Digital Entrepreneurship | Importance & Examples

The world of digital entrepreneurship has reached one of its highest points with the emergence of the pandemic, entrepreneurs have had to learn in an accelerated way a set of digital tools that were not indispensable before.

Keep reading to learn more about digital entrepreneurship, its importance, and examples.

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What is Digital Entrepreneurship?

As stated in ResearchGate, digital entrepreneurship is broadly defined as creating new ventures and transforming existing businesses by developing novel digital technologies and/or novel usage of such technologies, (European Commission, 2015).

Digital entrepreneurship has been viewed as a critical pillar for economic growth, job creation and innovation by many countries including the Member States of the European Union.

 

Digital Entrepreneurship Importance

Digital entrepreneurship has taken its importance thanks to this fast track digital world.

According to the OECD, the digital economy has the potential to enhance productivity, income and social well-being.

It is creating job opportunities in new markets and increasing employment in some existing occupations.

As digital technologies enable the production of more goods and services with less labour, they also expose some workers to the risk of unemployment or lower wages.

They also enable changes in the organisation of work, with implications for the capability of existing policies and programmes to ensure labour market inclusion, job quality and skills development.

 

Smart phones…business cards of the digital age
female designer sketching on a digital graphic tablet.

Digital Transformation, Innovation and Entrepreneurship.

As technology keeps improving and lowering the costs of acquisition, it is easier for already established businesses to slowly roll into the digitalization wave.

In the other hand, digital entrepreneurs have also come to run their business models based on the internet, being for them already a business set up with the use of technology.

Either doing the transition from analogue to digital, or being already born digital, digital businesses have the advantage that technologies have driven innovation on their processes.

 

Digital Entrepreneurship Examples

The are different digital business models that entrepreneurs can start.

From building up a Software as a Service, turning their current small business into an E-commerce store, or creatings Apps.

Internet has brought a world of business opportunities to develop new projects.

From chosing a easy start online business such as one of the best known and most successful that is Amazon Affiliates, which has positioned itself as a leader in the digital environment growing in countries like Spain, Germany and throughout Europe.

Or going into more advanced projects such as Machine Learning and Artificial Intelligence based.

There is no formula that will garantee success, and that states what is right or wrong.

Results will be the one who tell if the digital entrepreneur is constantly developing in this path.

Following up, I show some digital entrepreneurship examples that I hope can help you to see if there is a path that you might like to try.

Digital Entrepreneurship Skills

Digital Marketing

From Keyword Research, SEO, SEM, Social Media, Email Marketing, knowing and understanding how to reach and nurture the markets is key part of any digital entrepreneur. Of course a digital entrepreneur can't do it all by himself, that is why he needs to know the next skill.

Human Resource Management

As in businesses, the entrepreneur must know his strenghts and weaknesses. Taking leverage on other people skils and expertise will help the entrepreneur to grow his or her digital business. That is why it is important for the entrepreneur to know how to manage his teammates.

Digital Business Architecture

Understanding that also digital businesses need a proper architectural structure, will help the digital entrepreneur to know what steps to follow in the future to keep building his business. Silo Architecture will help to further develop a online content on an organized way.

Creativity

Digital Entrepreneurs must understand that in the digital world there is no perfect work. It is a matter of testing what works and what doesn't. That is why A/B testing is has taken its importance, and the entrepreneur should use his creativity to find the solutions he or she needs.

Elevator Pitch

If you are looking for investors, one digital skill that is required on Entrepreneurs is the the ability to develop a persuasive elevator pitch that engage even through video calls has become part of everyday life.

Income Generation

The digital entrepreneur must know his business model and its revenue source. Either if you are aiming for product sells, on-demand services, or subscriptions, the entrepeneur should focus on further developing his income streams. As well, among the new skills that entrepreneurs must develop is the ability to generate passive income through different affiliate platforms and / or advertising, which eventually will help to keep developing his online business.

Frequently Asked Questions
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