The Internet of Things (IoT) is a web of connections between different technologies, devices, etc. that facilitate interaction. It has become increasingly popular and relevant in the last 5-10 years. A simple example of IoT: You have a security app on your phone for your home that allows you to remotely lock/unlock your home. That connection between your phone and the locking device in your house is made possible by the internet of things. This small example shows the usefulness of everyday tasks being simplified but that is not the main reason why IoT is so important to entrepreneurship.
Overall, IoT revolutionized the way entrepreneurs approach the internet. It is important to understand how it works and how it can benefit you, as an entrepreneur.