First, a long definition: “ Disruptive technology is the ongoing innovations that emerge without expectation to introduce a new capability or solution that creates a market and value network at the expense of an existing market and value network.”
Many small businesses are investing in emerging technology in all areas of their business growth, but they do so without the clearest picture of a long term strategy.
Noticing any changes in your industry?
As small business owners you must have the ability to recognize opportunities for change based on shifting consumer behavior; your business must learn that change is taking place today with or without you.
Mark Cuban, owner of the Dallas Mavericks and chairman of HDNet said: “To be successful in business, you need to see what others don’t.” l want to finish his sentence by adding “and do what others won’t or can’t.”
This is a very complex topic for small business owners that are struggling to keep their businesses alive. My goal is to make you aware that change is ever increasing and as a small business owner you will have to take responsibility to take time to stay abreast of new developments.
In the last week, I read about Uber testing short distance flying “machines” and working with the FAA to clear air lanes. Virtual reality keeps coming to the forefront with many references to new applications. President Trump is calling a meeting to discuss Artificial Intelligence (AI) and its impact on business.
Here are a few ways to keep up and stay informed:
- Follow industry blogs
- Follow topics on social media
- Form a peer group or join online or in-person groups on this subject
- Subscribe to relevant eNewsletters
Every small business is, and will continue to be, affected by disruptive technology. At BizQuack we will endeavor to post articles on this subject as a reminder that change is the only constant in all aspects of business growth.
Pay attention to your industry and get in front of change.
Tips & Advice by Nick Petra – CFP, Mentor, and founder of BizQuack and Strategic Duck
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