How to succeed in business

There are many ways to learn about how to succeed in business. One way is to study other start-ups and see how they have launched new product and services or how they have innovated existing businesses to benefit their customers and also gain some advantage themselves. Here is looking at one company that succeeded by reinventing itself.

Uber, a 7-year old San Francisco transportation start-up has now spread to over 60 countries and 400 cities globally. They operate through their Uber app such that anyone with a smart phone can request a cab. Uber drivers own their own vehicles and respond to requests routed to them.

Reducing overhead costs

Uber has managed to do well by using technology efficiently. Research has indicated that Uber drivers work less and earn more. Technology has helped them cut down costs, give drivers more money in hand and give customers a value-added, better travel experience versus old fashioned traditional cabs. Uber owns no vehicles, has no full time employees. When companies outsource work and use short term contractual labor they reduce overhead costs.

Technology will rule the market in the future. It will transform the nature of businesses. Start-ups will move to working with freelancers or part-time workers to reduce costs. Businesses will be more and more automated and will be faster than before. Once companies set up their working model, they can relax with users and freelancers picking up orders and delivering products and services. The entire system becomes efficient as a result.

This new business model helps all stakeholders and old and new companies can adopt it and get the benefits of technology.