The Future of Digital Entrepreneurship
Insights and learnings from LMF Life Skills Summit 2022
I believe conversations and ideas can change the world, and I always keep an eye on such an event where I can get both or even either of them. That is why I’m so glad that I attended the ‘LMF Life Skills Summit and listened to the essential conversations on topics like ‘Things I wish I knew’ & ‘Future of work.’
All the panels were meaningful and mind-boggling, but my favourite was ‘The Future of Digital Entrepreneurship” keynote given by Sanjeev Jandu.
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Some key takeaways from the panel that I want to highlight are:
- You must leverage the digital space to be a successful entrepreneur.
- There are many opportunities to grab online, from building your community to selling your products or services.
- Future-proofing your business is crucial.
- Your business can survive for decades if you adapt to the alpha generation.
- Digital entrepreneurship has changed how we work, build businesses, crowdfund, and network.
So, what is Digital Entrepreneurship?
Digital entrepreneurship means working on your venture and carrying out entrepreneurial activities utilizing the internet, digital tools, and technologies like social media platforms and online shops.
To make your entrepreneurial venture digitally check-marked: educate yourself, observe the global trends, implement strategies and keep constantly learning as this is a rapidly changing world.
That includes the power of social media. So, make sure that you have an online presence on all the social media platforms that are relevant to your business. Do your search and understand where your customers and ideal clients spend the most time, what are the best practices of those platforms and then take action.
Questions to ask yourself:
- Do I have a website where my audience can learn more about my business?
- Do I have a Facebook Page for my business?
- Do I have an Instagram presence for my business?
- Do I regularly create social media content to raise awareness and drive traffic?
- Do I have a presence on any other social media platform relevant to my entrepreneurial ventures like TikTok or LinkedIn?
Digital entrepreneurship has transformed how main things work in the business world today. During her keynote, Sanjeev shared many of the most important global trends in digital entrepreneurship…
Today, you have access to everything you need to get started.
If you want more knowledge, you can have tons of content on the internet. You can learn any skill online if you stay committed and make good use of the available free education and content.
You can create content, build community, and leverage it for starting your own business. You have tools for everything from building a website to customer care, from designing great content to launching your first podcast. You can crowdfund for your business idea and grow your startup.
This is the power of ‘accessibility’ that the internet has given us, making digital entrepreneurship one of the best things ever happening to us.
Remote work is here to stay.
It started with a pandemic but did not seem to end at any time sooner or even later. As everything is digital these days, remote work has become so feasible, opening gates of opportunities for those bound by distance.
Countless jobs are available as remote work today that never had that option before. Above all, you can start your entrepreneurial venture from home and build a global team simultaneously due to the remote work system.
Social media marketing is no longer optional when most customers are online.
There is no better time to start with social media marketing (SMM) than today. If you’re not doing SMM for your entrepreneurial venture, you’re leaving so much money, many opportunities, and an unexplainable amount of growth on the table. You are missing out on a lot and soon will have no hold of where the world is going if you’re not doing digital marketing for your business.
Every decision in the digital world is made by data.
Mark Zuckerberg says: ‘If something is free, you’re the product.’
All these social media platforms are free because they are spying on you 24/7 and getting innumerable amounts of data on what we like and dislike, our attitudes, behaviours, strengths, weaknesses, and whatnot. They use this data to benefit advertisers on their platforms who drive their revenue.
Data gives you clear insights into what should be done and the results of your efforts. You can also gather important data via feedback from your online community and by building relationships with your audience through social media groups.
People trust people more than they trust businesses.
To succeed as an entrepreneur in 2022 and beyond, you must build a personal brand around who you are. Personal branding simply means leveraging digital tools and platforms to tell your story to the world, share your experiences and talents, build your network, nourish an online community and build awareness of what you bring to the table and your business.
Questions to ask yourself:
- Am I doing enough networking (both online & offline)?
- Do I have a complete and professional LinkedIn profile?
- Do I communicate my story, talents, and experiences well?
- Do people know what I can do for them?
Tools to get you started as a Digital Entrepreneur.
Now, here’s some actionable advice and tools to get started on your entrepreneurial journey:
- Use GoDaddy to buy a domain.
- Use Wix to build a website without having to code.
- Use Canva to design great content for your social media pages.
- Use Grammarly to write copy and communicate well.
- Use Notion to manage teams, projects, tasks, and productivity.
- Use Slack to communicate with your team.
- Use Stripe to collect payments.
- Use Zapier to automate your workflows.
- Use Google workspace to get your business email account.
- Use Onepager to create a one-pager for you that summarizes who you are, your business, and what you have to offer.
- Use LMF Network’s careers platform for mentoring, guidance, career development & networking.
Furthermore, every entrepreneur requires funding in one form or another to grow their venture. Fortunately, the digital world has made it easier too. You can use the following platforms to crowdfund for your business idea:
- Play Business
What is the Future of Digital Entrepreneurship?
For the future of digital entrepreneurship, Sanjeev shared three aspects to look out for.
1. You need to future-proof your business.
The first step towards future-proofing your business is to know where the future belongs. What are the new trends coming? How is consumer behaviour changing? How are the essential industries transforming?
For example, we are in the middle of a massive revolution, the internet revolution coming our way in the form of Web 3.0. If Web 3.0 is the future, then how your business fits into this? This is mandatory for you to educate yourself on these emerging technologies to stay in the game.
2. The future belongs to the Alpha Generation.
What do the changing trends and technologies do? They change people’s behaviours. They change the way people do business and buy things. And which group of people are going to be the top users of these technologies? The Alpha Generation.
They are the people born in 2010 and beyond, with the oldest age of 12 years old in 2022. These kids are the future of the world.They will be at the top of the business world and entrepreneurship in a decade. They may not have buying power yet, but they significantly influence buying behaviours of their families.
Questions to ask yourself:
- Is my business adaptable to the alpha generation and the technologies they use?
- Would my business satisfy the alpha generation in a decade when they have buying power?
- Will my business be accessible to the alpha generation?
3. Your business needs to be: highly adaptable, quality-oriented, digitally responsible, and user-friendly.
Being born to digital technology, the alpha generation will be one of the most demanding userbases. They want quick, simple, and instant results. They have no time for drama and won’t take anything less than authentic and genuine but fast and responsible customer service.
They will be well educated on their customers’ rights and straightforward regarding confrontation. They have used technology growing up, and that’s how they will make all their chores, interactions, businesses, and purchases in the future.
So, if you want to entertain future buyers (alpha generation) in the years to come, your business will need to be highly adaptable, fast-paced, quality-oriented, digitally responsible, and user-friendly.
If being ‘Digital’ is what the future is, and the future belongs to the alpha generation, then digital is the way to win the alpha generation. It’s like a transitive law in mathematics.
This blog contribution was made by Zainab Babar.
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