Digital entrepreneurship has been on the rise in recent years. It’s a new way of doing business that combines all aspects of running an enterprise with Internet skills. Whether you’re looking to start your own company, or just want to add some digital skills to your existing job, this article will give you everything you need to know about what it takes be a successful digital entrepreneur and the skills needed.
What is a digital entrepreneur?
A digital entrepreneur is someone who has the skills to set up, manage and maintain a company that operates exclusively with Internet tools. This includes websites, social networking sites like Facebook and Twitter, apps or anything else you can think of online. It’s sort of an updated version of entrepreneurship because it incorporates all aspects of running a business – from finance to marketing to operations.
Should you consider becoming a digital entrepreneur?
The answer is yes! Digital entrepreneurs have the opportunity to work from anywhere in the world, and can set their own hours. They are also able to reach a potential customer base of more than two billion people around the globe with just an idea and internet access.
Another reason for becoming a digital entrepreneur? You’ll be part of a growing phenomenon. In 2013, digital entrepreneurs in the U.S. grossed more than $300 billion and employed over 15 million people, according to CNET’s John Borland. By 2021, it’s predicted that the number of people employed by digital startups will grow to nearly 20 million, with revenues topping $540 billion.
Digital entrepreneurship is not without its challenges. It takes a certain type of person to thrive in this entrepreneurial sector. It’s also important for would-be entrepreneurs to have some knowledge about how their skills could translate into success.
Reasons to enter the world of digital entrepreneurship
There are several reasons why you should enter the world of digital entrepreneurship.
First and foremost, digital entrepreneurship is a way to express your creativity. As a digital entrepreneur you will be able to create or design products for customers who might not have been aware of the problem they were looking for in the first place!
A second reason why you should enter this world is because it’s an opportunity that allows you to work around your own schedule. You can create a business that is flexible and one where you are the boss of it all!
A third reason to become a digital entrepreneur, if you choose this path, is because there’s more opportunity for growth than in other careers. In fact, nearly 75% of those who start their own businesses enjoy an increase in in revenue in the first year, and over 40% of those who start their own businesses enjoy an increase in revenue during the second year.
A fourth reason to become a digital entrepreneur is because there’s less competition when you’re working independently on your products. This means that if you do work hard at it, then more likely than not-you will succeed.
What skills do you need to become a successful digital entrepreneur?
In order to be successful, you’ll need many of the same skills required to succeed in any type of business.
- Creative thinking skills. Come up with new ways to do things and be innovative.
- Communication skills: Be able to communicate your ideas to others so they can understand them and use them as well.
- Problem solving skills: This is an essential skill for any entrepreneur because there are always problems that need solved.
- Leadership skills: This is needed because entrepreneurs have to lead their company and make decisions for it when the need arises. Leadership can also help other members of your team feel more engaged in what they do and improve morale.
- You should be curious and always learning new things – these are necessary for being creative and innovative on behalf of your company’s success.
Benefits of digital entrepreneurship
The benefit of digital entrepreneurship are that it can be done anywhere and anytime. You don’t have to work in an office or company, you can create your own schedule (as long as deadlines are made) and make a profit on the side.
Digital entrepreneurs also earn more money than those who just stick with what they’re used to to. They find it easier to make more money because they have the ability to market themselves and their business in a way that is different than traditional businesses do.
With digital entrepreneurship, you can work for yourself without having any employees or bosses telling you what to do or how to operate your company. This makes self-employment an attractive option for those who want to work for themselves but don’t know how because they’re not sure where or what to start.
Digital entrepreneurship allows you the freedom of being able to decide when, where and how much time you put into your business. It creates more stability in a “never-ending” economy that is constantly fluctuating due to different factors like recession. Plus, most importantly you can control your own destiny by deciding what to do with the business and how to succeed in a way that works best for you as an individual.
Tips on how to succeed as a digital entrepreneur
- Career planning: It’s important to have an idea of what you want your career to look like so that you can create a plan and map out steps for success.
- Define the skills needed for your company: What are the strengths, talents or other abilities that will be necessary for this business? You’ll need to invest in these skills by either taking classes, finding mentors or creating a plan to get you there.
- Investing in the business: Take time to research what is needed for your company and how much that will cost upfront so you can create an initial investment budget. Online resources such as the U.S. Small Business Administration’s website provide free calculators for business plans and can help you find financial literacy classes in your area.
- Setting goals: Create a plan to reach success by setting realistic short-term, mid-term and long-term objectives that will get you there in the time frame you’ve planned. You’ll also need to create personal work/life balance so that’s not all-consuming.
- Be confident: You’ll need to be confident in order to build your business and know what you’re doing is right for the company’s future. It can be difficult at times if it seems like nothing works, but don’t give up!
- Reach out: Don’t forget about networking with other entrepreneurs, advisors and mentors.
- Know your strengths: You’ll need to know what you do well in order to recognize when the business needs more of it or less of it. Make sure everything is on point!
- Know yourself: Take a step back at times to analyze how life has changed since becoming an entrepreneur, and make sure you’re not pushing yourself too hard.
- Recognize success: Take time to pat yourself on the back when you’ve done a great job.
- Be unique and different: You’ll need to be creative in order to stand out from all of the other entrepreneurs, which can sometimes seem impossible–but don’t give up.
- Keep an open mind: There will be many experiments, so don’t limit yourself!
- Find your niche: You’ll need to find an area of expertise in order to market and brand your business.
- Stay true to who you are: Your personality is what sets you apart from everyone else – don’t try too hard to fulfill a stereotype.
- Learn to say no: Make sure you’re not overcommitted, and that your time is spent wisely on the most important tasks.
- Be honest with yourself online: Constantly maintain an authentic presence–don’t have any regrets when someone later searches for more information about you.
Take the leap
If you want to work for yourself, or if you're already working as a digital entrepreneur but need more skills, it's always easier and cheaper to learn them on your own time. There are many online courses that teach digital entrepreneurship skills like how to create an app or website from scratch.
If you find yourself overwhelmed by the number of options available, it might be best to check out a website like I Buy I Review(https://ibuyireview.com/), which buys and reviews a variety online courses to determine if they're scams or legitimate.
I buy and review courses so you don’t have to. Sometimes, I even find courses that are legitimate and worthwhile; and that’s how I accidentally came across one that led me to building a 6-figure business in a little under 5 years. Now, I still review courses because it’s my favorite hobby. 🙂 Learn more about me here.