The era of digital entrepreneurship is upon us. But what does it take to be a successful digital entrepreneur?
Digital transformation is changing the consumer experience. As a result, it revolutionizes the way entrepreneurs do business.
Today, the mindset of entrepreneurs is shifting. Instead of thinking about how to sell more products, they're using technology to deliver added consumer value. This leads to the development of new digital products.
For this reason, some entrepreneurs are shifting towards digital entrepreneurship.
Digital entrepreneurship aims to:
As an entrepreneur, you need to keep evolving. With fast internet and powerful technology, you have plenty of resources available.
In this supercharged guide, we'll discuss what is a digital entrepreneur mindset and the skills you'll need. Plus, we'll talk about some success stories to learn from the best.
But First, Who Is A Digital Entrepreneur?
Most businesses are moving towards digital marketing and commerce. In fact, businesses are focusing more on their digital strategy.
So does this mean that every entrepreneur is now a digital entrepreneur?
In a way, it makes sense to think this way. Why? Because entrepreneurs are now using digital technology to run their business. They use different online platforms to build, launch, or market their business.
But to be more specific, digital entrepreneurship isn't only about using online technology.
Strictly speaking, a digital entrepreneur exclusively does everything digitally.
This means a digital entrepreneur …
Digital entrepreneurs come up with innovative ideas. And these ideas usually disrupt existing industries and change the conditions of human life.
Simply being savvy in digital marketing, doesn't make you a digital entrepreneur.
Yet, the digital landscape is ever-changing. There will be different situations that will expand this definition as things evolve.
Digital Entrepreneurship Is On The Rise
& What It Means For You
Across the world, internet usage and eCommerce are growing. Consumers are going online to discover, research, and buy digital products.
Aside from these, the demand for online courses is also rising. More and more people are looking into eCourses to improve their skills.
Additionally, companies are now using Software as a Service (SaaS) to grow and manage their business.
So take advantage of this digital revolution.
Want to become a digital entrepreneur?
You need to change your mindset!
In a minute, we'll discuss in detail the top products you can sell as a digital entrepreneur.
But first, we want to highlight the benefits of starting a digital business:
Digital Commerce: What Products and Services Can You Sell?
What's not to love about doing business entirely online?
For one, you can work from anywhere. Secondly, you'll be managing your own time. More importantly, you can conceive, launch, market, and sell your products remotely.
Selling physical products involves inventory, shipping, and more. Digital products are far less complex.
First of all, they're easy to distribute. Secondly, they're sustainable and easily replicated. And sometimes, digital products are easier to create.
No physical materials or factories required.
So what types of digital products can you create and sell?
Digital commerce offers plenty of opportunities for digital entrepreneurs. It's not a matter of what you can sell, but more about what you want to create.
We'll help you narrow down your options. But before that, here are a few simple prerequisites before starting your online business.
What's your expertise? Start by building your authority around an industry. Then observe how your competitors are doing business. How are they creating digital products?
Don't worry about saturating the market. Your skillset, knowledge, and personality will make your business unique. Focus on creating something that'll bring value to your audience.
An eCommerce Platform
Additionally, you'll also need to decide whether you'll be selling directly from your website or through an eCommerce platform. There are plenty of platforms to choose from. So take your time and decide which one will best fit your business.
Remember, regardless of what you're selling, you'll still have to showcase it on your own website.
As previously stated, digital products and services are created, marketed, delivered, and supported online. So first you'll need a website. It's an excellent platform for content creation, lead generation, and more.
Here are a few elements that your website should have:
You now have an idea of what you'll need to start your digital business. Next, we'll discuss some of the top-selling digital products today. Who knows? You might get inspired and start creating your own!
Among the most popular digital products sold are eBooks. It's not surprising since it's relatively simple to produce with little to no risk involved.
Additionally, it provides unlimited possibilities. All you need is an inspiration for a topic, your computer, and the internet.
Here are more reasons why digital entrepreneurs and consumers love eBooks:
Of course, you'll still need an effective content marketing strategy. How will you sell your digital products if no one knows about it, right?
But, you can take full control of the entire process. For instance, you can decide what marketing direction to take or who you want to sell your eBook to.
Online education is on the rise and it's not showing any signs of slowing down. It’s changing how people experience education. We now have more opportunities to gain new knowledge, skills, and means of income.
What does this mean for digital entrepreneurs?
As an entrepreneur, you can leverage this rich industry to grow your business. There are many online learning platforms, including Udemy, Coursera, and Skillshare. Remember, choose the platform where your target consumers are.
For instance, Skillshare is best for courses on animation, programming, and lifestyle. Coursera, on the other hand, is mostly for academic courses.
You can also consider selling your eCourses as a…
Online courses are marketed and distributed in the same way as other digital products.
More and more digital entrepreneurs are venturing into Software as a Service (SaaS) business. And why not?
It's a rapidly growing industry. Organizations are using web-based applications for content marketing, email marketing, sales funnels, and more.
As a SaaS company, you'll have to create software to provide your customers with a specific service. This means creating, developing, hosting, and updating your product in one central location.
For instance, you can create web-based applications for the following:
This is a highly profitable business venture. Your customers will be paying for these online tools or services either through a one-time or a subscription-based payment.
As an entrepreneur, the digital world offers a sea of opportunities. There are a plethora of digital products and services you can dive into.
By now you're probably thinking, "How do I become a digital entrepreneur?"
A digital entrepreneur not only creates innovative products and services. They also use the reach and power of the internet to make a profit. They're like any other entrepreneurs: determined, persistent, and creative. But they also have other key skills and traits.
Key Skills That Every Digital Entrepreneur Should Have
Be An Opportunist
Entrepreneurs are visionaries. They're also an opportunist.
To succeed in this competitive industry, you need to see an opportunity when it arises. More importantly, you have to create your own opportunities.
That's exactly what Patrick and Jon Collison did. They saw an opportunity to help online small and medium-sized businesses. And so they launched Stripe, an online payment system that accepts credit and debit cards.
Today, Stripe has become a billion-dollar business. It is now funded by Visa, American Express, and Sequoia Capital.
Have The Ability To Quickly Pivot Your Business
Digital commerce is an ever-changing industry. What works today might not work in the next few months.
Take Vine for example. It was a social, short-form video hosting service. Users can share a six or seven second-long video clips. It became really popular until it was unceremoniously shut down.
Because the digital landscape is always changing, you'll eventually be knocked off course. With that said, you need to know how to stay on track.
Learn how to quickly adapt. Take a look at Instagram and how they keep adding features to adapt to their users' shifting behaviors and needs.
So don't be trapped in old business habits.
For instance, if a digital marketing strategy isn’t working, go back to the drawing board and come up with new ones. Don't stop innovating.
Know How To Scale Your Business
What is a digital entrepreneur skill that's essential for profit? It's the ability to massively scale your business.
To be a successful digital entrepreneur, you need to start with a specific niche. Then when you’re successful, broaden your scale.
Yes, you'll have plenty of competition. However, the market will be much larger since they are global.
Take Airbnb as a case in point. Founders Brian Chesky and Joe Gebbia started by renting out a few airbeds in 2007. Fast forward to 2009, they've massively scaled their digital business with 2500 listings and close to 10,000 users.
Of course, their success didn't happen overnight nor did it come easy. However, it didn't stop them from scaling their business. Today, they're known for these things:
Competing hotels, on the other hand, need to build or buy new properties to scale.
Be Able To Build A Digital Brand And Community
It's not enough to create a digital product or service. Because no matter how good your products or services are, if no one cares about them, you won't succeed.
That's why you need to invest in digital marketing. Promote your brand on online platforms. Or reach out to potential customers through email marketing.
But don't stop there!
Create an undeniable web presence. And it must be in line with your brand. Know your brand identity, tone, and voice. Most importantly, engage with our market. Create a community where they can interact, experience, and talk about your brand.
Want to know how to do this?
First, you'll need content. Deliver valuable content that is worth sharing. Second, you'll need analytics tools to measure your key performance indicators or KPIs.
In digital commerce, you don't have to aim for having the most followers. What you need is to position your business as a credible thought leader in your industry.
Take Neil Patel, the man behind Kissmetrics and Quicksprout, as an example. He is one of the most influential digital media gurus today. He continues to provide valuable content about SEO and digital marketing. As a result, he has helped people find their niche in the online market.
Here are a few digital marketing tips:
Do You Have What It Takes
To Be A Digital Entrepreneur?
Indeed, the era of digital entrepreneurship is here.
Today, nearly every entrepreneur has a web presence. They have a website, a social media account, and they're using digital marketing to widen their reach.
But not all of them can be called a digital entrepreneur.
Successful digital entrepreneurs have a vision, adaptability, and the ability to scale massively. Your biggest challenge is creating a sustainable business. An online business that works better over time.