The more people start using the internet, the more digital entrepreneurship grows. Learn all you need to set up your own online business and become a digital entrepreneur in 2021!
The idea of working from anywhere in the world and making extra income while you sleep is always very enticing, isn’t it?
And it always comes up when we talk about digital entrepreneurship. After all, in the Internet world, you don’t have to be physically present when a sale is made.
And we have several examples in the market of people who have managed to turn this wish into reality.
However, before reaching a profitable scenario, you need to spend a lot of time studying the possibilities, analyzing your digital entrepreneur profile, and creating a good plan.
You don’t know where to start? Don’t worry, we’ll help you with that!
We have prepared a complete step-by-step guide to help you create your internet business and manage it well so that it will bring good results.
Check it out.
Index:-
1. What is digital entrepreneurship?
Digital entrepreneurship consists of creating a business on the Internet, selling services or products online, without the need to invest in physical spaces.
A few examples of digital businesses are online courses, e-commerce, blogs, YouTube channels, and technological solutions in general.
The main advantage of this business model is that you don’t need to invest a lot of money in order to get started, in comparison to the offline market.
In addition, this format allows entrepreneurs to work from wherever and whenever they want to, having greater flexibility in their daily routine.
2. Reasons to become a digital entrepreneur
Before you get started on this topic, check out a few interesting headlines below:
If you perform a Google search for terms, such as digital entrepreneurship, digital marketplace, or online sales, you’ll see that several such articles will be displayed, confirming what we have been saying here on the blog for some time now about the fact that Internet entrepreneurship is worthwhile.
But how do you get into this market? Is it safe? How can you stand out from your competitors?
For starters, we need to dispel on the myths we mentioned in this article’s introduction: there are no magic formulas to “make money on the Internet while you sleep”.
However, if you’re willing to study hard about the market and offer quality services to your future customers, you can generate a passive income, which is added to your account even when you’re not sitting in front of the computer.
Would you like a few reasons to believe that?
You don’t need any previous knowledge in order to get started
In order to start your digital business, you don’t need to go through a selection, have technical programming knowledge or take specific courses, although it’s always recommended that you invest in learning, right?
The activity can coexist with your profession or personal obligations
You can start your digital business while you’re still studying, or in parallel to your current profession.
In certain markets, as is the case with affiliate marketing, platforms usually only require that you be of age in order to join the program.
Digital products and sales are very well accepted by the public
Consumers no longer have a resistance to digital products and online transactions. In fact, many of them even prefer such formats to traditional means.
Others prefer an optimized combination. This is the case of readers who like to own physical books, but who also purchase e-books due to the ease of reading on gadgets and even on their smartphones.
No initial infrastructure or fixed costs are required
You can also add to this list the fact that you don’t need a large physical infrastructure for the development of your digital business. In fact, you can work from anywhere in the world.
You can become an authority on the subject
Selling a product, generating content about it, connecting with people who need such solutions, all this will provide you with further market and audience knowledge and therefore, establish your authority.
3. What do you need to become a digital entrepreneur?
Initially, you’ll only need a computer with internet access to get started. But in addition to the equipment, certain characteristics are essential for you to stand out from the competition.
Curiosity
The word “curiosity” seems to have a negative connotation as if every curious person shows excessive interest in other people’s lives. Well, the origin of the word has nothing to do with that!
Curiosity is nothing more than the natural ability to ask questions and the desire to know more about a specific subject.
Have you ever noticed that when children start talking, they ask questions about everything? They just want to understand the world around them, and sometimes we, as adults, go into automatic mode, especially at work, and we forget to ask ourselves why we are performing certain tasks.
So, to become an online entrepreneur, you’ll need to cultivate your curiosity because it is only by researching a lot about the market and the behavior of consumers that you’ll find gaps to operate in and offer a solution that truly adds value to people’s lives.
Willingness to study or specialize
It is common for people to study for a while and think they already know everything about that subject, ignoring that knowledge and tools are constantly changing, especially on the internet.
In other words, if you are very curious but don’t like to study, digital entrepreneurship is not for you.
It doesn’t mean that you should spend hours of your day working on your computer. As with everything else in life, it’s necessary to find the balance between learning more and using this knowledge to implement change.
To get started, read at least one hour of news about your market daily. Over time, you will feel the need to specialize in a theme that impacts your business the most.
Desire to help people
“Entrepreneurship is much more associated with identifying problems and opportunities to improve an idea that causes positive impressions than being innovative and creating something that no one has ever seen before.”
You probably have read that sentence in our post about working from home, and it makes perfect sense!
Think of an app such as Uber, for example. There’s nothing innovative about a taxi, right?
But if you’re familiar with the subject, you know that their services are not only about taking people somewhere by car; it’s about offering a more accessible and practical transportation option.
It’s a simple solution that had a major positive impact. From now on, that’s where you should focus your efforts.
The benefits of digital entrepreneurship
The main advantage is that you can manage your business from anywhere in the world, provided that you have access to the internet. With this kind of mobility, other advantages arise, such as:
Spending more time with your family
Answer honestly: How many times have you missed or been late for someone’s birthday because you were working or because you got stuck in traffic?
In digital entrepreneurship, this can happen, but it will happen less because you can work from home if you prefer.
Of course, this doesn’t mean that you won’t have a routine, nor that you can spend all day playing video games with your kids. Still, digital entrepreneurship will certainly provide you with more freedom to adjust your schedules and spend more time with your family.
Flexible hours
At the beginning of your business, you’ll need to work hard to conquer your space in the market, especially if you manage the business alone. But working hard doesn’t mean working all day long because no one is productive all the time.
When you are a digital entrepreneur, you define your schedule, work during the hours when you are more efficient, and even postpone an appointment because of an unforeseen event, which is much more difficult when you work from 8:00 am to 6:00 pm.
Cost savings
If you only need a computer with internet access to get started, you will save a lot by not having to lease a space for your company and all the expenses with utilities, taxes, etc.
Of course, the amount spent will vary according to your business model, but it is certainly cheaper to start an online business than to have a physical establishment.
Reaching more people
According to the website “We Are Social,” more than 4 billion people onte planet now have access to the internet. That’s more than 50% of the world’s population.
This clearly shows that doing business online is the best way to reach more people globally.
In a physical business, you would have your operations limited by geographic barriers, but as a digital entrepreneur with a well-defined marketing strategy. You can reach out to various parts of the country and get more people to learn about your product.
Scalability
Scaling a business means increasing the volume of production and sales without increasing investments and the fixed cost for the same proportion.
Once again, this will depend on your business model, but it is undeniable that it is “easier” to scale an online venture than a physical store.
Thinking about an everyday example: Online courses, as you probably already know, are educational materials produced to be consumed online.
After you have developed your material and made it available online, anyone who pays for it will be able to access it without you having to record the lessons again. This type of product will never be out of stock unless you decide to delete it.
It’s very different from teaching in a classroom, in which you would have to be where the students are and be restricted to where you live. With this example, it is easier to understand the concept of scaling, right?
How to choose the best niche in the digital market
Since entrepreneurship is a form of working or earning extra income, it is pertinent that it be associated with subjects that interest you, since at first, your activities will be performed during your free time.
Furthermore, affinity with the subject and having knowledge about it will make it easier to follow the trends and, of course, take advantage of them and stand out from the competition.
So, here are a few tips on how to choose the right niche market for you.
List your skills and talents
Here at Mukesh Khunga, I believe that everyone can become an expert in a given subject, as long as they are willing to do so.
But if we could give one piece of advice, it would be: choose something that you enjoy doing and, preferably, that you already know. This way, the process of creating your business won’t be only intuitive, but also more enjoyable.
Therefore, the first step in choosing your niche is to make a list of the topics you master the most.
Evaluate supply and demand
Once you’ve figured out what you do best, it is time to understand if there’s a demand for it. In a nutshell, if you were to create a business in this segment, would you have enough customers to make a living from it?
You’ll need to use online tools, such as Google, SEMrush, and others in order to understand the real demand for that product or service.
One tip that helps a lot is to search for a certain keyword and check how many ads appear in Google. This can be an indicator that it’s a popular term and therefore, has a broader consumer market.
