Often times, the importance of entrepreneurship is taken for granted. People have been used to seeing its traditional forms boiled down to physical stores, on-hand displays, and face-to-face transactions. Because of this, a common misconception exists that handling a business is difficult to start. But the times are changing, and with it comes a drastic shift in major fields, especially information and communication technologies.
In the digital age, being an entrepreneur has never been easier. The emerging forms of open innovation and new technology has altered the business environment and challenged traditional conventions. Now, social media platforms can serve as one-stop shops for basic necessities. Instant delivery applications provide real-time service and transactions. We also have websites for existing brands who want to expand their reach to previously-inaccessible places. All in all, the possibilities are endless!
But first, what is the difference of digital entrepreneurship?
Digital entrepreneurship is simply defined as an entrepreneurial business carried out through a digital channel. Several enterprises started digital business by selling their goods online in order to meet the competition in the market. In essence, the importance of entrepreneurship in the digital age is amplified because market demand is changing.
Here are some of the benefits provided by digital entrepreneurship:
The change teaches us flexibility.
A business venture takes more than just an idea in order to succeed. You have to put in the time and the work— but that formula isn’t always fool-proof. If the business landscape has been altered digitally, who’s to say another shift in dynamic won’t arrive in the next few decades? By then, entrepreneurs should be ready to adapt quickly.
Digitalization drives innovation, creating new opportunities for entrepreneurs.
New and improved tools are now at our disposal, thanks to technology. It has significantly enhanced access to information and further research that we can use to either make new products or develop better systems for existing ones. Thus, the digital movement allows business people more freedom for exploration.
Digital entrepreneurship levels the playing field for disadvantaged and underrepresented businesses.
The importance of entrepreneurship goes beyond just promoting further success for the big shots. It also aims to help out small-scale businesses that cannot afford to shell out a budget for promotion. Through digital platforms, previously-unknown enterprises can make free websites and promotional materials. This, then, increases their overall visibility in the market.
New technologies and platforms offer reduced cost.
The evolving digital economy has created new types of financing. We now have digital banks and e-wallets that can deliver real-time payment virtually. Other than convenience, technology offers lesser costs for start-up businesses. Distribution, manufacturing, and storing of products and services are now made easier. Not to mention, digital businesses also mean a digital workplace, which means you can save up on energy and resources otherwise required in a physical office.
“The biggest part of our digital transformation is changing the way we think.” – Simon Preston
As they say, we are the change we want to see. Our transition will only work effectively if we understand the processes and fully embrace the importance of entrepreneurship in the digital age. Read about youth entrepreneurship next if you’re just a growing entrepreneur in the field!