How social platforms are driving a new wave of entrepreneurship

Platforms like TikTok are fueling innovation and growth to drive the entrepreneurship spirit 

By Thareendra Kalpage

Every year, on the third Tuesday in November, we celebrate the National Entrepreneurs’ Day. This is a day dedicated to honoring risk-takers and innovators whose work drives economic growth and innovation. Entrepreneurs bring new ideas to life, and this day is our opportunity to recognize their dedication, grit, and impact on society. 

As a country, Sri Lanka has shown a moderate performance in the Global Entrepreneurship Index (GEI) over the past few years. While initially debuting with promise in 2015, the country's ranking has seen inclines and decline over the last decade, highlighting areas for improvement in the entrepreneurial ecosystem. The Sri Lankan government has implemented various initiatives to foster entrepreneurship, including establishing tech parks, incubators, and accelerators. To further enhance its entrepreneurial landscape, Sri Lanka yesterday announced the Global Entrepreneurship Week (GEW) for 2024, featuring over 200 events and activities for entrepreneurs across all 25 districts in the country and it plans to involve 20,000 people in promoting entrepreneurial activity, job creation and economic growth. 

As we celebrate this special day, it is remarkable to reflect on how social platforms have transformed the entrepreneurial landscape, empowering individuals to build thriving businesses, invest in groundbreaking ventures, and create opportunities for others. This digital revolution is reshaping our understanding of success in today’s business world, and at the heart of this transformation lies the role of platforms like TikTok in fueling innovation and growth.

A new era of influence and opportunity

The rise of social media influencers has become one of the most visible examples of social platforms’ entrepreneurial potential. By leveraging their followings, influencers are driving product awareness, launching personal brands, and even building empires. Logan Paul’s success with Prime Hydration, valued between $150 and $200 million within a year of launch, underscores the power of connecting with audiences authentically and meeting consumer demand through strong branding and marketing.

However, influencer entrepreneurship is just one part of the equation. Businesses of all sizes are embracing digital marketing, harnessing social media to reach targeted audiences in cost-effective and innovative ways. Whether through engaging content, influencer collaborations, or data-driven campaigns, companies that strategically utilize social platforms are poised for significant financial success.

Among these platforms, TikTok stands out as a game-changer in democratizing access to entrepreneurial opportunities. Its short-form video format and powerful algorithm allow users to showcase their creativity, share their expertise, and build authentic connections with audiences worldwide. Small businesses and solo entrepreneurs are finding unprecedented visibility on TikTok, often with minimal investment.

For example, Sri Lankan entrepreneurs are using TikTok to spotlight traditional crafts, attract global customers, and even revive waning industries. Artisans showcasing handwoven saris or eco-friendly home products have found new markets through TikTok’s unique ability to connect niche creators with engaged audiences. Additionally, creators like fitness coaches and culinary experts are building personal brands, offering paid online classes, and launching products, all starting from a single viral video. One of the best examples is the rise of Wild Cookbook's entrepreneurial journey. With over 4.5 million followers in TikTok, Wild Cookbook is known for innovative culinary concepts and experiences and recently, he opened his first restaurant in Colombo called 'Wildish'. 

The intersection of technology and innovation

The success of entrepreneurial endeavors on social media is deeply tied to the evolving relationship between technology and content creation. TikTok’s sophisticated editing tools, trend-driven challenges, and collaborative features empower creators to produce high-quality content that resonates. As technology advances further, new tools—like augmented reality—promise even more innovative ways for entrepreneurs to engage with audiences and differentiate their brands.

One of TikTok’s defining features is its ability to foster genuine community engagement. This is invaluable for entrepreneurs, as interacting with customers and receiving real-time feedback can enhance customer service and build loyalty. Additionally, the platform’s focus on storytelling enables entrepreneurs to humanize their brands, making them relatable and memorable.

Lessons for aspiring entrepreneurs

The entrepreneurial stories emerging from social platforms highlight key strategies for success:

1. Authenticity and consistency: Consistently creating content that aligns with your brand values fosters trust and loyalty.
2. Leverage analytics: Social media insights help refine strategies and optimize engagement.
3. Adaptability: Staying ahead of trends and embracing new technologies ensures relevance in a dynamic market.
4. Engagement: Direct interaction with customers builds relationships that extend beyond transactions.

While social media alone may not be the sole catalyst for entrepreneurial endeavors, it undeniably provides an unparalleled toolkit for innovation and growth. Platforms like TikTok are at the forefront of this transformation, enabling a new generation of entrepreneurs to turn their dreams into reality.

As we mark this National Entrepreneurship Day, let us celebrate the creators, innovators, and business leaders redefining entrepreneurship in the digital age. The journey has only just begun, and platforms like TikTok are paving the way for an even more inclusive and dynamic entrepreneurial future.

(The writer is a highly regarded entrepreneur, startup investor, business leader, and an avid observer of the global political landscape, economy, and technological and social developments)