Jean-Baptiste Say provided a definition for the concept of an entrepreneurs, which stated that they, “shift economic resources out of an area of lower and into an area of higher productivity and greater yield.” Entrepreneurship is the process of running and designing a new business venture with all of the financial risks. In today’s digital economy there is about 46% of businesses who are still waiting to make their first digital footprints. It is hard to imagine being a business that has no online presence, so it is still important to map out what exactly these digital entrepreneurs are doing to be successful.
According to Entrepeneur.com, they surveyed over 350 small businesses, which had 10 employees and less than 1 million in revenue and found that 32% of businesses decided to not have a website is because they claimed it was not pertinent to their industry. The second most popular reason, at 30%, is that the companies did not have the financial ability to take their business online and they didn’t have the technical know-how to maintain the upkeep of the website. Furthermore, and 12% of companies were using social media as an alternative to building their own website to get themselves out digitally.
Who is a Digital Entrepreneur?
The word “entrepreneur” first appeared in the French language in the 17th century and was first was used to denote the meaning of an adventurer (Bhanudas, 2013). Not every entrepreneur is considered a “digital entrepreneur” and that’s because they don’t utilize the digital environment in their business plan or strategy. Digital entrepreneurs focus their work solely in the online space and work on digital commerce, which is the main focus of their businesses.
Examples of individuals who are using the internet as a place of business are people who are selling digital products like eBooks, online education, membership sites, downloadable software, web hosting, software as a service, and of course selling eCommerce products. People in the industry are the purest form of entrepreneurs in today’s economy because the internet environment is still currently in an infancy stage.