In the conventional startup world, small teams with diverse and matching skill sets come together to create a business. With today’s rapid speed of change, predicting the changing state of technology in the future becomes difficult. The dreadful COVID-19 pandemic has sped up the innovation process even further. Now, one of the “must-haves” for today’s entrepreneurs is the ability to harness technology.
Coding used to be correlated only with computer geniuses, but that is no longer the case. Business owners are gradually discovering that having a clear understanding of coding can be beneficial in their daily work.
Here is a comprehensive list of 20 reasons why entrepreneurs should learn to code:
1. Coding is omnipresent
Even if you don’t know it, coding is everywhere around you as a company owner or entrepreneur. Computers have changed the way we live in a computerized world with app-controlled home thermostats, lights, cars, smartphones, smart televisions, and security systems, etc. You don’t have to be the founder of a software firm to understand the importance of coding. All of the applications you use, like your digital platforms or billing software, rely on coding. Even if you just have a rudimentary understanding of coding, it will help you better communicate with and leverage your business technology.
2. Helps you understand your Tech team and motivate them
Learning to code will help you understand your tech team and help them handle and plan projects more efficiently.
An entrepreneur who has learned how to build apps will be able to empathize with the tech team and understand the challenges they face. This boosts productivity and strengthens teamwork.
3. Improves your ability to think creatively
Creative thinking, as well as critical thinking, are required to promote proper and sound decision-making, especially for startups. Learning to code aids entrepreneurs in sharpening their thinking and remaining alert to logically deliver problem-solving solutions. Coding teaches you to break down an issue into bite-size bits you’ll reuse and depend on in the future. When you think creatively and algorithmically about the problems inherent in your project, you will be able to transform them into artifacts, processes, and control flows. To exemplify, Apple Inc. has altered people’s perceptions of cell phones and what the company has learned. No one ever imagined that cell phones might be something completely new, completely altering people’s perceptions of the product.
4. Manage projects on your own
When your business is a startup or a small investment business, you may not be able to afford to employ a developer. You can design your prototype on your own by learning to code.
You can get started on your project right away without depending on service providers or spending a dime. Moreover, if you want to make any changes to your website or app, you can do it on your own.
5. Evaluate better talent
Hiring the right team is important for any startup that uses technology. Your hiring decisions can be one of the most important factors in your company’s success, and if you don’t know how to tell the difference between good and average technical expertise, you’re setting yourself up for costly mistakes. You’ll have a deeper knowledge of what to look for in a promising programmer if you know how to code.
6. To become a great Growth Entrepreneur and take your venture to new heights
As a businessman, you must focus on expanding your business.
You know where your prospective buyers are, however you can’t seem to get in touch with them? You can build your resources using programming to cover a larger target audience, learn more about your clients, and easily engage with them instead. You’ll be able to easily test and change your methodologies to meet the needs of your business. We can look at the journey of Mark Zuckerberg. Though Harvard University attracts a diverse student body, Mark Zuckerberg soon established himself as the campus’s go-to computer programmer and founded his greatest venture, the well-known – Facebook.
7. Create projects that are technically feasible
You will become a better manager if you learn to code because you will gain a better understanding of how the development process works, why certain programming languages are being used, as well as whether they enable you to execute your ideas. Before you start your project, you’ll have a better understanding of what’s technically feasible, and you’ll be able to better articulate your ideas to developers.
8. Use AI-enabled tools in your venture
In the past, there were no AI bots like Siri, Alexa, etc. But now, we can use these AI bots. All these technological advancements help everyone a lot. In the future, Artificial Intelligence (AI) will be accepted as a fact. AI will be used in every field of life like education, medical, public services sector, etc. If an entrepreneur knows how to code, he can use AI-enabled tools for the growth of his business.
9. Businesses will profit soon from 5G Technology
5G is one of the most enigmatic new technologies that will affect companies in 2021. According to IDG, 5G latency will be between 1 and 4 milliseconds, compared to 50 to 100 milliseconds for 4G. Global 5G subscriptions are expected to hit 1.3 billion by 2023 (Statista, 2021). So, a tech-savvy entrepreneur can make correct and timely decisions related to the use of the latest technological advancements.
10. Optimum use of Augmented Reality and Virtual Reality
Augmented Reality (AR) and Virtual Reality (VR) have made significant progress.
Augmented reality has proven to be yet another game-changer in a variety of industries. Many industries are using VR and AR to boost customer service as the innovations reach the business environment and become more popular. Manufacturing and engineering are no exception, with the two forms of reality transforming the way we produce, weigh, fix, invent, and collaborate. It will show engineers where fittings should be mounted using an AR headset instead of having to navigate a plethora of detailed 2D drawings, which is a challenging skill to teach and a barrier that many aspiring engineers cannot overcome. We can break down this skills barrier using technology. In the coming decade, advances in AR, VR, and MR will continue to be at the center of attention. An entrepreneur who knows how to code can make the optimum use of Augmented Reality and Virtual Reality in his business.
11. Aid in monitoring and adapting to situations and behaviors
The sole purpose of the Internet of Behaviors is to collect the “digital dust” of people’s lives from different sources.
By 2025, Gartner predicts that more than half of the world’s population will be using an IoB tool. Following the introduction of COVID-19 protocols, the internet of behaviors can only develop in the years 2021 and beyond. Hence, the knowledge of technology and coding will help an entrepreneur in monitoring as well as enhancing customer choices, decision goals, priorities, and activities.
12. Cloud-based apps are currently dominating the industry
Distributed Cloud Services are getting more popular. Distributed cloud technology will thrive in 2021 due to its various benefits, including reduced latency, physical proximity, and reduced data costs. Some popular cloud computing apps are Software as a service (Saas), Infrastructure As A Service (IaaS), DROPBOX, Google App Engine, etc. As a learned entrepreneur, one can decide to choose distributed cloud technology for business.
13. DARQ can be used by entrepreneurs around the economy to distinguish their goods and services
DARQ stands for distributed ledger technology, artificial intelligence, extended reality, and quantum computing, and it is a collection of emerging technologies that future-minded business leaders will need to learn. This technology will help them to distinguish their goods and services.
14. Increased use of Blockchain Technology and Cryptocurrency
Cryptocurrency is now considered a digital asset or an online monetary equivalent. It is a massive industry worth over $265 billion. In the coming years, we will see a gradual rise in Cryptocurrency users (currently around 40 million). Due to the growing interest of businesses in digitalization, we can expect blockchain technology and cryptocurrency to shine across digital transactions in 2021. Visa is one of the companies with blockchain technology. Pfizer is yet another one of the large companies using blockchain technology. So, an entrepreneur who knows this technology can increase the use of Blockchain and Cryptocurrency in his business.
15. Make the organization follow ethical AI
Nowadays, value-based consumers, as well as employees expect various companies to adopt AI responsibly. Firms will prefer to do business with partners who adhere to AI ethics and values over the next few years. Hence, knowing AI ethics will help an entrepreneur to make his organization grow by adopting AI ethics in his business in the future.
16. Take the advantage of being empowered
An empowered entrepreneur can take advantage of the global edge computing market. The global edge computing market is expected to hit $3.5 billion by 2027, according to Grand View Research. Innovations in next-generation networking, cloud-native applications, as well as edge computing architectures, have combined to produce cloud-to-cloud convergence breakthroughs in 2021.
17. Can make Machine Learning and AI environments secure
An eminent business leader can think diligently about improving the cloud computing environment. He can decide the security of AI and ML environments because a growing need for privacy and protection in artificial intelligence and machine learning environments is perhaps one of the most undeniable developments that we will most likely see in the coming decade.
18. Replicate and supplement human ability (manpower)
Human augmentation is described as “technologies that improve human efficiency or capacity, or that add to the human body in any way.” Engineers, entrepreneurs, and policymakers all over the world are experimenting with new and marketable applications for human augmentation technology. An entrepreneur who knows this latest Human Augmentation technology can replicate and supplement the human ability of his employees.
19. Save IoT security breaches on a global scale
Gartner estimates that by 2030, 20.4 billion linked things will be in use around the world. And, as the number of autonomous things grows, there’s a good possibility that many of them will have a low-security level. Manufacturers of IoT devices will need to dramatically improve protection for all products on the market by 2021. This is possible only if a person knows about IoT, its use, working, etc.
20. Use digital and virtual platforms
When the pandemic struck, it was discovered that a third of internet users had signed up for virtual and digital platforms. For online classes, online shopping portals, cloud gaming, and virtual sports portals, there was a surge in digital customers. Some of the digital platforms for virtual meetings are Google Hangouts, Google Meet, Microsoft Teams, FaceTime, Slack, and Skype, etc. The best platforms for advertising a business are Google Ads, Facebook Ads, Instagram ads, Bing ads, AdMob, AdColony, etc. Switching to digital and virtual platforms is possible only when an entrepreneur has knowledge of these platforms, their cost, pros, and cons.
An entrepreneur who knows how to code is more capable of running a company. You’ll certainly appeal to the masses and put your company ahead in the race in your sector if you know how to write lines of code. So, start learning to code right away.