The speed at which technology is changing can be hard to comprehend at times. In just the last 30 years, we have seen the introduction of the internet, mobile phones, digital media, and on and on. This is good for business in that rapidly changing technology constantly opens new doors and markets. But it can also be bad inasmuch as rapid change leaves little time for learning among younger entrepreneurs.
It is no secret that the tech world attracts some of the best people in business. Technology is a fast-paced and exciting industry with a lot to offer both entrepreneurs and the employees they will eventually hire. But keeping pace with technology is a challenging proposition. Entrepreneurs capable of keeping up have the opportunity to make a real difference within their specialised fields. Those who cannot keep up just fade away.
Opportunity to Succeed or Fail
Rapidly changing technology represents plenty of opportunities for real, lasting change. Consider the on-demand economy as just one example. What began as a few simple ride-sharing and travel accommodation apps has created an entirely new way of doing business. The on-demand economy would not be what it is today without pioneers like Uber and Airbnb.
The unfortunate flip-side to that coin is the reality that rapid change also opens the door to rapid failure. Moreover, it is easy to find oneself in a semi-permanent cycle of one failure after the next. This is where not having enough time to learn comes into play. Young entrepreneurs who cannot learn quickly enough to keep up with the fast pace of technology are more likely to fail. That failure can move from one enterprise to the next, and on to the next.
Tech Sector Business Mentoring Is the Solution
The point of this post is not only to say that a lack of learning can lead a young entrepreneur to failure. It is also to offer genuine solutions. To that end, effective business mentoring is the solution for young entrepreneurs struggling to keep up with the rapid pace of technology.
It is a given that young entrepreneurs do not have the time to take classes and get degrees. Their entrepreneurial ventures consume all their attentions already. But that doesn’t mean learning cannot happen. Learning can be facilitated through mentoring relationships.
Budding young business leaders in the tech sector can benefit greatly from the support and mentoring of more experienced leaders. Those leaders, if they are truly successful, know how to use executive coaching strategies to develop their protégés. They know how to use mentoring to validate the ideas of younger entrepreneurs and help them make those ideas reality.
The rapid pace at which technology is moving continues to create new business opportunities. For young entrepreneurs, the key is finding one or two mentors who can help facilitate the learning process as a business is being built. There is little time for formal learning, but plenty of time for quality mentoring.
To discuss how your company can create value through a more effective Customer Engagement strategy, contact David Orren at the TVBA Technology Business Growth Practice, on 0/+44 7914 223 691.