What exactly is a Digital Entrepreneur? (And How Can You 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 podcasts, an app as well as hosts events for young women seeking to develop their religious and spiritual development and Ashley Fox, owner of The Wealth Builders Community, that offers memberships to people seeking to increase their wealth. What do they share in common? All three are digital entrepreneurs.

As the world changes and develops, so is entrepreneurship. If you've got a brilliant idea, want some time at your own pace and enjoy a flexible lifestyle, being an entrepreneur who is digital might be a good choice for you.

This is what we'll be covering In this post:

• What exactly a digital entrepreneur.        
  
• Types of digital entrepreneurs.        
  
• The perks of being a digital business owner.        
  
• What is the best way to be a digital entrepreneur.        
  

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What exactly is a digital entrepreneur?

A digital entrepreneur is someone who conducts their business online. There's no one type of digital entrepreneur; it could be anything from an online course creator, or virtual assistant to being a blogger or podcaster. Digital entrepreneurs may offer services like business coaching, electronic products such as e-books and physical items such as candles. There are many opportunities.

Being a digital entrepreneur often does not require expensive equipment. the most you need is a laptop. It is possible to use social media to build awareness about your company, establish an online presence, and then use emails to build and establish a connection with your target audience. The best thing about digital entrepreneurship is that you could earn as much money as you earn in a traditional business, but without the expense of physical requirements like storefronts.

    Digital versus traditional entrepreneurship

One thing that separates the digital entrepreneur from traditional entrepreneurs is where they operate. Traditional entrepreneurs operate as a physically-based business such as a pop-up shop or storefront shop. There are benefits and drawbacks for each.

The greatest benefit of digital entrepreneurs is that they do not require much capital to begin their businesses (you don't require external funding for the start-up phase and are able to bootstrap your company) and their expenses are relatively affordable. The challenges to being digital entrepreneurs are

• Your competition is against the entire world (instead of your geographic area)        
  
• You must be more diligent in building confidence and credibility        
  
• The potential customers aren't able to see your product for themselves and are forced to go on reviews.        
  
• Digital entrepreneurs might also have a harder time "turning off" and establishing business hours for themselves since they are able to work from any time and anywhere...even the couch. This can result in exhaustion.        
  

Traditional business owners can utilize digital tools as well, to for example, leverage social media platforms to raise the awareness of their company. If they've got a physical storefront and a storefront, they have an advantage with foot circulation -- passing by, seeing that amazing red dress on display and contemplating, "I have to have this !"

Traditional entrepreneurs also have set schedules for their business, which means they're less susceptible to burning out. But of course one of the major disadvantages to being a traditional entrepreneur is the fact that they will require more capital to establish their shopfront and incur greater expenses in order to run their business. This is more as opposed to those who are digital.

Digital entrepreneurs of various types

It's easy to imagine that there are many instances of what digital business could look like, particularly as new tools and technologies become available, meaning that the possibilities are limitless. These aren't mutually exclusive examples either; a lot of digital entrepreneurs blend these instances to diversify their offerings. These are the most common kinds that digital entrepreneurs can take advantage of.

Community Hosts

We're aware of something or two about the creation of an online social network. One of the best ways for digital entrepreneurs to create an online community is by sharing their passion. Consider, for example, ArtSnacks Mix built around painting with joy as well as Outwild Hub is a group dedicated to outdoor enthusiasts looking to make the outdoors more a aspect of their life.

Communities are becoming thriving digital enterprises -and we're experiencing them expand up to 6 7, 7 and even eight figures!

Digital entrepreneurs can make money from their community simply by creating a membership fee for the group. They could also hold live events, create an app with their logo, or make a course they provide exclusively to their customers.

And there are a ton of various kinds of online communities for you to pick from. These are a few examples:

• Mastermind Groups: Members meet to share their expertise and transform their businesses or lives.      
  
• The term "group coaching" refers to a community run by a coach gathers members for the purpose of transformation (e.g. holistic health coach ).    
  
• Micro-community: You don't require a large community to make a big impact. It only takes 30 people or less, who are dedicated to learning about a particular subject or interest, goal or passion.    
  
• Community of Content Members come together to make and/or develop content, and then share their experience.      
  
• Online brand community The type of community has members-led growth driven by those who love to speak about a brand or product. For instance, consider the QuickBooks community. It is a space to help users of the product to get the knowledge they need. Another great example of an online brand group is Adriene Mishler (who started Yoga together with Adriene on YouTube). The community she created was designed to assist her more than 10 million viewers get more involved in the practice of Yoga and connect with others which is why she started an online community named 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 online entrepreneurship. When you've found the right niche and picked a name for your website (make sure you check our Blog Name Generator) is the time to add value. Bloggers like Seth Godin and Neil Patel share a ton of value in their marketing advice to their readers.

Contrary to popular belief there is no need for an abundance of visitors for your blog in order to earn money. However, you do need some sort of plan (because your blog isn't just a diary). You also need to be persistent and have patience.

Bloggers earn money in numerous ways, like:

• Marketing through affiliates When you feature the products you sell on your blog, and a user clicks on a company-approved tracker link, you could earn commissions.      
  
• Advertisements: If you permit advertisers from other companies to post ads on your blog, you are compensated. Advertisements can be paid per view or per ad (also called revenue per mille - RPM ).    
  
• sponsorships When you're getting enough traction and are able to attract enough attention, companies can pay you a fee for an article that is sponsored by them.      
  

Bloggers also make cash by selling courses, e-books, or merch on their blog.

Naturally, the techniques to create written content are always evolving, with some choosing to publish content on platforms such as Twitter or LinkedIn rather than a conventional blogging platform.

Podcaster

It's never been easier to start and grow an online podcast! There are so many big name podcasts that are making money from podcasting, like "Armchair Expert," "Call Her Dad,"" "Office Ladies" and "Freakonomics Radio ."

As you begin by forming a community which loves the work you do, you could still make a profit from your podcast. Like blogging, you'll need to identify your area of expertise (not only something that's popular, however something that you are enthusiastic about) and have a strong name (use the Podcast Name Generator) as well as an outline for when you will release new episodes, generating participation, and finding guests to speak. Remember growing your fanbase requires some time. Be patient and stay steady.

Podcasters are able to earn money via:

• Paying members get access to premium content like videos, Q&As with celebrities, access to earlier to episodes, and private groups. Certain podcasters earn money through communities through the sale of subscriptions that are tied.    
  
• Create courses: If your podcast is educational or teaches listeners the latest skills, developing courses is an excellent way to earn money from your podcast. Look at Gretchen Rubin, who has self-development and personal development podcasts, "Happier with Gretchen Rubin." Her self-improvement courses are self-paced. programs that align with the theme of her podcast like "Outer Order as well as Inner Calm," and "30-Day Relationship Challenge." ."    
  
• Affiliate marketing: In the use of affiliate marketing on podcasts, hosts earn an income every time one of their listeners purchase a service or item mentioned in an episode. The commission is calculated with a coupon code (members typically receive 10-15 percent off of products or services and this gives them an additional incentive to buy ).    
  
• Sponsorships: Do you remember the commercials that appear while listening to a podcast? This is a form of sponsorship. They differ from affiliate marketing in that the sponsor is paid for each time you refer to the company's name (e.g. the flat cost to talk about them for seven episodes) however, the listeners don't spend any money on them.    
  
• Live events: A number of podcasts that are popular, such as "Giggly Squad," have gained so many fans that they've gone for live events. Even if your audience isn't as big, consider holding a local live event at a brewery, restaurant or even a bookshop.    
  

YouTuber

YouTube is world's second-largest search engine (and owns by Google-the most powerful) The top YouTube stars such as PewDiePie, Markiplier, and Like Nastya earn anywhere from between $28 million and $38 millions each year!

Although there's an abundance of competition available on the platform (over 720,000 hours of videos uploaded every day), the secret to gaining a YouTube following is having a niche that is strong and producing content within that niche. Similar to podcasting and blogging, it requires lots of perseverance and persistence to grow a following on YouTube.

Here's how YouTubers make cash :

• Advertisements: To be approved for ads, you have to hit an upper limit of 4,000 watch hours over the past 12 months, and 1,000 subscribers. This isn't the best way to make money but this is the way YouTubers who have massive followings can earn income.    
  
• Members of channels: Just like with ads, you'll need to have more than 1,000 subscribers and join the YouTube partnership program. Then, you can offer members perks like badges, emojis and live chats more.    
  
• Affiliates: YouTubers earn a percentage of every whenever a user purchase a product or service mentioned in a video (affiliate affiliate links are listed within the descriptions of videos).      
  
• merchandise: If you are able to establish a brand that is well-known it is possible to market merch.      
  
• Selling services: Let's imagine you're a fitness trainer, you could give fitness tips on your YouTube channel, and then connect it to the fitness business you run.      
  

You can read further about the amount YouTubers earn per ad here .

Consultant

If you're an authority in the field, then consulting could be an excellent method of earning money for the work. You can lend your expertise to businesses that are in need by putting your work on LinkedIn and YouTube as a type of advertisement. Having some solid testimonials from past clients as well as statistics to prove your worth be a good way to establish yourself as a consultant. Consultants may work on an hourly retainer or by deliverables and top consultants can charge hundreds of dollars per hour for their time.

Consulting ranges from providing the client with information to helping clients permanently improve their business. Consulting can assist organizations in their marketing, sales, informational technology, emotional understanding, diversity, and integration initiatives, as well as reducing conflicts.

The greatest benefit is that digital entrepreneurs can seek advice from anyplace in the globe.

Subscriptions

Digital entrepreneurs are able to create an online subscription company offering subscriptions. It's very similar to the online community, but is more passive; subscribers simply access content, software or even products you've designed or licensed. Think of software companies like Dropbox and Zoom, ones delivering media like Hulu and Netflix, or even ones that involve physical products like HelloFresh and HelloFresh. They've created businesses around subscription services.

This is how online entrepreneurs are able to profit from subscriptions:

• A premium content business when people pay each month, and have access to the content (e.g. videos on fitness) ).    
  
• A monthly product: Certain businesses offer services for basic items like soaps and razors. They also offer more decadent items like chocolate and wine.        
  

It's great that this is potentially recurring revenue if you can make your repeat business idea be successful.

newsletters have becoming a huge part of the subscription economy.

E-commerce

The trend of e-commerce isn't just for fads and it's only going to get bigger and is expected to reach $3.6 trillion worth in 2024. The best part about online shopping is that it's not just meant for big corporations. It's for everyone, including entrepreneurs in the digital space.

There are numerous platforms to sell on, like Amazon as well as Alibaba If you're more creative, there's Etsy. Additionally, there's Shopify to digital-savvy entrepreneurs looking for a platform on which they can build their own online store.

The choices for products that online entrepreneurs sell are limitless, from physical products like footwear, mushrooms lamps and artwork, to digital items including e-books, printed materials, apps (which will reach $755.5 billion by 2027) and online learning courses. Digital products are advantageous as they're scalable and infinitely adaptable and generate regular revenue and can be easily automatized.

Creator of the course

It's not a secret that online learning has skyrocketed over the last few years. Thanks to online course platforms there's never been a better time for digital entrepreneurs to transform their experience and skills into an awesome education experience for anyone around the world can access. In fact, courses are so popular that we watched a blogger and author on Mighty sell 5,000 seats to the value of $997 in only 10 days.

Online courses can be about practically anything, from 2D animation to learning to draw. Classes can be pre-recorded (asynchronous learning) or live-taught (synchronous learning) and both can be scaled, because even when you teach live you could teach many thousands of learners.

Of course, we're not saying that creating courses is simple- you need to find a niche, build your course and promote it. Profitable niches are a combination with being fairly popular that people are learning about, and are willing to invest money in.

A few of the the most profitable online-based course areas are B2B as well as fitness, entrepreneurship marketing, wellness, and fitness.

You can also look through our collection of online courses ideas here !

Host a virtual event

One of the greatest benefits with a virtual conference is the ease of use for both the host and the participants. You don't have to worry about a building's capacity or logistics like 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 plenty of space for fun with virtual events as long as the message is clear and will motivate and excite attendees to go. This means describing the why to, the what and what attendees will get. This is known as the Big Purpose.

The next step is determining your ideal member  through asking questions like:

• Where do they come from?        
  
• What is it they are concerned about?        
  
• What do they struggle with?        
  
• What kind of transformation could make the HTML0 come alive?        
  

One of the disadvantages of online occasions is that connecting people isn't as seamless as in-person. This is why it's crucial to provide opportunities for connecting like:

• Rooms for breakouts        
  
• Group projects or making use of the whiteboard        
  
• Open text questions and discussions        
  
• Q&A-session        
  

You can host events at any interval between yearly and several occasions per month. The sewing community Topstich Makers hosts weekly sew-alongs that allow participants to collaborate working on projects.

How do you becoming a digital business enterprise?

The possibilities you have as a digital entrepreneur can be infinite. However, if you don't offer something worth it is possible to be thinking what else is in it for you?

Flexibility

As opposed to working a 9-to-5 schedule business, being an entrepreneur is a way you can dictate your timetable. You can work four days a week if you wish or have a longer lunch, all without asking permission. Being a digital entrepreneur grants an even greater freedom than traditional entrepreneurs, because you're not tied to any specific location. Digital entrepreneurs are able to take advantage of working anywhere around the globe, all the way from Boston up to Bahamas and living the #digitalnomad life.

Scalability

The process of scaling your business involves increasing your customer base and revenues at a higher rate rather than simply increasing your costs. There's no universal solution for growing your business. It will depend on the state of your company. But, when you have the right foundation in place and then build an ongoing, long-term strategy for expansion there's no limit to what you can achieve!

Amazon is an example of a scalable and infinitely expanding technology firm. It began as bookshops evolved into online marketplace that expanded with the network effect -- getting more valuable with each user. The market is now valued at $1.8 trillion.

If businesses are thinking of expanding, they turn their attention to courses. With an estimated worth of $62 billion in 2027, there's good reason that this original flexible online service is an option that is widely used for scalability. The process of scaling for coaches can look like going from just offering 1:1 coaching and engaging classes.

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. However, once you've got over the hurdle and you've received the feedback of your guests and guests, you'll be able to refine the event and hold even more. Also, when your virtual event combines either high value or entertaining (or both), people are willing to spend money and attend! Pick a virtual event platform which allows you to build and scale effortlessly.

Accessibility

In addition to working at any time, but you can also reach anyone from around the world. Contrary to traditional entrepreneurs who only has access to people who live in their zone, online businesses are not confined to one area.

With a top-notch digital marketing strategies will allow you to connect with your target audience. Utilize social media for your benefit write blog articles that will get in front of your target audience's eyes through search engine optimization (SEO) and provide relevant content for your audience, and use emails to draw visitors to your site.

Adaptability

The ability to adjust to changing market trends is beneficial -- keeping your imagination flowing, and trying out new things so you're never bored. If you discover there's less demand for your service, you can quickly adapt your products to suit your customers' needs. As opposed to a big corporation it is possible to easily alter or tweak your services and pricing without losing too the time or money.

It's obvious that you shouldn't have an obsession with shiny objects with regards to business (offering the newest and best simply because it's trendy) However, you want to listen to what's in demand.

Profitability

It's not a guarantee that once you start your own business you'll earn $100k in the first year of your venture however, since your costs are minimal, your possibilities for earning is virtually unlimited -"cha-ching.

The key is to perfect your craft and knowing exactly who you're selling to (having a niche is super useful because it means you're more focused and not selling to everyone), nailing the business basics when transitioning from a creator to business owner, and focusing on the way you think (self-doubt can be a nagging method of creeping on the you). Building your digital entrepreneurship in a part-time position might be the best way to get more knowledge and experience before jumping into headfirst.

The earning potential for entrepreneurial ventures online is unlimitable but it's its freedom of time that makes people decide to pursue entrepreneurship in the first in the first. This could mean time spent with family and friends as well as more time spent traveling, making memories. It could also mean more time for yourself all around.

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 different for everyone -- how they manage their company, how they run their business, and who their clients are. When you're just getting started, there are typical steps you need to follow to be a successful digital business owner.

1. Install the foundation

Similar to building a house the building of a business requires a solid foundation to work from. Every business starts with an idea or a idea or an inspiration.

Global businesses like Starbucks were born from an idea. Two teachers and a writer pooled the money they had saved to launch a Seattle-based coffee bean business and established what is now one of the most famous cafes around the globe.

Usually, business ideas stem from a requirement you've faced or a gap you see in the marketplace.

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

• Expertise: Take stock of the areas you are knowledgeable about and what you understand. In the world of Mighty we frequently see entrepreneurs who are building successful businesses based on the things they are knowledgeable about. Digital Entrepreneur Ryder Carrol, whose approach to bullet journaling has led to an entire movement, publication, courses as well as the broader community of visual organization.    
  
• Your strengths: Starting with your strengths is an excellent approach to becoming a digital entrepreneurial. In essence, you should remain in the zone of genius and not doing those things that are really difficult to accomplish (e.g. don't become coach if you're people capabilities aren't up to par). ).    
  
• Your passion: You know the subjects that you cannot get enough of, or subjects you simply can't stop talking about? Are there things that you do just for fun? Every single thing will point towards your passions.    
  

Here are some questions you could ask yourself for clarity on your venture in digital entrepreneurship:

• What do I know about this topic?        
  
• What issues I have successfully resolved on my own?        
  
• What problems have I successfully solved for others?        
  
• What can I do to help an individual who's just starting out?        
  
• What is the reason I would like to be a digital entrepreneur?        
  
• What do I bring to the to the table? What's my unique perspective?      
  

2. Find your ideal customer

There's a saying that goes, "When you sell to everyone, you sell to no one." And it's true. You can't possibly be everything to everyone so you have determine whom you'd like to help.

You also have to think about, "What problems will I aid them with?"

The majority of people purchase products and services for a reason, whether it's to gain more peace in their lives, locate an ideal partner or feel better about themselves, they're looking for a transformation.

This is what you should be thinking about when it comes to the ideal client:

• Demographic, geographical and psychographic features.        
  
• Life transitions and states of mind (e.g. newly-weds, a first-time home owner, parents who are no longer in the nest, career pivots that ).    
  
• Their dreams and hopes.        
  
• Fears, misconceptions, and the challenges they face in achieving their goals.        
  

Then, go further and do some market research. It could be via a questionnaire or group Q&A. Or one-on-one interviews, you can ask your potential clients these questions to get a better knowledge of the things they require:

• What issues are you currently confronting in your journey with X?        
  
• What is the biggest challenge you have accomplishing X independently?        
  
• What products or services help you solve the issues you have faced?        
  
• What other products or services did you use that did not aid you in solving your problem?        
  

3. Try out some of your concepts

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

If your perfect customer would like to meet a romantic partner but they struggle with their confidence and putting themselves out there and putting themselves out there, think about all the methods you can help them.

This could be:

• An online event for singles looking to mix.        
  
• An online course that teaches students how to get out of their comfort zone in order to meet new people so they find a partner.        
  
• A 1:1 matchmaking service.        
  
• A group coaching program designed for women who are single. Every week there will be a different topic that is related to loving yourself and finding that perfect match.      
  
• An ebook all about confidence building and how it helps in every area of their life, even love.        
  

When you've had the chance to come in with as many ideas as you can, you're ready to test these ideas with your prospective customer. Find out which ideas they find interesting versus which ones they're not thrilled with.

Check out the Business Name Generator for creating an unbeatable business name.

4. Figure out business requirements

We won't discuss too much of the nitty-gritty here However, like traditional businesses, online entrepreneurs still have to follow the rules and rules of business ownership.

Basically, you need to understand how to make sales that are tax-free, as well as collect taxes and report to the government. It is also necessary to figure out the proper way to invoice and claim taxes for the year's end. It is possible to ask fellow digital entrepreneurs how they invoice (which software they use) and if they use accounting software or accountants to help with taxes.

5. Ensure marketing works with marketing

Now that you have everything set up now is the time to get your name out there! There's no need for an online presence (especially if you're selling services) However, it certainly makes your appearance more professional. There's no doubt about how you can promote your business through social media. It's free, and it's easy to produce content to increase and expand your following. It's a matter of picking the most appropriate onesand go to where your ideal customers hang out the most.

The next step is to create an email marketing system. One way to grow the number of emails you receive is creating a freebie (also called a lead magnet) to ensure that in exchange in exchange you will 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-based flywheel company that grows itself.

Digital entrepreneurs require the correct platform

Digital entrepreneurship is vast however we would like to see you get inspired to study this growing field.

If you're looking into the idea of digital entrepreneurship for creating content, a community, courses, events, and/or business, then build with Mighty! It's a complete digital entrepreneurship platform that allows you to livestream, conduct live or recorded courses, hold discussion forums, as well as live events that allow participants to talk and communicate with each and each other.

Additionally, you can make money from 135 currencies and accept payments on the platform.