Digital Entrepreneurship Guide – Definitions & Skills Required To Become An Internet Entrepreneur
Everything you need to know about Digital Entrepreneurship in 2021 & Beyond!
We are living in an era right now where everywhere you go you see people looking at a screen. Screens are dominating everyone’s lives.
The last ten years have seen an exponential data consumption through technological advancements of 4G networks, smartphones, and social media platforms, which made our lives more convenient.
How do you achieve digital convenience? By having a digital presence. Which brings us to the question of what digital entrepreneurship is.
Digital Entrepreneurship What Is It And What Skills Are Required
When it comes to digital entrepreneurship, you’ve got to have some digital and transferable skills, to become a full-fledged digital entrepreneur!
Digital entrepreneurship is becoming the norm as more and more people are seeking new ways to make a livelihood online or even live the laptop lifestyle as a digital nomad. And the future of entrepreneurship is bound to change for the better, as more businesses embrace digital technology, from theory, to actual practice, and even in education.
Besides making a living, there is also the opportunity of becoming financially independent, and the possibility to impact the world positively with your online skills and ventures. Read how websites can make millions, if you’re not convinced.
What Is Digital Entrepreneurship?
Before we understand what digital entrepreneurship is, let us look at what a digital business is.
Digital businesses use technology to create:What Is Digital Entrepreneurship
new business models,
customer experiences, and
internal skills that support fundamental operations.
Both digital-only and traditional businesses are transforming their digital business using digital technologies.
A digital business creates an opportunity beyond the immediate geographical space through the global online space.
Thus, digital entrepreneurship can be broadly described as creating a digital business model. Digital entrepreneurship creates digital products and services marketed, delivered, and supported digitally. Digital entrepreneurship can therefore be considered as “entrepreneurial opportunities being created and pursued through the use of technological platforms and other information communicating equipment“.
Digital entrepreneurship is the future and connotes how entrepreneurship will be changed for the better, as businesses continue to be transformed by digital technology. With around 4.8 million freelancers in the UK alone and 57 million freelancers in the US according to Upwork in 2019, it is obvious that the digital nomad lifestyle revolution has arrived.
The growth of digital entrepreneurship is tied to internet access and its global reach.
If you’re willing to study the possibilities and how to use the Internet to offer services to your clients, we have put together all you’ll need to start as a digital entrepreneur in this guide and you can also see how digital entrepreneur Fernando Raymond runs his digital ventures on his digital entrepreneur blog.
Inspired? Then see what you need to become one!
Digital entrepreneurs are the people making the significant change in the world, just think of the likes of Mark Zuckerberg (founder of Facebook) or Jeff Bezos (founder of Amazon), who have applied their skills, vision and entrepreneurial mindset to share with the world! So, let’s define what a digital entrepreneur is and the many shapes this role can take on, which is the beauty of it.
Who is a Digital Entrepreneur?
While some think that every entrepreneur making use of digital technology is a digital entrepreneur, this belief is both right and wrong. Notwithstanding that, almost all entrepreneurs are now going digital, by taking their businesses online, from creating awesome marketing and promotional campaigns, among other processes.
Not all entrepreneurs are doing things entirely with digital technology.
However, a digital entrepreneur is someone who focuses exclusively on digital commerce (e-commerce), or digital services and products that are solely supported, marketed, and delivered, entirely via the Internet.
While people that work in the digital media space and those making a living by selling digital products may also be considered as a digital entrepreneur as well as people who work online in any digital environment building an e-business.
But, we’ll consider anyone a digital entrepreneur who is within any of the online business models comprising digital assets such as blogs/websites, videos, or other related content used in the promotion of a brand.
Essentially, it involves a set of skills, values, and of course, the right mindset. And all of these can be learned and acquired. But certainly, entrepreneurship isn’t for everyone.
Most entrepreneurs are now using the latest digital technology to launch and grow their businesses, but does that qualify them as top digital entrepreneurs?
Signs You Are A Digital Entrepreneur
Entrepreneurship is associated with recognizing problems and opportunities. It entails executing an idea that causes a positive impact and change.
There is an entrepreneur in each of us. You only need to recognize the traits to pursue the entrepreneurial journey.
1st Sign: You are Curious
The fourth and final sign You want to make a change - Digital Entrepreneurship
You are always asking questions, experimenting with new ideas, thinking about new solutions to new problems.
2nd Sign: You are a Risk-Taker
You are willing to go all-in or nothing. You are inclined to take a calculated risk and do whatever it takes to improve the current situation.
3rd Sign: You are a Game-Changer
You hate the conventional way of things. You experiment with different things to see if it will work out. This allows you to gain a different perspective and become a game-changer.
4th Sign: You want to make a Change
You always want to get moving, you are always willing to learn to reach the desired level of success. You want to have a positive impact on your community or the world.
If you are able to identify yourself through these signs, you are definitely an entrepreneur and digital entrepreneur.
A lot of determination, willingness to commit, and really having a purpose helps build a successful digital business.
Have a look at these digital entrepreneurs and how they have made it to the top for some inspiration:
Top 10 Digital Entrepreneurs List: Best Digitally Inspired Digital-preneurs in The World
So, you have a kick-ass digital product or service. But do you have the digital skills to make your digital product or service stand out from the crowd?
The World Economic Forum in 2020 highlighted the shortage of digital skills. Digital technology is transforming at lightning speed. However, the existing and future workforce is not up to speed with digital skills.
When you start your digital business, you do not have the luxury of
having money
hiring a team
outsourcing
delegating
having specialists
But you can take action with a few basic steps to get the ball rolling. The first step that will help you pave the way for digital success is a website.
A website is an extremely powerful tool. A website helps:
increase your credibility
reach a global audience
promote your business 24/7
generate sales 365 days a year
save overhead costs compared to a brick-and-mortar store
All you need is a domain name, and a hosting platform and panel to kick-start your digital business.
Once you are all set with creating your website, you will need additional horsepower in the form of digital skills.
Digital Skills You Need To Become A Digital Entrepreneur
In order to stay relevant and valuable, you need to acquire the right digital skills.
So, how many and what kinds of digital skills do you need to become a digital entrepreneur?
You’ve got to arm yourself with some practical digital skills and techniques first in order to help with creating a similar business scenario in the digital world as in the real world where customers can feel comfortable doing business with you.
MARRIAGE is like a shoe. When you wear oversize be ready to drag it along through out life, and when you wear under-size be ready to feel the pains through out life.” One thing about marriage is that you don’t drop your shoe or remove it at any point, no matter how painful or how stressful it is. That is why I thought it necessary to write you this letter.
PHYSICAL APPEARANCE: Do not look for the beautiful ones, the nice ones or the cheap ones. Look for the one that is your size. Not every handsome, wealthy or intelligent guy is for you, not every beautiful woman is for you. Look for the one that is meant for you, the one that aligns with your values and belief, the one who you meet at your life’s journey. It is important to know where you’re going in life before you think of getting a wife.
POSITION#: All sizes of shoes are not placed in the same place.
There is a place for court shoes, laced up shoes, sport footwear, snickers etc. We have Children sizes, young people’s sizes and the adult sizes. Know where to get your own shoe. Your size cannot be everywhere my brother, your type cannot be everywhere my sister. You cannot be a Christian, and be looking for a wife material at a club. Your wife or husband can’t just be everywhere. Stick to your values and therein you shall find someone like you, but when your values are not defined anyone can just match you. Discover yourself and define your values
PERCEPTION#: In this kind of shoe purchasing enterprise, you are not permitted to try the shoe before you buy. This is why it is important to seek guidance and counseling, from people who have bought shoes before or are into the business of directing people to the right shoes (Pastors and Relationship coaches).
And most importantly to avoid much time wasting time, simply consult the shoe manufacturer to tell you your size (God Almighty). “You do not prepare for wedding, you prepare for marriage.” Ladies these days get so motivated when they attend wedding and they will quickly want to say yes to that guy. Wait!!! It is not just the wedding oh. The wedding is just one day. After the wedding WHAT NEXT?
Finally, it is not something you rush to the market and just pick a shoe because you like or can purchase it.
Ask these questions:
-Where is this shoe made from? (Background).
-What’s the size (Values).
Dear Singles, When you are ready to buy your own shoe please take note of these three things:
-How much (His/Her interest).
-How long will it last (His/Her Character).
-Who made it? (Is she/He of the same faith This is compatibility).
-Will it match me? (This is whether he/she love you and will accept you the way you are)
Dear one, remember many are dragging their foot and they would hardly reach their destinies, many are feeling endless pains and wish they could pull off the shoes but no way!!! I have seen people with beautiful shoes and when they show you their foot, you will see scars. Beloved, it is not about the physical, it is the size, you can’t know the size from afar so come close, build a relationship first but remember “you are not permitted to try it before you buy it”. And for those who have purchased the wrong shoes, you can still make it your size again if you’d consult the manufacturer and let Him have His way in your marriage. God bless us all. #Optimisticares
I have found it necessary to address you today, on the state of the nation and to render account on the efforts of our administration to sustain and strengthen our economy, enhance the fight against corruption and sustain our gains in the fight against terrorism and insecurity which has, undoubtedly, been impacted by several internal and external factors.
2.Particularly, I am addressing you, as your democratically elected President, to identify with you and express my sympathy, over the difficulties being experienced as we continue the implementation of new monetary policies, aimed at boosting our economy and tightening of the loopholes associated with money laundering.
3.Let me re-assure Nigerians, that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain top priority of our administration. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times.
4.In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes.
5.For a smooth transition, I similarly approved that the redesigned banknotes should circulate concurrently with the old bank notes, till 31 January 2023, before the old notes, cease to be legal tender.
6.In appreciation of the systemic and human difficulties encountered during implementation and in response to the appeal of all citizens, an extension of ten days was authorized till 10th February, 2023 for the completion of the process. All these activities are being carried out within the ambit of the Constitution, the relevant law under the CBN Act 2007 and in line with global best practices.
7.Fellow citizens, while I seek your understanding and patience during this transient phase of implementation, I feel obliged to avail you a few critical points underpinning the policy decision. These include:
a. The need to restore the statutory ability of the CBN to keep a firm control over money in circulation. In 2015 when this administration commenced its first term, Currency-in-Circulation was only N1.4trillion. b. The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022. As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation; c. The huge volume of Bank Notes outside the banking system has proven to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth; d. Economic growth projections make it imperative for government to aim at expanding financial inclusion in the country by reducing the number of the unbanked population; and
e. Given the prevailing security situation across the country, which keeps improving, it also becomes compelling for government to deepen its continuing support for security agencies to successfully combat banditry and ransom-taking in Nigeria
8.Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that gains have emerged from the policy initiative.
9.I have been reliably informed that since the commencement of this program, about N2.1 trillion out of the banknotes previously held outside the banking system, had been successfully retrieved.
10.This represents about 80% of such funds. In the short to medium and long terms, therefore, it is expected that there would be:
a. A strengthening of our macro economic parameters; b. Reduction of broad money supply leading to a deceleration of the velocity of money in the economy which should result in less pressures on domestic prices; c. Lowering of Inflation as a result of the accompanying decline in money supply that will slow the pace of inflation; d. Collapse of Illegal Economic Activities which would help to stem corruption and acquisition of money through illegal ways; e. Exchange Rate stability; f. Availability of Easy Loans and lowering of interest rates; and g. Greater visibility and transparency of our financial actions translating to efficient enforcement of our anti- money laundering legislations. 11.I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.
12.To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits.
13.I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.
14.During the extended phase of the deadline for currency swap, I listened to invaluable pieces of advice from well meaning citizens and institutions across the nation.
15.I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made.
To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.
17.In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.
18.Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.
19.Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks.
20.I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.
21.Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members. I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics.
22.This is a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections.
23.I urge every citizen therefore, to go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count.
24.I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. I wish us all a successful General Elections.
Thank you for listening. God bless the Federal Republic of Nigeria.
The first transaction I did in Abuja via POS today was for 10,000 naira.
The POS operator, a lady from the south, took 1200 as her service charge—for old notes. I didn’t mind, I needed cash badly.
Unfortunately, like a drop of water in a very hot pan, I soon exhausted the 10,000.
With my bank app not working, I needed cash again. This time, somewhere in Wuse. The POS operator was from the north, a Muslim. He told me he was from the north-east.
So I told him, please, include your charges in the money you would pay me. He pointed 10,200 on the button of the machine. I thought he was making a mistake so I asked if he was sure that was his charge before I entered my pin. He nodded in agreement.
I got my money and before I zoomed off, I told him, “the first place I did transaction of same amount of money I paid 1200 for charges. Why is your own different?”.
From the conversation we have been having, I could tell that the guy was moderately literate. His response to me as to why he charged 200, and not 1200 the other lady had charged me has kept me thinking ever since then.
“Oga, I don’t just want to be part of the problem going on in this country. As long as I have money to dispense without extra cost, I will give it out to my customers without extra cost”.
I have been pondering over the statement ever since.
1)Just dress neatly and go to any ATM machine around your location,
2)Be on the queue and pretend as if you want to withdraw money
3) When it is your turn, quietly meet those at the last and tell them you want to sell your position for N1000, watch how they will be scampering to buy your position
4) Collect your 1k and queue again in the line.
5) Repeat this process 5x and you will make 5k between 7-10 am
6) Go to any POS with the 5000 you made and sell it to them at the rate of 6000.
7) Keep repeating the process until CBN and all the commercial banks get it right
The Director of Special Media Projects & Operations & New Media, Tinubu/Shettima Pres. Campaign Council, Femi Fani-Kayode said Nigerians will not be able to get the new Naira notes until after the forthcoming 2023 general elections due to what he described as “a hidden agenda.”
Fani-Kayode stated this in an interview on Channels Television’s Politics Today on Wednesday.
He said, “It will be very difficult for people to get the new naira notes till after the elections because there is a hidden agenda.
“This is what I see going on and I must tell you that I find questionable the policies of the governor of central bank as at today. I don’t question the policy itself; I question the timing of the policy. People are suffering, people are going through hell, people can hardly achieve anything and I knew as far back as Christmas that this is what they were going to do,” he said.
According to Fani-Kayode, there are certain forces backing the CBN governor and these powers have been responsible for his recent actions.
Yes, we need a cashless policy ultimately but why is it being introduced at this critical time? It will lead to nothing but suffering, resentment and hatred of not just the ruling party (the All Progressives Congress) but of every single member of the ruling class. And I am sitting on your programme today potently accusing the governor of central bank of having a hidden agenda.”
He said the reason for all that is happening currently is to enrage not just the ruling party but the political class.
The Tinubu-Shettima spokespern, however, said Tinubu will prevail and will be elected president, no matter what the so-called elements do.
“Let’s clear this for once, Buhari and Asiwaju Bola Tinbubu are one and we are in this together till the end as an individual and as a government. The party and the government are one with Asiwaju and we are moving forward together,” he said.
DIGITAL PRENEUERS is an entrepreneur who use online tools like email, social media messaging and texting to reach other individuals or a specific audience in order to share a message. Even something as simple as reading the text on a webpage like this can be considered digital communication.
Over the last 20 years, many businesses, organizations, and industries have had to ask themselves, “what is digital communication?” and adapt to the changing environment where digital communication has replaced not just older forms of communication like writing and sending letters but face-to-face communication as well.
In an effort to better serve the needs of citizens, governments have also asked themselves this question of “what is digital communication?” and adapted many of their services so they could better serve the needs of their citizens. This process, commonly referred to as the digital government transformation, is ongoing and as there are more advancements in technology, the answer to a question like, “what is digital communication?” may change to include more things.
Sometimes people know what to do, but then they don’t do it but expect things to change. That’s not how it works.
Don’t just say you will leave who hurts you, do actually cut them off. Gather the strength to block and delete them. Do it the hard way.
Don’t just say you will start choosing yourself, choose yourself already. Make important changes in your life.
Don’t just say you will do something, and then not do it. If you want to change your life, you have to apply the knowledge you gain, for knowledge only becomes wisdom after it has been put to practical use.
Apply what you learn. Act upon your decisions, stand strong, challenge yourself because life will test you from the moment you will decide to make these changes.
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