Opinion by Thought Leaders
Read the latest opinions from tech & business pros across the globe.

Building Your Entrepreneurship Digitally

 

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 Entrepreneur.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.

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Ecommerce and Mobile Platforms

 

An innovation is an idea, practice or object that has taken root in society and is perceived to be new or created a new adoption of a concept or technology. Innovations have many parameters when becoming part of a social system, especially with the onslaught of so many new different technologies that are being created on a daily basis. One particular innovation that has made a particular successful diffusion into society is the mobile telephone or smart phone. The mobile phone has been a technology that has had a large number of early adopters and become an integral part of the communication channels that individuals use to participate in daily conversation. Innovations have certain conditions that are important to becoming successful: relative advantage, compatibility, complexity, trialability, and observability.

One particular group of individuals has taken on the innovation of the mobile phone more efficiently than any other group, tech-savvy young people. Millennials are the largest generational users of mobile telephones and are harnessing some serious spending power. They are embracing online shopping on their mobile telephones and setting a trend in forcing technology makers to figure out how to build the relationship even further between ecommerce platforms and potential shoppers. For the millennial generation the mobile platform is the method of choice for interacting with technology. Furthermore, they are more interested in harnessing the power and control while using these platforms during shopping activities. Technology innovators and business leaders must answer this call to address the rise of mobile ecommerce use. The question is not whether or not this will become the future of shopping but when will it take over all traditional methods of shopping.

Users are accessing the web more and more on a mobile device or tablet rather than a desktop with the intent of shopping and making ecommerce purchases. Statically, during the holiday shopping season this year a third of all shopping was done via a mobile device. Furthermore, 84% stated that they have experienced a bad mobile transaction experience will trying to make an online purchase. With that type of high percentage of bad transactions, there is the opportunity to create more positive mobile responsive websites that will be more user friendly.

Improving mobile responsive websites to be more user friendly can be as easy as making a few improvements. Making sure the website is programmed to be adaptive can provide the best user experience for every user on every single device. Making sure that all buttons on the website are tap-friendly and are the correct size for any important call to actions or links. The main navigation is the most important part of the menu so that the items are easy to read and to utilize for the consumer on their phone. Part of making the menu accessible is to use text for contact information so that users are able to tap and contact the company easily. Furthermore, the visual content on a mobile website needs to be adapted so it gives visual ques and intertwines words. Having lengthy paragraphs on mobile sites is not user friendly and will drive users away because it is hard to view on a mobile telephone. 89% of executives feel that the user experience will be their primary factor to competition. A user-centric and user-friendly website is becoming the priority for getting a competitive edge and advantage.

The innovation of the mobile telephone has become so much more than just a communication device, but has been adopted into society, especially by millennials, to become a small computer that aids people in many types of transactions. Utilizing this trend, business leaders should use big data and predictive analysis to increase productivity in their businesses. Getting on board with mobile is the wave of the future and will increase sales capabilities when utilized properly.

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