You’ve heard about the Industrial Revolution, but what about the Fourth Industrial Revolution? Let’s break it down, and explain what it means for you as a young entrepreneur!
A couple of hundred years ago, the First Industrial Revolution introduced coal, water and steam to mechanise production.
That allowed the Second Industrial Revolution to kick in – the advent of electricity.
The Third Industrial Revolution introduced computers and information technology to make our lives easier, but there was still quite a bit of manual input.
Now we’re in the Fourth Industrial Revolution (also called 4IR) where our lives are almost fully digitised. Just think about how much your life and work revolves around your smartphone, the internet, digital communication and digital learning.
How does this affect entrepreneurs, especially in a post-Covid economy?
It’s simple – if you’re not online and constantly learning and using new technology, you’ll be left behind.
We were already increasingly digital before Covid hit, however, the need for social distancing has made digital tech even more important than before.
Everything is online, from ordering food and clothes to scheduling appointments. It also seems like there’s an app everything these days. If you’re a budding entrepreneur you need to understand that potential clients will expect a seamless and easy online experience.
Online learning is especially vital for students. It’s a convenient way to boost your skills in a variety of disciplines that can help you as a young entrepreneur right now, and in the future. Check out our online academy where you can learn the basics of entrepreneurship while also earning TSiRU virtual currency rewards such as Shoprite vouchers!
What skills do you need to succeed in 4IR?
First off, you have to embrace technology as part of your business. Be open-minded about trying new things, and put in the effort to learn how to use it effectively for your business.
Apart from the tech side of things, there are other ‘soft’ skills that can help you. These include:
- Critical thinking
- People skills
- Emotional intelligence
Entrepreneurship during coronavirus may seem tough, especially if you’re young and just starting off… but believe us when we say there are LOADS of opportunities if you embrace technology and all the wonderful things it has to offer!