Introduction
High-tech entrepreneurship refers to a form of a business leadership characterized by technology-intensive business opportunities, high-potential for growth, managing rapid growth, and gathering useful resources such as cash and talent. Innovations influence high-tech business innovations that giving products and services exceptional values that stimulate high market demand. Moreover, world economies are known to compete under the concept of innovation in the global market (Zemlickeine 2011). The business world today has become diverse with every entrepreneur aiming at introducing a business idea or product capable of winning the competitive advantage in the dynamic business world.
The business idea
Coming up with a business idea or product that overtakes the market demand for other related products is the goal of every entrepreneur. One of the most high-tech business concepts capable of shaping the future of business operations is the development of an e-business process that ensures automation of all services in a business. Organizational managers have long encountered challenges in managing business activities from production to the time the product reaches the final user. The production and distribution channel faces a number of barriers associated with faults during manufacturing, delay in supply chain process, and poor customer relations. The introduction of e-business system for enterprise resource planning, supply chain technologies, human resource management, and customer relationship management databases increases operations in an organization.
The significance of having a high-growth business to the economy
The presence of a high-tech business concept plays a critical role in the growth and expansion of the economy. The economy sector grows and uses highly-advanced technologies courtesy of high-tech businesses in the society, hence; making the future of a nation’s economy worth. Entrepreneurs will always show a lot of interest in high-tech businesses compared to low-tech business ideas and products. The high potential for growth and the evidence of high returns make more business people invest in high-tech business ventures leading to more revenues to the nation or state that ends up boosting the economy. On the other hand, governments depend on taxes and levies charged by governments that depend on the amount of sales the company makes. The use of the automated business operational concept allows firms to reduce the cost of operation and increase customer relations leading to more sales. More sales transform to high revenues and eventually more taxes to the government leading to high economic growth.
The presence of a high-tech business concept contributes to the growth and expansion of the economy by promoting 24-hour economy in a nation. The automated business processes eradicate human interactions allowing businesses to run all day long, hence; high productivity. According to Lee (2009), the adoption of e-business systems increases the competitive advantage of a business by creating new methods of generating revenues, increasing relationship with suppliers, improved business practices by creating new business models, and high economic growth at national and organizational levels.
The high-growth nature of the business
The e-business concept represents the ability of a business to operate utilizing the electronic medium. The concept allows entrepreneurs and business people create electronic infrastructures that adhere to consumer preferences and capable of adapting to the prevailing consumer markets. E-business plays a significant role in the today's business environment where technology and innovations act as major business players. E-business acts as the primary standard method of business operations in many companies. Entrepreneurs who have adopted e-business practices in their organizations have realized the potential of technology in shaping the future of the business world. Moreover, the increasing significance of internet in the modern world paves way for several innovations such as the use of automation in business processes that offer an alternative to traditional methods of conducting businesses. The system helps to reduce the gap between suppliers and distributors allowing consumers receive the products and services on time and in a perfect condition (Gupta 2014).
Many industries are now turning into using the online platform that acts as the primary operating system for e-business concept. The web has become the most efficient vehicle for performing all operations and services for the organization because of its effectiveness in communication and low cost of operation. The presence of the high-tech business models created through the e-business framework makes the future of starting and operating a business easier and cost-effective. Companies use electronic technologies through leveraging and linking systems to automated processes that help fasten some activities such as answering customer questions, delivering products, and receiving information about a product or service from the customer. Many entrepreneurs that embrace e-business concepts realize it as the only method of improving business efficiency and promote high-growth in the future.
Finally, the e-business high-tech business model promotes business growth by creating a powerful and user-friendly business environment. The application of information systems in the business world enhances the business process by increasing efficiency and creating new processes capable of transforming organizations in the future (Shipsey 2010). A number of operations in the business world today are run through software systems created to fit different requirements of the business. For example, the integrated human resource management program that uses technology to control all operations of the human resource department has played a major role in improving business operations. Second, the point of sale e-business model allows customers to make payments efficiently irrespective of their distance from the business premise reducing time delays and saving on other costs such as transport.
Resources and finances needed to bring the concept to market
The process of entrepreneurship focuses on identifying and reducing four primary types of risks that affect businesses over time. The four risks are technology, people, finance, and market. The creation and implementation of a high-tech entrepreneurship concept require a combination of right vision and execution of relevant practices to overcome each of the four risks identified. Every business concept requires resources and finances to succeed. The process offers an organization higher long-term return despite the high cost of implementation. One of the most significant tools necessary for running a high-tech entrepreneurship is cash. The e-business concept requires a lot of resources that costs the entrepreneur a lot of money to acquire and run the process. Funds play a critical role in assisting the entrepreneur to reach each business concept milestone that leads to the reduction of the financial risks. As such, the entrepreneur must have a good source of capital to provide funding for the new system. The financial aspect of the concept determines its value in terms of monetary gains and revenue generation (Zott, Amiot, and Massa 2010).
The other major resource needed to bring the e-business concept to the market is the availability of human capital. High-tech e-business systems are labor intensive and require qualified and professional people to operate them. Organizations that adopt various e-business models such as the automated supply-chain management process and integrated human resource systems hire new employees to run the process. Alternatively, the company may recruit some of their employees by taking them through extensive training programs to equip them with knowledge and skills on how to operate the new system. The training process uses a lot of organizations resources in terms of finances and time.
Market feasibility for the business concept
The use of technology in form of the internet introduces numerous risks to an enterprise. However, using the correct approach and utilizing the laid down procedures allow the organizations to achieve better outcomes from applying and implementing e-business models. The application of the e-business model in the present business world is totally possible. A number of companies have tried to implement the model and achieved positive results making it the most suitable technological venture in the modern business environment. One of the most important factors to consider when designing the best e-business model to adopt as an entrepreneur is customer acceptability. A number of e-business models meet many customer preferences making the system more effective in developing close relationships with the business and its customers. A feasibility study conducted on the effectiveness of utilizing an electronic commerce in Mazandaran Export Agencies showed positive acceptance by customers by offering better services compared to traditional systems (Sorayaei, Sajjadi, and Sajjadi 2011). The outcome of the investigation reveals that high-tech e-business models are customer friendly and should be highly encouraged in organizations.
Summary and recommendations
Summary
High-tech products and business concepts bring the demand for new strategies and opportunities in the business world through the successful indications of power and development. Entrepreneurs search for the relationship between technological advancements, brought about by high-tech concepts, and present innovations to determine the ability of the concept to win the future of the business world. The e-business concept happens to be among the most successful high-tech business concepts that are shaping the present and future of organizations in terms of creating a high competitive advantage. The concept accounts for the growth and development of a country's economy by introducing new and advanced methods of conducting business that allows organizations gain more revenues. Moreover, the automation part of the system allows a country to enjoy continuous production making it more relevant in the international market.
High-tech entrepreneurship business models offer a lot of advantages to organizations that manage to integrate them into their operations. However, the development of such concepts incurs the organization a lot of resources and funds. The e-business model requires a lot of capital to start and run despite it having better long-term returns. Finally, the analysis of the implementation and application of the high-tech concept through market feasibility shows it as the next solution for businesses. The high rate of acceptance and the huge benefits that companies have seen the use of e-business models makes the concept the best technological application for businesses in the future.
Recommendations
Every nation should encourage their entrepreneurs to adopt e-business models in all their operations to increase the amount of revenues generated and achieve a higher economic growth rate. Moreover, the government should consider reducing taxes on some products such as software manufacturing products meant to develop e-business systems to give opportunities for small-scale businesses to implement e-business systems. On the other hand, organizations need to recruit technologically advanced employees capable of operating different technological systems without having to undergo extra training that cost the company more funds and delays the implementation of other processes.
References List
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Shipsey, R. (2010). Information systems: Foundations of e-business (Vol. 1). London :
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