Utilizing Mobile Devices in your Business

“If you want to do something new, you have to stop doing something old.”

– Peter Drucker

The idea that cell phones and mobile devices are a significant part of our life is no longer just an idea, but a reality. Cell phones have become increasingly vital to almost every area of our lives. We can pay our bills, read and consume entertainment, and quickly access information, all with a device that fits in your pocket. Phones have also become one of our primary modes of communication, both socially and professionally. The instant nature of messaging on mobile devices has made it possible for people to communicate from locations away from the typical office. Though it lacks the value of face to face conversation, some people elect to simply answer numerous emails and messages rather than sit in meetings all day.

As of last year, over 95% of Americans were said to own a cellphone of some kind, with over 75% saying they own a smartphone. On top of this, a recent study states that Americans look at their phone on average every 12 minutes, or 80 times a day. With this sizeable percentage of daily attention, many companies have pivoted away from more traditional modes of marketing and communication, focusing less on print media, and more on digital avenues such as Facebook or Twitter. This is not just for advertising; more and more companies have resorted to the internet to release press statements or communicate with their clientele.

Many of these internet-based business functions have specific focuses just for smartphone users. And since more and more people are operating business via smartphone (whether it be answering e-mails, accessing company websites, or using smartphone applications and tools) smartphone tools are beginning to take priority over traditional websites and technology. Most businesses now have specially formatted websites for all makes of smartphones, and some have phone applications that allow smartphone users an even more convenient way to access to information.

Kelly D. Scott
Chairman/CEO
The world’s leading business advisory and executive coaching organization

Finding Funding

“You don’t need to have a 100-person company to develop that idea.”

-Larry Page

Finding funding for personal and business ventures has always been one of the more difficult obstacles facing emerging entrepreneurs. This is most true for newer and smaller businesses as well as inventors and creatives. With the increasing technological advancements, especially the advent of the internet, many entrepreneurs have found new ways to raise money for their businesses.

Crowdfunding, at least the term anyway, didn’t really exist until the 21st century digital age. There were certain mail-order subscription models that resembled modern day crowdfunding, but their impact had nowhere near the magnitude of contemporary internet-based crowdfunding. Since 2005 numerous online services have created platforms for entrepreneurs to pitch the early stages of their products to anyone with a computer. Most notably of these services are Kickstarter, Indiegogo, and GoFundMe, which have each raised over 3 billion dollars for successful projects.

Many of these services, such as Kickstarter and Indiegogo work on a reward-based platform, meaning that investors do not receive equity in the company they are funding. These rewards usually range from personal thank-you’s to early deluxe versions of the product. Because of the flexibility of these platforms, many of the businesses are helmed by creatives and entertainment entrepreneurs, with Games and Film being over half of Kickstarter’s total business.

Still, there are some web-based platforms such as Crowdfunder and Microventures that operate with equity models. And there are also sites such as GoFundMe and YouCaring that work on a direct donation platform, often being used for charity-based endeavors.

Many of the entrepreneurs operating with the crowdfunding business model likely would not be able to find funding in other traditional areas of financing, be it a lack of connections, unknown credibility, or living in a difficult location. Yet with crowdfunding and a solid pitch, entrepreneurs are able find early funding directly from their consumers. And with the rising popularity of social media, entrepreneurs have yet another platform to grow their potential ventures. The internet, even for the less experienced, has increasingly become a viable platform for all sorts of emerging businesses.

Kelly D. Scott
Chairman/CEO
The world’s leading business advisory and executive coaching organization