Digital technology-based firms are becoming the primary engine of economic value creation. This article investigates its ramifications for entrepreneurial practice, theory and education.
Entrepreneurial opportunities arising from digitalization are complex in their composition. They encompass creating self-employment with prospects arising from an entrepreneur’s ambition and drive as well as being able to exploit existing collaborations while shaping additional opportunities.
Entrepreneurship is about recognizing, seizing and capitalizing on opportunities – whether that means new markets, technological advancements, customer needs deficiencies or price point vulnerabilities – whatever may arise from within various ecosystems or other sources. Digital entrepreneurship differs from other types of entrepreneurship because it involves the creation of software-based products and services.
This paper uses a scoping literature review to investigate the characteristics of digital entrepreneurship enabled by digital transformation, as well as their relationship and impact on competitiveness. Three eras of digital entrepreneurship were identified, each featuring its own set of traits; external enablers as well as certain events were examined that may contribute to these characteristics surfacing; finally future research directions were also identified.
Social Media Marketing
Digital technology has provided entrepreneurs with numerous new opportunities, but also presents unique challenges. Finding customers online may be challenging and learning the necessary skills costly and time consuming – such as those needed to become successful entrepreneurs.
Furthermore, it’s vital to comprehend the differences between digital entrepreneurship and traditional entrepreneurship. Traditional entrepreneurship includes entrepreneurial pursuits within established markets while digital entrepreneurship occurs when an established business digitizes itself or its offerings.
In order to gain insight into these differences, a SLR was conducted on 21 characteristics that distinguish digital entrepreneurship and digital transformation, using the Dynamic Capabilities framework as the mapping mechanism. They are listed in Table 3.
Search Engine Optimization (SEO)
Search engines such as Google have become one of the primary sources of traffic to websites and online businesses, providing significant amounts of targeted visitors through SERPs (search engine result pages) containing paid ads, shopping results, local listings and organic web pages.
Kisito Futonge Nzembayie writes that digital entrepreneurship has taken on new significance in this digital era as micro-level activities of new venture creators continue to digitally transform and disrupt economic systems at macro levels, having an effectful ripple-through across all sectors of the economy.
Digital entrepreneurs are business owners who run their company exclusively online, such as podcasters, bloggers, online retailers or freelance contractors like graphic designers or virtual assistants. Digital entrepreneurs must be capable of crafting brand identities across platforms using skills in art direction, color theory and typography that resonate with audiences across platforms.
Content marketing refers to creating and disseminating information with business value for your audience. This may take various forms, such as blog writing, eBook distribution, podcast hosting and video production. Content marketing strategies often used for this purpose can generate traffic, leads and brand recognition while also helping reduce Customer Acquisition Cost (CAC).
Digital entrepreneurship requires a distinct set of skills that span both IT and traditional business knowledge, setting it apart from other forms of entrepreneurship such as research-based entrepreneurship or imitative entrepreneurship.
Digital transformation involves starting new businesses or updating existing ones with digital capabilities, but measuring its effectiveness remains difficult. To help individuals and companies better grasp these concepts, this paper proposes an empirical-based framework using Dynamic Capabilities Theory as a conceptual basis.
Customer service is a vital aspect of digital entrepreneurship. This requires providing high-quality experiences to customers while increasing customer satisfaction levels, along with possessing strong leadership abilities and cultivating an ideal organizational culture.
Digital entrepreneurship allows businesses to develop products and services tailored specifically to customer needs, lower operating costs, increase profitability and compete against larger companies while creating jobs.
Digital entrepreneurship can lead to increased productivity and efficiency in businesses. It enables them to respond more rapidly to customer needs and requirements, improve communication between employees and suppliers, reduce time it takes for tasks to be completed and reduce overall expenses.