Everything you need to know about Digital Entrepreneurship in 2021 & Beyond!
We are living in an era right now where everywhere you go you see people looking at a screen. Screens are dominating everyone’s lives.
The last ten years have seen an exponential data consumption through technological advancements of 4G networks, smartphones, and social media platforms, which made our lives more convenient.
How do you achieve digital convenience? By having a digital presence. Which brings us to the question of what digital entrepreneurship is.
When it comes to digital entrepreneurship, you’ve got to have some digital and transferable skills, to become a full-fledged digital entrepreneur!
Digital entrepreneurship is becoming the norm as more and more people are seeking new ways to make a livelihood online or even live the laptop lifestyle as a digital nomad. And the future of entrepreneurship is bound to change for the better, as more businesses embrace digital technology, from theory, to actual practice, and even in education.
Besides making a living, there is also the opportunity of becoming financially independent, and the possibility to impact the world positively with your online skills and ventures. Read how websites can make millions, if you’re not convinced.
What Is Digital Entrepreneurship?
Before we understand what digital entrepreneurship is, let us look at what a digital business is.
Digital businesses use technology to create:
- new business models,
- customer experiences, and
- internal skills that support fundamental operations.
Both digital-only and traditional businesses are transforming their digital business using digital technologies.
A digital business creates an opportunity beyond the immediate geographical space through the global online space.
Thus, digital entrepreneurship can be broadly described as creating a digital business model. Digital entrepreneurship creates digital products and services marketed, delivered, and supported digitally. Digital entrepreneurship can therefore be considered as “entrepreneurial opportunities being created and pursued through the use of technological platforms and other information communicating equipment“.
Digital entrepreneurship is the future and connotes how entrepreneurship will be changed for the better, as businesses continue to be transformed by digital technology. With around 4.8 million freelancers in the UK alone and 57 million freelancers in the US according to Upwork in 2019, it is obvious that the digital nomad lifestyle revolution has arrived.
The growth of digital entrepreneurship is tied to internet access and its global reach.
If you’re willing to study the possibilities and how to use the Internet to offer services to your clients, we have put together all you’ll need to start as a digital entrepreneur in this guide and you can also see how digital entrepreneur Fernando Raymond runs his digital ventures on his digital entrepreneur blog.
Inspired? Then see what you need to become one!
Digital entrepreneurs are the people making the significant change in the world, just think of the likes of Mark Zuckerberg (founder of Facebook) or Jeff Bezos (founder of Amazon), who have applied their skills, vision and entrepreneurial mindset to share with the world! So, let’s define what a digital entrepreneur is and the many shapes this role can take on, which is the beauty of it.
Who is a Digital Entrepreneur?
While some think that every entrepreneur making use of digital technology is a digital entrepreneur, this belief is both right and wrong. Notwithstanding that, almost all entrepreneurs are now going digital, by taking their businesses online, from creating awesome marketing and promotional campaigns, among other processes.
Not all entrepreneurs are doing things entirely with digital technology.
However, a digital entrepreneur is someone who focuses exclusively on digital commerce (e-commerce), or digital services and products that are solely supported, marketed, and delivered, entirely via the Internet.
While people that work in the digital media space and those making a living by selling digital products may also be considered as a digital entrepreneur as well as people who work online in any digital environment building an e-business.
But, we’ll consider anyone a digital entrepreneur who is within any of the online business models comprising digital assets such as blogs/websites, videos, or other related content used in the promotion of a brand.
Essentially, it involves a set of skills, values, and of course, the right mindset. And all of these can be learned and acquired. But certainly, entrepreneurship isn’t for everyone.
Most entrepreneurs are now using the latest digital technology to launch and grow their businesses, but does that qualify them as top digital entrepreneurs?
Signs You Are A Digital Entrepreneur
Entrepreneurship is associated with recognizing problems and opportunities. It entails executing an idea that causes a positive impact and change.
There is an entrepreneur in each of us. You only need to recognize the traits to pursue the entrepreneurial journey.
1st Sign: You are Curious
You are always asking questions, experimenting with new ideas, thinking about new solutions to new problems.
2nd Sign: You are a Risk-Taker
You are willing to go all-in or nothing. You are inclined to take a calculated risk and do whatever it takes to improve the current situation.
3rd Sign: You are a Game-Changer
You hate the conventional way of things. You experiment with different things to see if it will work out. This allows you to gain a different perspective and become a game-changer.
4th Sign: You want to make a Change
You always want to get moving, you are always willing to learn to reach the desired level of success. You want to have a positive impact on your community or the world.
If you are able to identify yourself through these signs, you are definitely an entrepreneur and digital entrepreneur.
A lot of determination, willingness to commit, and really having a purpose helps build a successful digital business.
Have a look at these digital entrepreneurs and how they have made it to the top for some inspiration:
So, you have a kick-ass digital product or service. But do you have the digital skills to make your digital product or service stand out from the crowd?
The World Economic Forum in 2020 highlighted the shortage of digital skills. Digital technology is transforming at lightning speed. However, the existing and future workforce is not up to speed with digital skills.
When you start your digital business, you do not have the luxury of
- having money
- hiring a team
- having specialists
But you can take action with a few basic steps to get the ball rolling. The first step that will help you pave the way for digital success is a website.
A website is an extremely powerful tool. A website helps:
- increase your credibility
- reach a global audience
- promote your business 24/7
- generate sales 365 days a year
- save overhead costs compared to a brick-and-mortar store
All you need is a domain name, and a hosting platform and panel to kick-start your digital business.
Once you are all set with creating your website, you will need additional horsepower in the form of digital skills.
Digital Skills You Need To Become A Digital Entrepreneur
In order to stay relevant and valuable, you need to acquire the right digital skills.
So, how many and what kinds of digital skills do you need to become a digital entrepreneur?
You’ve got to arm yourself with some practical digital skills and techniques first in order to help with creating a similar business scenario in the digital world as in the real world where customers can feel comfortable doing business with you.
This can be achieved through the creation of digital assets such as user-friendly websites and blogs, and great portfolios, which obviously requires some basic digital skills such as blogging, social media marketing and much more.
It is a fact that having a business idea isn’t the hardest part, but the execution thereof. That’s why few digital skills such as digital marketing or analytical reasoning are essential for the growth of any digital business. The application of digital skills such as AI or cloud computing is dependent on the nature of your digital business.
The following digital skills are trending at the moment. Subject to the nature of your digital product or service, you can explore these to incorporate in your digital business.
Digital Skill # 1: Artificial Intelligence
We live in an increasingly artificially intelligent world. AI skills are among the fastest-growing skills.
You don’t need to deep dive into a programming language or become a hardcore coder to empower yourself to leverage AI.
Digital Skill # 2: UX Design & Web Development
The term UX design has become a major buzzword. UX design stands for user experience design. In other words, the design of experiences for digital users and experience is any interaction the user can have with a digital product. UX designers for software, websites, and apps create a user-centred design that takes the user’s needs into account at every stage of the product life cycle.
A UX designer looks at
- how people interact with the product
- who uses the product
- how they use the product
- why they use the product
This information enables the UX designer to improve the app, website, or software by making it more efficient while keeping all the necessary functionality.
This can include removing visual clutter, simplifying choices, improving performance, or simply rearranging things in a more logical order. It’s all about testing and problem solving to find new ways of improving the user experience. A great UX design not just improves the user’s experience, but also improves your brand equity.
The knowledge is vital too for emerging technologies and trends in digital marketing like AR (augmented reality) and VR (virtual reality), providing developers with the fundamental skills needed to develop the next generation of AR and VR devices and technologies, which will affect the services industries hugely.
Digital Skill # 3: Digital Marketing
The most in-demand skills are of course digital and mastering them can lead to an abundance of growth opportunities.
Why? These skills capitalize on new digital technologies to help sell digital products and build brands. All businesses crave this expertise.
Digital marketing is the promotion of products and services using online platforms, and increasingly, this is the preferred marketing medium for most companies because of lower cost and measurable ROI.
However, the digital marketing domain is very broad and there are tons of specializations. Start with an understanding of how SEO can help your website become a trusted brand among your target audience. Learn vital blogging skills to improve your content writing on your blogs for your returning and prospective customers.
Think social media like Facebook marketing, search engine optimization, content optimization, guest blogging and posting, data analysis, conversion rate optimization, marketing automation by running ads on Google or other platforms.
With your website being an asset for your digital business, use digital marketing skills to enhance the website traffic, attract potential customers, offer stickiness to existing customers.
While the best PR nowadays is carried out exclusively via social media, such as Twitter, Facebook, and Instagram, with several other online platforms giving companies direct access to potential customers, digital marketing is becoming a skill any digital entrepreneur needs.
Digital Skill # 4: Analytical Reasoning & Data Visualization
In a world full of data, you need to be able to make sense of it and turn it into actionable and smart decisions.
Data analytics skills open doors to excellent career paths in the digital age for professionals, and the demand far outweighs the current supply, making the Data Scientists highly sought-after.
Analytical reasoning is the skill to scrutinize information and from it, identify trends and patterns that lead to actionable decisions. Learning data science will position you ahead of the curve, as data science becomes an even more popular requirement for most managerial digital jobs. Even if you don’t want to study data analytics, you can at least learn how to use analytics tools for your own e-business success. Analytical reasoning provides insights that the businesses can use to make informed decisions.
Those designers who can visualize complex data to help with making vital business decisions are in high demand, and if you have this skill, you can set up a business within these verticals. This skill called data visualization is useful for gaining valuable business insights from data. It also includes data analysis skills, which are a huge part of SEO tuition as well and can be learned at the SeekaHost University.
Using tools such as Power BI and Tableau, if you can analyse and visualize data, then you can create a digital business around it. Also, designers who are great in creating effective and dynamic user experiences will be in high demand with most other digital businesses.
Digital Skill # 5: Design Thinking
Every innovative company globally uses some form of design thinking.
Design thinking specifically focuses on the human-centric side of creative problem-solving. So, design thinking really looks at all of the creative problem-solving through the lens of human-centric design.
It is a human-centred approach. It is about empathizing and figuring out who you are designing for, what their needs are, and then helping you to solve that problem, helping you to innovate based on those needs.
Digital Skill # 6: Cloud Computing
Our world is moving into the clouds.
Cloud computing allows businesses to store data online, share the data online, and the ability to access the data on the go.
Cloud computing helps save the cost of physical infrastructure, installing hardware, software, and maintenance.
But this also raises the risk of data loss or theft. Cloud security is needed to safeguard the data stored online through cloud computing.
In the future of digital businesses, it is important that you take your learning into your own hands. It is your responsibility to anticipate and prepare for the future. By doing so, you’ll ensure you and your digital business stay relevant and valuable.
Digital Skill # 7: Project Management
This skill is desirable in developing digital products and services in a cost-effective and timely manner.
It involves a range of tools including AGILE and SCRUM, which will help you stand out as a Digital Project Manager and give you a holistic understanding on digital project development, from idealization to prototype and actual development of the digital product or service.
The increasing demand for software as a product and service makes Project Management more integral to the digital technology sector.
The above digital skills are beneficial for any digital entrepreneur as they equip them with abilities to improve and grow their digital business. Now that you know which skills to attain to run a digital business smoothly, learn more about the benefits of managing a digital business.
Advantages Of A Digital Business
Having a digital business offers the following advantages:
Buying products or services online is becoming a convenient day by day. Customers are looking for a convenient way of buying online.
The search for your niche product or service can land new customers to your website. This generates a lead, where a potential consumer can be turned into a lifetime customer.
Digital technology has made it possible to set up an online store to market and sell your products and services.
Compared to traditional ways of setting up a physical shop to market and sell the product, digital business is far more financially feasible and affordable.
Digital businesses offer the opportunity to receive instant customer feedback. As an entrepreneur, this gives you an insight into your product or service’s stickiness and performance.
Instant feedback enables you to modify your product or service on the go to suit the preferences of your customers.
Apart from the above, there is obviously the benefit of being your own boss, work whenever and from wherever you want.
Are you ready now to become a digital entrepreneur? Then read on.
How to get started with Internet Entrepreneurship?
Besides learning practical skills, digital entrepreneurship is more about new ways of thinking, which is perhaps another way of saying it offers new theories on entrepreneurship itself. But most importantly, you’ll need internet access and a digital device to get started.
1. Be Ready for Life-Long Learning
If you’re really serious about getting started with digital entrepreneurship, you’ll need to develop a skill or two, while the rudiments may be a little different, but just like everything else in the real-world, learning and using the knowledge is paramount to becoming a digital entrepreneur as highlighted above.
Technology develops and changes rapidly and digital entrepreneurs will need to be on top of their game to remain relevant in the digital marketplace. Data analysis is very important, but also to understand what practices are really helpful in ranking a website higher on Google. Because your business can only be successful online, if it is seen ideally by as many viewers as possible. SEO is intertwined with creating and setting up a website and posting articles, hence why one will need to learn basic WordPress and blog monetization skills on top of SEO skills.
To make a start you can read this extensive guide first:
2. Research How to Help People with Your Skills
It is a fact that entrepreneurship strives with the identification of some real world problems and the opportunities to implement a solution, that can bring positive impacts through an innovative and creative approach.
You can think of such digital services as Bolt or Airbnb, with the former as an application available on both iOS and Android, that allows you to hail a taxi right in your bedroom. While the later is a marketplace online for arranging lodging, tourism experiences or primary homestays.
The novelty of such services is not about getting a cab for people to travel around with, but about offering more accessible, practical and far easier services with the help of technology.
See how SeekaHost constantly innovates their solutions to remain a market leader with their latest development of a unique blog hosting control panel:
3. Launch Your Services Online
If you are focusing on digital services that are tailor-made, and deliverable online, it stands to reason that having a good website is a prerequisite for the success.
At SeekaHost you get the cheapest web hosting packages for your business website hosting needs, as everyone seeks for a web hosting service that is first affordable, then reliable, secure and efficient.
The reason for you to start with a website is obviously to get attention on the web, and from search engines like Google and through social media channels.
In the beginning, you will need to work pretty hard to position your brand in the market, especially when you’re managing the business yourself. But working hard doesn’t necessarily mean being glued in one place and working all day, because the digital world is dynamic. Your online presence must be visible on various online channels and that is the real challenge with more digital platforms emerging that you’ll have to serve.
Take over the World as a Digital Entrepreneur
Digital entrepreneurship has opened new possibilities to the next generation of entrepreneurs, with the best way to learn the necessary digital skills, and by reflecting on experiences, constantly innovating new approaches.
Indeed the digital economy is here, and people are beginning to realize that digital skills are very vital in this digital era. Albeit perhaps, the biggest challenge for a digital entrepreneur today is building a sustainable business, with the most important aspect of creating a system that works in times changing rapidly.
As starting a business in the real world isn’t feasible for everyone, and risky for beginners, the digital world lowers the barriers by making it cheaper to get started, offering a variety of ways to succeed.
If you still have questions as to how to craft a great business idea with the digital prototype or how to improve a business faster by switching entirely to the digital world, then you can speak to Fernando or Manuela by reaching out to them via [email protected] and [email protected]
Distance or online learning is certainly one of the great benefits of the digital era, as crucial digital skills can be acquired entirely online to enable you to get online.
Whether you’re looking for an online course about digital marketing, WordPress management, mastering online marketing platforms and SEO – you’ll find a wealth of tutorials from SeekaHost accredited industry experts to guide you step by step. You’re not alone and you can do it!
Adapt quickly and apply the learning to your digital business to upscale and with SeekaHost University you’re not alone.