In this write up, we do a quick dissection of the Tech business Industry in and out to get to answer some of the above questions and probably other arising issues. It’s a SWOT kind of that looks at brief Industry background (history) and fast forward highlights in summary the Strengths, Weaknesses, Opportunities and Threats as far as the Tech industry is concerned. As we wrap, we give a listicle of the various forms of businesses available for pursuance within the Tech industry all in an effort to give you an insight into the possibilities available
As all rather a fair majority of you might be aware, SWOT is synonym for Strength, Weaknesses, Opportunities, Threats. SWOT might be, personal, organizational or industry based. In this case we are giving a simple SWOT scenario for the Tech Business Industry as follows:
Strength usually in the SWOT outlay are internal positives. Those upon which when well utilized for strategy will yield positively.
The Tech industry boosts of it being young and old at in ago. Old because it’s been in existence for some time and young for the fact that it’s undergoing a boom somehow that makes it look like it’s an all new field.
Dynamism too is a strength that the Tech industry poses. Dynamism is the ability to change regularly for the better. In this case innovation plays a key part. The Tech industry is dynamic. Meaning every day we wake up to new forms of technology. New ideas. New ways of doing things. The newness is the selling point.
Efficiency: Every one wants to work efficiently. If there is something that the technology industry boosts of then it’s efficiency. It’s a strong strength that makes the industry pop out.
By definition, weaknesses are the internal negatives which when not mitigated might result into business losses and or overall Industry cramp.
The weaknesses of the Tech businesses might lie in its newness that makes most inventions surrounded with skeptism.
The Tech infrastructural needs are far way capital intensive making its progress and Growth limited.
Dynamism as well might count in some instances as a weakness since there comes the aspect of rendering innovations obsolete in short spans.
Opportunities are the external positives which when pursued might result in the business and or industry gaining in terms of quick growth and effectiveness.
Opportunity number one for the Tech industry is the ability to easily merge onto the mainstream industries. In the current century, each and every business is embracing technology. Making it’s growth Guaranteed due to the selability as a result of widened scope!
Workability is as well an opportunity for the Tech industry. How and why, as much as the other players have adopted technology, it’s proven workable by delivering efficiency. For instance the Mobile telephony thrives on technology. Recently the banking sector has grown exponentially thanks to the embrace of technology to meet and surpass customer needs. To mention state of the art Fintech innovations such as mobile banking, Internet banking and so on that have revolutionized how people and organizations bank in this age.
Threats as per the SWOT outlay will refer to the external negatives surrounding an industry that when not managed, might cripple it’s operations and or success.
The outspoken threats within the Tech industry tends to revolve around cyber crime related threats. Most recently on the local case scenario out very own Kenya Revenue Authority was culprit of a hacker accessing it’s systems and swidling in excess of four billion shillings.
In what case, in as much as technology offers revolutionized platforms of doing business effectively, it exposes organizations to such threats as mentioned above which if not well mitigated might compromise it’s operations.
WHERE CAN I START OUT IN TECH-BUSINESS?
The options are wide as day. One needs to do a background check on what suits them most. Listed below is a few descriptions for business options one can explore within the Tech industry. The list is not as exhaustive thus feel free to add your thoughts:
In the current generation of business space, blogging is become part and parcel of digital strategy for business.
Blogging itself borrows it’s survival on technology since it uses the world Wide Web to connect online communities.
One can start off as a tech blogger and as a matter of growth help Brands whose niche is TECH such as telecoms, electronics firms etc to thrive by leveraging on the influence such a business creates.
Tech Investment Club
You have probably heard of that word “Techies” Which primarily refers to technology lovers and or Enthusiast who are talented in matters tech.
What of using Tech as the pull factor, and as an entrepreneur you bring them together and you form a Tech Investment Club to help grow their persona and businesses? Excellent! Only that it needs sound ground work and adherence to due processes.
Software Applications Develop and Sale
At one point we said Tech is ruling the airwaves. Every business is embracing technology to meet efficiency. Your guess is right. Yes, the app market is as big as it has never been before and the growth doesn’t just stop here.
As a well versed techie, it translates into business I’d you can comfortably develop and Sale such applications since the need will always thrive
Legal Services Within the Tech Industry
Another dimension might be approaching the industry from the legal perspective that’s if you are a certified legal practitioner.
Website for Listing Tech gigs and events
Website for Listing Tech gigs and events would be a definite scalable business case
Tech Agency Business
With the growing technology consumption, setting up a tech agency business would be yielding
Info Tech Fairs / Expos Start Organizing
Everyone wants to better their understanding of Tech. Stepping on to set shop specializing in info tech Fairs and Expos would go along way.
Tech Talent Development Company
With the rising number of Techies, there is openly a market for Tech Talent Development companies.
Tech Tutorial Class for techies and Professionals
Will go along way in helping disseminate key info at a fee.
Tech Brokerage Firm
As a service provider running a tech brokerage firm, you will help link demand to supply.
Tech Advisory and Consultancy Service
Consultants are highly sought after on this information age. Become one specializing in technology.
Tech Magazine Publishing
Tech TV Program
Tech Radio Talk – Show
PS:Biz HUB Weekly Business Conversations: Week 24_Friday 16th June: TECH-Business. @Paris Hotel opp Cianda mkt from 5.30 to 8.30pm Charges 350 Till no 644458 Welcome #BIZHUB
Come join us this evening as we expound on this discussion further. We have exemplary speakers speaking about how they have ran business within the Tech industry excellently.