As you know, social media have transformed the way we interact. The transparent, rapid-fire communication they make possible means people can spread information about companies more rapidly than ever. Do organizations understand yet how to use social media effectively? Perhaps not. As recently as 2010, only 19 of the top 50 chief executives in the world had Facebook accounts, only 6 had LinkedIn pages, and only 2 regularly used Twitter or blogs to communicate. Many executives are wary of these new technologies because they cannot always control the outcomes of their communications. However, whether they are directly involved with social media or not, companies should recognize that these messages are out there, so it benefits them to be heard. And social media can be an important way to learn about emerging trends. André Schneider, chief operating officer of the World Economic Forum, uses feedback from LinkedIn discussion groups and Facebook friends to discover emerging trends and issues worldwide. Padmasree Warrior, chief technology officer of Cisco, has used social media to refine her presentations before a “test” audience. The first step in developing a social media strategy is establishing a brand for your communications define what you want your social media presence to express. Experts recommend that companies begin their social media strategy by leveraging their internal corporate networks to test their strategy in a medium that’s easier to control. Most companies already have the technology to use social media through their corporate Web sites. Begin by using these platforms for communicating with employees and facilitating social networks for general information sharing. As social networking expert Soumitra Dutta from Insead notes, “My advice is to build your audience slowly and be selective about your contacts.” Despite the potential advantages, companies also need to be aware of significant drawbacks to social media. First, it’s very difficult to control social media communications. Microsoft found this out when the professional blogger it hired spent more time promoting himself than getting positive information out about the company. Second, important intellectual capital might leak out. Companies need to establish very clear policies and procedures to ensure that sensitive information about ongoing corporate strategies is not disseminated via social media. Finally, managers should maintain motivation and interest beyond their initial forays into social media. A site that’s rarely updated can send a very negative message about the organization’s level of engagement with the world.

1. Discuss the future direction of social media in enterpreneurship.
2. Discuss the importance of innovation and creativity in Entrepreneurship.
3. Disaster such as Covid-19 pandemic sometimes open up opportunity to entrepreneurs. Discuss the opportunity of Covid-19 pandemic to the entrepreneurs.

a. Discuss FOUR (4) important criteria of successful entrepreneurs

b. Technology Innovation is a competitive advantage for a company. Discuss.

c. Discuss the importance of innovation to companies as to response to Product Life Cycle.

  

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Discuss the future direction of social media in E ntrepreneurship Social media has become an essential component of entrepreneurship and business communication and its future direction is likely to be ... View the full answer