The constant progression of technology in society seemingly changes everything about the way humans live and interact. By far, the most impacting change to technology over the past fifty years has been the invention and expansion of the internet. The internet is now the platform in which nearly everything that people do on a daily basis is done. It is truly something that has changed everything about the way humans live, and, for that reason, it is a great example of disruptive innovation. This term is used to describe some kind of new product or idea that affects the mechanics of preexisting industries. An innovation that is considered disruptive has the most potential for growth because it adopts its own new and specific market. Disruptive innovations’ markets grow rapidly because they are designed to be more convenient for consumers through their disruptive nature. With that being said, how has the internet disrupted the established business mechanics that have been used by entrepreneurs in the past, and how can entrepreneurs take advantage of the disruptive nature of the internet today?
Since the internet was invented, it has changed business in ways that seemed unimaginable only a century ago. The world wide web has disrupted the business world through the convenience that it provides for consumers. Today, customers can buy products with the click of a button and have that them at their doorsteps in less than twenty-four hours. Online shopping has created a substantially more convenient way for consumers to buy products. Because of this, terrestrial business must be willing to take advantage of online resources in order to survive in today’s society. This is the nature of the progression of technology: it inevitably progresses and all of society adapts to it. Businesses must be willing to accept progressions in technology even if they disrupt their traditional business models.
Even though the internet has disrupted some businesses that are accustomed to traditional business models, entrepreneurs are faced with more opportunities than ever before through its impact on business. Today, anyone can be an entrepreneur by setting up an online shop in a few hours. There are tons of online platforms in which anyone with an internet connection can sell products through. Because of the disruption the internet has had on business, this is now possible. Online stores today have more potential for success than terrestrial stores for one main reason: they appeal to a mass market. A terrestrial store is limited to the area and market that it resides in, and that alone. The internet, on the other hand, appeals to a vast, customizable, and international market that consists of nearly every human being. Through social media, entrepreneurs can pinpoint what demographic they want to market to, and yield the best results by doing so. Through the disruption the internet has had on the business world, now anyone can be an entrepreneur and profit through the development of an online store.
In conclusion, the internet is only one example of how disruptive innovation can progress business and society. However, what will be the next immensely disruptive innovation? In what ways will the business world change in the future? These are questions that an entrepreneur should try to find answers to. Jim Cossler, a leader at a successful business incubator in Youngstown, Ohio, claimed that disruptive innovations are billion dollar ideas. By looking ahead at what the next major changes will be in society, entrepreneurs can be ahead of the curb regarding ways the business world will progress. It is through entrepreneurs’ disruptive innovations that technology and society progresses. So look for ways in which convenience for a customer can be improved, because those innovations have the potential to make you a billionaire.