot run effectively and efficiently without the help of Information Technology. Rather, Information Technology has become an indispensable element for every entrepreneur to function and for growth. In this digital age, it is impossible to attain long-term business success without information technology. As Information Technology solutions continue to increase the productivity, efficiency, and effectiveness of business operations and communication, businesses will continue to rely on Information Technology for success. The success of every entrepreneur is due to Information Technology, without information technology this drastic change was impossible.

Conclusion

Being a student of accounting & finance I have been well introduced with the economy and its importance in day-to-day life as well as for any type of business. Obviously, my academic background has had a deep impact on me which drove my passion for entrepreneurship. To be established as a successful entrepreneur, moreover, research shows that an entrepreneur should have many qualities which are leadership, education, proficiency in technologies, should have a solid understanding of the market, the ability to take risks as per the situation, and so on. Due to my frequent involvement in social work as a volunteer during earthquake landslides and natural disasters, I got a chance to know the meaning of humanity as well as groom up my leadership qualities. Despite my frequent involvement in social work, I had scored a 3.55 GPA over 4 while pursuing a master's degree in Business studies. During my studies, I acquired several experiences. In the final year of my Bachelor’s degree, I participated in a project wherein commercial banks of Nepal were compared on the basis of profitability in a competitive manner. Then, I worked in Mangaldeep Multipurpose Private Limited, a construction company, as a financial supervisor for one year. wherein I acquired practical knowledge about the backend of companies' finance and its functioning, business analytics of the company, and dealing with the suppliers through the utilization of various technical online platforms. Likewise during my master’s, under the supervision of Dr. Binod Ghimire, I analyzed the liquidity of the listed life insurance companies of Nepal as my thesis. In this study, I had employed descriptive and correlative statistical tools for hypothesis testing using different statistical software to verify the relationship between the cash flow ratio and current ratio for the measure of liquidity. All of these acquired experiences strengthen my passion to become an entrepreneur. On the basis of my acquired experiences, either from academics or beside of it, I have felt the dependency of today’s business sector upon computers and information technology is ever-growing. Knowledge is a never-ending process, thus my passion directed my new interest to explore my knowledge of IT Entrepreneurship.