Throughout the semester, I have been very interested in researching and writing about different social media platforms and how they are being utilized by startup companies. I set out to discover the ways that these social media sites were advancing new companies. My purpose behind this topic was also a little selfish considering I am launching a startup of my own. I wanted to find practices and examples that truly might help my company MistoBox. Additionally thought, I was hoping to be somewhat of a guide and inspiration for likeminded, young entrepreneurs.I had three main methods of research. First, I researched and analyzed companies that were utilizing social media platforms. Next, I looked at social media blogs and news sources for information that was new to me. Finally, I looked at the social media platform itself, analyzing both its strengths and weaknesses. Breaking down all of my previous impressions and experiences with social media, I could rebuild each of them within the context of startups. They soon became very different devices and tools.
As I outlined, there are definitely shortcomings amongst the big social media sites like Twitter and Facebook. Each has their benefits though, and as their technology progresses, the business applications often become more and more valuable. Overall, social media sites are like a godsend for low cash entrepreneurs. As started blogging, one thing become more and more clear to me: with the advancement of technology, specifically social media, the barriers to entry were being radically diminished.
Instead of huge marketing campaigns, YouTube and Pinterest can effectively serve as digital word-of-mouth advertising. Instead of having to "know the right people," you can connect with investors on CrunchBase or raise money on crowdfunding sites like Kickstarter. Instead of purchasing expensive office space, you can just hold your meetings online in virtual worlds like Second Life. Instead of creating an expensive website to start gaining customers, you can put up a LuanchRock site and start collecting emails instantly.
I've learned that the tides are changing. The way people start business will extremely different. The field has now been leveled for anyone with a great idea and motivation to step in and grow a company with practically no money. It is incredibly encouraging knowing that as a young, poor entrepreneur, I have a fighting chance with the help of social media technology, and so do you! In the future, I predict that the barriers to entry will continue to drop, and only the most clever and hard working will prevail within these models. Bring on the competition!
