Chapter 1 Introduction to Digital Entrepreneurship.pdf

Chapter 1 Introduction to Digital Entrepreneurship Prepared by: Napoleon M. Cacanindin Introduction to Digital Entrepreneurship ⬡ Entrepreneurship is being changed by the digital transformation of business and society. We call this digital entrepreneurship. ⬡ The digital era is changing entre...

Chapter 1 Introduction to Digital Entrepreneurship Prepared by: Napoleon M. Cacanindin Introduction to Digital Entrepreneurship ⬡ Entrepreneurship is being changed by the digital transformation of business and society. We call this digital entrepreneurship. ⬡ The digital era is changing entrepreneurship by reducing barriers to new venture creation, and by creating new areas of opportunity. ⬡ The digital era also creates new entrepreneurial challenges, such as competing for online attention, and keeping new businesses secure. ⬡ Digital entrepreneurship offers the promise of empowering people to do more in the world, by making new venture creation more inclusive and democratic. 2 What is Digital Entrepreneurship? Digital Entrepreneurship ❑ Digital entrepreneurship is a term that encompasses online businesses that individuals create and run. Online entrepreneurial ventures can be sources of passive income or active sites for selling goods and services. This can offer an entrepreneur new ways of finding customers, reducing costs and collaborating with others. Digital entrepreneurs combine business, market knowledge and network technology to reinvent traditional business practices through digitization. ❑ Source: https://www.indeed.com/career-advice/career-development/digital- entrepreneurship 4 Digital entrepreneurship vs. Traditional entrepreneurship Digital Entrepreneurship Traditional Entrepreneurship Business Presence Online business Physical business Business Model Does not need funding for Needs funding primarily for a brick-and-mortar space, but physical space and tactile rather for development of goods, rather than to build digital tools and services online Marketing Strategies Relies more on social media Can rely on social media and and digital marketing to reach digital marketing but may also intended audience be helped by print advertising Time Availability Business can be accessed Business hours are confined to 24/7 a specific time Product Access Products and services Physical inventory accessed in accessed online versus in person person 5 Examples of digital entrepreneurship ❑ There are many examples of digital entrepreneurship, especially as the breadth of online business continues to evolve and expand, and new tools and technologies emerge every day. There are seemingly endless opportunities for building an online business, so they're worth researching to find your best fit. Here are a few examples: ✓ E-commerce businesses ✓ Online courses ✓ E-books ✓ Online content creation ✓ YouTube channels ✓ Digital technologies ✓ Blogs ✓ Digital services and consulting ✓ Social media influencing 6  New Digital Opportunities ⬡ Experimentation Easy to create Minimal Viable Products (MVPs) as prototypes for your business ideas. ⬡ Data The best data wins, so digital entrepreneurs look for unique data opportunities everywhere. Can you find or create the data that will make you the most knowledgeable about a particular topic or decision?  New Digital Opportunities ⬡ Scale The digital world makes it easy to change the size of a business to fit the opportunity and resources, often beginning with a highly specialized niche. ⬡ Security Attempts to break into even the smallest businesses online have become routine. Digital businesses will never be 100% secure.  New Digital Opportunities ⬡ Privacy Unwillingness to share personally identifiable information is a major source of mistrust online. Privacy regulations are increasingly complex. ⬡ Competing for Attention Hundreds of millions of web sites, millions of mobile apps, and billions of social media profiles are competing for consumer attention. The Digital Entrepreneurship Process 1. Choosing a digital business idea. 2. Building a prototype. 3. Testing the business idea on potential customers. 4. Launching the business. Discussion Question Do you think that entrepreneurship has a role to play in making a better world? Or is entrepreneurship mostly about money and lifestyle? 11 Exercise 1. Describe an idea you had in the past for a new product or service that you were not able to pursue. What barriers most prevented you from pursuing this idea? 2. What would be an MVP (digital or not) that you could create to test your idea? 3. Give an example of how a company has successfully won your attention online. Why are they effective? 12 References 1. Digital Entrepreneurship,1st Edition by Jonathan P. Allen. Published by Routledge, 2019. 2. First Republic. https://www.firstrepublic.com/insights- education/what-is-a-digital-entrepreneur 3. https://www.learndigitalentrepreneurship.com/slide s/ Additional Links: 1. www.inc.com/online-business 2. www.inc.com/technology 3. www.entrepreneur.com/topic/online-business 4. www.entrepreneur.com/topic/technology Thanks! Any questions? You can find me at: [email protected] 14 Credits Special thanks to all the people who made and released these awesome resources for free: ⬡ Presentation template by SlidesCarnival ⬡ Photographs by Unsplash 15 Presentation design This presentation uses the following typographies: ⬡ Titles: Lexend Deca ⬡ Body copy: Muli light Download for free at: https://www.lexend.com/ https://www.fontsquirrel.com/fonts/muli You don’t need to keep this slide in your presentation. It’s only here to serve you as a design guide if you need to create new slides or download the fonts to edit the presentation in PowerPoint® 16