How Internet Use Impacts the Level of Development and Implementation of Entrepreneurial Business Ideas

Abstract

The use of the internet among the entrepreneurs is an essential practice across the globe. Several theoretical frameworks have been used to describe the interrelation between the process of business idea development and the use of the web as a technology avenue. Although scholars have evaluated different dimensions regarding this association, there is a need for more analysis regarding the extent to which the knowledge should be assessed. This study was designed to evaluate the how the use of the internet among the entrepreneurs assist in developing and implementing business ideas. The mixed approach study was based on the response of 30 participants. The findings of the study revealed how the use of the internet is essential when seeking to determine the viability and implantation plan for an enterprise idea with more transformational changes expected in line with the entrepreneurial culture and competence.

List of Figures

Figure 1: Participation Based on Gender

Figure 2: Participation Based on Entrepreneurial Experience

Figure 3: Participation Based on Age

Figure 4: Percentage Response Representation of PART B

List of Tables

Table 1: Summary Number Totals of Control Variable Details of Participant

Table 2: Summary Percentage Totals of Control Variable Details of Participant

Table 3: Summary Number Totals for Quantitative Response Section

Table 4: Summary Percentage Totals for Quantitative Response Section

Table 5: Qualitative Response for Open-Ended Questions

Chapter 1: Introduction to the Study

Introduction

With the current trend of development in technology, it is almost impossible to imagine the operations of businesses without internet. The continual increase of information on the web and the growth of the amount of time spent on the web has forced companies to conduct most of their businesses online and improve their presence there hence significantly affecting the daily operations of businesses. The internet as a powerful tool has enabled businesses to become more productive by streamlining their business activities like communication, advertising, branding, even cost saving in many other areas. The internet has become significant in businesses by offering effective and efficient communication (Kursan and Mihic, 2010). Communication and interaction with the client are essential in any business. The internet has successively helped to accomplish this through Voice of IP technology, video conferences, and email marketing. The techniques have been associated with numerous corporate advantages as outlined in the literature review chapter. Nevertheless, one of the remarkable areas related to the use of the internet is the development of business ideas and competence among entrepreneurs. However, limited assessments have been carried out to determine how the internet enhance the formulation of business ideas and the development of the identified niche into a corporate venture. This study was conducted to provide key insights regarding this limitation in literature.

1.2 Background of the Study

The Internet impacts significantly in the success of businesses across the world. Today, the majority of large enterprises account their success to the inclusion of technology in both their production and marketing aspects. However, business entrepreneurs must have the necessary understanding of the role of technology to promote its adoption within their organizations. In exploring how the internet influences the success of entrepreneurial business ideas, it is critical to explore some key concepts such as the entrepreneurship and the internet.

Worth noting is that several technology-based methods have been used to enhance the operations and development of business enterprises. For example, the use of web videos has become one of the remarkable business trends across the globe. Web video conferences help the company to manage and address many employees at ago. Video lectures are more effective than telephone conference calls because it provides a visual experience which enhances efficient exchange of information without unnecessary hold-up which may distort information and adversely affect the business. According to Denstadli et al. (2012), it is easy to use, and the small or upcoming organizations can rely on it for it requires simple monthly fees without necessarily having to pay for everything at the start. Similarly, Greenhalgh et al. (2016) ascertained that well-established organizations can secure much-sophisticated equipment at once and still experience a perfect way of conference meetings just like the start-up organizations.

Moreover, email has contributed towards instant global communication and enabled businesses to send and receive messages instantly. Email enables companies to reach to their clients, suppliers and business partners worldwide without spending much money on postage or printing of invoices. Also, email services save time because anyone can be reached anywhere in the world at the click of a mouse as opposed to phone calls which may go to voice mail and letters may take days to reach their destinations. According to Fariborzi and Zahedifard, (2012) emails remain to be the fastest way to relay information for businesses. Most of the information exchanged is mostly private and confidential; hence emails provide information security due to its encryption feature. Additionally, emails offer convenience to managers and employees by having the option to defer and mark them as unread to be read later not like phone calls which may have to be received when requested (Rautanen, 2012).

Furthermore, the internet has enabled businesses to handle a large amount of data, and thus the traditional telecommunication services have shown not to be efficient. Also, the in-house solutions are proving to be costly, redundant and outsourcing is no longer the best option. According to Junior and Montero (2017), the VoIP technology has replaced the typical telecommunication system and efficiently manages incoming and outgoing calls of customers and calls between workers. The VoIP technology is stable, efficient, and affordable because it uses the internet that already exists in the offices. Moreover, the technology offers the business the freedom to direct the calls and hold conference calls without depending on the redundant technologies (Collins, 2003).

Problem Statement and Justification

The overall business success or actualization of the entrepreneurial ideas rely on a variety of factors such as capital. However, the internet serves as one of the critical aspects that can determine the business growth. In a world characterized by improved technologies industry have been forced to integrate technology into their activities. The internet serves as the critical approach that can be adopted by the businesses and entrepreneurs to promote success in different ways such as engaging their customers to get ideas as well as marketing the business. Despite the growth in the use of internet in various business aspects, some researchers such as Casson (2003) have emphasized exploring the role of the web in helping business people to ensure efficiency in their production process. Bull and Willard (1991), argues that some entrepreneurs or business lack the appropriate skills and infrastructure that is necessary to adopt the use of internet in promoting their business ideas as well as ensuring their business success. Thus it is evident that the web is a powerful tool that can play a significant role in ensuring business success; however, there is limited understanding regarding how the internet impacts the development of business ideas among entrepreneurs across the globe.

Research Objectives

The study has been designed to focus on several key factors that define the interrelation between internet use and the level of development and implementation of entrepreneurial business ideas. Therefore, the research was designed to enable the revelation of knowledge regarding how the use of internet among entrepreneurs affect the extent to which they identify gaps in the market and transform them into real businesses. Based on the scope of the study, the key factors being examined led to the establishment of three critical objectives that guided the entire process of analysis.

OB1: To determine the how often the entrepreneurs use the internet to identify gaps in the markets.

OB2: To highlight the key approaches and techniques used by entrepreneurs while using the internet to research about their proposed business.

OB3: To evaluate the how the internet impacts the process of brainstorming, planning, and implementation of business ideas among entrepreneurs.

1.5 Theoretical Framework: The Innovation Theory of Schumpeter

The study is based on the conceptual framework of the postulates of the innovation theory of Schumpeter. The theory was selected because it provides the background that defines the interconnection between technology changes and business development that impact the sh...