What is Digital Entrepreneurship and Who is a Digital Entrepreneur?
A Digital Entrepreneur is a businessman who is either the owner or the founder of an online web-based solution. Online platforms such as Uber and Facebook are good examples of Digital businesses. In the past decade, there is hardly any business that isn’t digital. No matter if you deal in Cars, Electronics, or Salon Services, a digital presence is essential to ramp up your business. But there is a major difference between a Core -'Online digital business' and having a digital presence. Almost all digital entrepreneur examples such as Mark Zuckerberg, Jeff Bezos, Elon Musk have businesses that are entirely digital in their existence, whereas brands like Honda and Toyota have an online presence but do not attribute a substantial chunk of their sales online.
It all began in the early 1990s when the internet started gaining popularity. Entrepreneurs started coming out with numerous internet-based solutions, such as Amazon, AOL, etc. They used the world wide web to provide digital solutions. Today high internet speeds and easy data availability have empowered entrepreneurs all over to come up with high-tech solutions such as driverless cars and IoT.
It has also enabled individuals to make a good living, by enabling them to work from remote locations with their laptops and tablets. Remote work solutions such as zoom, slack, and G-meet are good examples of digital businesses coming to the rescue in the present pandemic.
What is Digital Entrepreneurship and Why is it so popular?
Digital entrepreneurship as discussed is a way of carrying out your business using the World Wide Web, ie. the Internet. In recent years there have been numerous multi-million dollar businesses that have come up in this space. This led to an internet boom with digital businesses gaining tremendous popularity. But is it fair to call this an IT revolution or the Internet age? Let's take a look at the advantages of starting a digital business. How to start a digital business? Digital accelerators are a good digital business opportunity. Digital acceleration is the process through which companies embrace technologies to digitize their operations and reshape their workflow to keep pace with the current demands
1. No Infrastructure Cost
Starting a digital business online is relatively easy, all you need is a website or a mobile App and a Laptop. This is far from the metal and equipment required to set up a factory. Most successful digital businesses have started from a garage and in a small town.
2. Success stories
Digital businesses are indeed easy to set up in terms of infrastructure and capital requirements but need more hard work and effort. We have success stories of such businesses beginning with a humble background and making their way to the top, becoming the most valued corporations in human history.
3. Digital Opportunity
Business opportunities in the current age of the internet are limitless. Every Evolution brings some new opportunities, but each Revolution brings a plethora of new opportunities for entrepreneurs. The internet paved the way for the current IT age and has brought huge opportunities for digital entrepreneurs.
How to Become a Digital Entrepreneur?
There are No "5 rules to becoming a Successful Digital Entrepreneur". It is entirely a combination of finding the right opportunities at the right time and working tirelessly to provide value to the user. Digital businesses like any other need strong domain knowledge along with effective marketing techniques. There are numerous domains in digital entrepreneurship, but it can be broadly divided into two, ie. digital marketing entrepreneur and web-based entrepreneur. As the name suggests, digital marketing is essential to take your web-based product or service to the target consumer. It can be done through Search engines, Social media, or Web Advertisements.
To be a successful digital entrepreneur, you need all the qualities of a business owner, which include persistence, hard work, knowledge, and more. Here I will list out some of the most essential attributes to become a digital entrepreneur.
Like any entrepreneur, leadership skills are essential in digital business. Not everyone is a ‘born leader’, but you must make an effort to practice leadership qualities. Most important of all, a leader must take everyone with him and lead from the front. When operating your digital business, make sure you are large-hearted with each of your employees and partners, ignoring the small setbacks, errors, and failures, and look at the larger picture.
Having domain knowledge is important. You must not rely on someone else's expertise when starting from scratch. In case you are not familiar with technology, take some classes and spend time acquiring the relevant expertise. This will ensure that you can follow conversations and you are not considered an outsider by your partners or employees.
Marketing skills are what all domain experts and engineers lack when they come up with the idea of a digital business. Digital Enreprenure’s salary or an Internet entrepreneur’s salary/earnings depend on how good they are at marketing their services or product. A perfect product is of no use if it doesn’t reach the right audience. It's important to know your capabilities and limitations. If you lack basic marketing skills, hire a professional who understands your vision and can help you grow to the next level.
Digital entrepreneurship in this day and age is the best opportunity to go big and build a business for yourself. The internet era has numerous digital entrepreneurship examples such as Elon Musk with Paypal along with Jeff Bezos, and Bill Gates. They have provided impeccable, quality solutions to their consumers, that have enabled them to form multi-million dollar empires.
Top Digital Entrepreneurs Who have made it Big
1. Jeff Bezos:
Jeff Bezos is the founder of Amazon along with his wife MacKenzie is one of the world's richest people.
Jeff Bezos is a digital entrepreneur who co-founded Amazon in 1994 and helped grow it into an internet giant. He also founded Blue Origin - a space technology company that specializes in reusable rockets and spacecraft.
Jeff Bezos is one of America’s most successful and influential entrepreneurs. He first made his fortune with a bookstore called “Bezos Books”. The company started as a physical bookstore but quickly transformed into an online retailer that sells everything from books to furniture to food.
With his company, Amazon, Jeff Bezos has single-handedly brought e-commerce into the mainstream. Amazon is a global e-commerce company and the largest online retailer in the world. It has more than 100 million products available on its website and sells items from clothes to electronics.
Amazon is known for its wide range of products. It has a large variety of products that cover many different areas such as technology, consumer goods, clothing, and media.
2. Mark Zuckerberg
Mark Zuckerberg is one of the most famous digital entrepreneurs in the world. He is the founder of Facebook, which is now one of the most popular social media platforms. Mark Zuckerberg was born on May 14, 1984. He is an American computer programmer, social media entrepreneur, and philanthropist and co-founded Facebook in his college dorm room in 2004.
He first created Facemash in 2003 when he was only 19 years old, which was one of the most popular websites at that time. After he left Harvard, he focused on building Facebook with his friend Eduardo Saverin from Brazil to do something unique in Silicon Valley. He finally launched the platform on February 4th, 2004, and shortly after that Facemash shut down due to popularity issues. The platform attracted a lot of attention from different companies.
Today Facebook is one of the most popular social networking websites, with 2.23 billion active monthly users and over 1.3 billion shares per day.
3. Bill Gates
Bill Gates is a popular digital entrepreneur and one of the richest men in the world. He co-founded Microsoft with Paul Allen in 1975.
Bill Gates is one of the most influential and successful digital entrepreneurs in history. His net worth is about $90 billion which makes him one of the richest people on Earth. He has been awarded many prestigious awards including the Noble Prize, Presidential Medal of Freedom, Technology Pioneer Award from IEEE, and so on.
He is the richest person in the world and he has played a key role in shaping the technological landscape for over three decades. He is also well-known for his philanthropic work. In 2018, Bill Gates's net worth reached $89 billion according to Forbes.
Microsoft has a lot of products, but some stand out more than others. The most famous Windows operating system, Microsoft Office, and their Xbox gaming console are among their top sellers.
4. Richard Branson
Richard Branson is a British businessman, digital entrepreneur, and the founder of Virgin Group.
Richard Branson is one of the pioneers in the world of digital entrepreneurship. His innovative ideas and business models have led to the creation of well-known companies like Virgin Atlantic, Virgin Mobile, and Virgin Galactic.
Richard Branson has been referred to as "the man who invented modern entrepreneurship." He was listed by Forbes as one of "the 100 most powerful people in the world," and Time magazine named him one of its 100 most influential people in 2008.
Branson's net worth has been estimated at US$4.3 billion, making him one of Britain's richest individuals and he also had a significant impact on modern-day entrepreneurship with his 1980s launch of the Entrepreneurs' Organization (EO).
5. Sergey Brin
Sergey Brin is a digital entrepreneur who co-founded Google with Larry Page.
He is also the President of Alphabet Inc., which is a holding company that controls Google’s parent company. Sergey Brin was born in Russia to Jewish parents but also has significant Armenian ancestry through his maternal grandmother's side. He received a Ph.D. in Computer Science from Stanford University in 1994 and became a naturalized American citizen in 2002.
He started working at Stanford University as a lecturer in 1994. In 1998 he created with Larry Page the first version of Google Search which became available to the public on September 7, 1998. Sergey founded Google on September 4th, 2004, and left Stanford to focus on his entrepreneurial career.
6. Larry Page
Larry Page is a co-founder of Google and an established digital entrepreneur.
Larry Page has been featured in Forbes' list of the world's most powerful people since 2013. He joined Google in 2001 as CEO and helped grow it from a search engine to the technology giant that it is today. His vision was to create machine intelligence that could assist humans in any task, even if they weren't capable of it themselves. This led to the creation of Google Now, which notifies users about daily commute information, weather forecasts, sports scores, and more, all within seconds.
Larry Page was born in Michigan in the US. He graduated from the University of Michigan with a degree in computer science. In 1995 he created his first company, BackRub, which allowed users to identify who were the people behind websites. In 1997 he and Sergey Brin founded Google Inc., which became an instant success that changed how we search for information online.
Larry Page has made many contributions to the world but most notably is his invention of the algorithm for Google Search Engine that allowed people to find relevant information without having to manually type keywords or processes into the search bar on their browser.
As the CEO and co-founder, he was able to turn it into a multi-billion dollar company with a leading market share in the internet search engine, advertising, commerce, and mobile operating systems.
7. Jack Ma
Jack Ma is the co-founder and executive chairman of Alibaba, one of the most influential and successful digital entrepreneurs in China.
He is considered one of the richest men in Asia. He started his business from a classroom at Hangzhou Normal University in 1999 and built it into an e-commerce empire with an estimated worth of $420 billion as of 2018.
Jack Ma founded Alibaba Group Holding Limited on October 19th, 1999 with 17 people in Hangzhou and then filed for an initial public offering on September 22nd, 2014.
He not only built one of the largest e-commerce companies but also created an employment platform and a film studio. Alibaba is the largest online and mobile commerce platform in China. It is often referred to as a "Chinese Amazon". It has created an online and mobile platform to facilitate trade between manufacturers, suppliers, and consumers.
In 2005, Alibaba established "Taobao," a powerful platform for small shops selling goods online. In 2009, Alibaba launched Tmall which is designed for large retailers and brands to sell their products directly to consumers without the need for middlemen. In 2014, Alibaba began its expansion into other verticals including entertainment and financial services. With these diverse offerings and its growing market share in China’s e-commerce industry,
8. Shaquille O'Neal
Shaquille O’Neal is a digital entrepreneur, an NBA player, a philanthropist, and a smart businessman.
Shaquille O'Neal is one of the highest-paid athletes in history, with estimates ranging from $300 million to $1 billion for his lifetime earnings. He's also one of the most well-known entrepreneurs in sports. Shaquille O'Neal is an entrepreneur who has had a lot of success in the digital world. His company, Sharebang Digital Media Incorporated, provides content marketing solutions for businesses. Sharebang uses AI writing assistants to generate targeted content for their clients to promote their products and services.
He is the founder of Shaq Fu Games, which was once the world's largest selling video game for Nintendo 64 and Playstation 2.
9. Oprah Winfrey
Oprah is one of the most prominent figures in the field of digital entrepreneurship. She started her career as a local radio talk show host in Mississippi and ended up becoming a media mogul with holdings spanning five continents.
She was born into poverty, but she worked hard and overcame all obstacles to become one of the world's most admired women. She was an influential figure in the civil rights movement, business entrepreneur, actress, singer, activist, and philanthropist. She has been in the spotlight since the early eighties, as she has been able to maintain her fame through various methods of promotion.
Oprah Winfrey is an example of a digital entrepreneur who was able to use the power of digital technology to achieve success in the entertainment industry.
10. Steve Jobs
Steve Jobs is widely considered as one of the most influential digital entrepreneurs in the world. He co-founded Apple with Steve Wozniak in 1976 and instilled a sense of creativity and design in their products. His ideas are still impacting the world of digital entrepreneurship.
Steve Jobs was born on 24 October 1955, to Joanne Regan and Abdulfattah Jandali, a Syrian immigrant to the United States. After his parents divorced when he was six, he took care of his younger brother, sister, and paternal grandparents until he was sent to live with his mother's new husband Francis Wayne Springsteen Sr., an American auto mechanic who had worked on cars owned by Steve's father.
In the beginning, Apple was a computer manufacturer primarily for businesses. They were not exactly known for their consumer products until Steve Jobs became the CEO and started to focus on consumer products such as the iPod and iPhone.
Apple established itself as the leading brand in personal computing and expanded its market reach to consumers with high-quality user-friendly electronic devices that have become popular worldwide. Apple Inc.'s most recent products include the Mac Pro, iPhones, and Apple Watch Series.
Apple has always been known for its accessibility and broadness of range of products. With the release of Mac Pro, iPhone X, and Apple Watch Series 3, people are always wondering what future innovation will they come up with.