Discover what it takes to become a digital entrepreneur in today’s fast-changing world.
The flexibility, low cost and vast reach offered by digital technologies create unlimited opportunities to set up online business ventures with relative ease. Anyone with a novel idea, new app, something to sell or say can quickly launch themselves as a digital entrepreneur. Could you be next?
While there is no single definition of ‘digital entrepreneurship’, the established definitions tend to agree that it concerns the establishment of a business or commercial activity with digital technology at its core.
"E-entrepreneurship refers to establishing a new company with an innovative business idea within the net economy, which, using an electronic platform in data networks, offers its products and/or services based upon a purely electronic creation of value. Essential is the fact that this value offer was only made possible through the development of information technology."
Kollman (2006)
"Digital Entrepreneurship refers to technological advancement with new ways of establishing and performing business."
Hull et al (2007)
"Digital Entrepreneurship as the pursuit of opportunities based on the use of digital media and other information and communication technologies."
Davidson and Vaast (2010)
"Digital entrepreneurship is broadly defined as creating new ventures and transforming existing businesses by developing novel digital technologies and/or novel usage of such technologies."
Digital technology may be the basis of the product or service itself, as is the case with digital content creation (e-publishing, blogging, podcasting, videos) or app/web/software development.
Alternatively, digital channels may be the vehicle to promote, sell or operate the products and services – digital or otherwise. For example, online training education or coaching, digital marketing (influencer and affiliate marketing or social media management) or online shopping (subscription services, e-commerce stores).
You should treat setting up a digital venture just as you would any traditional commercial venture. It begins with an idea for a product or service, something you are passionate about, have expertise in and believe to be unique or at least offer something that is new or different to your intended market.
Startups, an online advice website set up by a serial entrepreneur, suggests 11 simple steps to get your new idea off the ground. It’s worth noting, however, that not all of these steps may be applicable to a digital entrepreneur.
According to Shopify, the digital entrepreneurs who succeed share specific skills and traits, which include:
The internet has forever disrupted consumer markets. Emerging technologies such as generative AI and the Internet of Things (IoT) are making it easier than ever before for digital entrepreneurs to succeed in business.
Free AI tools like Microsoft’s Copilot, Google DeepMind’s Gemini and OpenAI’s GPT-4, for example, can quickly generate or edit written and visual content, even learning to adjust to your individual writing style. While data analytics tools offered by the IoT can help you get to know and therefore target your customers more effectively.
Unfortunately, opportunities often go hand in hand with threats. When developing your business model and plan, it is therefore essential to build in ways to monitor and minimise risks on an ongoing basis. The same rapid digital innovation that can spark a new business can suddenly become obsolete, for instance, so you need a back-up plan.
Similarly, the ease of market entry that attracts one digital entrepreneur can lead to increasing competition from others. And, in a world where cyber threats are becoming more sophisticated and harder to detect, any online business needs to be underpinned by trusted regularly updated security software and password protection.
Knowledge – or research – is fundamental to the success of any new business. By studying the King's online MSc in Digital Economies, you’ll develop a comprehensive understanding of how digital technologies are being used, not just in business, but in all aspects of the modern world. Our world-class researchers will reveal how the latest digital tools and techniques can increase revenue, cut costs, and improve communications.
Do you want to become a digital entrepreneur? Our online MSc includes a specialist module dedicated to Digital Entrepreneurship which will show you how to create the digital networks needed to target audiences: