Digital Entrepreneurship differs from traditional entrepreneurship in the aspects of business presence, model, strategies and availability. Whereas traditional entrepreneurship is a bricks and mortar business, digital entrepreneurship is online, relying on digital technology. The business model differs in that the funding for a traditional entrepreneurship is for tactile goods and a physical space whereas the funding for digital entrepreneurship is primarily for the development of digital tools and services. The marketing is also primarily through social media in the case of digital marketing, whereas traditional marketing still relies more on print media. Lastly, the business hours are restricted in the case of traditional marketing, and product availability is through physical inventory which is accessed in person.
Digital entrepreneurship is the future of business, as it has the potential to create a whole new segment of online startups, the capacity to reach a global audience, and the ability to scale rapidly. As such, business management students need to understand and learn about the technological skills which can sustain digital ventures, the tools to navigate the diverse marketplace of digital businesses and its information rich environment.
Some important tips for aspiring digital entrepreneurs are:
- Digital entrepreneurship is not restricted by physical space and can take advantage of co-working spaces.
- There are online platforms that aid startups to monetize and sell skills online, such as TaskRabbit and ModCloth.
- Crowd funding is one of the ways to help with investment.
- Small data-driven changes can bring about a huge impact in the success of a digital business. Services like Google Analytics and Google AdWords help in SEO optimization and traffic statistics.
- Product advocates such as social media influencers need to be engaged to help in awareness and expansion of digital businesses.
- Digital marketing strategies need to be developed keeping in mind the following points:
- a) Goal setting regarding brand awareness, boosting conversions or getting leads.
- b) Syncing with consumer needs.
- c) Blogging is necessary for digital marketing as it is a powerful way to attract the target audience and create a niche.
- d) Evaluating various digital marketing channels and creating a mix of two or more channels to multiply returns.
- e) Using marketing automation platforms to automate email marketing, lead generation and content creation.
- f) Leveraging Mobile optimization for seamless accessibility.
Besides this, aspiring online entrepreneurs also need to keep themselves informed of regulatory restrictions and challenges, corporate law and legalities across various markets and the cultural differences that might exist between them. Digital entrepreneurship is a continuous learning process and it is required for the entrepreneur to keep abreast of trends, challenges and opportunities.