What is a digital entrepreneur? (And How to Become One!) |

What do Doug Neill, owner of Verbal to Visual, who offers courses and memberships to students who are visual; Sadie Robertson Huff who is the founder of Live Original, who has an app, podcast and organizes activities for young women who are seeking to develop their faith and personal growth; and Ashley Fox, owner of The Wealth Builders Community, which offers memberships for those looking to build wealth all have in common? They are all digital entrepreneurs.

The world is constantly changing and develops, so is entrepreneurship. If you have a great idea, would like to have some at your own pace and enjoy a flexible life, becoming a digital entrepreneur might be the right fit for you.

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

• What exactly a digital entrepreneur.        
  
• Digital entrepreneurs in various types.        
  
• Benefits of being a digital entrepreneur.        
  
• How to become an entrepreneur in the digital space.        
  

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What exactly is a digital entrepreneur?

A digital entrepreneur is someone who runs 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 an author, blogger, or a podcaster. Digital entrepreneurs can sell services like business coaching, digital products like e-books, and physical items such as candles. The possibilities are limitless.

Being a digital entrepreneur often requires no fancy tools; you might only need a laptop. You can use social media to build awareness about your brand, set up a website, and use marketing via email to maintain and develop a relationship with your target audience. The best thing about digital entrepreneurship is that it can earn the money you'd have in a company, with no physical needs like a storefront.

    Digital versus traditional entrepreneurship

The thing that differentiates a digital entrepreneur from a traditional entrepreneur is where they operate. Traditional entrepreneurs have a physical business -- such as a pop-up shop or storefront shop. There are advantages and disadvantages to each.

The biggest upside for online entrepreneurs is the fact that they do not require a large amount of capital to start their business (you don't need outside funding to begin and you can start a business without any capital investment your company) as well as their expenditures are quite affordable. The challenges to being a digital entrepreneur are:

• Your competition is with all the globe (instead of just your geographical area)        
  
• You must do more to establish confidence and credibility        
  
• The potential customers aren't able to see the product on their own and are forced to go on reviews.        
  
• Digital entrepreneurs could also have a harder time "turning off" and setting business time limits for themselves because they are able to work from anytime and anywhere...even on their couches, which can lead to burning out.        
  

Traditional entrepreneurs can use digital tools as well, to for example, leverage social media platforms to raise awareness about their business. If they have a storefront, they also have the benefit of pedestrian visitors -- who is passing by, looking at the stunning red dress displayed in the window and thinking, "I have to have this !"

Traditional entrepreneurs also have set their own hours of operation, so they are less likely to be exhausted. Of course, the biggest disadvantage to being a traditional entrepreneur is the fact that they will require more capital for the establishment of their own storefront and incur greater expenses to maintain their business as opposed to those who are digital.

Different types of digital entrepreneurs

It's easy to imagine that there are so many examples of what digital business can look like, especially as new tools and technologies become available, meaning the possibilities are endless. These aren't mutually exclusive examples as well; many digital entrepreneurs combine these cases to diversify their offerings. Below are some typical types that digital entrepreneurs can take advantage of.

Community Hosts

We've learned the basics of creating an online network. One way that to build a community is through their love for what they do. Consider, for example, ArtSnacks Mix built around painting as a hobby and the Outwild Hub. Hub is a group that is for those who love outdoor activities and want to make the outdoors a bigger aspect of their life.

Communities are becoming thriving digital businesses We're experiencing them expand up to 6, 7-, and even 8- figures!

Digital entrepreneurs can earn cash from their communities through the creation of a membership fee to the group. Additionally, they can host live events, launch a branded app, and develop a training course to provide exclusively to their community members.

and there's a myriad of different types of online communities for you to pick from. Here are some examples:

• Mastermind group: Members gather to share knowledge and expertise to transform their business or their lives.      
  
• Group coaching is a group hosted by a coach who brings members together for an experience of transformation (e.g. holistic health coach ).    
  
• Micro-community: You don't need a large community to make a significant difference. It's just 30 members or less that are committed to learning about a particular subject or interest, goal or even a love.    
  
• Content community: Members come together to create and/or to develop content, and to share their knowledge.      
  
• Online brand community A community that is online experiences member-led growth by people who are excited to talk about a brand or product. Take, for example, the QuickBooks community. It is a space to help users of QuickBooks to gain the necessary information. Another awesome illustration of a brand's online group is Adriene Mishler (who started Yoga along with Adriene through YouTube). She built a community to assist her more than 10 million viewers get more involved in the practice of Yoga and to connect with other people which is why she started the Find What Feels Good (FWFG) Kula Community.    
  

Blogger

If you love to write and you have something interesting to share, starting a blog might be a great segue into online entrepreneurship. When you've found the right niche and chosen a name for your website (make sure to check out our blog name generator) it's time to provide the value. Bloggers like Seth Godin and Neil Patel share a ton of value by offering marketing wisdom to their visitors.

Contrary to popular belief it isn't necessary to have tons of traffic in order to make money from your blog. But, you'll need an action strategy (because the blog should not be the place where you keep your journal). It is also important to remain persistent and be patient.

Bloggers are able to earn cash by utilizing a myriad of ways, such as:

• Affiliate marketing: When you mention the products you sell on your blog, when someone clicks on a brand-approved tracking link, you may make commissions.      
  
• Ads: When you allow advertisers from other companies to post ads through your website, you will be the money. Advertisements can be paid by the ad, or via pay-per-view (also known as the revenue per mille, also known as RPM. ).    
  
• sponsorships When your blog is gaining traction enough and are able to attract enough attention, companies can give you a payment to create a sponsored blog post.      
  

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

Naturally, the techniques of creating written content is constantly evolving, with some choosing to publish content on platforms like Twitter or LinkedIn instead of a traditional blog platform.

Podcaster

It's never been simpler to begin and expand your podcast! There are so many big names out there making bank from podcasting, like "Armchair Expert," "Call Her Daddy," "Office Ladies," and "Freakonomics Radio." ."

While you're still getting your feet wet with building a community that appreciates your work, you can still make a profit from your podcast. As with blogging, you'll need to discover your audience (not only something that's popular, but one you're interested in) You should also have a good brand name (use the Podcast Name Generator) as well as plans for the release of new episodes, increasing the audience to engage, as well as arranging the right guest speakers. Be aware that building your fan base takes time. Keep your patience and be consistent.

Podcasters earn cash by:

• Paid communities: Subscribers pay for access to premium programming such as videos, Q&As with celebrities, access to earlier to episodes, and private group discussions. Podcasters can earn revenue through a community by selling tiered memberships.    
  
• Creating courses: If your show offers educational content or helps listeners learn how to do something new, creating courses is an excellent method to make money off your show. Take a look at Gretchen Rubin, who has a self-development podcast, "Happier with Gretchen Rubin." She has self-improvement classes that are in line with the themes of her podcast, for instance "Outer Order and Calming the Inner," Calm," and "30-Day relationship challenge." ."    
  
• Affiliate marketing: In Affiliate marketing, the podcasters receive the commission each time one of their listeners purchases a service or product mentioned in an episode. This is recorded with a coupon code (members typically receive 10-15% off the service or product that gives them an extra motivation to purchase ).    
  
• Sponsorships: You know the commercials which pop up when you're listening to a podcast? This is a form of sponsorship. These differ from affiliate marketing in that you are paid only to mention the name (e.g. an amount that is fixed to speak about them in seven segments) regardless of whether your listeners never spend a cent on them.    
  
• Live events: A number of the most popular podcasts, such as "Giggly Squad" have accumulated an enormous fan base that they've gone on live tours. Even if your audience isn't quite as large, think about organizing a live show in your area in a pub, restaurant, or even a bookstore.    
  

YouTuber

YouTube is second-largest internet search engine (and it is controlled by Google- the biggest) The top YouTubers such as PewDiePie, Markiplier, and Like Nastya earn anywhere from between $28 million and $38 millions annually!

Although there's an abundance of competition available on the platform (over 720,000 hours of videos uploaded every day), the secret to building an YouTube following is having a really strong niche and creating content in that niche. Just like with blogging and podcasting it takes lots of perseverance and perseverance to create a fan base on YouTube.

Here's the way that YouTubers earn cash :

• Advertisements: To get approved to run ads you need to meet a minimum target - 4000 hours of watch time over the past 12 months as well as 1,000 subscribers. This isn't the best way to make money but it is how YouTubers with large followings earn income.    
  
• Members of channels: Just like with ads, you'll need to be a subscriber of more than 1000 as well as be a part of the YouTube Partner Program. Then, you can offer members benefits such as badges, emojis as well as live chats and more.    
  
• Affiliates: YouTubers earn a percentage of every whenever a user purchases a service or product featured in a video (affiliate affiliate links are listed within the descriptions of videos).      
  
• Merch: If you're a well-known brand and you are able to sell merchandise.      
  
• Services to sell: Let's say you're a fitness coach and you want to share fitness tips on your YouTube channel, and then connect it to the fitness business you run.      
  

You can read further about how much YouTubers make per video here .

Consultant

If you're an expert in the field, then consulting is a good way to get paid for the work. It is possible to offer your knowledge to organizations that need it, creating your content through LinkedIn as well as YouTube to serve as advertisement. Having some solid testimonials from previous clients and statistics which prove your worth will make you a credible consultant. Consultants are able to work as an hourly retainer or through deliverables and top consultants can charge hundreds of dollars per hour to cover their expenses.

Consulting entails giving the client information to helping clients permanently improve their company. Consulting can assist organizations in their marketing, sales, informational technology, emotional understanding, diversity, and inclusion strategies, or even mitigating conflicts.

The best part is that digital entrepreneurs can seek advice from anyplace in the world.

Subscriptions

Digital entrepreneurs are able to create an online subscription company offering subscriptions. The model is like an online community, however it is more solitary; users consume content, software, or products that you've created or licensed. Consider software firms like Dropbox and Zoom, ones delivering media like Hulu and Netflix and others that involve physical products like HelloFresh and HelloFresh. They've created businesses around subscription services.

Let's look at how digital entrepreneurs are able to profit from subscriptions:

• A premium content business Paying customers every month and get access to the content (e.g. fitness videos) ).    
  
• A product that is monthly: A few businesses have provided monthly subscriptions to essentials like soaps and razors. They also offer more decadent items like chocolate and wine.        
  

It's great that this is potentially an ongoing revenue stream if you are able to get your business's idea of repeating work for you.

Newsletters can also being used to boost the business of subscriptions.

E-commerce

The trend of e-commerce isn't just for fads and it's just going to grow and expected to surpass $3.6 trillion in value in 2024. The great thing about e-commerce is that it's not just meant for big corporations. It's for everyone, including entrepreneurs who are digital.

There are numerous platforms to sell on such as Amazon and Alibaba If you're a bit more imaginative, try Etsy. There's also Shopify to digital-savvy entrepreneurs seeking a platform through which they can create their own online store.

The possibilities for the products online entrepreneurs sell are limitless, from physical products like footwear, mushrooms lamps and artwork, as well as digital goods like printables, e-books, apps (which are projected to hit $755.5 billion in 2027), and online courses. Digital goods are beneficial as they're scalable and infinitely adaptable, generate recurring revenue, and are easily automated.

Course creator

There's no denying that learning online has increased exponentially in the past few years. Because of online platforms for courses, it's never been easier for online entrepreneurs to translate their experience and skills into an awesome learning experience that anyone in the world can take. Indeed, online courses can be so lucrative that we saw a podcaster as well as an author on Mighty selling 5,000 seats for the value of $997 in only 10 days.

Your online course can be about practically anything, starting from 2D animation, to learning to draw. Classes can be pre-recorded (asynchronous learning) or live-taught (synchronous learning) as well as both scaled, because even when you teach live, you can teach to hundreds of students.

Of course, we're not suggesting that creating an online course is easyit's important to identify an area of interest, create your course, and then market it. Successful niches have the advantage with being fairly popular in which people are currently learning about the area, and willing to pay for.

The the most profitable online-based course areas comprise B2B and entrepreneurship, fitness, marketing, and wellness.

It is also possible to look through our collection of online course 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 those who attend. There's no need to fret about a building's capacity or the logistics of parking, or obtaining an alcohol license The participants do not have to worry about the time of travel or their attire.

There's plenty of room to have fun at virtual events, provided that the message is clear and is able to motivate and inspire participants to take part. That means explaining the how to, the what and what participants will receive. This is known as the Big Purpose.

The next step is to identify your ideal member  By making the following questions:

• Where did they originate from?        
  
• What do they care about?        
  
• What are they struggling with?        
  
• What kind of transformation could make them come to life?        
  

The drawback of virtual gatherings is that the connection between participants can be less seamless than in person. That's why it's important to provide opportunities for connecting for:

• Rooms for breakouts        
  
• Group projects, or by with the whiteboard        
  
• open text questions as well as discussion        
  
• Q&A session        
  

You can host events at any interval that ranges from annual to multiple occasions per month. The community of sewing Topstich Makers hosts weekly sew-alongs where participants work together in a single project.

Why become a digital enterprise?

What you can provide as a digital entrepreneur is infinite. Beyond offering something of value and valuable, you may be asking what else you can do for you?

Flexibility

Unlike a 9-to-5 business, being an entrepreneur is a way you get to dictate your schedule. You can work four each week days, whenever you want or take an extended lunch without asking permission. Being a digital entrepreneur gives an even greater freedom than a traditional entrepreneur, because you're not tied to any specific location. Digital entrepreneurs can take advantage of working from anywhere in the world and starting from Boston all the way to Bahamas and living that"digital nomad" lifestyle.

Scalability

The process of scaling your business involves expanding your customer base as well as revenue at a faster rate than just increasing its expenses. There's no one-size-fits-all for expanding your business. It is dependent on the current stage of your company. If you've got the proper foundation and then build a long-term, sustainable strategy for expansion The sky is the limit!

Amazon is a prime example of a limitlessly scaling tech company. It began as a bookstore transitioned into an online marketplace application that increased with the network effect -- getting more valuable with each user. The market is now worth $1.8 trillion.

When businesses think of scaling, their minds go to courses. With an expected amount of $62 billion when it comes to 2027, there's a good reason why this first flexible online service is a go-to option for scalability. Coaching can look like going from just offering 1:1 coaching in order to offer engaging and interactive courses.

The one thing that business owners tend to overlook when it comes to scaling their business are virtual events. The hardest part is actually creating and hosting your first event online. Once you've gotten over that hurdle and you've received comments from your attendees, you can easily refine the event and hold more. Also, when your virtual event is high-value or entertainment (or both) participants are more likely to pay and show up! Select a virtual event platform which allows you to build and expand easily.

Accessibility

You can not only work anywhere you want, but you are able to also reach anyone from around the globe. Contrary to traditional entrepreneurs who only has access to people in their geographic zone, online businesses do not have to be restricted to a specific area.

If you have a high-quality digital marketing strategies, you can reach your intended audience. Use social media in your favor and create blog content which will be the attention of your intended people's attention through SEO (search engine optimization). (SEO) and provide relevant content for your audience and make use of email marketing to bring visitors to your site.

Adaptability

It's important to be able to change with the market's changes can be advantageous, keeping your imagination flowing, and testing new techniques so you're never bored. If you find that there's not as much demand for your service it is possible to quickly adjust the offerings you offer to meet your customers' needs. As opposed to a big corporation it is possible to easily alter or tweak your services and prices without losing too many hours and dollars.

Naturally, you shouldn't have the syndrome of shiny objects when it comes to entrepreneurship (offering the latest and greatest simply because it's trendy) However, you want to listen to what the demand is.

Profitability

We're not saying once you start your own business you're going to make $100k in your first year However, as your expenses are low your potential for earning is virtually unlimited -- cha-ching.

You must perfect your craft and knowing exactly who you're selling to (having an area of expertise is extremely useful because it means you're less distracted and aren't selling to everyone), nailing the fundamentals of business when you transition from being a creative to an entrepreneur, and working on your mental attitude (self-doubt is a tendency to creep up upon the you). Building your digital entrepreneurship in a part-time job could be the most effective way to get more knowledge and experience before jumping into the deep end head-first.

The earning potential for online entrepreneurship is endless but it's people who have the freedom to work that decide to pursue entrepreneurship in the first place. It could be time with family and friends, more time traveling and making new memories, as well as more time for yourself in general.

How do you become an entrepreneur in the digital space

One of the great things about being an entrepreneur is that it can look slightly distinct for each person based on the location they operate their business, how they run their company, and who they are interacting with. When you're just beginning your journey, there are basic steps that everyone must take to become a digital entrepreneur.

1. Install the foundation

Like building a house, building a business needs an established foundation from. Every business starts by generating an idea, a idea or an inspiration.

Businesses worldwide like Starbucks were born from an idea. Two teachers and a writer pooled together their money and resources to start the Seattle-based business of coffee beans which has become an extremely recognizable coffee houses around the globe.

Usually, business ideas come from a need that you've encountered or from a gap you see in the marketplace.

If you're not sure there's another option to consider:

• Expertise: Take stock of what you know and fields that you know about. On Mighty we frequently see entrepreneurs who are building successful businesses based on topics they're familiar with. Digital entrepreneur Ryder Carrol, whose approach to bullet journaling launched an entire movement, course, book and a community centered around visually organized.    
  
• Your strengths: Starting with your strengths is a great method to be a successful digital entrepreneur. In essence, you should remain in the zone of genius, not on what you find difficult to accomplish (e.g. Don't be coach if you're people abilities aren't the greatest). ).    
  
• Your love of life: Are you aware of topics you simply cannot get enough of, or subjects you simply aren't able to stop discussing? Are there things that you do just for enjoyment? All of the things can point to your interests.    
  

Here are a few questions you could ask yourself to gain clarity around your digital entrepreneurship venture:

• What do I know about X topic?        
  
• What difficulties have I solved successfully for myself?        
  
• What issues have I been able to solve for other people?        
  
• What could I teach an individual who's only beginning?        
  
• Why do I want to become a digital entrepreneur?        
  
• What am I bringing to the discussion? What's my unique perspective?      
  

2. Find your ideal customer

You've probably heard the saying, "When you sell to everybody, you'll sell to everyone." It's a fact. You can't possibly be everything to everyone so you have determine who you plan to serve.

You also have to consider, "What problems will I help them solve?"

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

What should you think about when it comes to your ideal customers:

• Demographic, geographic and psychographic traits.        
  
• Life states and transitions (e.g. newly-weds, a first-time homeowner, parents that are no longer in the nest, career pivots that ).    
  
• The hopes and dreams of their children.        
  
• Beliefs, fears, and obstacles to achieving their objectives.        
  

Then, go further and do some market research. Whether it's through a survey or group Q&A. Or one-on-one interviews, you can ask potential customers these questions to get a better knowledge of the things they require:

• What are the challenges you currently facing when using X?        
  
• What is the biggest challenge you've had in accomplishing X independently?        
  
• What services or products have helped you with your issues?        
  
• What services or products did you use that did not help you with your problems?        
  

3. Test out your ideas

When you've got a better understanding of what your ideal customer wants and needs and wants, you can 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, brainstorm all the possibilities you can offer them.

They could also include:

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

When you've had the chance to come up with as many suggestions as you can think of, it's time to test them on your ideal customers. Find out which ideas they find intriguing and interesting, as well as those they're not so thrilled about.

Visit our Corporate Name Generator for creating an unbeatable business name.

4. Find out the requirements of your business

We won't discuss too much of details here, but just like conventional entrepreneurs, digital entrepreneurs have to follow the rules and regulations of business ownership.

In general, you should know how to sell and collect the appropriate taxes and report to the government. You'll also need to sort out proper invoicing and claiming taxes for the year's end. You can ask other digital entrepreneurs on how they invoice (which software they utilize) and if they use accounting software or accountants to assist with tax issues.

5. Ensure marketing works together

Now that you have everything set up now is the time to get yourself out there! It's not necessary to have an online presence (especially if you're selling services) however it will make you look more legit. There's no doubt about how you can promote your company on social media. It's completely free and easy to produce content to increase and expand your followers. It's just a matter of selecting the best ones- go where your ideal customers hang out the most.

Next, you could set up your email marketing. A way to expand the number of emails you receive is offering a freebie (also called the lead magnet) so that in exchange to receive email addresses.

Or start a community! The results show that a strong community kills the need for a traditional sales funnel and becomes a community flywheel business that develops itself.

Digital entrepreneurs require the right platform

Digital entrepreneurship is vast and we'd like you to 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 commerce, come build with Mighty! We're a one-stop digital entrepreneurship platform for memberships that lets you stream live, give live and pre-recorded courses, host discussion forums, as well as live events that allow participants to communicate and chat with one other.

It is also possible to earn money in 135 currencies and accept payments on the platform.