1. Introduction
Today lots of small businesses are with loans, lots of entrepreneurs can get loans from the bank and/or government programs that designed to help small businesses to grow. However in modern time like today, there are more ways to be able to gather some money to start their business or simply want to get involved in some business and apply their ideas. These ways commonly known as crowd-funding and crown-sourcing. Crowd-funding offers these individuals a chance at success, by showcasing their businesses and projects to the entire world, while in crowd-sourcing people can help others by simply give them some information regarding certain topics. For business willing to look beyond traditional sources, crowdsourcing offers another …show more content…
Advantages and disadvantages of using crowdsourcing
Crowdsourcing main advantage is organizations can obtain numerous ideas from large number of people in order to improve their quality of the products. The other main advantage is significant cost savings. Crowdsourcing costs significantly less time consuming and money rather than using R&D department or hiring consultant. However, crowdsourcing also brings few disadvantages. The most disadvantage of crowdsourcing is no confidentiality, which can lead to the downfall of the company. By asking suggestions to improve company’s products, competitors might have a possibility to know what other business is doing.
6. Conclusion
In conclusion, to start a new business is a challenge for everyone, especially in nowadays economy where everything is not stable and very uncertain. There are a lot of people that have ideas for businesses but they do not have the resources to implement their ideas either financially and/or they don’t have enough people to do it. In a seemingly nonstop recession wave, small businesses are struggling more than ever to stay alive, and entrepreneurs are also having major problems to start their businesses. Most people will go to the bank to get some loans with very high interest rate for the sake of their business, however with crowd-funding starting a new business become simpler and easier. Crowd-funding also has its own benefits, such as it can provide capital for entrepreneurs that want to start a new
Today lots of small businesses are with loans, lots of entrepreneurs can get loans from the bank and/or government programs that designed to help small businesses to grow. However in modern time like today, there are more ways to be able to gather some money to start their business or simply want to get involved in some business and apply their ideas. These ways commonly known as crowd-funding and crown-sourcing. Crowd-funding offers these individuals a chance at success, by showcasing their businesses and projects to the entire world, while in crowd-sourcing people can help others by simply give them some information regarding certain topics. For business willing to look beyond traditional sources, crowdsourcing offers another …show more content…
Advantages and disadvantages of using crowdsourcing
Crowdsourcing main advantage is organizations can obtain numerous ideas from large number of people in order to improve their quality of the products. The other main advantage is significant cost savings. Crowdsourcing costs significantly less time consuming and money rather than using R&D department or hiring consultant. However, crowdsourcing also brings few disadvantages. The most disadvantage of crowdsourcing is no confidentiality, which can lead to the downfall of the company. By asking suggestions to improve company’s products, competitors might have a possibility to know what other business is doing.
6. Conclusion
In conclusion, to start a new business is a challenge for everyone, especially in nowadays economy where everything is not stable and very uncertain. There are a lot of people that have ideas for businesses but they do not have the resources to implement their ideas either financially and/or they don’t have enough people to do it. In a seemingly nonstop recession wave, small businesses are struggling more than ever to stay alive, and entrepreneurs are also having major problems to start their businesses. Most people will go to the bank to get some loans with very high interest rate for the sake of their business, however with crowd-funding starting a new business become simpler and easier. Crowd-funding also has its own benefits, such as it can provide capital for entrepreneurs that want to start a new