The thought of being free to work from anywhere in the world and making extra income while you sleep is very enticing, isn’t it?
This is part of digital entrepreneurship that we talk about. After all, in the Internet world of your website, you’re not required to be physically present when a sale is made.
Read on for 11 success traits of digital entrepreneurs.
Let’s dive right into it.
1. Maintaining A Positive Attitude
If you cringe the moment you face a setback, your employees and the people around you will not have their required confidence in you.
Having a positive mindset allows you to be free to tackle problems and obstacles head on without clouded judgment brought about by negative emotions.
The way you act around challenges and obstacles will reflect on the way you do commerce.
2. Open To The Unpredictable
Entrepreneurship can be unpredictable, just like real life. It’s good to be prepared for what’s to come, whether you think they’re likely to happen or not.
As an entrepreneur, it’s important to roll with the punches. Adopt the ability to adapt to the changing environment of businesses.
A good standard here is being able to transition to an online business model to continue selling your physical products and services amidst a crisis.
3. Remain Curious
When you’re free to investigate how things work and to see things from a different perspective, you tend to become curious and inquisitive.
This curiosity and sense of inquisitiveness will allow you to be free to come up with varying solutions to problems, even before they happen.
4. Creativity
While curiosity enhances your ability to create ways to solve a problem from more than one perspective, creativity is also an important factor in how you innovate your products and services.
Creative entrepreneurs have the ability to access more, beyond a physical product, service or solution for customers. Some of the most profitable businesses and companies in the world didn’t start out from just one product .
5. The Art Of Persuasion
Of course, it’s helpful for any entrepreneur to have the ability to persuade people, whether it’s about a sale for your courses or proposing a solution to a problem.
The key to persuading people is to be an effective communicator, rather than just selling to people.
As an effective communicator, you know how to talk to drive your point across. You know how to deliver your message to your audience on more than one platform, be it on your social media page, your YouTube channel or even your blog.
6. Self Motivation
Elon Musk is a highly driven entrepreneur, and he works long days during the week to get things done. SpaceX and Tesla have rebounded from one failure to another and have still managed to become successful.
Being hardworking isn’t enough, as an entrepreneur, you’re required to be self-motivated even when all seems lost. Self-motivation is also affected by your positive thinking.
The more you believe you can power through the problem, the easier it is for you to motivate yourself.
7. Resilience And Tenacity
If you just started your online business and you’ve been greeted by serious challenges, you may think about quitting. I’m here to say – don’t. There’s always going to be those days where all seems lost.
Demand time to rest, recharge and get back on your feet for yourself. Tenacity and resilience in the face of adversity are your two biggest driving forces to succeed in any industry.
Look at Elon Musk, Steve Jobs, Bill Gates and Ray Kroc, for examples. If they gave up at any point in their entrepreneurial journey, they wouldn’t be the people they are now.
8. Accountability
This often gets ignored or forgotten by a lot of entrepreneurs. As a digital entrepreneur, it helps you to understand that you’re ultimately accountable for what happens.
You’ll be the one to make the final decision on things. Ownership of your actions means you’re taking possession of the responsibilities that go along with being an entrepreneur.
When you recognize and own up to the happenings of your digital business, your future becomes more driven to make your digital product or service thrive.
9. Flexible And Receptive
Entrepreneurs who can think on their feet and adjust to changing circumstances and information will have a successful future. If the vision of your digital business changes slightly, it’s because you were able to be receptive to criticism or changing times.
A good entrepreneur is receptive to feedback and criticisms. They’re open to new ideas because they want their online business to grow and succeed.
You won’t always figure things out on your own, so it pays to have a few people from the outside looking in providing feedback.
10. Passion For Service
The digital world is all about helping people and making a difference in their lives. This is why many online businesses are built around this passion to help people.
Being passionate about your business, the digital entrepreneur will genuinely be motivated to come up with solutions and ideas for your users and for the people around you.
When your business is built around your passion, that will be the fuel for you to continue. So long as you’re driven to make things work in order to pursue the greater cause, your online business will do fine.
11. Empathy
The ability to “walk in another’s shoes” is often a trait that gets overlooked by corporate business. Being aware of what’s going on within your workforce will only keep your online business thriving.
Here’s an example about an HR officer reprimanding an employee for not performing as expected. Every week, this HR officer called this employee for a meeting and reminded him about his shortcomings without ever coming up with a solution to help this man.
When a different HR officer stepped in to handle this crisis, the company finally knew why this man was doing terribly. It turned out this man lost his wife in divorce and kids in a custody battle.
He was also homeless and living at a friend’s house. The HR officer then recommended he take a few weeks off to sort things out and he came back with a renewed vigor to work.
You see, the digital entrepreneur who is empathic about their employees will never go under because this is their passion.
What Is Meant By Digital Entrepreneurship?
The digital entrepreneur is a new breed of entrepreneur who chooses to create and develop online businesses exclusively for digital commerce. Then it markets them only in the digital space of the world wide web.
This is a person who wants to create new ventures by using existing digital technology or developing new ones with the purpose of selling digital products or services exclusively.
A digital entrepreneur brings their customers into the online world through their website while reducing costs and engaging in efficient marketing of the products and services.
The limits are not well defined and most in this sector are freelancers working out of their home or hotel room (and quite a few making north of seven figures a year). It’s difficult to put it in terms of hard stats.
For example, a blogger offering his internet audience advice about tech stocks or a YouTuber with an online course teaching meditation to her audience.
We can all agree an internet business uses digital platforms as a substantial driver for growth and revenue.
What Is The Work Of A Digital Entrepreneur?
When you look around, you’ll see many digital entrepreneurs with their smartphone on them and working from their laptops.
Internet living and digital entrepreneurship are really the next industrial revolution.
There’s been a considerable shift in mindset. People are reflecting on the way they work and live, and look for alternatives that could offer them a better work-life balance.
Many demand a full-time salary without the daily time-consuming commute and 9-5 schedule for a more flexible and self-determined way of life.
The digital environment is where increasingly more people turn to for income and work opportunities because it offers:
- more work options
- better flexibility
- more freedom
- greater creativity
- more opportunities
Of course, ecommerce is a vital segment in digital entrepreneurship but definitely not the only one.
Digital businesses use technology to create:
- new business models
- new customer experiences (online courses, products, services)
- new internal skills that support fundamental operations
Both digital-only and traditional businesses are transforming their digital business using digital technologies.
Digital business creates an opportunity beyond your immediate geographical space. In formal terms, digital entrepreneurship includes all business activities that use the digital platform.
How Can A Digital Entrepreneur Be Successful?
Digital entrepreneurs are so powerful in the market that their innovations and inventions are putting their names in the sands of time.
The business landscape has undergone a profound change in the past decade, moving from usually large businesses dominating the market to small and large online businesses leveraging the power of the internet to grow their market.
Here are a few tips to help your project succeed.
- Have an entrepreneurial attitude. Even if it’s a side business to generate extra income, your state of mind can do wonders for your creativity and motivation to make your sales take off, as well as being committed to your customers.
- Keep your business costs under control. Even when your expenses are minimal, having them all written down and up to date, allows such commitments to remain uncomplicated. Don’t sell your digital products merely to pay the bills your digital business has generated.
- Plan and set goals according to the focus of your project. If the idea is to make a living as an affiliate from digital products sales alone, evaluate what your ideal performance and results would be for the coming months and years and regularly monitor whether you’re on the right track.
- Develop your sales and marketing knowledge, as they change constantly. In other words, keep up to date with new online marketing tools, software performance indicators, SEO or content optimization, monetization, etc.
- Be encouraged by lessons learned and evaluate them from failures and any mistakes made to enhance new skills.
- Network with other entrepreneurs to exchange knowledge, create partnerships, and inspiration. Networking is key in the business world, including digital businesses.
Digital entrepreneurship does not promise a fixed income, and the first few hundred hours may yield next to nothing, especially if you’re starting from zero and need to learn certain skills first.
However, by committing your time, passion and effort to being a prosperous digital entrepreneur leads to a fulfilled, flexible and rewarding life.
How Much Do Digital Entrepreneurs Make?
Digital commerce can be a good alternative for those who want to open their own business, but don’t have much money to invest in the beginning.
Besides reduced costs, the market has a great potential to generate income due to changes in buying habits, and there are many segments that still haven’t been completely explored.
According to ZipRecruiter this is a look at average annual salaries for digital entrepreneurs in several States:
- Massachusetts $75,717
- New York $70,465
- South Dakota $68,919
- Virginia $66,353
- Mississippi $63,161
- New Jersey $60,666
- Arizona $59,457
- Louisiana $57,763
- Alabama $56,015
- Florida $54,060
It’s worth noting that although accessible, digital commerce requires dedication as the number one demand, especially at the beginning of your business.
Once it gains traction with consumers, you become a reference in the subject area. So be patient and don’t get discouraged with the first results!
How To Become A Digital Entrepreneur
Before you even think about quitting your day job, you’ll need to be confident that you have the necessary skills and the state of mind required to become your own boss.
Contrary to a popular cliché, a successful digital entrepreneur doesn’t work only when they feel like it, while sipping margaritas on a tropical beach with a laptop. The reality involves hard work and dedication. Consider Digital Nomad Business Coaching for support.
1. Plan for Success, Prepare for Failure
Successful digital entrepreneurs build up over time, not least because it takes a lot of time and effort to build an online presence with your digital products and become known among your target audience on social media.
Most importantly, you’ll want to make sure you have a generous financial buffer before you even consider quitting your job.
You’ll also need a solid digital marketing plan in place that involves establishing your online identity with content marketing to share it with the masses.
Find out the Main Reasons Why Entrepreneurs Experience Daily Stress.
2. Find Your Niche
There are some hyped-up stories of digital entrepreneurs who claim to have gone from zero to a six-figure income practically overnight. Put those out of your mind.
Finding your niche is the most important step of all content marketing, and it usually starts with nothing more than a spark of an idea inspired by one of your favourite passions.
You don’t necessarily need to be an expert, but what’s required is a genuine passion for the market you intend to work with, whether it’s goods and services like freelance writing, online courses, photography, software development, affiliate marketing or anything else.
Your digital marketing will be more focused once you narrow it to your specific niche.
3. Create Your Office Space
A fruitful approach to freelancing as a digital entrepreneur is to treat it like a real job and a serious career move.
Have the right physical place to work as well. A home office can be treated as your personal business venue, free of distraction during working hours and optimized for comfort and productivity.
If you have a spare room in your home, preferably one with plenty of space and natural light, then you already have a significant advantage. Nonetheless, be creative to build a home office space that perfectly suits your sense of style and ambition.
4. Establish Your Online Presence
Establishing an online presence is one of the most time-consuming steps of all content marketing.
Mainly, start with a website. You’ll also like to establish a presence on social media, such as Facebook or Twitter. Learn to become a master at networking for seeking out your clients.
To truly succeed, you’re going to need good content marketing.
5. Determine Your Requirements
Find a compromise between, of course, what you imagine to be a respectable income and staying competitive in the global online market.
When determining your worth, rather than being tempted to start with your previous full-time salary, also take into account that you’ll no longer have paid holidays or other benefits associated with a traditional job.
Consider browsing freelancer forums and seeing what others in your field are charging.
6. Set Goals
There are no guarantees until you’ve succeeded in making a name for yourself. While you’ll have financial commitments just like anyone else, set financial goals, particularly during the early stages.
Instead of focusing on financial reward, you’ll be better equipped to garner prized motivation by setting activity goals.
For example, a blogger might commit to writing a certain number of posts per week, while an affiliate marketer might dedicate a couple of hours every week to seeking out new affiliates.
Set realistic goals and stick to them so, eventually, you’ll be rewarded financially too.
7. Start At The Bottom
It’s important you start at the bottom and work your way up the ladder to prosperity.
While it’s important to set some ground rules, it is imperative you not be too demanding until you have become a known and respected authority in your field.
8. Get Started With Admin
Even if you’re not able to afford the services of a personal assistant or accountant from day one, be prepared to keep on top of any administration work straight from the outset.
Keep track of your work, your goals and your income from the moment you get started, maintaining a record of everything at all times.
For every entrepreneur, doing your own accounting and other administration work will save you a lot of time, and help to put you closer in touch with the rewards involved.
You’ll also be better equipped to refine your plan, rework your goals and keep track of clients in the habit of paying late, as well as your expenses for tax purposes.
9. Invest When Required
While making money online rarely requires a large up-front investment, don’t be tempted to skimp on a few required expenditures.
You’ll require a good computer, prioritising reliability and productivity above all. A large monitor, plenty of storage space and a reasonable level of performance will make your journey as a digital entrepreneur much easier.
Also consider investing some money in creating a comfortable, ergonomic and optimized home office space. All of these expenses could be tax-deductible.
10. Expand Your Reach
Even if your financial ambitions are modest, you’ll still need to work on expanding your reach through marketing to build your client base.
Another key factor about digital entrepreneurship you’ll learn quickly is that customers come and go, often without any warning. One month you might earn a five-figure income, only to earn a mere pittance the next month.
However, the more clients you have and the more global your reach through digital marketing platforms, the less bothersome the inevitable downtimes will become.
Types Of Digital Entrepreneurship
Successful digital entrepreneurs have one thing in common: they all seek survival and growth. Yet all entrepreneurs (and companies and brands) do this in various different ways.
Which type of entrepreneur are you?
Unless you’ve answered this, you won’t be able to play to your strengths. When you have honestly answered this, you open the doors to:
- Choosing the right opportunities
- Choosing the right clients to best serve
- Choosing the right partners, and
- Knowing your next step up the ladder (if your current choice isn’t getting you the results in enough quantity and quality to satisfy your objectives)
These are four types of digital entrepreneurs:
1. Coasters
These coasters don’t look for opportunity, things kind of “happen” and for some digital entrepreneurs, that works. They’re more focused on what’s in front of them right now.
2. Conservatives
The conservative digital entrepreneur operates on the principle that “resources are limited” and thus, we have to “be cautious.”
This is slightly focused on the future, but conservatively so, since ”you never know.”
3. Aggressive Or Proactive
The aggressive digital entrepreneur operates more on the idea that there are many opportunities and uses whatever resources are there to create those objectives.
This is more focused on what’s next, what more can be achieved and generating growth through personal action and conviction.
4. Innovator Or Revolutionary
The innovator not only seeks out opportunities that can be seized but looks for opportunities that, with a bit of refinement, can be the best of all worlds.
This is the rebel, the artist, the free thinker embracing all that’s possible in the future (even at the sacrifice of the present).
Digital Entrepreneurship Example
The versatility of digital technologies has made them a significant source of opportunities for traditional entrepreneurs creating new ventures.
“Digital Ubuntu” is an example of how digital entrepreneurship is contributing to service communities and generating value for their users.
Digital Ubuntu has risen from the indigenous value system of Ubuntu, prevalent in South Africa and neighbouring countries. Different cultures around the world tap into their indigenous value systems to create meaning and purpose to their online business service.
Ubuntu is best summarised in the expression “I am what I am because of others”. It particularly emphasises the values of humility, reciprocity and benevolence.
The Gauteng region of South Africa is an epicentre of commerce in the country. The area is fast becoming home to several clusters of digital entrepreneurship, such as the Tshimologong Digital Innovation Precinct in Johannesburg and the Innovation Hub in Pretoria.
A digital entrepreneur shares here how humility impacts his prosperity. He started a company that allows medical professionals to upload x-rays and scans onto a digital platform to get immediate diagnoses for medical conditions.
“I cannot do it alone, no matter what people think of my capabilities. I am what I am because of others. Hence our goals are not mainly profit-driven, so we will not stop because there is no more money. That is why I share my algorithms with other entrepreneurs. I do not care if someone steals them and pursues my ideas because that means they have developed problem-solving procedures for our people.”
Top Digital Entrepreneurs
The invention of the wheel spawned local transport services, electricity brought us light bulb companies. Now digital entrepreneur skills bring us a new digital world of products and services.
Top digital startups like Amazon, Facebook, Uber, Netflix, and Airbnb are perfect examples of companies led by digital entrepreneurs who have succeeded in positively disrupting our lives.
Here are some digital commerce companies that have been hugely prosperous.
1. Bushwick Kitchen
This hot sauce company started out as a 30-day small business challenge. Their first product, honey infused with chilli flakes, generated $170,000 in sales in just ten months.
They achieved those initial sales by firstly setting up a basic online store consisting of a single product page with photoshopped images of the product (which didn’t yet exist) and a price based on their estimated costs.
Once they started producing the product, they began email marketing to 400 friends and select contacts, using a very casual and persuasive tone of voice to encourage their support.
The bulk of their sales came as a result of a sustained press campaign. Bees Knees Spicy Honey featured in blog posts on foodie websites
2. Dom Wells
Dom Wells, a highly profitable online marketer, offers guidance to entrepreneurs that want to learn how to make money online.
His website, Human Proof Designs, offers training through its blog to those who want to learn how to start a niche website the correct way
Wells is constantly creating new niche sites to add to his portfolio and turning his experiences into case studies for his readers.
3. Traveller Collective
Traveller Collective produces engraved rings representing every country in the world. Travellers collect these to display on a clip or necklace. A percentage of their purchase goes towards a charitable project.
Over ten thousand people from more than one hundred countries have bought Traveller Collective products, and this success can be attributed to their use of social media.
They regularly share customer photos on Instagram, and encourage users to tag travel photos with the branded hashtag #ontheroadwithtc. This hashtag has been used more than 5,000 times.
Of course, times can be tough for any traditional entrepreneur, so a healthy mindset is the best way to access prosperity.
If you have the passion and drive to become better and help people become better, then your business will continue to thrive.
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