Cloud Computing

Definition

Cloud computing is a model for delivering on-demand access to a shared pool of configurable computing resources, such as networks, servers, storage, applications, and services, over the internet. It allows users and organizations to access and utilize these resources without the need for local infrastructure or direct management.

5 Must Know Facts For Your Next Test

1. Cloud computing enables entrepreneurs to access and utilize advanced technology resources without the need for significant upfront capital investment or ongoing maintenance.
2. The flexibility and scalability of cloud computing can help entrepreneurs quickly adapt to changing business needs and market conditions.
3. Cloud-based solutions can provide entrepreneurs with access to a wide range of software, platforms, and infrastructure services, allowing them to focus on their core business activities.
4. The use of cloud computing can help entrepreneurs reduce their carbon footprint and environmental impact by leveraging the energy-efficient data centers and green initiatives of cloud providers.
5. Cloud computing can enhance an entrepreneur's ability to assess resource needs and make informed decisions using the PEST (Political, Economic, Social, and Technological) framework, as it provides access to real-time data and analytics.

Review Questions

• Explain how cloud computing can benefit entrepreneurs in the context of Entrepreneurship Today.
  • Cloud computing can greatly benefit entrepreneurs in the context of Entrepreneurship Today by providing access to advanced technology resources without the need for significant upfront capital investment or ongoing maintenance. The flexibility and scalability of cloud-based solutions allow entrepreneurs to quickly adapt to changing business needs and market conditions, helping them stay agile and responsive. Additionally, cloud computing enables entrepreneurs to focus on their core business activities by leveraging a wide range of software, platforms, and infrastructure services provided by cloud providers.
• Discuss how cloud computing can impact an entrepreneur's considerations regarding capital acquisition, business domicile, and technology in the context of Additional Considerations: Capital Acquisition, Business Domicile, and Technology.
  • Cloud computing can have a significant impact on an entrepreneur's considerations regarding capital acquisition, business domicile, and technology. By reducing the need for on-premise infrastructure and hardware, cloud computing can lower the upfront capital required to start and grow a business, making it more accessible to entrepreneurs. Additionally, the flexibility and scalability of cloud-based solutions can enable entrepreneurs to easily adjust their technology resources as their business evolves, without being tied to a specific geographic location or physical infrastructure. This can influence an entrepreneur's decision-making process when it comes to business domicile and the allocation of capital towards technology investments.
• Analyze how cloud computing can enhance an entrepreneur's ability to assess resource needs using the PEST framework in the context of Using the PEST Framework to Assess Resource Needs.
  • Cloud computing can greatly enhance an entrepreneur's ability to assess resource needs using the PEST (Political, Economic, Social, and Technological) framework. By leveraging cloud-based solutions, entrepreneurs can access real-time data and analytics, which can provide valuable insights into the political, economic, social, and technological factors that may impact their business. This information can help entrepreneurs make more informed decisions about the resources they need to acquire, such as computing power, storage, software, and other technology-related resources. Additionally, the scalability and flexibility of cloud computing can allow entrepreneurs to quickly adapt their resource allocation as the PEST factors evolve, ensuring they have the necessary tools and infrastructure to respond to changing market conditions and customer demands.

Related terms

Software as a Service (SaaS): A cloud computing model where software applications are hosted and managed by a provider and made available to users over the internet, often through a web browser.

Platform as a Service (PaaS): A cloud computing model that provides a platform, including operating systems, programming languages, databases, and web servers, allowing developers to build, test, and deploy applications without the need to manage the underlying infrastructure.

Infrastructure as a Service (IaaS): A cloud computing model that provides on-demand access to fundamental computing resources, such as processing power, storage, and networking, allowing users to deploy and run their own software and applications.