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Digital Entrepreneurship (Cited in Harvard)

Digital Entrepreneurship

 

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Digital entrepreneurship, because of its nature of involving technological advancements, has contributed a lot towards people engaging in it. This is a new mode of transacting business that has attracted almost every business-oriented person. Majority of people have seen potential in the venture due to its nature of not being too demanding in terms of movements, and hence not consuming resources, as would be compared to the conventional form of carrying out businesses. One major aspect of digital entrepreneurship is its inversion by the youth - with an aim of setting their financial base, or as a way of passing time once they are out of college. In particular, youth in social media platform have found themselves having a booming venture that they hitherto had not anticipated to be realistic. The manner in which some of these businesses have been carried out, however, has left a lot of people (who consider themselves as outsiders, or analogue) to approach the use of technology with a pinch of salt. This paper will therefore discuss in details whether digital entrepreneurship has attained its goal, especially among the youth, or - if it has ever been abused. 

The advent of social media was greeted largely with a lot of positivity. This is because it focused so much on youth and technological advancements, a subject which quite resonated so well with the young ones. This is why youth embraced the idea so much to the point that it seemed to be their ‘thing’. Slowly, it has turned out to be a tool that has of late been used as a means of making money. This has now attracted diverse people onto it, with the sole aim of cashing in on it. People finally came up with phrases like ‘the world is a global village’, referring to the fact that one could now transact business with another one in a click of a button – geographical difference notwithstanding. 

Owing to the technological dynamics in the world, new wares have popped up, hence spicing up this business industry. Thus, it has been observed that ‘social media platforms are natural places to reach new and highly targeted potential customers and products’ (Newberry, 2018). An example is Facebook. Although majority use it as a way of interacting, the other truth is that some people have perfected an art of reaping big many from it. There are a few areas that one should therefore cash in for one to succeed in this venture.  It has been opined that ‘The first social media skill you must have is - communication. It goes without saying that if you want to represent an organization and engage with their customers, then you need to have strong communication skills’. (Duggal, 2021). True, this is an area that many people have not realized that it could just be their main undoing. That is just but one factor which, anyone who would to venture into digital entrepreneurship should acclimatize himself or herself with. 

Impeccable skills in project management is another aspect that is of a necessity in doing online business. This one requires one to be smart in management. As Duggal continues to say, (Duggal, 2021) ‘as multi-taskers extraordinaire, social media marketers need good project management skills. They need to create publishing schedules, track contacts, and maintain social media profiles. They will need to run reports, meet with designers and writers, manage ad budgets, and much more…’ 

Although at some point, and especially to the new entrants into the market, it may seem to be easy, the reality is that digital entrepreneurship requires a lot of planning as the main investment into it. (Hotmart, 2021) ‘And we have several examples in the market of people who have managed to turn this wish into reality. However, before reaching a profitable scenario, you need to spend a lot of time studying the possibilities, analyzing your digital entrepreneur profile, and creating a good plan’. There are therefore people who have cashed in on this new mode of transacting business, and have achieved a lot in terms of experience, and even money. Since this business, unlike the traditional business where you would be required to present yourself to a customer or to your clientele in person, you only need to have reliable and strong internet connection - and of course time, there are a lot of people that one can reach out to in a span of minutes. This trend has seen even online money transacting giant like PayPal grow exponentially in the business. Actually, it can be attributed to the streamlining of this platform that has seen a good number of digital entrepreneurs blossom in their venture. In an article, the writer says ‘Most people handling money have an account in PayPal in order to transfer money worldwide. We are blessed with this innovation that we do not have to go through the hassle of sending in mail or even transporting them personally. In fact, 75% of my business revenue comes from PayPal in the last year. As long as there is an internet connection, the world tends to be smaller’ (2017). 

It cannot pass to highlight a few challenges that have dogged this market, even as people reap millions of dollars from it. There has been outcry of con games in the online market. This has led many people to lose that trust that they hitherto had on online entrepreneurs and entrepreneurship. ‘Because there's so much competition in online retail, there are concerns of credibility among many of the businesses in operation. That's one advantage of having a physical location -- it builds a sense of trust and authority among customers, and it portrays your business in a more professional light than if you were just a Web-only company’ (Cornell, n.d). 

To add on that, there have been the inability to deliver unexpected products. This has also made people have bones to pick with the online industry. For instance, a seller may advertise an item that he is aware of not having, or unable to deliver. On the other end, a potential client will see the product and ask for it. The upshot is that the client will not get the product, or services that was displayed by the entrepreneur. Finally, although there have been mishaps in this model of business that is currently sweeping across the world, the reality is that many online entrepreneurs have achieved much from it as compared to those that have run loses. 

 

List of References 

Digital Entrepreneurship Harvard Citation Style Academic Writing
Explication of "Asylum" by Hala Alyan (MLA PAPER)
Digital Marketing Strategy (APA 6th Edition)
Annotated Bibliography Essay
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