We have to change with changing times. As a society, we make changes as we step into the future. The same goes for money. The way our grandparents saved money, whether it was through buying gold, or keeping money safe at home, does not work anymore. In modern times, money is either invested in stocks and bonds, in a fixed deposit or investing in business. Gold prices keep fluctuating; hence the trend of investing in gold might be slowly becoming unpopular.
In the age of entrepreneurship, especially when the concept hardly existed 10-20 years ago, the ways we save and handle money have drastically changed. We prefer investing in promising start-ups and IPO’s rather than keeping it tucked away unused. Investing in real estate, especially commercial, has become a new trend to add to the income.
So as entrepreneurs, how do we handle money? To begin with, we spend less and less on things we do not need and stick to the essentials. The cost of beginning your own business back in our grandparent’s days was different. This discrepancy is because the perception of money back then was different from what it is now. The words startup and entrepreneurship did not exist in anyone’s minds. What did exist, however, was ways and means to earn money, and holding a steady job was a means to reach the end goal.
The new age marketing
Entrepreneurs these days depend largely on online resources for advertising and marketing related activities. We use Google ad words, social media platforms and email to keep in touch with our customer base. Moreover, a large number of today’s new businesses are technology based, prompting users to get online and use their laptop or smart phone to gain access to certain services. Although the era of door-to-door and sales fuelled marketing isn’t completely over, these activities were much more important for kick starting a business in the olden days than they are now.
Time is of essence
Working remotely and working from home are new concepts that have emerged, thanks to growing technology that keeps us all connected. In the days when there was no such technology, businesses required helping hands in a brick and mortar store. Money was paid for leasing or buying the store or office, furnishing it and hiring people to help. These days, we would much rather save on those costs and prefer employees that work remotely.
Values and ethics
While working values such as hard work, honesty, perseverance and sincerity still prevail in today’s entrepreneurial world, the way businesses work and money is handled has changed. Where before our grandparents were keen to save for old age and retirement and for the next generation’s future, today’s generation prefers to live in the moment. With that being said, they also prefer using this money or obtaining funding to begin something of their own, craving the independence as well as challenges that come with being your own boss. Gone are the days when money was kept in a storage container in the kitchen to keep it safe. The days of making risky business ventures are here.