It used to be that during the farming and industrial revolution, the factors of production were land, labour, capital and enterprise.
If you had land, access to labour and capital, you could enterprise.
Today, in the post industrial revolution, the factors of production has shifted.
Access to information, i.e data has become critical.
Today, you may not have land, access to labour and excessive capital, but you can still enterprise.
Having a computer, smartphone and wifi, are the new factors of production.
As you get ready to embark on this entrepreneurship journey, don’t forget to pack your laptop, smartphone and data.
You will have to communicate with your customers online, social media, email, or your website.
You need to have a laptop, nothing fancy, but something that you can write your proposals and quotations and email them.
You will have to prepare budget spreadsheets, read documents, research your industry, etc.
You will need access to data. Being connected is critical to being an entrepreneur today.
There are various free-wifi zones in certain cities and restaurants, frequent those spaces, buy coffee at least.
You will need a mobile phone, your customers, or suppliers will need to get hold of you. Availability is critical.
This may sound obvious, but these are basics that entrepreneurs that overlook, but critical.
I have seen entrepreneurs lose business because they were not accessible, not answering calls, nor responding to emails on time.
Today if your business is not online, digitised, it will struggle. It will be difficult to grow your business exponentially if you are not connected online. More and more people are connecting online, if you are not there, you will miss them.
This does not mean you must live online only. Taking care of your customers offline is equally critical.This is not about being tech-savvy or having the latest gadgets, but it is about being able to meet your target market and stakeholders where they are. If your customers are online, then you will have to be there.
In this entrepreneurship journey, you will have to pack your laptop, smartphone with data in your suitcase.
In fact, pack them in your hand luggage, you will need them very handy.
The new factors of production are your laptop, smartphone and data, they are your new office.
When everyone has a laptop and are connected, then everyone owns a factory.
Instead of coming together to meet physically, we have the ability to come together virtually, to earn attention, to connect, share and exchange labor and resources, and to deliver value.
The rest [factory, farm, office etc] you will build from there.
PS: Ensure your devices are charged 🙂