Internet of Things: What You As An Entrepreneur Must Know | Theodore Henderson

More than two decades ago, it seemed that the concept of IoT was almost close to impossible when Kevin Ashton originally coined the term.   However, the entrepreneur was proven right by time itself. Moreover, right now, the era of the Internet of Things is finally here.

What is the Internet of Things (IoT)?

In a nutshell, the IoT is the complex network of all things that connect to the Internet. These things are capable of collecting and sharing information and, through the help of Artificial Intelligence and Machine Learning, offers options to a particular user that may help her conserve time, money and energy.  But, also, one more important thing.  It delivers incredible innovative power to the entrepreneurial-minded to create new businesses and improve current ones.

IoT for Personal Use

Most of us aren’t aware that we are starting to benefit from IoT little by little through our smart devices. Aside from displaying time and setting up alarms, “smartwatches” are also capable of health monitoring. In IoT, health data are collected and can be used as additional medical information. 

Smartphones do calls, texts or surf the Internet just by voice command through the help of its Artificial Intelligence system. Depending on the collected information on your smartphone habits, your smartphone can give you lots of options through the support of Machine Learning. Also, since an email address is required in registering every smart gadget nowadays, all of your gadgets that are registered in that address shares information, saving you time and energy.

Imagine the massive amounts of data available for entrepreneurs to find, target, and intelligently market to prospects and clients.

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IoT in Business

Believe it or not, businesses nowadays benefit the most from IoT regardless of their trade. Starting at the Online Stores, orders are received and then viewed by the business owner through computers or smartphones. When the order is confirmed, the goods are collected, packed and then loaded to the delivery vehicle.

Via GPS, the vehicle’s route and delivery time can be monitored safely. If problems such as traffic or road blockades appear, the GPS can suggest alternative routes to the driver. It can also be used to know the nearest mechanic shop if the vehicle happens to stop along the way.

So finally, when the package reaches the destination, the proof of delivery can be easily confirmed online.

All of a sudden a solo entrepreneur or small group can look and function as a large business very quickly.

Just a moment lets not forget Social Entrepreneurship.  The IoT can be a powerful enabler for any organization in pursuit of this goal.  Think Fitbit, One Earth Designs, and Impact Hub Network. 

Known Limitations

Since the word ‘Internet’ comes first in IoT, it means that your device should be capable of connecting to the Internet as well as having a good Internet connection in your area. Areas that have no internet cannot enjoy its benefits. 

Purpose of IoT

Just like machines, IoT’s purpose is to make people’s work considerably lighter. By connecting gadgets and machines, people’s time, resources and energy can be used more efficiently. Therefore if utilized correctly, most people will have the power to do more things as well as keeping their health in check.

The IoT isn’t only to save your money, time and energy; it will also protect you from stress that you can get from doing repetitive tasks. Keep in mind, however, that laziness is imminent if you try to overuse it.

References

How to Start an Internet of Things Company 

Where IoT Applications Are Creating Investment Opportunities For Entrepreneurs

What can the Internet of Things do for Social Entrepreneurship?

About The Author

Professor Theodore Henderson is an Author-Coach-Trainer, working with entrepreneurs, small businesses, and executives for business and leadership success. Click for info.