Entrepreneurship Got Plastic Surgery, and it Looks Better: The Changing Business World

People need just two things to start a company: an idea and a computer. Multi-million dollar, publicly traded companies have the ability to start in dorm rooms and garages (see: Apple, Facebook). Not surprisingly, the entrepreneurial spirit has spread further and wider than was ever imaginable even a decade ago. With increased accessibility to technology, the entire process of starting and running a business has changed beyond recognition. Whether you’re new to business or a weathered professional, it’s important to recognize that change; here’s three ways why the business world will never be the same.

The death of the business plan

Ok, it’s not actually dead. A sound business plan is still vital for companies with many moving parts, and can act as a great organizing tool. However, the definition of a business’ “scalability” has changed, and thus their methods with which to achieve “scalability” have changed as well. Today, changing consumer tastes create extreme uncertainty across many industries; tech startups and fledgling companies are forced to create new revenue streams based on consumer testing and behaviors, often “pivoting” the direction of their business based on their learnings. The traditional business plan does not lend itself to this method of growth. Instead, many companies choose to utilize the lean business model, which leaves room for uncertainty and is extremely adaptable to change.

A representation of the lean business model

You’ve called in sick for the last time.

In today’s world of  constant communication and instant messaging, location matters even less than it did previously. As such, remote work has quickly become an enticing option for employees and employers alike. Whether extenuating circumstances do not allow an employee to be at their physical workplace or an employee simply wants to check in with their team during an extended vacation, remote work is a key to the timely completion of action items for many companies.

The tools that enable remote work have existed for many years, but their internal and external usage have seen an unprecedented increase in recent times. Services such as Skype, Slack, and UberConference facilitate communication between remote and on- site teams. Google Drive and Dropbox allow for easy file sharing. As these technologies become commonplace, the business world must brace itself for the explosion of new technologies; improved on- demand video generation and full, multi- device integration loom on the horizon.

eLearning should dominate

Traditionally, companies have utilized face- to- face or classroom learning when training their employees. Sending employees on training days or holding mandatory seminars is seen as regular practice, especially for larger corporations. That shouldn’t be the case any longer.

eLearning offers a host of benefits that traditional teaching methods do not. When compared to the latter, eLearning is more cost- effective for companies and convenient for employees. Administrators have greater access to information about their employees’ performance, and can expect trainees to learn new procedures much faster. Employees enjoy more personalized learning, timely feedback, and improved retention. Quite rapidly, elearning is erasing the need for traditional teaching methods, and for the business world, that’s a good thing.

Whether it’s a business’ genesis, operations, or overall strategy, everything has completely changed. Fewer companies are utilizing traditional business plans. The generation and tracking of leads has become wholly web- based. eLearning is becoming the preferred training method over face- to- face or classroom methods. Companies who aren’t adapting to these changes are limiting themselves. If you’re a business owner, what are you waiting for?

For help with the last tip, head over to the OpenSesame website!