Digital entrepreneurship talks about taking the conventional concept of entrepreneurship in the vicinity of the digital world because of the changing trends.
A lot of people are coming towards digital entrepreneurship as the traditional norm is changing. You no longer remain confined to the rules and regulations of an actual business market because there is the “digital market” where selling and buying both happen in the blink of an eye. Maybe this is the time for the tech-savvy generation to come forward and claim their due through the introduction of workable and useful business ideas.
A BIRD’S EYE VIEW
- Digital entrepreneurship is the act of being digital or online.
- You need to have a safe and registered online domain that will ultimately work as your official business website as a part of the digital entrepreneurship criterion.
- It is important to select a particular niche for advertising your brand or product online.
- Social media presence and its management through fruitful social media marketing can be of great help for digital entrepreneurship.
- A continuous check-up at the website of your business can help you find any malicious attempt or to locate any fault.
- Digital entrepreneurship is more useful than conventional entrepreneurship if you are being careful and selective at every step in the virtual world.
It is important to learn about the basics of digital entrepreneurship and then proceed forward. A number of people only know digital entrepreneurship because to them, it is only about, “setting up your business online”.
If that had been the case, then things would be simpler than they are at present. But, we would prefer to break this bubble of yours. The fact is that digital entrepreneurship not only involves “setting up your business inside the virtual world but also securing it completely and managing it through digital yet impactful promotions.”
This, of course, is burdensome compared to traditional entrepreneurship because you have to take every step warily otherwise you won’t be able to see your business getting the success you have in your mind.
Key Components of Digital Entrepreneurship
Digital entrepreneurship definitely involves the digital world but there are some other factors that constitute the presence of a business on the other side of the screen.
- An Online Registered Domain
This is the most basic part of a business online. In order to create your business online. You first have to get a domain that relates well to your business. A number of business personalities hire web developers to create a domain of their own name so that their individual uniqueness remains intact. If you are not understanding the significance of your domain, then let me tell you that your domain works like the signboard of your business. If the signboard is missing which of course contains all the basic details about the nature of the business, then the consumer would be unable to make a right guess about your business and he/she won’t be even able to find you out online. This domain or the signboard serves as the signature of your business presence. It indicates that your business is present online and is operating freely at any time of the day. BEEP! BEEP!
- A Promotional Medium
Obviously, you are delivering a certain product online. You definitely need to advertise it. How come you will advertise if there are no promotional services available in the online world? Don’t fret about this because this is handled well by different ad agencies and the mighty AdSense by Google.
It takes up your basic details, reviews your product, and then declares its verdict of you being succeeded in the ad-creating mission or not. Once you are successful in creating ads, you need to find out the places where you can share them. You cannot share your ads at each and every website simply because that’s impossible.
But, you are forgetting that this online world works in a different way. Here, you once again declare your niche and BUZZ! Here you go. The AdSense or other ad placing servers select websites regarding your niche only and you are ready to adversities your product in the full-fledged form.
- Social Media Presence
YIPPEE! Your social media presence is what defines your business really. If you are present digitally and do not have the links socially, then are you even devouring the full taste of this technological cuisine?
You are obviously required to create social media accounts where you share your business profile. Facebook, Instagram, Twitter, Youtube, Tiktok, Linked In and Snapchat can be some of the initial apps where you can put your competitors in danger with the help of impressive social media marketing.
If I’ll be honest, then the truth is that these days the success of many businesses prominently depends on their social media influence. If they have a higher reach and impressive social media marketing strategy, then the ball is really in their court which can be grabbed anytime by just the necessary weaponry of more impressive strategy and a bigger number of followers. The more followers you have, the higher are the chances of success of your business.
- Online Security Network
This is the last component of digital entrepreneurship. You need to secure your business website and all the associated social media accounts. Unfortunately, the continuous expansion of technology in the business world has left many of the users vulnerable to hacking and online fraud.
When you are relating your bank account to the website, a part of your financial life depends on the security it finds online. It has happened in the past a number of times that hundreds of websites lose their capital and important data because of this business sun of hacking.
Secure your website with the help of various security software. Once you have secured your business website and social media handles, you can operate in peace because then the risk would be minimized than being prone to danger all the time.
Top 5 Digital Entrepreneurship Ventures
Because of the unique idea of operating in the online world, a number of online businesses gained the attention of the public due to the peculiar personal plans they had for the virtual world. Here are the top 5 of the digital world champions.
When one is talking about the digital business, I believe that forgetting this grand venture is no less than a sin. Owned by the one of richest men in the world, Jeff Bezos, this grand venture was initiated in the year 1994.
I believe this was the biggest reason that many of the traditional businesses started shifting themselves online. It gave direction to all the other businesses who made amendments to their platforms as per the changing tide. Basically, an E-commerce venture, Amazon then started dealing with AI, online streaming services, sales of E-literature, and the sales of all the tech-based products.
This one business platform gained heights of success because of its unique concept of E-shopping. The shoppers found it easier to get access to any product from all parts of the globe and then getting it delivered to their doorstep.
This was just the beginning of the glorious tech revolution. Today, Amazon has become a trusted source for many and many local and international E-marts are copying the business plan of this champion.
Come here all the binge-watching creatures. I have some details about your most loved platform a.k.a Netflix. Starting its services in 1997 under the leadership of Reed Hastings, Netflix is a premium digital working model which allows you to stream all of your favorite movies, soap operas, or seasons in one place.
The medium covers movies and other visual literature from all parts of the globe and is available in 62 different yet major languages. Once you subscribe to various plans according to your convenience, you enjoy uninterrupted hours of streaming any kind of content.
During the last 10 years, Netflix has also sponsored the production of content for the streaming at the site other than the general cinema and Television content it streams.
Spotify marks its significance as the most interesting online music streaming platform. The fermium-based business started its operation in 2006. Unique from the beginning, it remained successful in grabbing the hearts of users all over the world because of its online yet international streaming of top music globally.
With the fermium services, you can use some of the basic features for example online streaming absolutely free. But, to download and remove ads on both the website and in-app, you need to go premium.
Uber is the pioneer of starting the online transit system. The online taxi and other modes of transportation were a global success. So, this business took its first breath in the global market in 2017. In no time, its success made it start its services globally and today Uber operates in 85 countries and is continuously expanding its services which seem impressive considering the years of its birth.
This UK-based international online food delivery service is known for its exceptional food-delivery history. The pattern of its operation is similar to Uber but the feature it offers is different. It offers you to deliver and receive food from nearby restaurants, gifts, and groceries. This has made life easier while taking its first step in 2013. From the first step, it has now become a pro of the digital market and operates in 13 countries delivering nothing except quality and perfection.
Digital entrepreneurship is becoming the new norm of the business town. Though it is much more effective than traditional methods of sales and purchase, it is important to remain secure and promote your business wisely by using the aid of social media in the ideal pattern.
The author is an M.Phil scholar conducting her thesis in Literature. As a sucker for literature, she swoons over Greek and South Asian fiction while reviewing books in her spare time. Her love for writing has made her expand her subject matter and now she pens her opinions frequently on business, finance, entrepreneurship, lifestyle, history, and literature. For a special connection with entrepreneurship, she opens up the details occasionally about it.