What Is a Digital Entrepreneur? (And how to become one!) |

What is the story of Doug Neill, owner of Verbal to Visual, who provides courses and memberships for students who are visual; Sadie Robertson Huff who is the founder of Live Original, who has an app, a podcast and organizes activities for young women who are looking for deeper faith and personal growth as well as Ashley Fox, owner of The Wealth Builders Community, who offers memberships to those looking to build wealth all share in common? All of them are digital entrepreneurs.

When the world shifts and evolves, so does entrepreneurship. If you have a great idea, would like to have some flexibility and a free life, becoming an entrepreneur who is digital might be the right choice for you.

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

• What a digital entrepreneur is.        
  
• The types of digital entrepreneurs.        
  
• The benefits of being a digital entrepreneur.        
  
• How do you become an entrepreneur in the digital space.        
  

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What exactly is an entrepreneur in the digital space?

A digital entrepreneur is someone who operates their business on the internet. There's no one type of digital entrepreneur; it can range from being an online course creator, or virtual assistant to being a blog or podcaster. Digital entrepreneurs can sell services like business coaching, digital products like e-books, as well as physical goods like candles. The possibilities are limitless.

Being a digital entrepreneur often doesn't require fancy equipment; the most you need is an laptop. It is possible to use social media to build awareness about your brand, set up an online presence, and then use email marketing to nurture and establish a connection with your target audience. The best thing about digital entrepreneurship is that you are able to earn the same amount of money that you have in a company, without the overhead of physical necessities like a storefront.

    Digital versus traditional entrepreneurship

The thing that differentiates the digital entrepreneur from an traditional entrepreneur is where they operate. Traditional entrepreneurs have a physical business -- for example, a shopfront or pop-up shop. There are benefits and drawbacks to each.

The biggest upside for the digital entrepreneur is that they don't require a large amount of capital for their venture (you don't need outside funding to start and can bootstrap the business) and their costs are fairly minimal. The main challenges of being digital entrepreneurs are

• You compete with all the globe (instead of the geographical region you reside in)        
  
• You must do more to establish trust and a reputation        
  
• The potential customers aren't able to see your product in person and must rely on reviews.        
  
• Digital entrepreneurs could also have a harder time "turning off" and setting business times for themselves as they work at any time and anywhere...even on their couches, which can lead to exhaustion.        
  

Traditional entrepreneurs can use digital tools too, for instance, they can use social media to build awareness about their business. If they own a shopfront additionally, they can enjoy an advantage with foot circulation -- walking by, spotting that amazing red dress in the window and thinking, "I have to have this !"

Traditional entrepreneur also set their own hours of operation, so they are less inclined to burnout. However the main disadvantage of being an entrepreneur who is traditional in the fact that they will require more capital to set up their storefront and have higher costs for maintaining their businesses as opposed to those who are digital.

Types of digital entrepreneurs

It's easy to imagine that there are so many examples of what digital entrepreneurship can look like, especially when new technologies and tools come out, which means that the possibilities are limitless. These aren't mutually exclusive examples as well; many digital entrepreneurs mix these examples to diversify their offerings. These are the most common kinds that digital entrepreneurs can take advantage of.

Community Hosts

We know something or two about the creation of an online network. One great way digital entrepreneurs can build communities is through their love for what they do. Consider, for example, ArtSnacks Mix built around painting as a hobby as well as Outwild Hub is a community for outdoor enthusiasts who want to make outdoor activities more a aspect of their life.

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

Digital entrepreneurs can make money from their community simply by establishing a membership cost to the group. They can also host live events, create an app with their logo, or create a course that they only offer to customers.

There are tons of different types of online communities to choose from. Below are a few of them:

• Mastermind group: Members come together to share their expertise and transform their businesses or lives.      
  
• Group coaching is a group hosted by a coach who brings members together for the purpose of change (e.g. the holistic wellbeing Coach ).    
  
• Micro-community: You don't need an extensive community in order to have a significant difference. The minimum is 30 individuals or less who are committed to mastering a special topic or interest, goal or passion.    
  
• Community of Content: The members come together to develop and/or develop content, and to share their knowledge.      
  
• Online community for brand A community that is online has members-led growth driven by those who are excited to talk about the brand or product. Take, for example, the QuickBooks community, a place that allows users of QuickBooks to gain the information they require. Another awesome example of an online brand community would be Adriene Mishler (who started Yoga along with Adriene via YouTube). Her goal was to create a community that would aid her 10 million+ users get deeper into the practice of Yoga and connect with others and so she created the Find What Feels Good (FWFG) Kula Community.    
  

Blogger

If you love to write and you have something interesting to share it could be an ideal way to get started in digital entrepreneurship. When you've found the right niche and picked a name for the blog (make sure to check out our Blog Name Generator) you're now ready to offer the value. Bloggers such as Seth Godin and Neil Patel share a ton of value in their marketing advice to their visitors.

Contrary to popular belief there is no need for tons of traffic in order for your blog in order to earn money. But, you'll need an action strategy (because the blog should not be the place where you keep your journal). Also, you must be persistent and have patience.

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

• affiliate marketing: If you feature products on your blog and someone clicks a brand-approved tracking link, you can earn commissions.      
  
• Ads: When you let advertisers from other companies to post ads via your site, you are compensated. The ads can be paid for by the ad, or via pay-per-view (also known as the revenue per mille, also known as RPM. ).    
  
• sponsorships When you're getting enough traction companies may offer to give you a payment for the content for their blog.      
  

Bloggers may also earn cash by selling courses and e-books or selling merchandise on their website.

The methods for writing content are always evolving with some opting to create posts on places such as Twitter or LinkedIn rather than a conventional blog platform.

Podcaster

It's never been simpler to create and develop your podcast! There are so many big brands that make money by podcasting. Some of them include "Armchair Expert," "Call Her Daddy," "Office Ladies," and "Freakonomics Radio." ."

Even as you're getting started by forming a community which loves your work, you can still make a profit from your podcast. Similar to blogging, it's important to find your niche (not simply something you're famous for, however something that you are enthusiastic about) You should also have a good brand name (use the Podcast Name Generator) Create plans for the release of new episodes, increasing engagement, and lining up the right guest speakers. Remember growing your fanbase takes patience. Be patient and stay constant.

Podcasters earn profits by:

• Paying members get access to premium content like videos, Q&As featuring special guests, early access to podcasts, and private group discussions. Certain podcasters earn money through communities by offering subscriptions that are tied.    
  
• Creating courses: If your show is educational or teaches listeners the latest skills, developing courses is an excellent way to earn money from your podcast. Just look at Gretchen Rubin, who has a self-development podcast, "Happier with Gretchen Rubin." The self-improvement course she offers is self-development courses that match the theme of her podcast, for instance "Outer Order, Calming the Inner," Calm," and "30-Day Relationship Challenge." ."    
  
• Affiliate marketing: In Affiliate marketing, the podcasters get an income every when a listener buys a product or service featured in an episode. The commission is calculated using a discount code (members are usually offered 10-15 percent off of the service or product that gives them an extra motivation to purchase ).    
  
• Sponsorships: You know commercial breaks that pop up while you're listening to podcasts? It's a sponsor. These differ from affiliate marketing in that you are paid only to mention the brand (e.g. the flat cost to talk about them over seven shows) regardless of whether your viewers never pay a cent on these.    
  
• Live events: A number of popular podcasts, like "Giggly Squad" have gained such a huge fanbase that they've gone on live tours. Even if your audience may not be as huge, you could consider organizing a live show in your area in a pub, restaurant, or even a bookstore.    
  

YouTuber

YouTube is second largest search engine in the world (and it is controlled by Google, the largest), and top YouTube stars such as PewDiePie, Markiplier, and Like Nastya earn anywhere from $28 million up to $38 million each year!

While there's a ton of competition on YouTube (over 720,000 hours of videos uploaded each day), the secret to building a YouTube audience is to find a really strong niche and creating content in the area of. Like podcasting and blogging, it requires lots of perseverance and persistence to grow a fan base on YouTube.

Here's the way that YouTubers make cash :

• Ads: In order to be approved for ads, you need to meet the minimum requirement of 4000 hours of watch time in the last 12 months, and 1,000 subscribers. This isn't the best way to make money, however this is the way YouTubers who have large followings earn income.    
  
• Channel memberships: Like with ads, you'll need to get more than 1,000 subscribers and be in the YouTube Partner Program. It is possible to offer subscribers benefits such as badges, emojis and live chats other.    
  
• Affiliates YouTubers earn a percentage of every whenever a user buys a product or service featured in a video (affiliate hyperlinks are included in the description of the video).      
  
• The merchandising: 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 YouTube and link to the fitness business you run.      
  

You can read further about how much YouTubers earn per ad in this article .

Consultant

If you're an expert at the field, then consulting could be an excellent way to get paid for it. Your expertise can be offered to businesses that are in need, creating your content through LinkedIn and YouTube for advertising. A solid portfolio of testimonials from previous clients and statistics which prove your worth will make you a credible consultant. Consultants may work by hourly retainer, or on deliverables basis and top consultants can charge thousands of dollars per hour for their services.

Consulting ranges from giving the client information in order to assist clients in enhancing their business. Consulting can assist organizations in their sales, marketing and information technology, as well as emotional Intelligence, Diversity and inclusive efforts, and even with mitigating conflicts.

The greatest benefit is that digital entrepreneurs can consult from anywhere around the globe.

Subscriptions

Digital entrepreneurs may start an online subscription business offering subscriptions. This model is very similar to the online community, but is more solitary; users use software, content, or products that you've created or licensed. Imagine software companies such as Dropbox and Zoom and others that offer content like Hulu and Netflix and others that involve physical products such as HelloFresh - they've built an empire around subscriptions.

Let's look at how digital marketers can take advantage of subscriptions:

• The business of premium content Paying customers every month for access to the content (e.g. fitness videos) ).    
  
• A product that is monthly: Certain businesses offer subscriptions for necessities like soaps and razors. They also offer more decadent items like chocolate and wine.        
  

The great news is that this is potentially an ongoing revenue stream if you are able to create your idea for a repeat business to be successful.

Newsletters have also becoming a huge part of the subscription economy.

E-commerce

It's not just a trend and it's only going to get bigger and is expected to reach $3.6 trillion in value in 2024. One of the advantages of e-commerce is that it's not just meant for big corporations. It's for everyone, including entrepreneurs in the digital space.

There are a variety of platforms you can sell your products on such as Amazon and Alibaba If you're a bit more imaginative, try Etsy. There's also Shopify for digital 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 such as shoes, lamps for mushrooms and artwork, to digital products including e-books, printed materials applications (which is projected to reach $755.5 billion by 2027) and online learning courses. Digital products are attractive as they're scalable and infinitely adaptable, generate recurring revenue, and are easily automated.

Course Creator

There's no denying that online learning has skyrocketed over the past couple of years. Thanks to online course platforms it's never been easier for online entrepreneurs to translate their knowledge and expertise into a fantastic education experience for anyone around the world can access. In fact, courses are so profitable that we watched a blogger and an author on Mighty sell 5,000 seats to an $997 course within 10 days.

Online courses may cover everything, including 2D animation, to learning to draw. The courses can be recorded (asynchronous learning) or taught live (synchronous learning) and both can be increased in size, since even teaching live it is possible to teach many thousands of learners.

However, we're not saying that building courses is simpleit's important to identify a niche, build your course and promote it. The most profitable niches consist of being relatively popular, that people are enrolling in courses the area, and willing to invest money in.

Some of the most lucrative online courses include B2B and entrepreneurship, fitness marketing, wellness, and fitness.

You can also browse our selection of online course ideas here !

Host a virtual party

One of the greatest benefits with a virtual conference is the convenience -- for the host and the participants. It's not necessary to think about your venue's capacity, or logistics like parking or having an alcohol license, and participants don't have to be concerned with travel time or even their clothes.

There's plenty of space to have fun at online events, as long as the message is clear and will motivate and excite participants to take part. That means explaining the how, what, and what attendees will get. This is known as the Big Purpose.

The next step is determining your Ideal Member  By making the following questions:

• Where did they originate from?        
  
• What is it they are concerned about?        
  
• What do they struggle with?        
  
• What transformation would make the HTML0 come alive?        
  

The drawback of virtual occasions is that connecting people can be less seamless than in person. It's the reason it's so important to create opportunities for connections like:

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

It is possible to host events at any interval that ranges from annual to multiple months in a row. The community of sewing Topstich Makers hosts weekly sew-alongs that allow participants to collaborate in a single project.

What is the reason to become a digital enterprise?

Clearly what you can offer as a digital entrepreneur can be infinite. 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, becoming an entrepreneur implies that you get to dictate your schedule. You can work four days a week if you'd like or even take a longer lunch, all without asking for permission. Being a digital entrepreneur gives you even more freedom as an entrepreneur in the traditional sense since you're not tied to a physical location. Digital entrepreneurs can take advantage to work from any place across the globe and all the way from Boston up to Bahamas and living that"digital nomad" lifestyle.

Scalability

Scaling your business means increasing your customer base and revenue at a faster rate rather than simply increasing your expenses. It's not a one-size-fits-all approach in the case of expanding your business. It will depend on the state of your company. If you've got the proper foundation and build an ongoing, long-term strategy for expansion, the sky's the limit!

Amazon is an illustration of an infinitely scaling tech company. It began as the first bookstore turned into an online marketplace that expanded with the network effect -- getting more valuable with every user. It's now worth $1.8 trillion.

When businesses think of expanding, they turn their attention to courses. With an estimated value of $62 billion by 2027, there's an excellent reason that this original scalable online product is still the most popular choice for scaling. The process of scaling for coaches may mean only providing 1:1 coaching services and engaging classes.

The one thing that business owners tend not to think of for scaling their business are virtual events. The hardest part is actually organizing and hosting your first virtual event. However, once you've got over the hump and have received feedback from participants, you can easily refine your event, and even host further. Plus when your virtual event combines either high value or high-quality entertaining (or both) the attendees are likely to pay and show up! Select a virtual event platform that allows you to create and expand easily.

Accessibility

You can not only work anywhere you want, but you are able to be able to connect with any person in the globe. Contrary to traditional entrepreneurs who only has access to people who live in their zone, online businesses can be found in any region.

By using a superior digital marketing plan, you can reach your intended audience. Make use of social media to your advantage and create blog content which will be noticed by your targeted viewers' eyes via search engine optimization (SEO), provide valuable material for your visitors, and use email marketing to bring many more visitors to your site.

Adaptability

The ability to adjust to the market's changes can be beneficial -- keeping your creative juices flowing and exploring new ideas so that you're never bored. If you discover there's less interest in your products, you can quickly adapt the offerings you offer to meet your customer's requirements. As opposed to a big corporation, you can easily change or modify your products and prices without losing too many hours and dollars.

It's obvious that you shouldn't have the syndrome of shiny objects in the world of entrepreneurship (offering the newest and best just because it's trending), but you do need to know what's in demand.

Profitability

We're not saying the moment you decide to venture into business you'll earn $100k in your first year However, as your expenses are minimal, your possibilities for profits are virtually limitless"cha-ching.

It's all about perfecting your skills, knowing who the customers you're trying to sell your products (having the ability to define a specific niche is valuable -- that way you're less distracted and aren't offering your services to everyone) as well as mastering the fundamentals of business when you transition from an artist to an entrepreneur, and working on the way you think (self-doubt has a nasty tendency to creep up upon your). Making your digital business part-time while working a full-time post could be the ideal way to get more experience and confidence before diving into headfirst.

While the earning potential of digital entrepreneurship is unlimited, it's more often the time freedom that individuals decide to pursue entrepreneurship in the first place. This can mean more time with loved ones and relatives as well as more time spent traveling, making memories. It could also mean plenty of time for you in general.

How do you become an online entrepreneur

One of the great things about being an entrepreneur is that it appears different for every person -- how they manage their company, how they run their company, and who they are interacting with. But, when getting started, there are basic steps that everyone must follow to be a successful digital business owner.

1. Lay the foundation

Similar to building a house building a business needs a solid foundation to work off of. Every business starts with an idea or a dream or a strike of inspiration.

Global businesses like Starbucks started from an idea. Two educators and a writer pooled their own money to open a Seattle-based coffee bean business and established what is now one of the most famous coffee houses around the globe.

Most often, business concepts come from a need you've experienced or a gap you see in the market.

If you're stuck there's another option to consider:

• Area of expertise: Take stock of what you know and fields that you know about. On Mighty, we often see entrepreneurs who are building successful businesses based on things they know about. Digital Entrepreneur Ryder Carrol, whose approach to bullet journaling has led to the movement, published a course, book and the community around visually organized.    
  
• Your skills: Starting from your strengths can be a fantastic method to be a successful digital business owner. In essence, you should work in your area of genius, not on those things that are really hard to complete (e.g. do not become a coach if your people capabilities aren't up to par). ).    
  
• Passion: Do you know topics you simply aren't able to get enough of or topics that you just aren't able to stop discussing? Do you have any hobbies that you enjoy doing just to have enjoyment? All of the things will point towards your passions.    
  

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

• What do I know about X topic?        
  
• What difficulties have I solved successfully on my own?        
  
• What problems have I successfully solved for others?        
  
• What can I do to help someone who is just beginning to learn?        
  
• What makes me want to be a digital business owner?        
  
• What do I bring to the discussion? What's my unique perspective?      
  

2. Find the ideal client

It's likely that you've heard of the phrase, "When you sell to everyone, you sell to nobody." It's a fact. It's impossible to be everything to everyone, which is why you must to figure out who you plan to serve.

Also, you must think about, "What problems will I assist them in solving?"

Customers purchase goods and services with a purpose such as to find greater peace within themselves, meet someone to share their life with, or simply feel better about themselves They're seeking a transformation.

Here's what to think about when it comes to your ideal customer:

• Geographic, demographic and psychographic features.        
  
• Life states and transitions (e.g. new parents, first-time homeowner, parents that have left the nest, a pivoting careers ).    
  
• Their dreams and hopes.        
  
• Beliefs, fears, and challenges from them accomplishing their targets.        
  

Then, go deeper and conduct market research. Whether it's via a questionnaire, group Q&A, or a one-on-one interview, ask your potential clients these questions for a deeper comprehension of their needs:

• What issues are you currently facing when using X?        
  
• What is the biggest challenge you have accomplishing X independently?        
  
• What products or services have helped you with your issues?        
  
• What services or products have you used that didn't solve your issues?        
  

3. Check out your thoughts

Once you have a better understanding of what your ideal client is looking for and wants then you are able to design a product or service that will meet.

If your ideal customer is looking for a romantic partner but they have a difficult time gaining confidence and putting themselves out there think of all possibilities you can offer them.

These could include:

• An online social event for singles looking to mix.        
  
• An online course that teaches individuals how to leave their comfort zone to connect with new people to can find a suitable partner.        
  
• A matchmaking service that is 1:1.        
  
• A group coaching program designed for single women. Each week will be a different topic that is related to loving yourself and finding the ideal partner.      
  
• A guide to confidence building and how it helps in every area of their life, not just love.        
  

After coming up with as many concepts as you can think of, you're ready to test them on your ideal customer. Check out what they think is interesting versus which ones they're not thrilled with.

Check out the Business Name Generator to create an unbeatable business name.

4. Figure out business requirements

It's not necessary to get into the details however, just as conventional businesses, online entrepreneurs need to adhere to the laws and guidelines of ownership in a business.

In essence, you must know how to sell, collect relevant taxes, and submit a report to the authorities. It is also necessary to figure out proper invoices and pay taxes for the year's end. Ask other digital entrepreneurs on how they invoice (which software they use) as well as use accounting software or an accountant to help with taxes.

5. Ensure marketing works in concert

Once you've got everything set up and you're ready to put yourself out there! It's not necessary to have websites (especially if you're selling services) However, it certainly makes the appearance of your business more credible. There's no debate as to the need to promote your business through social media. It's completely free and simple to make content, and grow and monetize your following. It's a matter of picking the most appropriate onesand go to in the places where your target audience hangs around the most.

The next step is to create an email marketing system. Another way to increase the number of emails you receive is creating a freebie (also known as the lead magnet) to ensure that in exchange to receive email addresses.

Or start a community! The results show that a strong community eliminates the necessity to have a conventional sales funnel and transforms into an enterprise that is a flywheel for the community. It grows itself.

Digital entrepreneurs require the correct platform

Digital Entrepreneurship is a vast field, but we hope you are inspired to investigate the ever-growing field of.

If you're looking into using digital technology to develop content, a community, courses, events, and/or business, then build with Mighty! We're a one-stop digital-entrepreneurship platform that allows memberships that lets you livestream, conduct live or recorded courses, hold discussion forums, as well as live events that allow participants to communicate and chat with one others.

You can also make money from 135 currencies and collect payments right through the platform.