SOCIAL media such as Facebook, Instagram, LinkedIn and Twitter is no stranger to us.
Most people use them for communicating with friends, posting ideas or thoughts and sharing photos.
Being socialisation platforms, they can also be used as powerful tools for business.
Such platforms can be used to get information, seek new opportunities, connect new customers and enter new markets.
Social media is packed with postings and most people would just read, comment and share those postings.
An informative posting on Facebook or Twitter can spark business ideas.
Entrepreneurs should seek creative ideas from postings and transform them into new products.
They should not just click “like” or “share” every time they read a posting, and should instead digest the information and think of what they can do with it to benefit their business.
Social media can help entrepreneurs go global.
In the past, it was difficult to establish a global enterprise.
However, entrepreneurs today can go international through
digital communities on social media.
People and organisations are well connected, which provides greater market opportunity and visibility to entrepreneurs.
Besides, products can be marketed and transactions perform-ed online.
Globalisation has been simplified through digitalisation.
Running a business on a 24/7 basis can be challenging to entrepreneurs because it requires higher operating cost and manpower.
However, social media helps overcome the barriers because there is no “rest time” and most of them are free of charge.
In addition, entrepreneurs can stay connected with their suppliers and customers without being hampered by time and geographical constraints.
Thus, entrepreneurs could turn the myth of “making money while sleeping” into reality.
In conclusion, social media brings beneficial changes and enormous added values to business.
Entrepreneurs should learn to leverage it.
DR WEI-LOON KOE
Faculty of Business and Management, Universiti Teknologi MARA, Melaka