Impacts of Social Media Use on Entrepreneurship Opportunities

It could be to earn a living, make money, make difference to the society, make an impact on the environment or to fulfil a lifelong dream or simply an individual is so passionate about it. 93% of macro and micro businesses agree to the fact that social networking is an efficient way of marketing products. Whatever the reason it maybe; to become a successful entrepreneur is not a simple task. An individual who wants to become an entrepreneur needs various resources at hand to accomplish the work. An entrepreneur needs capital, technological knowledge, and labour among many other things. This is the point where social media is incorporated to assist in bringing customers, serving and maintaining them. For that reason, a networking problem arises because the business needs to search for contacts through assistance of the existing ties and bringing of more customers that would contribute for the survival of the business.

In this study, the researcher gets the knowledge of social media networking in relation to entrepreneurial skills. In this study a model will be used to clearly analyse the topic of the study. The Model will consist of Behavioural Factors, Environmental Factors, and Cognitive Factors (Alexander). They need to extend their services to where the customer’s attention dwells on. Today, the mind of the customer activities is located within the social media. The knowledge about social media is yet to be understood to research. Very many reports indicates that social media has effect on the development, growth of sales and marketing, and the rate of employment. This study is intended to close the existing gap for entrepreneurs to get understanding of how social media is capable of transforming and growing them in terms of using it for communication and marketing, and also how they can incorporate the dynamics and potentiality the social media can offer.

The other aims of the research could be to show the benefits that come up from the use of social media networks, and more so to help academicians, researchers and students in knowledge acquisition about this kind of phases of networking. The need for this study is to examine the economic and the role of social media. The impact that networking has on entrepreneurs life. It actually aims at investigating the benefit that the use of social media establishes. Social media being the focus on this study, it will assist in enlightenment of the impacts that social media has on the organisation and development of the business. This thus shows that social media is a medium that connects business with the entire world, and positive result of this platform is company’s growth as well as a good performance in the market.

So, here we are going to analyse and look at the media statistics, which provides clear evidence that businesses or even firms need to utilize social media platforms like Twitter, Facebook, as well as LinkedIn to ensure that they are in par with the existing competition. The hypothesis of the study will be based on three factors under the model in Figure 1 above. These three factors: knowledge, alertness, and social media will be considered as shown in the model will be looked into, and how they affect entrepreneurial opportunities. The hypotheses that are developed in this study are meant to establish relationship that exists between these three factors. Questionnaires played a key role here as they provided related information and degree of determining the Social Media Use.