The motions of evolution are imperceptible, yet it flows like a raging river. Truths that were held sacrosanct a decade earlier have become myths in the current context. The tech-driven, fast-changing new world is challenging the codes of the old. Serial entrepreneur Zhi Ko shares three ideas that no longer hold ground when it comes to entrepreneurship.
The myth of the big league
For a long time before the advent of social media, one had to be affluent to make it big as an entrepreneur. Also, to maintain the position, one had to be seen with the industry’s big guys. According to Zhi Ko, this trend has changed. “I’d rather stay connected with my customers than other entrepreneurs,” he says. “If I spend time with my customers, I know what exactly they want.” In the age of social media, entrepreneurs like Ko are finding it easier than ever to stay in touch with the market they are catering to. “This helps in improving customer satisfaction and retention,” says Ko.
The myth of Safe Business
Another major trend that is shaking up the entrepreneurial world, according to Ko, is the risk appetite. “Businesses in the past relied on audiences whom, they thought, is the right audience because they were well-settled, mature, and fell in the category of safe money,” says Ko. In today’s time, an increasing number of young people, even high school and university students, are joining in the wealth creation movement. And this gives them more spending power. They no longer rely on their parents to give them money. Entrepreneurs like Ko focus on catering to the needs of a younger audience with higher spending power.
The myth of Age
You don’t have to have few grey strands of hair to be considered an entrepreneur these days. Since the past two decades, the average age of entrepreneurs has drastically gone down. The number of teenage billionaires has shot up like never before. With young blood taking over, fresh, new business ideas are spreading the market and making it more alive and vibrant.
We need to change with changing times. We need to question the rigid ideas of the past and make a way to move forward. Zhi Ko is doing just that. This young Turk has redefined how business is conducted and is moving ahead, setting trends for everyone to follow.