What is Digital Entrepreneurship? How to Become A Successful Digital Entrepreneur!
Digital Entrepreneurship: A lot of people would like to become their own bosses and make their own schedules, but they aren’t sure where to begin. The internet has provided opportunities for those who want in the field of digital entrepreneurs, or entrepreneurs online. To become an online business owner, it is necessary to create a digital product or service that you could sell on the internet. Also, you need a plan for marketing to target your customers.
What is Digital Entrepreneurship?
Digital entrepreneurship can be broadly defined as the creation of new ventures or digitally altering existing companies by creating new digital technologies, and/or new use of these technologies.
How You Can Start Earning Online –
Freelancing
- Upwork.com, freelancer.com, guru.com
- uxbooth.com, taskrabbit.com
Selling products online
- amazon.com
- flipkart.com
- ebay.com
Making YouTube videos and blogging
- It is essential to have knowledge of the editing of videos and writing content on the subject you are interested in.
- Understanding of Google AdSense and affiliate marketing
Work at your home
- crowdsource.com
- speakwrite.com
Design themes
- Themes for design and development on platforms such as WordPress or Blogger.
- Skills required: Web design savvy, CSS, HTML, JavaScript, Photoshop, knowledge of the platform you are targeting.
Teach online
- http://www.skillshare.com/teach
- https://www.udemy.com/
Create a video publishing account on YouTube
- Make a video using pictures
- Video Editing Software
Tester of online websites
- Usertesting.com
Sell your creative works
- Artfire.com
- Etsy.com
How to start as a digital entrepreneur? Pre-requisites —
- Make sure you are focusing on your strengths. Perform an analysis of your SWOT.
- Be analytic. Have a problem-solving mindset and not one of a problem-solver.
- Know your company well. Recognize TG and perform the proper segmentation.
- Conduct regular competitive research and build a buyer’s persona. Draw up a strategy for positioning.
- Be aware of users’ needs and deliver a superior user experience.
- Be prepared to accept every challenge and be content with who you are.
- Self-motivation is essential and so is flexibility. Achieving good change is a constant process.
- Consistency is the most important thing. Also, conduct market research and think of new ideas.
- Be patient and keep a positive outlook. Don’t run after money always.
- 4E Formula to follow – Be motivated, inspire others Execute and Be Empathetic.
- Always ready to enhance your knowledge and up-skill, multi-skill. Unlearn and learn.
- Be discerning. Learn to accept risks. Keep back-ups. Keep a clear exit strategy
- Always make contingency planning. Be aware of the changing technological landscape.
- There is no perfect solution. Speed and speedy execution matter an awful lot. Make an outline or projection plan for up to 6-12 months. verify it, and then begin to work towards your goals. Engage with a mentor, or master an entirely new skill prior to you begin.
Required skills to be successful in Digital Entrepreneurship
● Soft skills –
Problem-solving, Team spirit, and leadership skills (People and management of relationships) Analytical Skills clear communication and presentation skills (Listening and speaking, writing and listening) Positive and energetic mindset Flexible, Competitivity Quick execution and perseverance, consistency, Empathy, Prioritization, and Time management.
● Technical/Business Skills –
Get an overview of the business’s operations (Admin and HR ), Accounts Operations and Delivery, Sales and Marketing Strategic Management, Customer Support, etc.) Learn about how to use Digital Marketing ( learn SEO), Social Media Marketing, Online Ads, Emails, SMS, WhatsApp, etc), Data Analytics/ Data Science (R or another) Web Development and Web Design Digital Tools VR, AR Gamification Mobile Apps Development Cyber Security AI Robotics/chatbots IoT, Blockchain Animation/VFX, video editing and Microsoft Excel (Excel/G Sheet) and many more.
Choose a few tools to help you start your own Digital Business
- Google Suite for calendars, email drives, hangouts, hangouts, and team collaboration
- Trello is a simple drag and drop of task or project management
- com or Mural Collaboration with teams Video conference, chats, projects chats
- Basecamp – Projects and Team task managing
- WhatsApp is a great business tool or for Telegram – Day-to-day, quick communication using groups
- Facebook chat message Automation Tool, Facebook business (Team)
- Hubspot CRM, drift.io, or intercom getgobot.com to build lead funnels and chatbot
- Zoom, any-meeting, and GoToMeeting Webex Google meeting software for video conferences.
- KickIdler.com or TimeDoctor for monitoring remote employees.
- CCAvenue, PayU, PayTM, GPay, PhonePe, RazorPay, Instamojo, and PayPal to pay
- Moodle, Teachable, Udemy for LMS. WordPress.org, Themeforest, Go Daddy, Bigrock, and Dreamhost for domains and websites. Canva, Crello for designing. Mailchimp, Sendgrid, Constant contact for emailer
- Zoho and Quickbooks, tally for accounting.
- AI-powered content automation tools such as Articoolo, Gtranslate & more
- Tools for conducting competitive research, such as Spyfu, Ubersuggest, Alexa, and many more
What is the cost of the initial amount of investment?
Digital entrepreneurship requires minimal investment. You can start with nothing.
In the beginning, you’ll need a domain name, web hosting service, and a website (You can create your own using tools). An annual investment of around Rs. 5000-Rs 6000/-. You could even begin with free blogs or even Facebook pages or channels on YouTube.
It is essential to begin promoting your business on your own through various social media and Google searches. At a minimum, you should have an elementary understanding of digital marketing.
Additionally, you might need to employ a small team (1 2 individuals) or hire freelancers for writing content or digital marketing. Each month, you can spend up to Rs. 1000 – Rs. 3000/-
You might need to spend more on Google Ads or Facebook Ads. Optional (You can begin with the number of Rs. 2500 – 3000 monthly). With time, you’ll be able to increase your investment.
How do you get your first client?
- Start-up-focused digital marketing (Own Website, YouTube, Facebook, LinkedIn, etc.)
- Provide help. Keep the freemium pricing model. Make a distinction between premium free and
- Start building your network as early as the first day. Create your networks through LinkedIn and Facebook with the proper research. CEO CXO, CTO GM, AGM, AVP, Sr. VP. manager or senior. Social Influencers or Executives or business owners/digital entrepreneurs.
- Participate in webinars and develop your connections. Be precise and clear regarding your products and services as well as your communication.
- Join Tie, Nasscom, Various Chamber of Commerce, PR Societies, Indian Angel Network, and many more.
- Start to validate your service or product first through a closed circle group. consider criticism and feedback constructively and improve.
- Try your best and be patient and smart until you have your first client. After you have gotten them, offer them your best and request their help in providing a referral.
Digital Entrepreneurship Success Mantras
- Domain expertise
- Market acceptance
- Prototype, MVP, Testing / Experiment
- Bootstrapping
- Accepting rejection and improving
- Get out of Founder’s ego
- Learn to be able to say no.
- Find the right frequency and tune it to it.
- Team building Lean structure, team building
- Cash flow. Profit, break even.
- Cost reduction, revenue engineering, ingenuity
- One small step each day toward your final goal.
- Task delegation
- Don’t be a comparison with other people.
- Don’t become a boss. Respect each other.
- Centralization and decentralization
- Prioritize
- Mentally positive.
- Entrepreneurs block. Enjoy life and relax / moments
- Money is important, but it’s not all. Happiness is the most important thing.
- Contribute each day
- Do not push too hard. A good habit to follow, write your daily to-do list.
- Professional branding and personal branding.
- Be consistent, persevere, and be patient.
- It’s a voyage, not a destination. Float
- Backup strategy, use tools
- The art of learning and unlearning.
Help those in need, but make sure you keep the stop line clear.
