Andres Hernandez

ENC2135

Mrs. C. Eneh

15 February 2024

How do Technological Advancements Positively or Negatively Effect Entrepreneurship ?

Entrepreneurship serves as a very important aspect of economic growth in our current

economy, and its intersection with modern day technology is an important matter that must be

addressed. As you look upon the new digital era, it is vital to form an understanding as to how

technology influences the efficiency of entrepreneurship, as it has become crucial in our day and

age. Historical views undermine the evolution of entrepreneurship in its ties with technological

changes, laying the investigative fieldwork for my research. The purpose of this research serves

many purposes, however I will be focusing on both learning the impact of technology on

entrepreneurship, along with identifying key details and examples that shape the effects of

efficiency in the technological realm.

The history of entrepreneurship is intricately linked with technological progress, laying

the foundation for future advancements in the technology sector. Older technologies have played

a crucial role in facilitating the development of new innovations, such as Artificial Intelligence

(AI), machine learning, and cloud storage. Scholars like Smith et al. (2018) and Jones (202) have

delved deeply into the relationship between technology and entrepreneurship, shedding light on

their contemporary interdependence. Various methods exist for measuring the effectiveness of

entrepreneurship, offering a framework for assessing the impact of technological advancements.

This is particularly valuable in a society heavily reliant on these new technologies in the

workforce.

To achieve a proficient understanding, different studies were performed that featured a

mixed-methods research approach, where both qualitative and quantitative data collection

methods were employed. Examples of these methods include surveys, randomized interviews,

and field studies. Data analysis in this sense is the most effective for this particular method of

study because there is little to no bias, which can cloud the results of studies. This analysis

involves both statistical views and specific coding to draw different conclusions.

The integration of AI and machine learning into entrepreneurial processes has brought

forth extremely innovative and important transformations. Automation of routine tasks enhances

operational efficiency (Chen et al. 2019), while decision making support systems streamlining

different and specific choices (Brown & Miller, 2021). The roles of advancements like cloud

storage extend far beyond mere data management, impacting the various collaborations in the

field. These technologies have made it possible for extreme issues, such as fraud, to be

minimized in many industries, allowing for businesses to be able to run more secure systems

without a fear of cyberterrorisms (Lee & Kim, 2017).

With all of the prior information being said, technological advancements still have a long

way to go, as the industry is still facing difficulties when it comes to implementing these

advancements. The reasoning behind this is the fact that there are issues such as the need for

training, skill gaps amongst workers, along with the elevated costs associated with the

implementation of new technologies/innovations. AI applications also bring along with them a

whole other set of issues such as concerns arising with their morality and ethics. Given the fact

that artificial intelligence poses what can be considered to some as a “threat” to the human
workforce, it becomes tricky to implement it for some. Along with this, AI is seen as a privacy

concern, as it takes note of personal data in order to analyze said data on a large scale for

business purposes.

The integration of advanced technologies in entrepreneurship has brought about

significant challenges in terms of market competition. AI-driven analytics and machine learning

algorithms empower entrepreneurs to analyze market trends, consumer behaviors, and

competitive strategies (Wang & Li, 2021). This enhanced market intelligence equips

entrepreneurs with the capability to make data-driven decisions, strategically positioning their

projects for success. The use of cloud storage further facilitates remote collaboration and

information sharing, fostering a more competitive and dynamic business environment for

companies. Cloud storage has made traditional methods such as physical files and file boxes

obsolete, enabling individuals to work on their businesses from home while performing tasks as

efficiently as they would in an office setting.

Technological advancements play a very important role in future innovation and creating

a more advanced or evolved entrepreneurial landscape. Different applications can help assist

entrepreneurs in discovering new solutions to complex problems and predicting future market

demands. AI and machine learning can do this in building entrepreneurs businesses for the future

and proceed to help incorporate new technologies for their future productions. Cloud storage is

the most accessible platform for new collaborative ideas and development of future innovative

products or services. These overall aspects contribute to the vitality and adaptability of

entrepreneurial environments.

These technological advancements do have clear benefits, but the ethical aspect does

pose consideration in its challenge to implement them into businesses. Entrepreneurs deal with
the ethical decisions and problems that come with them when using new technologies like AI,

especially when coming up with a decision or in customer interactions. It becomes crucial for

entrepreneurs to find a balance between innovation and ethical responsibility, as discovering the

new territories of incorporating advanced technologies into their projects and productions.

Several ethical questions are taken into consideration when trying to induct these new

technologies like AI. Privacy concerns is just one issue, where new technologies involve the

collection, processing, and storage of endless amounts of personal data streams. Entrepreneurs

must successfully go through the ethical problems of handling these sensitive sources, ensuring

any misuse by anyone. Bias and fairness in algorithms is a known ethical issue too. AI and

machine learning algorithms can show bias in training data without knowing the system is doing

so, inevitably leading to discriminatory or derogatory results. Entrepreneurs must ensure their

technologies show fairness by addressing the code of the algorithm and program them to ensure

fairness and that there is no bias to any group or business. Society as a whole requires a thought

out and proactive approach in deciphering these algorithms codes to ensure there is a responsible

and efficient way to incorporate new technologies in entrepreneurship.

Another important aspect in the integration of new technologies into the efficiency of

entrepreneurship is government policies and regulations. Certain policies promote the

responsible adoption of newer technologies, help address any privacy matters or concerns, and

support financial incentives for small, start-up businesses to embrace new innovations. This can

influence the success of a potential technology-driven entrepreneurship in a very productive way,

so long as it is executed in the proper manner. Understanding the allowed landscape becomes

essential for entrepreneurs seeking to obtain their full potential of technological advancements.
 The impact of integrating new technologies into entrepreneurship and assessing their

effects on efficiency transcends geographical boundaries. Entrepreneurs worldwide are

encountering similar tasks and challenges when it comes to adopting and effectively leveraging

technologies for business growth (Li et al., 2021). Examining entrepreneurs on a global scale

provides diverse perspectives on technology adoption in entrepreneurship, leading to a deeper

comprehension of the dynamics involved. This approach offers an opportunity to learn from and

implement potential new practices from entrepreneurs across the globe.

There is a key factor to determining the long term success and sustainability rate of

technology driven businesses. The adaptability of entrepreneurs to rapidly adapt to the constant

evolving field of technology shows the resilience in the entrepreneur. The constant evolution of

technology forces entrepreneurs to update their skill sets and continue the non stop learning and

adapting method. In searching for successful cases of entrepreneurship where technology has

already been incorporated, we learn and examine from industry leaders who have successfully

and effectively overcome the challenges. This case study helps to show the more practical

applications of technology and obtain and apply the lessons learned by entrepreneurs in the

adoption process.

This paper shows the impact new technology has on the efficiency of entrepreneurship. It

shows that it is more than one point, including market competition, innovation, ethical

considerations, government policies, global perspectives, and the entrepreneurs as a whole.

Without acknowledging the ethical aspect of it, the potential for new technology to positively

change entrepreneurship is without a doubt. As the future comes closer every day, it is important

for entrepreneurs and researchers to work together to ensure the new technology-driven version
of entrepreneurship serves as a gateway for an inclusive, sustainable, and efficient

entrepreneurship.
 Works Cited

Ameer, Muslim. “The Impact of Technology on Entrepreneurship - 5 Ways to Leverage It.”

LinkedIn, 2 June 2023,

www.linkedin.com/pulse/impact-technology-entrepreneurship-5-ways-leverage-muslim-a

meer/. Accessed 29 Jan. 2024.

Neddersen , Jessica. “Impact of Technology on Business.” Herzing University, 21 July 2021,

www.herzing.edu/blog/impact-technology-business. Accessed 29 Jan. 2024.

Papiewski, John. “Technology’s Negative Impact on Business.” Small Business - Chron.Com, 19

Mar. 2019, smallbusiness.chron.com/technologys-negative-impact-business-19118.html.

Accessed 29 Jan. 2024.

Plachkinova , Miloslava, and Thomas Pittz. “Assessing the Awareness of Cybersecurity Within

Entrepreneurship Students: The Cyberpreneurship Project.” Sage Journals, 30 Mar. 2020,

journals.sagepub.com/doi/abs/10.1177/2515127420913056. Accessed 26 Jan. 2024.

Troise, Ciro, Ben-Hafaïedh, Cyrine, Tani, Mario, and Yablonsky, Sergey. “Guest editorial: New

technologies and entrepreneurship: exploring entrepreneurial behavior in the digital

transformation era." Vol. 28, no. 5, International Journal of Entrepreneurial Behavior &

Research, 8 Ju. 2022,

https://www.emerald.com/insight/content/doi/10.1108/IJEBR-08-2022-999/full/html?casa

_token=ntdMzRF02yIAAAAA:g8loqxvJ35CMVwmuVImZYfR_vO_oAYURcYkHRAiv

HwwHhspMVNUnFjcraAvxcYCSTbVlPR4Z-NkqR2wCOGkdOs6eAbNIRVixWMPldp

wqpbEcaeOQ0VeXl. Accessed 28 Jan. 2024.

Zahra, Shaker A., Liu, Wan, and Si, Steven. “How digital technology promotes entrepreneurship

in ecosystems.” Vol. 119, Technovation, Jan. 2023,

https://www.sciencedirect.com/science/article/abs/pii/S0166497222000049. Accessed 28

Jan. 2024.