What is Digital Entrepreneurship?

While entrepreneurship offers possibilities to anyone trying to start their enterprise, digital entrepreneurship offers more possibilities on a huge number of platforms. In essence, digital entrepreneurship opens up new opportunities for anyone thinking of becoming an entrepreneur. 

If you already have an existing business and you are interested in transforming it into digital entrepreneurship, you might be interested in an article about digital transformation [link to another article].

So what is Digital Entrepreneurship?

While entrepreneurship is self-employment, digital entrepreneurship is self-employment that takes place on a digital platform. This means that as a digital entrepreneur, you’re offering your clients a digital product.

Naturally, digital entrepreneurship comes with different advantages and difficulties.

Digital entrepreneurship also brings up entirely different questions of opportunity and risk. For one, digital entrepreneurship has much less overhead than most businesses. Likewise, it takes much less capital to get started. So let’s start with the hard part.

Challenges of Digital Entrepreneurship

Since digital entrepreneurship isn’t bound by most of the constraints of a traditional business, like geography or staffing, it comes with lots of competitors.

As a digital entrepreneur, you should be ready for some fierce competition. Many describe the situation as saturated, but that’s not entirely true. Just because the Internet lets us talk to every digital designer, it doesn’t mean that there’s a surplus of designers who have the availability or quality I need.

That means that you need to be ready to work hard and put in the hours to succeed. Likewise, you’ll have to find a way to stand out from the pack, namely entrepreneurs who offer the same product as you.

Advantages of Digital Entrepreneurship

Interest in digital entrepreneurship has exploded in the last decade due to its numerous advantages. The online self-employed site things like flexible schedules, less stress, and of course, being your own boss.

Aside from that, digital entrepreneurship also offers so much more on the business end of things. On a digital platform, you can easily and continuously improve your business strategies based on real data. At the same time, offering a digital product essentially means having a huge number of potential customers since you can offer your services to the whole world.

Different platforms like Upwork and Fiverr makes it easier than ever to find someone to help you with your business.

As with old-school self-employment, digital entrepreneurship means filling in different roles and wearing different hats. As with traditional entrepreneurship, the work roles here tend to be more fluid, less defined, and overlapping. However, you often had to be able to fill in every role. 

With digital platforms, you can easily find someone who can help you with the things you can’t do. For many, digital entrepreneurship means hiring freelancers for long-term work, one-time jobs, and everything in between.

At the same time, these exact platforms can make it easier for anyone who’s selling a digital product to reach potential customers. For anyone in fields like translation services, graphic design, copywriting, these platforms are ideal for expanding their customer base.

Keeping up with Digital Entrepreneurship

Of course, you can combine different digital platforms to make up your enterprise. Remember that your digital entrepreneurship needs goals should be based on what is possible on a digital platform. If you want to expand your business to something outside the digital world, you can combine the traditional with the new. It’s all based on you and your business!

Like any form of entrepreneurship, going digital still means that you’ll need plenty of persistence. And as technology changes, so will digital entrepreneurship, which means staying dynamic and not getting complacent with things.