The Digital Era: Your Guide to Fully Digital Entrepreneurship
America is an entrepreneurial country, even during a pandemic. In 2021, a whopping 5.4 million new business applications were filed, surpassing the record set in 2020 of 4.4 million — which had outstripped 2019’s 3.5 million applications. While it’s difficult to say how many pandemic-era businesses will thrive, it’s clear to see where most businesses are headed: online.
This is best represented in how business training at a higher education level is now more digital centric, with university business degrees looking to bridge the gap and keep up with industry trends. Such is the demand for those with digital business skills that just this year 130 million new analytic jobs will be created for business students. This demonstrates huge potential in the market. Those who graduate with a degree in business administration are trained in the latest skills and best practices, making them highly in-demand for tech companies. Yet, as the above figure shows, the demand means that there are plenty of opportunities for digital entrepreneurs to go their own way.
The majority of these new business owners have found confidence in the internet, as they now have access to customers from all over the world, right from the comfort of their home. Digital entrepreneurs — business-minded people who are harnessing the power of the internet to offer products and services for profit — have their business models deeply entrenched in technology and the digital transformation. From the way they find customers to how they market products, all aspects of their business are somehow connected to the internet. Here are three ways you can go fully digital as an entrepreneur:
Choose your (online) niche
The advantage of going digital is that you’ll meet plenty of customers online, but you’re not the only one marketing to them. Competitors will likely have the same approach, and you’ll end up fighting for the same pool of customers if you don’t choose a niche. Successful digital entrepreneurs first choose a specific niche, before they broaden and scale their offerings once they establish a foothold. For instance, you’ll have a difficult time getting attention if you want to sell beauty products without a specific target market in mind. On the other hand, easy-to-apply makeup products for customers who have low vision are much more likely to gain a following.
However, it takes effort to carve out space in a niche and find an unsaturated market. Research is key. Establish what has already been done by larger companies, then try to imagine what customers would want to see introduced to the market. Figure out their biggest desires and challenges, then try to meet them. Case in point, startup beauty brand Glossier got their start by communicating actively with customers online to see exactly what products they were looking for.
Upskill as a business leader
The digital business landscape is rapidly changing — through disruptors like AI, automation, data analytics, and hybrid work — so entrepreneurs should keep abreast of the latest trends through their education. Training leaders in new skills is essential to bridge knowledge gaps, so they can be more agile as decision-makers or understand nuances in engaging employees. Often, modern entrepreneurs look at flexible and accessible digital learning pathways to upskill. In one survey, 93% of CEOs who had introduced digital upskilling programs to their teams also found that these programs increased productivity.
Digital business courses take on an interdisciplinary approach to develop skills across domains, including analytics, technology, and interpersonal interactions. Similarly, these programs can push your professional development forward by giving you opportunities to network with industry experts and fellow entrepreneurs.
Leverage the right platforms and technologies
Once you’ve finished your preparations, it’s time to work on applying your newfound practical and technical knowledge. Set up a website, work on an e-Commerce platform, or try to market and sell products simultaneously on social media. Digital entrepreneurship is exciting because there are a vast number of tools you can use, so long as you commit to researching, experimenting, and listening to customer feedback to see what works best for you.
Case in point, hosting an online event is a great way to interact with customers and promote your business. You can offer a webinar on a relevant topic for your target audience, then meet success to align the tech platform with your goals. Zoom Meetings is ideal if you want to divide attendees into smaller groups, while Eventbrite is good if you need to accept payments.
With businesses going fully digital, you have limitless possibilities to do what you do best: serving customers and keeping them happy.
Written by Reese Jones; mrs.rjoneswrites@gmail.com
Article contributed by Regina James
Image credit: Unsplash
