In the last decades, ICT has undergone a very quick development and has been introduced into all segments of people’s lives. This has hence brought new opportunities for businesses and individuals (e.g. social networks, searching and sharing the information), and better quality of life (Bučar, 2001).Modern ICT tools can decrease the costs as well as increase productivity and effectiveness on the level of individuals and organizations (Hengst & Henk 2001). ICT has also triggered deep changes in the field of communication and accessibility and availability of information (OECD, 2001a, b; Pinterič &Grivec 2007, 33-34).
Due to development of ICT many things can be performed more efficiently and with greater success. For example, ICT makes it possible to even test different decision making scenarios. This is the reason why many people believe that ICT might be used as a tool for creating and developing entrepreneurial skills. Besides, ICT might offer learning opportunities, business planning solutions, database tools as well as business training opportunities with the help of business plan simulators. ICT can help to develop and enhance communication and social networks as well.
From the vegetable trader downtown at the open air market putting calls through to her suppliers, notifying them of her depleting stock; to the Jua kali artisan calling customers to inform them of their ready-to-pick-up shoes; to the dressmaker who uses messaging apps and social media platforms to display and sell her products; and the working professional who orders lunch from online food delivery companies, technology with the added benefit of the internet and various information & communication technology tools is gradually becoming an integral part of the business environment and our lives.
Information and communications technology (ICT) is often have become an important proof of the growth of technology in the world, we have subsequently experienced an influx of trade benefits arising from the same.
The increase in mobile phone access and the introduction of smart phones have also increased access to the internet on the go. Mobile phones have replaced the old table-top telephones causing disruption in the Telecommunication sector. The presence of mobile phones and the internet has created totally new sectors, given rise to new companies and provided jobs for many while also impacting entrepreneurship and business models.
Some of the notable contribution of ICT in entrepreneurship includes;
Access to Markets: E-commerce as this is commonly referred to has greatly minimized the need for physical infrastructure for trade to take place. Platforms like Jumia give entrepreneurs access to markets in all parts of the country and all over the world.
Virtual and efficient business coordination: Technology has completely revolutionized the manner in which businesses operate today especially businesses operating in a niche market. These businesses use of apps and often times do not require the physical presence of the business owner and can often times be efficiently run virtually such as Uber.
Advertising and Marketing Communication: With the emergence can be reached with advertising messages via a tweet on twitter, a post on Facebook or videos on Youtube etc at way cheaper rates.
Increasing revenue streams and Saving Time/Money: Technology has provided new and exciting opportunities to increase revenue. Such opportunities include the provision of movies and games for relaxation at a fee. For example, Netflix
Teleconferencing: Important meetings can also be held via video conferencing technology systems which allow 2 or more locations to communicate via simultaneous 2-way audio and video transmissions, eliminating the logistics of travelling, saving time and money. It is also common practice to reach out to audiences by streaming seminars, conferences and programs live on the internet.
This put forth, goes a long way to affirm that in the current day and age ICT goes hand in hand with most forms of entrepreneurship that are presented to the market.