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The Growth of Digital Entrepreneurship

Most people nowadays don’t want to have a corporate job with someone ruling over them; they want to be their own masters, hence the buzz around entrepreneurship. Being entrepreneurial is associated with innovation and creativity, spotting opportunities to do things better and bringing exciting concepts into being that never existed before.The entrepreneurship field has seen considerable growth with digitalisation, thus the concept of digital entrepreneurship coming into force.

Digital Entrepreneurship

Digital entrepreneurship is all about establishing new ventures and using the technology to transform existing businesses by leveraging the power of the internet.

We have seen a very significant growth in the field of digital entrepreneurship over the last couple of years with many traditional industries and businesses being affected by Covid. I’m sure at least one of your friends must have started blogging, a small business, content creating and many other forms of the same in these past two years. The added advantages of being very flexible and cheap in starting up a digital venture (where all you need is an internet connection and a smartphone/laptop), will further help us understand the reasons behind its growth.

Here are few examples of Digital Entrepreneurship:-

Content Creators (Youtubers, Bloggers)

EdTech Startups

Small Businesses

Customised art pages,musicians

Computer science students offering coding services and many more.

Entrepreneurship is rooted in one’s creativity and innovation, and thus the list is endless.

Prerequisites for starting your digital entrepreneurship journey

1. Have a Unique Identity

With the growing competition in the digital space, having a unique identity is necessary. While it is important to follow trends, having a USP, that X-factor is required to differentiate your product/services with others.

2. Technical skills are a must

As the entire business model works on digital platforms, it is very necessary to have important technical skills like video editing, graphics designing, etc would be very beneficial. One can alternatively also hire a specialised team or member for this.

3. Social Media Strategizing

Alongside content creation, it's important to pay heed towards proper strategising, and

collaborations for increased operations.

4. Role of a good website

If digital entrepreneurs are focusing on digital products and services that are marketed, delivered, and supported completely online,then a good website can become a prerequisite for success.

The Way Forward

With the evolution of digital technology, the understanding of digital entrepreneurship would change over time. Perhaps one day, most or all entrepreneurial ventures will be ‘born digital’, and digital entrepreneurship as a separate discussion will cease to exist. Today, the need of the hour is to make entrepreneurs ready for the digital world, and to motivate more people to get on with their journey towards digital entrepreneurship.

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