Introduction:
This research paper would intend to learn the effect of social media platforms
on startups and the rise of entrepreneurship. The use of social media platforms
has been increased exponentially in the past one decade. According to our
research, an average human being spends up to four hours of his day on social
media platforms. It forces the startups to think in a new direction and much
new online business idea generated in past one decade that includes online food
ordering, Online shopping, Online property rentals, etc. and much more is
coming. 

Social
Media:  Social media and networking are all
computer-mediated engineering which eases the sharing and creation of all
information, thoughts, livelihood interests and also other kinds of saying via
virtual communities along with networks. With the help of Social Media
platforms, you can enable the exchange of thoughts, ideas and much more. One
can develop new connections and nurture them with the support of social media
platforms. The most common social media platforms we use these days is mention
below

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·        
Facebook

·        
Twitter

·        
Snapchat

·        
Instagram

·        
Linkedin

Entrepreneurship:
 The fundamental entrepreneurship
definition may be that the action of making a company or companies while
scaling and building it to build a profit. But, entrepreneurship is also about
changing the world by solving big issues. Like initiating social change,
establishing an advanced product or introducing a brand new life-changing
solution. It can even help lower unemployment levels through project creation
to decrease poverty.  It’s all about
building a lifetime all on your terms. No supervisors. No restricting programs.

 

 

Social
Media Platforms: There are the different types of
social media platforms are available, for our research, we have taken specific
social media platforms into account that are mentioned below:

Facebook:
Facebook is an America Based social
media platform started in 2004 by Mark Zuckerberg and his fellow students of
Harward University named Eduardo Saverin, Andrew McCollum, Dustin Moskovitz,
and Chris Hughes. Initially, Facebook was built for Harvard students only, but
later the founders realized its scope and took it to a global level. Presently
Facebook has total Audience of 2 billion users. Eight years after their inception,
Facebook launched its IPO for the first time in 2012, and in the present era,
the use of Facebook goes beyond the building connections.

Presently,
Facebook is helping businesses in generating additional sales, improving
customer experience, building communities of like-minded people and much more.
The users of Facebook are increasing cumulatively every year. Many online
businesses are based on the Facebook on platforms. It includes the viral pages,
blogs like Wittyfeed, Buzzfeed, etc.

Twitter:
Twitter is a San-Francisco based social
Media platform founded by New York University undergraduate students in 2006.
It was founded by Jack Dorsey, Noah Glass, Biz Stone and Evan Williams.
Presently the user base of Twitter has crossed the mark of 100 million users
and is helping brands in improving the customer interaction and customer
relationships. It is online social media platforms that enable users to post
the message in the limit of 140 characters only that later changed into 280
characters for certain accounts. These messages are known as Tweets. According
to Wikipedia, More than 340 million tweets are regularly posted after 2012 and
number keeps on increasing. After seven years of inception, Twitter launched
its IPO in 2013 with 70 million shares.

Presently
Twitter is helping Bloggers, Politicians, Big Business Brands, etc. in
addressing their customers, growth hacking, Social Media Monitoring, Customer
redressal, and maintaining customer relationship too.

 

Snapchat:
Snapchat is an image messaging mobile
application that has been launched back in 2011 by Evan Spiegel, Bobby Murphy
and Reggie Brown the former students belonging to Stanford University. It is
available for IOS, Android and Windows Mobile only. You can’t use the same app
on laptop or in desktop. As of Now it is available in more than 20 languages. The app has evolved from originally focusing on
person-to-person photo sharing to presently featuring “Stories” of
24-hour chronological content, along with “Discover” to let brands
show ad-supported short-form entertainment.

LinkedIn:
LinkedIn is a social media network intended to build professional network of
personnel working in different domains. The main purpose of LinkedIn is to help
users looking for B2B social connections. It has been founded in 2002 and is
available in form of website and mobile app for all the platforms. The main
source of revenue for LinkedIn is by selling information of LinkedIn users to
recruiters and sales professionals. LinkedIn has 106 million active users
across 200 countries by 2017 and total of 500 million users. It is based out in
California and launched its IPO in 2011, 9 years after its inception. Later in
2016, LinkedIn got acquired by Microsoft

Instagram:
Instagram is an image sharing platform
that is enable for mobile, desktop and PC users. It has been launched back in
2010 and later acquired by Facebook. It was developed by Kevin Systrom and Mike
Kreiger and initially it was available exclusively for IOS users only. Later it
has been introduced for android users too. Presently it is one of the famous
app among mobile users with the user base of 700 million active accounts. It is
useful for brands who are into the selling of fashion Products, Restaurants
owners, etc. Instagram got popular among users very soon and 1 million users
installed instagram within a month of inception. In 2012, Facebook acquired
instagram for 1 billion$ cash and some stock.

 

 

 

 

 

Important
factors to keep in mind while social Media platforms for your Business:

Community Building- To
get leads initially, you need to deliver them valuable content at first
instead of dropping your sales proposal directly. Once you start deliver
great information and content to your users, you will be automatically
able to generate revenue out of it. 
To provide that, you need to build a great community of users from
all around the web.  
Turn Around Time (TAT) –
To get any business flourished, TAT plays a crucial role. Social Media is
different from branding via newspapers, television and radio where one can
expect results after a period of time. But on social media, Turnaround
time should be quick. A Blog Post, Twitter, LinkedIn or Face book
campaigning should be operated as per the stipulated time of delivery or
leads. 
Engagement- Social
Media networks are all about community building and providing the valuable
content in which your target audience takes interest. Make sure your
customers get interested and respond towards the information you are
providing to them.  If they are not
responding, it means they are not interested in your content.  Hence to get engagement and sales, you
need to build an active community of like minded people by delivering
content of user interest with some value in it.  
Driving Sales- To
drive sales for your business and even for personal promotion of an
individual; daily content marketing and advertising over Social Media
tools have a major role to play. Face book, Twitter, Instagram and Linked
In campaigning influence audience and drive enormous amount of sales. When
advertising happens over social media then a marketing team should be
clear about return of investment (ROI).

 

 

 

 

 

Methodology
of Research

This section of research contains
the detailed description of methodology of research method we used to conduct
the research. At the end of this chapter, you will get to know about all the
data we have taken into account to conduct the research paper.

Type of Research Conducted:

Ethnographic
Research: The research type we conducted falls
under ethnographic research. Ethnographic Research is a qualitative research
method that earlier used by Social Scientists or anthropologists, but from past
couple of years it has been also used by Marketing executives of any
organizations while formulating marketing strategy for their organizations. Ethnography is a study through direct observation of
users in their natural environment rather than in a lab. The objective of this
type of research is to gain insights into how users interact with things in
their natural environment. In our research problem, we are trying to figure out
the impact of social media platforms on businesses either for positively or
negatively.

Under this research, we conducted 2 email Interviews and 1
Online surveys. All the graphs and interviews are given at the end of paper.

Qualitative Research: It is a social science research methodology which we use we
are not able to quantify the data we have in form of Number, charts and data.
The email Interviews falls under the qualitative research methodology.

Quantitative Research: Quantitative
methods stressed upon objective measurements or the data that can be counted.
It is the statistical, mathematical, or numerical analysis
of data collected through polls, questionnaires, and surveys, or by
manipulating pre-existing statistical data using computational
techniques

Type of Data Used: We take primary data in our account to conduct the research.
We conduct a survey of 100 people, to whom we ask few questions to identify their
online behavior.

We conduct an email Interview of 5 startups based out in
Delhi- NCR, Mumbai and Bangalore who are majorly dependent upon social Media
platforms and online marketing to run their business. Their experience and
estimates about social media platforms will help our readers to take an idea
that how their business will grow with the help of social media platforms.

We also conduct an email interview of 5 social Media Agency
who provide social media marketing services and other online marketing
services. The central theme behind their interview is to estimate which social
media is popular among their clients. What is their belief regarding their
businesses etc.

Sampling Type: Research
paper is entirely based upon the primary data type and the method use for
sampling is convenient sampling.

Convenient sampling is a technique of sampling where we take
sample randomly according to our ease and convenience.

Sample Size: We
conduct an online survey of 100 users

We conduct an email interview of 5 social media agencies that
are in business of online marketing. These Marketing agencies are (OxPro Media, Youstable
Technologies, Clickretina, Techxus,
and Geexfy)

We conduct an email interview of 5 startup representatives
who are majorly dependent upon social media. It includes (Carpiko, Segment One, Medlabz, Treyolo
and Scribbify)

 

 

 

 

 

 

 

 

RESULT

This chapter consists of results based upon the email surveys
and email interviews we conducted. Results for them are mentioned below:

Online Survey:

·        
In our
sample size of 100 people, 67.6% respondents are students, 23% students are in
regular job while 8.8% has their own business

·        
The
majority of respondents in our survey are between the age of 18-22 years that
is 47%, while 23% of respondents are between the age of 23-27 years, 8%
respondents are 28-32 years, nearly 4% people are between 33-37 years, and 7%
people are more than 38 years

·        
Nearly
40% of our audience use more than 3 social media platforms while 10% people use
only 1 platform

·        
The
most used social Media platform is Facebook with 32% users followed by Youtube
with 27% and instagram with 19%

·        
Nearly
80% respondents use social media up to 8 hours in a day

·        
98% of
respondents are using social media platforms

·        
30% of
respondents do online shopping frequently, while 13% of respondents never
bought anything online

·        
80% of
respondents inquire for online services at least once in life time

·        
91% of
respondents use Google maps or any other navigation services

 

 

 

 

 

 

 

Online
Interview (Startups):

Below
we have mentioned the name of companies whom we have surveyed and their
results:

Carpiko:
Carpiko is an online automotive sector
startup that provides door to door car servicing. One can book for car
servicing using their app.  According to
them social media helped them a lot that help in growing their business by 5
times. Their expected audience size is 24 lakh+ car owners of Delhi-NCR.
Presently they are using digital marketing services only to grow their
business. Nearly 80% of their revenue comes from Social Media Platforms and
other digital marketing platforms.

Segment
One: Segment one are making a SaaS product
that can help further in email automation tool. Presently, they are using SEO,
Inbound marketing and Digital Marketing practices to grow their business
further. They are targeting 500 small business clients for next 1 year and
20,000 clients in next 5 years. Apart from social media, they are using Cold
emails and cold calling in order to generate more business for their
organization. Presently they have B2B business model. They have not found
social media much helpful and generated 5% revenue with the help of social
media.

Medlabz:
Medlabz is a medical diagnostics
platform that is currently based out in Mumbai and Hyderabad only. They are B2C
type startup that is majorly relying upon Social Media and search engines for
their growth. As of now their audience size is 2 lakh users and they are
planning to expand in 6 cities with the target of 15 lakh people annually.
Besides, Social Media they are also focused upon Tie-ups with premium hospitals
and health organizations. According to them, online
diagnostics platforms are heavily dependent on social media for discovery by
the customers when they need the services. In addition they are looking to grow
social media communities around health to build our brand. At present they are
able to generate 30% of their revenue using social media platforms.

 

 

 

Scribbify: Scribbify
is a content marketing agency that provides content marketing services to ebook
writers, Websites, Mobile Apps etc. According To Rachit, the founder he said
social media platforms are helping them a lot to bring businesses. Apart from
social media platforms they are also running a referral program where they are
providing commission to those who recommend their services. Most of their clients
come from online mediums. Most of their deals are discussed over facebook and
skype and nearly 50% of their revenue come from social media platforms.

Treyolo:
Treyolo is catering fashion market. Their customers are fashion brands and
designers who are active in fashion market. They are mostly using instagram to
fetch fashion data and it is helping them a lot. Treyolo is under B2B maketing
due to which they avoid social media platforms like Facebook and stressed more
upon LinkedIn. Apart from LinkedIn they are using cold calling, cold emails
etc. to convert new deals. Their expected market size is 45B$. For them Social
media is a goldmine for them to get data related to fashion. Their experience
on social media to get clients is not so up to the mark and they found it
costly.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Online
Email Interview (Digital Media Agency):

Below
we have mentioned the name of companies to who we surveyed and wrote their
opinion below:

Youstable:
Youstable Technologies is in Web hosting
industry and they also provide other online marketing services. They are
presently based in Lucknow. They are 7 years old organization and presently
working with 10 persons. According to them, their clients primarily concerned
about Facebook and then they ask about other social media agency. According to
them within a decade search engines and social media will be an optimum choice
to use for any offline business.

OxPro
Media: OxPro Media is a Delhi based digital marketing
agency that provides Web Development, SEO, SMO, SEM services. They have team
size of 14 people working with them. According to Oxpro Media representative,
their client look for Facebook more when they are looking for B2C while they
are more stressed upon LinkedIn more when it comes to B2B marketing. According
to them, prediction of next decade is tough since the industry is very dynamic.
Social Media is very important as it helps in promoting the conversation
between brands and its users.

Techxus:
Techxus is 2 year old digital marketing
agency based out in Delhi- NCR. They are offering complete digital marketing
services and they have a team size of 8-10 members. According to them, Facebook
helped them a lot to acquire new clients and expand their business. According
to them social media has immense potential in near future and it is essential
to validate your brand. Social media marketing is helpful in validating the
brands and increases the customer loyalty. The scope of social media marketing
will increase in near future.

Geexify:
Geexify is 7 years old digital marketing
agency based out in Bangalore. They offer complete digital marketing services
from SEO to SEM and other advertising services too. They have a few members in
their in-house team and have freelancers too. Their clients are more focused
upon facebook and instagram. According to them social media has immense
potential and if one is not able to realize its potential now, you may only
regret in future. According to them importance of social media could not be
neglected because it is the best way to study the behavior of your audience. If
one is not using the social media to study their audience you are missing a lot
of things.

Clickretina:
Clickretina is a 2 years old digital
marketing agency based out in Lucknow. They are offering complete range of
digital marketing services. It includes SMO, SEO, and SEM etc. Their team size
is of 5 members and they are highly concerned about facebok since most of their
clients come from facebook for them. According to them, Social media has
immense potential and sooner or later it will become the integral part of
everyone’s life. According to them, social media has different utility for
different people but it is important for all.

CONCLUSION

Social
Media has an immense potential for any kind of business. Predicting what is
going to happen in a decade is tough but it is quite sure that social media
have immense potential and it will become the integral part of our life. In
past 1 decade online shopping becomes an important part of our life that is
going to increase in future soon. If you are in B2C then facebook and other
social media platforms is a great source of revenue but on the same side, if
you are in B2B social media is not something you can rely upon. LinkedIn is
great source of getting customers when it comes to B2B products. Listing your
business on google maps is an important step as almost more than 95% people use
navigation services.