Some may see smart cities as a threat,but entrepreneurs should not. It is undeniable that technology and automation can replace human and manual work processes. Technology causes a drop in the demand for manpower and leads to the loss of jobs.
However,entrepreneurs should see the rise of smart cities as a generator of opportunities and as a change agent.
As the name suggests, a smart city requires smart technology like automation, robotics and Internet. The demand of technology would provide many new opportunities to entrepreneurs.
Entrepreneurs should stay creative and innovative so that they could supply new technology to smart cities.
For example, a smart traffic light system may require high-technology parts.
Entrepreneurs could take advantage through supplying the relevant technology or parts.
Since smart cities use various types of technologies, entrepreneurs change the ways they work and leverage the smart technologies found in a smart city.
This is because those technologies could help reduce time and cost. In other words, entrepreneurs could easily achieve efficiency and effectiveness through proper use of the technologies in smart cities.
Smart cities connect people, businesses, infrastructure and almost everything together through the Internet.
We know that networking is of utmost importance in doing business.
Thus,the wide connection created by smart cities provides greater opportunities for entrepreneurs to market their products, or even create and enter new markets.
For example, entrepreneurs could easily advertise their products and get contacted by their potential customers through various Web applications. Business transactions could take place in seconds.
Overall, to survive in smart cities, entrepreneurs need to be technology-savvy, creative and innovative. Moving from people-oriented to technology-oriented is the future norm of doing business. Being smart and working smart are crucial in the era of Industrial Revolution 4.0.
Certainly, smart cities require smart entrepreneurs.
DR WEI-LOON KOE
Faculty of Business and Management, Universiti Teknologi Mara,Melaka campus,Melaka