Everything about Digital Entrepreneurship in 2020 & 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 advancement of 4G networks, smartphones, and social media platforms.
One of the consequences of these technologies is that the world experienced a higher level of convenience.
Companies that grew very fast in the last ten years were experts in creating digital convenience.
Today, digital convenience is no longer a differentiator. It is a minimum need. It has become a commodity. If you have it, that is fine. But you are in deep trouble if you do not have it.
How do you achieve digital convenience? By having a digital presence.
This brings us to the question of what digital entrepreneurship is.
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.
Digital business creates an opportunity beyond your immediate geographical 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.
Signs You Are An Entrepreneur
Entrepreneurship is associated with recognizing problems and opportunities. It entails executing an idea that causes a positive impact.
There is an entrepreneur in each one of us. You only need to recognize the traits to pursue the entrepreneurial journey.
The first sign: You are curious
You are always asking questions, experimenting with new ideas, thinking about new solutions to new problems.
The second 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.
The third 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.
The fourth and final sign: You want to make a change
You always want to get moving, always willing to learn to reach the desired level of success. You want to bring a positive impact on your community or the world.
If you are able to identify yourself through these signs, you are definitely an 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 earlier this year 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 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 Be 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 be a digital entrepreneur?
Few digital skills such as digital marketing or analytical reasoning are essential for the growth of the 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 number 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.
You can get started with this podcast featuring Lex Fridman, author of Artificial Intelligence: A Modern Approach, or read more about good reasons to learn AI skills here:
Digital skill number 2: UX Design
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-centered 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.
Digital skill number 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.
However, the digital marketing domain is very broad and there are tons of specializations. 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.
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.
Digital skill number 4: Analytical Reasoning
In a world full of data, you need to be able to make sense of it and turn it into actionable and smart decisions.
Analytical reasoning is the skill to scrutinize information and from it, identify trends and patterns that lead to actionable decisions.
Analytical reasoning provides insights that the businesses can use to make informed decisions.
Digital skill number 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 number 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.
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 boss, work whenever and from wherever.
Digital Entrepreneurship is the Future
Digital entrepreneurship can be an enriching experience. As digital technologies advance, there will always be new progress and developments.
You need to be able to adapt quickly and apply the learning to your digital business to upscale, but with SeekaHost University you’re not alone.