Innovate Now
11 Traditional trade in India The methods of trade have changed with changing times. Technology has made things easier and a great idea is valued equally as a good investment or an infrastructure, if not more. The newage entrepreneurs are fast pulling significant markets and profits from the traditional businesspersons. While the fundamentals of the business remain the same, technology has changed their means of implementation. The key lies in striking a balance between new technology and traditional wisdom of doing business. There are people who started from one single taxi to build an empire in the transportation business. They are rich and successful in every right. However, the advent of smartphones ensured that those who wanted to follow their footsteps did not need to follow the same model. All they required was to act as a bridge between service providers and customers. Technology is that bridge, be it hiring taxis or buying fruits and vegetables. What can’t apps do these days? We have discussed how technology has the potential to transform the informal sector. This chapter deals with wedding technology to the traditional methods of business. Let us begin with a true story that explains why people wrongly think business as a cumbersome task to do. This is the story of a child who lost his father at the age of 12. His mother also departed for heavenly abode just 3 days after the tragedy. The boy was the eldest of the 3 brothers. The next to him was just 6 years old while the youngest one had still not left the cradle. The boy’s challenges had just begun. His relatives bartered household belongings for food and shelter for a few days.
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