Aristotle had rightfully figured out in his philosophical discourse that humanity needed technology in order to live comfortably. But most importantly is the amazing rate of growth that businesses have experienced over the passing years due to the several social, economic, and technological changes that have taken place all over the world. Since the time of the Agrarian revolution when agriculture became a pillar of the economy due to more productive methods facilitated by technological advancement and innovations, technology has continued to play a pivotal role in human development in all fields including corporate development. This spurred the industrial revolutions that saw a shift of focus from agriculture to industries and business as the major sector capable of bringing the necessary prosperity to society in order to cater to the need of all members. This was to be followed by a new age that sought to develop systems that tended to aid the administration of these industries and businesses leading to the discovery of important gadgets like phones and computers (Frederick, 2004).
There was a time when businesses were small and limited to some specific fields. Technology helped to broaden the number of fields people could invest in helping to increase revenue and employment. Furthermore, growth in technology helped to facilitate communication enabling not only the smooth planning and carrying out of actions but branching over wide territories since coordination becomes first and efficient. Therefore it allowed the creation of multinationals since conveyance of central decisions is fast and this has helped several economies develop since capital is no longer restricted in the bigger countries. On the other hand, technology led to the creation of new ways of analyzing and storing information that helped not only in business management but in the sourcing for expansion capital since banks are able to judge easily whether a certain business is qualified for a certain loan. This information further led to the development of a business and economics curriculum that equips individuals with the necessary skills and knowledge to run businesses efficiently leading to more successful practices that generate income for members and the government.
This development has led to the development of new businesses since banks are willing to give capital to willing investors. In my case, I received initial capital from friends and family and set up a used books store which is to acts as a basis for bigger investments. To facilitate the running of the business and keeping of records for accounting and tax purposes it was important to purchase some vital items. This includes cash registers; computers fitted with internet and credit card machines. The advantage brought about by the presence of these new gadgets enables me to employ just a staff of one. My computer enables me not only to keep digital records but also to find books online. Furthermore, I am able to cater to my fiscal liabilities including tax through online remittance. The growth of the banking sector allows me to access loans for expansion including fixed interest loans, bonds, and soft loans among many other affordable products (Ebert & Griffin, 2003). Following some designed business strategies that have been developed over the years allows me to reap maximum benefits from the business. Writing business proposals and finding means of minimizing costs allows for an increased profit margin.
According to Brown (1996) technology has also helped in the growth of business and boosted sales through better marketing tools provided by the mass media. The invention of TV, the radio, and the printing press allow firms to advertise their products to possible consumers.
But most importantly the development of the internet allows access to a bigger market both by small and large companies. This means that I am able to advertise my books conveniently through the net mostly within the shop’s website. It is my hope that the future will bring more innovative methods of conducting business especially on advertising methods and finance outsource. This will enable me to probably reduce the need for staffing, reduce my communication expenses and expand my clientele. Innovations in banking will grant me access to more funds to open new branches and hopefully open stores to sell new books.
References
- Robert E. Frederick (2004). Journal of the Center for Business Ethics at Bentley College: Business and Society Review.
- Ebert, J., & Griffin W. (2003).Business Essentials: Business operations. New Jersey: Pearson Prentice Hall.
- Brown, James (1996).Business discussions: The Effects of Technology on Business. Web.