Thu. Jul 28th, 2022

Digital entrepreneurship

The way of working and running a company is changing by leaps and bounds, and for this reason, many people want to start a project. Being in the digital era, we will talk aboutwhat is digital entrepreneurship, what are its characteristics and how to start a business.

What is digital entrepreneurship?

Digital entrepreneurship is one where the focus of the business is global and digital tools are the ones that help a digital entrepreneur to know the habits and behavior of their customers. In this way, this person will be able to detect new opportunities and implement new business models.

Digital entrepreneurship can make things easier for entrepreneurs and open up new opportunities for them. This person generally performs all his or her tasks in digital media and technology-related channels.

The best thing for digital entrepreneurship is to have a clear and innovative idea, looking for new opportunities. In addition, the digital world is constantly evolving, therefore, it is important to be in constant training and that can be achieved thanks to an online MBA, where you can get a progressive experience.

¿Como ser un emprendedor digital?

New technologies facilitate innovative projects and allow entrepreneurs to develop new business models that are fully integrated into digital platforms. Unlike the traditional profile, digital entrepreneurs do not have to limit themselves to their local market. The Internet greatly reduces the risks of starting a business, as it allows a company to be created with fewer resources and in a larger space. Costs are reduced and it is no longer necessary to have a physical facility to manage projects.

However, digital entrepreneurs follow the same steps as traditional entrepreneurs. Defining an idea, creating a business plan and raising finance are the paths that every entrepreneur must follow. However, big data and artificial intelligence technologies are opening up new opportunities for digital business models.

Characteristics

The characteristics of a digital entrepreneur are as follows:

  • Adaptation of the proposal to the digital media where the target audience is located.
  • Seek out influencers to spread the word about the business.
  • Develop content following your business ideas.
  • Use tools to manage and optimize the time of the activities.
  • Create a strategic planning where the immersion of the project in social networks and the costs of this action can be foreseen.
  • Attend courses, workshops, webinars, among others. That is to say, to be in constant training.

Characteristics of digital business

Digitalisation, big data and artificial intelligence are defining a new landscape that offers digital entrepreneurs the opportunity to expand their markets, better understand their customers and discover new opportunities.

These are some of the characteristics of this new ecosystem

  • Global markets: Digital entrepreneurs have easy access to other markets. There are no restrictions. With the Internet, you can connect with people all over the world, anytime, anywhere, to reach the maximum number of new customers.
  • Minimal investment: Thanks to digital transformation, you no longer have to make large investments to create a business plan. For digital entrepreneurs, lower costs mean less risk.
  • Geographic flexibility: If you go digital, you can work from anywhere in the world. And with our new digital tools, you can store your data in the cloud and access it whenever you need it.
  • Better knowledge of your customers: digital tools and big data help us to better understand the habits and behaviour of our customers. You will be able to make better decisions and focus your efforts on attracting new customers.

New challenges for digital entrepreneurs

The digital business also brings new challenges. Despite the advantages of this new model, there are also challenges that entrepreneurs have to face.

  • Acompetitive market: digital entrepreneurs have access to a global, but competitive market. As the market expands, competition will inevitably increase and brands will have to differentiate themselves and find their own niche.
  • New strategies: In this new digital ecosystem, we also need new strategies to reach our audience and achieve good results. Big data and new artificial intelligence tools will play a key role in this evolution.
  • Training: In addition to basic business management skills, digital entrepreneurs must constantly train to improve their skills and move forward in response to technological changes.
  • There is no guarantee of success. Although digital entrepreneurship requires few resources, not all projects are profitable and it is never easy to create a company. There is always the possibility of failure, however, with good planning and effective management of resources, the chances of success increase.

How to get started

In order to start a digital business, several stages need to be completed. Training in MBA online helps to have clear steps to follow and to know how to achieve success. Perhaps at the beginning of how to develop a project, you think there are many obstacles, then we give you these recommendations:

Analyze the current situation

At this point it is necessary to make both an external and internal analysis. We must analyze the strengths, weaknesses, opportunities and threats that we can find.

Define your Objectives

It is very important to define the objectives. These have to be SMART, which means:

Specifics: Well-defined idea. Be clear about what you want to do and how you have to do it.

Measurable: The objectives must establish measurable goals such as defining the action plan and targets. That is, number of actions, how often, among others.

Achievable: Realistic goals must be defined, otherwise they will never be achieved. It is true that these goals can change as we see results.

Relevant: It is important to focus on what is necessary and try to be the best at it.

Examples of Digital Entrepreneurship

Setting up a digital marketing agency

You can choose to set up your own digital marketing agency. One of the most common misconceptions is that you can simply originate a website, but this is not the case.

Setting up a digital marketing agency requires a lot of work and meticulous planning to ensure the success of your project. In addition to the steps outlined in the section “What to consider when becoming an entrepreneur”, there are other steps detailed below.

  • Detail what you need from your team First, you need to detail the services you will offer and the specialised equipment you will need to provide a quality service.
  • Legal requirements: It is important to carefully identify all the steps you need to take to start your own business. The requirements will vary depending on the type of business, the size of the company and the country in which you are opening, so it is advisable to seek help from an advisor.
  • Create a service that your audience needs. You probably have a clear idea in your mind of the products and services you want to offer to your customers. However, we recommend that you dig deeper into your market research data and try to take advantage of market trends. You may have found a service that potential customers in your area need, but that no one else offers. Take advantage of this and incorporate it into your own services.
  • Financing your project: You need to make it clear that you need to have enough money to get your project off the ground. No one can guarantee you a large income in the first few months, so you may need to seek funding for your business. Options include finding a partner, raising money from investors or getting a grant from an entrepreneur.

Freelance work in digital marketing

Another option for self-employment is to become a freelancer. If you don’t have the funds to invest and launch a start-up or digital marketing company, this is a great option and can be a pre-launch step.

Here are some tips for the self-employed.

  • Decide which services you want to offer. You can cover several services or specialise in one. This will depend entirely on your experience and the needs of businesses in your area. Solid market research and discussions with other freelancers and experts in your field will help you make an informed decision.
  • Register as a sole proprietor. However, if your activity is sporadic and most of your monthly income does not come from these services, you may not need to register as self-employed in the first place. In any case, don’t make a decision until you are 100% sure. Enlist the services of a professional advisor to find out what steps you can take to avoid being outlawed.
  • Be clear with your pricing: In any business, pricing should be detailed, but it is very important if you are a freelancer. If you clearly define the price of your services, you will know when clients are interested in bidding for your services and when they are not.

Books for entrepreneurs

One of the best tips for starting a business in any industry is to absorb the philosophies of entrepreneurs. You can do this by researching on the Internet, talking to other entrepreneurs in your industry and sharing your experiences, or reading books on entrepreneurship. As I said before, it is important to immerse yourself in the world, learn from the mistakes and successes of others and apply them to your own projects to move forward.

To delve deeper into the world of entrepreneurship, I recommend the following four books

  • The Lean StartUp: This book will help you implement a lean strategy in your project, create a product (or service) and align it with the needs of your customers.
  • Finances for entrepreneurs: In this book you will learn how to finance your company.
  • The Entrepreneur’s Handbook: As the title suggests, this book is a guide to starting a business without rushing. If you don’t know much about starting a business, check out this book.
  • The entrepreneur’s black book: It is the equivalent of the previous book. This book details the most common mistakes that unsuccessful entrepreneurs make. It is definitely a book we recommend to learn what not to do as an entrepreneur.
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