What is a digital entrepreneur? (And How to Become One!) |

What is the story of Doug Neill, owner of Verbal to Visual, who offers courses and memberships to visual learners; Sadie Robertson Huff, owner of Live Original, who has an app, a podcast and organizes events for young women seeking to develop their spiritual growth and faith and Ashley Fox, owner of The Wealth Builders Community, that offers memberships to people looking to build wealth all have in common? All of them are digital entrepreneurs.

When the world shifts and evolves, so does entrepreneurship. If you have a great idea, want some time flexibility and a free schedule, then becoming an entrepreneur who is digital might be the perfect fit for you.

Here's what we'll cover in this article:

• What exactly a digital entrepreneur.        
  
• Digital entrepreneurs in various types.        
  
• The perks of being an entrepreneur in the digital space.        
  
• How to become an entrepreneur in the digital space.        
  

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What exactly is an entrepreneur in the digital space?

Digital entrepreneurs are those who operates their business on the internet. There's no standard for digital entrepreneur; it could be anything from an online course creator, or virtual assistant to being a blogger or podcaster. Digital entrepreneurs are able to sell products like business coaching digital products like e-books, as well as physical goods such as candles. The possibilities are limitless.

Being a digital entrepreneur often doesn't require fancy equipment; the most you need is an laptop. Social media can be used to build awareness about your company, establish an online presence, and then use marketing via email to maintain and build a relationship with your customers. The best thing about digital business is that you could earn as much money as you have in a company, without the overhead of physical needs like a storefront.

    Digital versus traditional entrepreneurship

One thing that separates a digital entrepreneur from traditional entrepreneurs is the location they work. Traditional entrepreneurs operate as a physically-based business like a storefront or pop-up shop. There are pros and cons for each.

The biggest upside for online entrepreneurs is the fact that they don't need a lot of funding to begin their businesses (you don't need outside funding to begin and you can start a business without any capital investment your business) and their expenses are relatively low. Some of the challenges faced by a digital entrepreneur are:

• Your competition is against the entire globe (instead of the geographical region you reside in)        
  
• You must do more to establish credibility and trust        
  
• Customers who are interested in purchasing your product can't view your product in person and are forced to go on reviews.        
  
• Digital entrepreneurs might also have a harder time "turning off" and setting business hours for themselves since they work at anytime and anywhere...even on their couches, which can lead to burning out.        
  

Traditional entrepreneurs may use digital tools too, for example, leverage social media platforms to raise brand awareness for their business. If they have a storefront and a storefront, they have the advantage of foot circulation -- walking by, spotting the gorgeous red dress that is in the window and thinking, "I have to have this !"

Traditional business owners also establish business hours so may be less susceptible to burning out. But of course, the biggest disadvantage to being an entrepreneur who is traditional in that they require more funding to set up their storefront and have higher costs to maintain their business as opposed to those who are digital.

Digital entrepreneurs of various types

It's easy to imagine that there are many instances of what entrepreneurship in the digital age can look like, especially in the event that new technology and tools are released, which means there are endless possibilities. There aren't any mutually exclusive examples either; a lot of digital entrepreneurs mix these examples to broaden their offering. These are the most common kinds that digital entrepreneurs can take advantage of.

Community Hosts

We've learned the basics of creating an online social network. One of the best ways for digital entrepreneurs to create an online community is by sharing their love for what they do. Consider, for example, ArtSnacks Mix built around the joy of painting as well as the Outwild Hub is a group that is for those who love outdoor activities and want to make outdoor activities a bigger aspect of their lives.

communities are becoming successful digital enterprises and we're seeing them scale up to 6 seven-, even 8- figures!

Digital entrepreneurs are able to earn money from their community simply by creating a membership fee to the group. They can also host live events, create a branded app, and make a course they only offer to group members.

and there's a myriad of different types of online communities to choose from. Here are some examples:

• Mastermind groups: Members come together to share their expertise and transform their businesses or lives.      
  
• Group coaching is a group run by a coach connects the members to achieve an experience of transformative experience (e.g. holistic wellbeing coach ).    
  
• Micro-community: You don't need a large community to make an impact. It only takes 30 people or less that are committed to mastering a special topic such as interest, goal or even a love.    
  
• Content community: Members come together to create and/or to learn to create content and to share their knowledge.      
  
• Online brand community The type of community experiences member-led growth by people who are enthusiastic to discuss about the brand or product. Consider, for instance, the QuickBooks community, a place to help users of QuickBooks to gain the information they require. Another great illustration of a brand's online community would be Adriene Mishler (who started Yoga together with Adriene via YouTube). She built a community to help her 10 million+ followers go deeper into the yoga practice Yoga and make connections with fellow followers and so she created her own community called the Find What Feels Good (FWFG) Kula Community.    
  

Blogger

If you love to write and are able to write about something it could be an ideal way to get started in digital entrepreneurship. When you've found the right niche and picked a name for your blog (make sure you check our Blog Name Generator) is the time to add the value. Bloggers such as Seth Godin and Neil Patel offer a wealth of information through sharing marketing tips to their readers.

Contrary to popular belief, you don't need tons of traffic in order to make money from your blog. You do require an action strategy (because your blog shouldn't be your diary). You also need to persevere and show patience.

Bloggers are able to make money by utilizing a myriad of ways, including:

• affiliate marketing: When you promote items on your blog and a user clicks on a company-approved tracker link, you could receive a commission.      
  
• Ads: When you let companies to promote their products via your site, you get compensated. The ads can be paid for by the ad, or via pay-per-view (also called the revenue per mille, also known as RPM. ).    
  
• Promotions If you're getting enough traction companies may offer to offer you a fee in exchange for the right for an article that is sponsored by them.      
  

Bloggers can also earn income by selling courses, e-books, or merch on their blog.

The methods of creating written content are always evolving with some opting to create posts on places like Twitter or LinkedIn instead of a traditional blogging platform.

Podcaster

It's never been easier to start and grow an online podcast! There are a lot of big brands that make money from podcasting, like "Armchair Expert," "Call Her Daddy,"" "Office Ladies," and "Freakonomics Radio." ."

While you're still getting your feet wet in building a fan base that appreciates your work, you may still make a profit from your podcast. As with blogging, it's important to identify your area of expertise (not simply something you're famous for, however something that you are enthusiastic about) and have a strong title (use our Podcast Name Generator) Create plans for the release of new episodes, increasing the audience to engage, as well as arranging guest speakers. Be aware that building your fan base takes time. Keep your patience and be consistent.

Podcasters are able to earn cash via:

• Paid communities: Listeners pay access to premium programming such as videos, Q&As featuring special guests, early access to new episodes and exclusive groups. Podcasters can earn revenue through communities by offering different memberships.    
  
• Making courses: If you have a podcast that has a purpose of education or teaching listeners how to do something new, creating the course can be a fantastic method to make money off your show. Take a look at Gretchen Rubin, who has a self-development podcast, "Happier with Gretchen Rubin." The self-improvement course she offers is self-development classes that are in line with the themes of her podcast like "Outer Order as well as Inner Calm," and "30-Day Relationship Challenge ."    
  
• Affiliate marketing: Through Affiliate marketing, the podcasters receive the commission each when a listener purchase a service or item featured in an episode. The commission is calculated with a coupon code (members are usually offered 10-15 discount on the product or service and this gives them an additional motivation to purchase ).    
  
• Sponsorships: Have you noticed those commercial breaks that pop up while you're listening to podcasts? That's a sponsorship. These differ from affiliate marketing in that you are paid only to talk about the company's name (e.g. an amount that is fixed to speak about them in seven segments) however, the listeners don't spend one cent for them.    
  
• Live events: A number of popular podcasts, like "Giggly Squad" have accumulated so many fans that they've been on live tours. Even if your following isn't quite as large, think about holding a local live event at a restaurant, brewery or a local bookstore.    
  

YouTuber

YouTube is the second largest search engine in the world (and owns by Google- the largest) Top YouTubers such as PewDiePie, Markiplier, and Like Nastya earn anywhere from $28 million to $38 million each year!

Although there's an abundance of competition available on the platform (over 720,000 hours of videos posted every single day) however, the key to gaining an YouTube following is having a niche that is strong and creating content in that niche. Similar to blogging and podcasting it takes an enormous amount of determination and patience to build a following on YouTube.

Here's the way that YouTubers make cash :

• Advertisements: To be approved for ads, you have to hit the minimum requirement of 4,000 watch hours during the last twelve months as well as 1,000 subscribers. It's not the most effective way to make money, however it is how YouTubers with huge followings make cash.    
  
• Channel memberships: Like with ads, you'll need to get more than 1,000 subscribers and be in the YouTube partnership program. You can then offer member advantages such as badges, stickers, live chats, and other.    
  
• Affiliates: YouTubers get a fee each when a viewer buys a product or service featured in a video (affiliate affiliate links are listed in the description of the video).      
  
• merchandise: If you're a well-known brand it is possible to market merch.      
  
• Selling services: Let's say you're a fitness coach, you could give tips to improve your fitness through YouTube and link it with the fitness business you run.      
  

You can read further about the amount YouTubers earn per ad on this page .

Consultant

If you're an expert at solving a problem, consulting could be an excellent opportunity to earn money from the work. It is possible to offer your knowledge to organizations that need it and post your articles on LinkedIn and YouTube for advertising. Having some solid testimonials from former clients and figures that show your value will be a good way to establish yourself as a consultant. Consultants can work either on an hourly retainer or by deliverables which can be a lucrative way to earn thousands of dollars per hour for their services.

Consulting entails giving the client information in order to assist clients in enhancing their organization. They can help organizations with their sales, marketing, informational technology, emotional understanding, diversity, and inclusive efforts, and even with reducing conflicts.

The best part is that entrepreneurs who use HTML0 can seek advice from anyplace in the globe.

Subscriptions

Digital entrepreneurs are able to create an online subscription company offering subscriptions. The model is similar to an online community but more solitary; users access content, software or products that you've created or licensed. Think of software companies like Dropbox and Zoom and others that offer media like Hulu and Netflix as well as those with physical items like HelloFresh and HelloFresh. They've created empires around subscription services.

Here's how digital entrepreneurs benefit from subscriptions:

• The business of premium content when people pay each month for access to videos (e.g. videos on fitness) ).    
  
• A monthly product: Some businesses have offered subscriptions for necessities like razors and soaps to luxurious items like wine and chocolate.        
  

The best part is that this is potentially an ongoing revenue stream if you are able to get your business's idea of repeating be successful.

Newsletters have becoming a huge part of the subscription economy.

E-commerce

It's not just a trend; in fact, it's growing exponentially and is expected to reach $3.6 trillion worth in 2024. The best part about online shopping is that it's not just intended for corporations of all sizes, but for everyone, including entrepreneurs in the digital space.

There are many platforms that you can sell on, like Amazon as well as Alibaba, or if you're a bit more imaginative, try Etsy. You can also use Shopify for digital entrepreneurs looking for a platform on which they can create their own online store.

The possibilities for the products digital entrepreneurs can sell are endless, from physical items such as shoes, lamps for mushrooms, and art, to digital products including e-books, printed materials, apps (which are projected to hit $755.5 billion by 2027) as well as online classes. Digital products are attractive as they're scalable and infinitely adaptable, generate recurring revenue, and can be easily automatized.

Course creator

There's no denying that the popularity of online education has exploded over the past couple of years. Thanks to online course platforms there's never been a better time for online entrepreneurs to translate their knowledge and expertise into an awesome educational experience that anybody in the world can access. Courses are so profitable that we saw a podcaster and an author on Mighty sell 5,000 seats on the value of $997 in only 10 days.

The online courses you offer may cover everything, including 2D animation, to learning to draw. Classes can be pre-recorded (asynchronous learning) or live-taught (synchronous learning) and both can be expanded, as when you teach live it is possible to teach many thousands of learners.

We're certainly not suggesting that creating courses is simpleYou must find a niche, build your course and promote it. Successful niches have the advantage with being fairly popular that people are enrolling in courses or are prepared to spend money on.

A few of the the most lucrative online courses are B2B as well as fitness, entrepreneurship marketing, wellness, and fitness.

It is also possible to look through our collection of online classes suggestions right here !

Host a virtual party

One of the best things with a virtual conference is the ease of use for the host as well as those who attend. You don't have to worry about the capacity of a venue as well as the logistics such as parking or obtaining an alcohol license The participants do not have to be concerned with the time of travel or their dress code.

There's so much room for enjoyment with virtual events, provided that there's a clear message that can inspire and motivate people to attend. It's about educating people on the to, the what and how to get the most value from the experience guests will gain. We call this the Big Purpose.

The next step is to identify the ideal Member  through asking:

• Where are they from?        
  
• What do they care about?        
  
• What issues are they having trouble with?        
  
• What kind of transformation could make the HTML0 come alive?        
  

One of the disadvantages of online gatherings is that the connection between participants isn't as seamless as in-person. That's why it's important to create opportunities for connections like:

• Breakout spaces        
  
• Group projects or using the whiteboard        
  
• Questions in Open Text and discussions        
  
• Q&A session        
  

Events can be held in any time between yearly and several months in a row. The sewing group Topstich Makers hosts weekly sew-alongs for people to work simultaneously working on projects.

Why do you want to be a digital Entrepreneur?

What you can provide as a digital entrepreneur is unlimited. However, if you don't offer something worth and valuable, you may be asking what else you can do for you?

Flexibility

As opposed to working a 9-to-5 schedule, being an entrepreneur means you can dictate your schedule. It is possible to work for four days a week if you want or take a longer lunch, all without asking permission. Being a digital entrepreneur gives you even more freedom than a traditional entrepreneur as you're not bound to a specific physical address. Digital entrepreneurs are able to take advantage to work from any place in the world, all the way from Boston all the way to Bahamas and living that"digital nomad" lifestyle.

Scalability

Scaling your business means increasing your customer base and revenues at a higher rate rather than simply increasing your expenses. It's not a one-size-fits-all approach in the case of scaling your business, it really depends on the stage of your company. However, if you've got an established foundation and build your long-term and sustainable plan for expansion The sky is the limit!

Amazon is an example of a scalable and infinitely expanding tech company. It began as bookshops evolved into online marketplace that expanded thanks to the network effectgrowing in value every time a user joined. It's now worth $1.8 trillion.

When businesses think of scaling, their minds go to courses. With a projected worth of $62 billion in 2027, there's an excellent reason why this first flexible online service is an option that is widely used for scalability. Coaching may mean just offering 1:1 coaching to offering engaging courses.

The one thing that business owners tend not to think of for growing their business is the idea of virtual events. The hardest part is actually creating and hosting your initial virtual event. But once you're past that hump and have received the feedback of your guests, you can easily refine your event, and even host even more. Additionally, if your event is high-value or entertaining (or both) the attendees are likely to pay and show up! Choose a platform for virtual events that allows you to create and expand effortlessly.

Accessibility

In addition to working at any time, but you can also reach anyone from around the globe. Contrary to traditional entrepreneurs which can only connect to those who live in their zone, online businesses are not confined to one region.

With a top-notch digital marketing strategies will allow you to connect with your intended audience. Utilize social media for your benefit and create blog content that are the attention of your intended viewers' eyes via search engine optimization (SEO), provide valuable material for your visitors and make use of emails to draw many more visitors to your site.

Adaptability

The ability to adjust to the market's changes can be advantageous, keeping your creative juices flowing and trying out new things so you're not bored. If you discover that there's not enough demand for your service, you can quickly adapt your products to suit your market's needs. Unlike a large corporation You can quickly alter or alter your offerings and prices without losing too much time and money.

It's obvious that it's not a good idea to suffer from the syndrome of shiny objects with regards to business (offering the newest and most popular simply because it's trendy) However, you want to listen to what the demand is.

Profitability

We're not saying that the moment you decide to venture into business you'll make $100,000 within the first year, but since your expenses are low your potential for profits are virtually limitlessCha-ching.

You must perfect your skills, knowing who the customers you're trying to sell your products (having a niche is super valuable -- that way you're not selling to everyone) and completing the basics of business while transitioning from a creator to entrepreneur, and working on your mental attitude (self-doubt is a way of creeping up on you). The idea of starting your digital venture part-time while working a full-time job could be the most effective route to gain more expertise and trust before diving into headfirst.

Although the potential earnings of digital entrepreneurship is unlimited but it's its freedom of time that makes people opt for entrepreneurship in the initial in the first. This could mean time spent with friends and family or more travel time, making new memories, as well as the time to yourself in general.

What is the best way to be an entrepreneur in the digital space

One of the great things about being an entrepreneur is that it can look slightly distinct for each person based on where they run their business as well as how they operate their business, and who the clients they serve. But, when starting out there are some common steps everyone has to do to become a digital entrepreneurial.

1. Lay the foundation

As with building a home, building a business needs a solid foundation to work from. Every company starts by generating an idea, a dream or a strike of inspiration.

Businesses worldwide like Starbucks were born from an idea. Two educators and a writer pooled together their own money to open an Seattle-based coffee shop and established what is now one of the most famous cafes around the globe.

The majority of business ideas stem from a requirement you've experienced or the gap that you observe on the market.

If you're still stuck Here's a few other things to consider:

• Your area of expertise: Take stock of what you know and fields you understand. Here on Mighty We often witness entrepreneurs who are building successful businesses based on topics they're familiar with. Digital entrepreneur Ryder Carrol, whose approach to bullet journaling sparked a movement, a course, book and a community centered around the visual organizational.    
  
• Your strengths: Starting with your strengths can be a fantastic way to become a digital entrepreneurial. Essentially, you want to remain in the zone of genius, not on the things that feel really hard to complete (e.g. do not become coach if you're people capabilities aren't up to par). ).    
  
• Your love of life: Are you aware of topics you simply aren't able to get enough of or subjects you simply cannot stop discussing? What about the things you do just for fun? All of the things will point towards your passions.    
  

Here are a few questions that you might ask yourself in order to get a better understanding of your digital entrepreneurship venture:

• What can I learn about the X subject?        
  
• What difficulties have I successfully solved for myself?        
  
• What problems have I successfully solved for others?        
  
• What can I do to help someone who is only beginning?        
  
• What makes me want to be a digital entrepreneur?        
  
• What can I bring to the discussion? What's my unique perspective?      
  

2. Find the ideal client

There's a saying that goes, "When you sell to everybody, you'll sell to nobody." It's a fact. It's impossible to be everything to everybody, so you need decide whom you'd like to help.

It is also important to consider, "What problems will I assist them in solving?"

The majority of people purchase products or services due to a motive such as to find greater peace within themselves, meet an ideal partner or have a better self-image, they're looking for a change.

Here's what to consider when you think of how to present HTML0 to your ideal customer:

• Geographic, demographic and psychographic traits.        
  
• Transitions and life states (e.g. newly-weds, a first-time homeowner, parents that are no longer in the nest, pivoting careers ).    
  
• The hopes and dreams of their children.        
  
• Fears, misconceptions, and the challenges they face in achieving their objectives.        
  

It is possible to go further and do some market research, whether it's through a survey or group Q&A. Or a one-on-one interview, ask potential customers these questions to gain a greater knowledge of the things they require:

• What challenges are you currently confronting with X?        
  
• What is the biggest challenge you have accomplishing X by yourself?        
  
• What solutions or services help you solve your issues?        
  
• What services or products did you use that did not solve your issues?        
  

3. Check out your thoughts

After you've acquired a better understanding of what the ideal customer is looking for and wants then you are able to develop a service or product that will meet.

If your ideal customer would like to meet a romantic partner but they have a difficult time gaining confidence and being open about it and putting themselves out there, think about all the possibilities you can offer them.

They could also include:

• An online social event for singles looking to mix.        
  
• The course teaches students how to get out of their comfort zone and meet new people so they can find a suitable partner.        
  
• Matchmaking in 1:1.        
  
• A group coaching program designed for single women. Each week will be a different topic that is about loving yourself and finding your perfect match.      
  
• An ebook all about developing self-confidence and how it will help them in every area of their life, not just love.        
  

Once you've come up with as many suggestions as you can, you're now ready to try the ideas on your potential customer. Check out what they think is fascinating and which they're not too thrilled with.

Check out the business name generator to design an outstanding business name.

4. Figure out business requirements

We'll not go into too much of details here, but just like the traditional businesses, online entrepreneurs must adhere to the rules and guidelines of ownership in a business.

In general, you should be aware of how you can make sales and collect the appropriate taxes and report to the government. Additionally, you'll need to work out the proper way to invoice and claim taxes for the year's end. You can ask other digital entrepreneurs on how they invoice (which software they use) and if they use accounting software or accountants to help with taxes.

5. Make sure marketing is working with marketing

Now that you have all the pieces in place, it's time to put yourself on the market! There's no need for websites (especially when you're selling products) but it definitely makes your appearance more professional. There's no debate as to whether you should market your company on social media. It's completely free and easy to create content to increase and expand your followers. It's just a matter of selecting the best ones- go the areas where your potential customers hang out the most.

The next step is to create an email marketing system. Another way to increase your email list is by making a giveaway (also called a lead magnet) so that in exchange for it you collect email addresses.

Or start a community! We find that a powerful community kills the need for a traditional sales funnel and transforms into a community flywheel business that expands.

Digital entrepreneurs require the correct platform

The scope of digital entrepreneurship is huge and we'd like you to feel inspired to explore this ever-expanding field.

If you're thinking about the idea of digital entrepreneurship for creating the content you want to share, create a community or course, event, and/or commerce, come build with Mighty! It's a complete digital entrepreneurship platform for memberships that allows you to livestream, conduct live or pre-recorded classes, host discussion forums, as well as live events in which participants are able to talk and communicate with each other.

You can also make money from 135 currencies, and make payments directly on the platform.