Digital entrepreneurship: how to create your own business on the internet?

The internet has come to revolutionize the way we buy, sell, work and relate to our customers. Within a formal work model, the internet has come to change everything. As a consequence, it is within the online universe that many of these ideas emerge that revolutionize the way we consume and live. Then comes the term digital entrepreneurship , which refers to the business developed to offer a product or service through a digital medium.

Therefore, in today’s text we will address some topics such as:

What is digital entrepreneurship?

Why undertake?

How to create your own business on the Internet? 

Many people are chasing this new way of entrepreneurship, motivated by the desire to work at home and be their own bosses. In this article, we explore this new concept further, give you reasons to undertake and what should be your first steps in this adventure.

Good reading!

What will you read in this article?

  • What is digital entrepreneurship?
  • Why undertake?
    • Growth of the virtual environment
    • Reduced operating costs
    • More people, less cost 
  • How to create your own business on the Internet? 
    • Define your business
    • Develop a business plan 
    • Spread the word!

What is digital entrepreneurship?

The term “entrepreneur” emerged in the 1940s, being used to define those who participate in a process of “creative destruction” – who starts something new , who leaves the area of ​​dreams to put their desires into practice. This definition came from the book “Capitalism, socialism and democracy”, written by Joseph A. Schumpeter, a must-read for anyone interested in the field of economics.

Maria Inês Felippe supports the idea that the entrepreneur is motivated by self-realization and the constant search for responsibilities. This point of view is supported by numbers: 70% of Brazilians dream of having their own business.

In this scenario, there are two types of profiles: those who undertake out of necessity or opportunity. The first case concerns those people who are in financial difficulty and need alternatives to get out of this situation.

Opportunity entrepreneurship, on the other hand, observes the demands of the market and proposes to supply these needs. They are bold professionals, who can even abandon their fixed income sources to invest in what they believe to be a solid opportunity.

This last group is growing, which shows that the land to undertake in Brazil is quite fertile. A study by Global Entrepreneurship Monitor (GEM) pointed to an increase in entrepreneurship by opportunity in Brazil, in parallel with the fall in new businesses opened by necessity. Among the interviewees, 61.8% stated that they opened their own business because they identified a market opportunity .

Within this scenario, we also have digital entrepreneurship , which is the act of creating a product or service that works mostly in digital format, even if the final item is physical – as is the case with stores on social networks.

The objective is quite simple, just like that of enterprises in the physical world: to make a profit. What differs between the two formats is that digital allows for more flexible and simple working conditions.

Why undertake?

There are plenty of reasons to encourage people to start their businesses. One of the main ones is the “promise” to be able to work under your own terms and conditions, being able to choose the times and the way to act. Thus, the possibility for the person to balance this function with his regular job becomes a great attraction.

From a practical point of view, it has never been so easy to undertake: access to credit lines is greatly simplified and rates are more accessible and with more payment opportunities.

Other positive points of digital entrepreneurship are:

  1. Growth of the virtual environment

More than half of Brazilians have access to the Internet, regardless of their age group and financial conditions. As a consequence, the number of online purchases grows every day, as the population has become accustomed to e-commerce and is no longer afraid of digital stores.

This scenario causes digital ventures, as well as the dissemination of products and services through online platforms, to grow exponentially. It is a market with great possibilities and whoever has an innovative idea should take this moment to put it into practice.

  1. Reduced operating costs

Let’s take a clothing store as an example. If it is physical, you will need to invest in a space with furniture and good infrastructure, hire employees, pay rent and so on.

Now, if the owner chooses to create a virtual store, most of these expenses cease to exist. Even the costs of this type of platform, as a social media specialist and website developer, are much more affordable.

  1. More people, less cost

Whoever undertakes in the digital world knows that the reach is infinitely greater when compared to the physical world. Returning to the example of the clothing store: the people who will buy your products are those who live or work in the region, or who are taking a “little walk” there.

Now, online stores are able to reach people across the country at a lower cost, which is the management of social networks. Freight shipping is quite common (and the value must be embedded in the price), so the digital entrepreneur can expand his business to other cities and states.

How to create your own business on the Internet?

If you made it this far, it is because you are interested in being a digital entrepreneur. We separated what are the steps you must take to achieve this dream, check out:

  1. Define your business

You need to answer some basic questions about your business: what are the main products or services offered? What is your brand’s target audience and differential? What channels are you going to use to reach your audience?

This is the first step for those who want to venture into digital entrepreneurship . You need to understand the segment in which you will operate and, within it, the product offered. A good way to answer these questions is to elaborate the company’s mission – that is, the role it plays in your area of ​​expertise.

It is the starting point that will help to define what the next steps are based on your objectives, consumer profile and the value that will be delivered to your customers. The more specified, the better.

For example: a UX Writing distance course, which targets communication and design professionals. The main product offered are recorded lessons with explanation on the subject, such as difference in tone and voice, how to think about communication aimed at the user of the product, etc.

  1. Develop a business plan

The business plan describes the objectives of the enterprise and delves into the stages that must be fulfilled. It also causes an in-depth study of competitors and the market in which it is planned to operate. Once this plan is finalized, the entrepreneur is able to make a complete assessment of whether it is worth moving forward or not.

It is a study that demands time and attention, in addition to extensive research. But believe me: without a well-structured business plan, there is little chance of your business going through.

  1. Spread the word!

After deciding on your area of ​​activity and the product offered, as well as preparing the business plan to cover all the crucial points of the project, it is time to put it forward. Thus, it is very important to have a good publicity to ensure that your target audience will have known about your brand.

As we saw earlier, digital entrepreneurship is an action that takes place on the Internet. So, there is nothing more fair than using digital networks at the time of disclosure. Create an account on the platforms that most connect with your audience: Instagram, Facebook or LinkedIn.

Use these pages to your advantage, but don’t turn them into billboards. In addition to promoting your product, you must show that you are attuned to the market, so share news about the sector.

Participating in industry events and fairs can also be part of your strategy. This physical approach to your target audience is very beneficial for the newly created brand.

With these tips, you can now invest in digital entrepreneurship and create your own business on the Internet. With the right planning, you can conquer a space within this market that keeps growing.

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by Abdullah Sam
I’m a teacher, researcher and writer. I write about study subjects to improve the learning of college and university students. I write top Quality study notes Mostly, Tech, Games, Education, And Solutions/Tips and Tricks. I am a person who helps students to acquire knowledge, competence or virtue.

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