If you frequently watch television quiz shows, you will not fail to notice that whenever a contestant finds it difficult to answer a particular question, he/she has the option to ask the audience for their opinion. Experts who specialize in psychology refer to this concept as ‘the wisdom of the crowd’. Today, many entrepreneurs of start-up business and corporate enterprises are using the same concept to solve numerous critical issues their establishments face while carrying out their activities in the market. It involves inviting a very large of individuals specializing in diverse technical fields to offer the ideas or provide services to solve a certain problem effectively and quickly. This is known as crowdsourcing.
Crowdsourcing Platform – Benefits to entrepreneurs owning small and medium business enterprises?
Business experts explain that entrepreneurs of small businesses can enjoy the following benefits when choose crowdsourcing to solve their business problems:
- Prompt results
Traditional service providers specializing in a particular technical field usually do a fantastic job when it comes delivering a tailor-made solution to the issue to an entrepreneur’s business is facing. However, the timescale these professionals of such agencies take to complete such a particular project can be a hindrance. However, when this same proprietor chooses a crowdsourcing approach, he/she can invite a large group of creative experts from the marketplace to offer their distinctive ideas almost immediately.
- Cheaper option
Many entrepreneurs who rely solely on traditional service provider when it comes delivering viable solutions to the various issues their organizations face hold the view that a crowdsourcing platform is expensive. They assume that if the price of such a platform is considerably lower than what most professional agencies charge their clients, the quality of the service its experts provide must the questionable. However, in reality, utilizing the creative pool of many professionals specializing in diverse fields can significantly reduce the overall cost without compromising on the quality of the work.
- Greater creativity
Many prominent entrepreneurs around the world use crowdsourcing to exploit the expertise of the vast network of creative professionals when it comes to finding solution to their business problems. Most people under the misconceptions that experts participating in competitions that such platforms hold do not have the necessary experience and skills to tackle real-life business problems. However, in reality such competitions actually enhance the quality of solution such businesspersons are seeking to the issues their establishment have to deal with in the marketplace.
- No Risks
In many cases, entrepreneurs do have the time to read the fine print of the contract they enter into when they hire a single professional for a particular job. This makes them vulnerable to pay numerous hidden costs that they previously did not foresee when he/she allots the task to such a specialist. However, crowdsourcing all costs are upfront.
Today, share is the new buzz word in the world of industry, business and finance. It is possible for entrepreneurs can harness the skills, knowledge, intelligence, expertise and creativity of people who specialize in different fields with help of crowdsourcing platform to find solutions to their business problems. Moreover, these businesspersons do not have to be dependent on experts who prefer to hoard their knowledge and charge exorbitant fees for their services.