The World without Bankruptcy Laws
Bankruptcy is one of the natural states which a company may find itself in. Entrepreneurship is primarily about taking risks. When companies take risks, some of them succeed, whereas others fail. Hence failure is a natural part of the business. However, many critics of bankruptcy laws believe that there isn’t a need for an elaborate […]
The Wirecard and Infosys Scandals are a Lesson on How NOT to Treat Whistleblowers
What is the Wirecard Scandal all about and Why it is a Wakeup Call for Whistleblowers Anyone who has been following financial and business news over the last couple of years would have heard about Wirecard, the embattled German payments firm that had to file for bankruptcy after serious and humungous frauds were uncovered leading […]
Why the Digital Age Demands Decision Makers to be Like Elite Marines and Zen Monks
How Modern Decision Makers Have to Confront Present Shock and Information Overload We live in times when Information Overload is getting the better of cognitive abilities to absorb and process the needed data and information to make informed decisions. In addition, the Digital Age has also engendered the Present Shock of Virality and Instant Gratification […]
Why Indian Firms Must Strive for Strategic Autonomy in Their Geoeconomic Strategies
Geopolitics, Economics, and Geoeconomics In the evolving global trading and economic system, firms and corporates are impacted as much by the economic policies of nations as they are by the geopolitical and foreign policies. In other words, any global firm wishing to do business in the international sphere has to be cognizant of both the […]
Why Government Should Not Invest Public Money in Sports Stadiums Used by Professional Franchises
In the previous article, we have already come across some of the reasons why the government should not encourage funding of stadiums that are to be used by private franchises. We have already seen that the entire mechanism of government funding ends up being a regressive tax on the citizens of a particular city who […]
The famous cheerleader of globalization, Thomas Friedman, characterizes the global economy as a “flat world” where anyone can reap the benefits of the many opportunities that are provided by globalization because there are no “barriers” anymore with the advent of the internet.
The basic premise is that anyone from anywhere can use the internet to start online businesses or join companies that have similarly leveraged the power of the internet.
Further, the fact that anyone can start with a business without geographical considerations as the only requirement for an online business is that it must have expertise and a great business idea or a business model means that unlike in the past when export units had to setup, there were multiple factors like access to land, labor, and capital.
This brings us to the topic as to whether the invention and the rapid spread of the internet have made it possible for no barriers to entry for businesspersons.
Indeed, as the many examples of online businesses show, the internet is the reason for the success of these businesses.
In fact, if you are reading this article, it means that the internet has facilitated the exchange between you the reader and the creators of this site. There cannot be a more valid and relevant example than the fact that this site has been made possible because of the internet and that readers are benefiting from this exchange.
This goes on to show that innovative, hardworking, and driven entrepreneurs can leverage the power of the internet to build great businesses that are profitable and at the same time add value to society.
Hence, the internet is indeed a great leveler where anyone can start commercial exchanges provided the basic requirements of seed capital, great ideas, and broadband access are fulfilled.
However, before terming the internet as the game changer, which it is but, the fact that access to computers and the internet is, still a problem in many developing countries is a cause for concern.
Indeed, the digital divide or the term used to describe the divide between the haves and the have-nots in terms of access to the internet is a potent reminder that much needs to be done before one can safely say that we are living in a flat world. Of course, the policymakers across the world are cognizant of this divide and are doing their best to alleviate this problem.
It is important for all the stakeholders to understand that the internet is a valuable source of value to society and hence, all efforts must be done to protect it from any kind of disruption.
Given the connected nature of our world, we cannot afford even the slightest outages and for the entrepreneurs, in particular, it means loss of business.
Finally, attempts to regulate and control the internet must likewise consider these factors.
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