How To Digital Entrepreneur
This post is for anyone who is interested in Digital Entrepreneurship. I originally wrote it for the lovely ladies who participated in our Twitter Chat. You can find it by logging into Twitter and typing the hashtag #XWBizChat in the search bar.
A million THANKS again to Gwen Serrotti and Erika Kruger of Xtraordinary Women for hosting a Twitter Chat and inviting me to be their guest Twitter Chatterer or Guest Twit? Hehe.
I learned so much from Gwen Serrotti, Founder of Xtraordinary Women through this amazing experience. Gwen is super organized and a fountain of helpful tips and advice. She explained exactly how to participate in a Twitter Chat and which Free Online Tools to use to Schedule Chats and keep abreast of the Chats as they are happening.
It inspired me to make this video for my fellow members at Wealthy Affiliate:
Click the link below for my video Tutorial ↓
How to Schedule Tweets Free of Charge
Let’s get back on topic. You’re here to learn about Digital Entrepreneurship, right?
There’s only so much you can put in a Tweet, so I’ll flesh out a few of the concepts we chatted about today.
Today this is a post. But that’s just the beginning. I’m also planning to:
- make a video, upload it to YouTube and embed it back in this post
- create a presentation, upload it to Slideshare
- write an ebook
- create an online course
- send out an email series
And that, in a nutshell, is the path to Digital World Domination. That’s how you become a Digital Entrepreneur. Well, kinda.
Let’s get into a few more nitty-gritty details.
What is a Digital Entrepreneur?
There are many, varied definitions of Digital Entrepreneurship but in my mind, it’s simply this:
A Digital Entrepreneur is anyone who’s making a living online.
This means you may already be a Digital Entrepreneur and just not know it yet.
- Are you involved in E-commerce? Do you buy and/or sell products or services online?
- Are you a blogger or Influencer creating digital content like Sponsored Posts?
- Do you create content online like Reviews to promote products or earn Affiliate Income?
- Do you create your own Digital Products, such as eBooks or email Courses and eBooks?
- Are you an Author selling books on Amazon Kindle or directly from your website?
- Are you a Freelancer offering editing, website design, graphic design, logos, Virtual Assistance, etc?
- Do you own a Digital Marketing Agency?
- Are you a Digital Marketer?
- Are you a YouTuber creating Videos and earning from Advertising or Sponsored Posts?
- Do you sell your craft products on Etsy?
- Do you buy and sell products on eBay?
- Do you have an Events company and market your services online?
- Are you a Social Media Manager?
If you said YES to any of these, you’re a Digital Entrepreneur. If you have any kind of internet business, if you’re transacting online, you’re a Digital Entrepreneur.
What are the Benefits of Digital Entrepreneurship?
There are endless benefits of being a Digital Entrepreneur. Here are my top 5.
1. Low Investment
For starters, there are virtually no barriers to entry. Compared to starting a brick-and-mortar business, the startup costs are very low. You also have very few overheads.
2. Work from Anywhere
You can work from home or work from anywhere, as many travel bloggers do. In the beginning, you’ll probably burn the midnight oil but once you’ve built some Authority online there’s a good chance you can earn Passive Income – where you do the work once and get paid for it over and over again. Like selling an eBook or Online Course or creating a brilliant Evergreen post that generates Affiliate Income or Ad Revenue for years to come.
3. Sweet Freedom!
In a nutshell, Digital Entrepreneurship is your best shot at Financial Freedom and Time Freedom. You get to fire your boss (not immediately, get yourself set up first please) and choose your own hours. You get to write your own cheque every month. Okay, not at first, but once the ball gets rolling. As a Mom, it affords me the opportunity to fetch my son from school every afternoon and enjoy free play with him.
4. Own Your Work
Authors now have the opportunity to own their work, whereas before, their Publishers did. Oh, and their Publishers and Book Store Owners earned more profit from their books than the Authors did themselves – before the Internet. Now Authors can market their books from their own websites and social media pages.
5. Tax Benefits
As a Business Owner, you can write off all your business expenses as Tax deductions. Even though there aren’t as many expenses as in a traditional business, this is still a win. In short, you have the benefits of owning your own business, minus many of the frustrations and overheads.
What are the Drawbacks of Digital Entrepreneurship?
Like all Entrepreneurship, when you start out, you need to learn every aspect of your business and BE everything. You’re the Owner, Marketer, Bookkeeper, PR, HR, etc.
It can be overwhelming, all-consuming, and lonely.
It’s terribly easy to fall into the trap of working all the time, especially as your business is literally at your fingertips – either on your smartphone or keyboard.
How Do You Get Started as a Digital Entrepreneur?
- Find a Pain or Frustration in your life & the world. Solve it.
- Then figure out how to get your message out to those in need.
- Immerse yourself in your niche.
- Get help and coaching from Authorities in your niche.
- In time you become an expert.
- You become the solution.
This is where I got started on my journey to become a Digital Entrepreneur and I don’t think it’s a community I will ever leave Wealthy Affiliate. Kyle and Carson, the Owners are constantly enhancing and upgrading their Platform to be on Trend and give their members more bang for their buck.
They know Affiliate Marketing and the Online Industry better than many as they’ve been building businesses online for years.
You can read my full Wealthy Affiliate Review here. And I’ll be adding a video soon.
Their Online Entrepreneur Certification Course is the perfect place to start your journey as a Digital Entrepreneur. And you can do Level 1 free of charge and then decide whether you want to go further with the Course.
How to Scale Your Business as an Entrepreneur?
This is something that I always struggle to do when I set up a new business. When I built my massage practice in my 20’s, I never learned how to scale and burnt out as a result. I’m very mindful that I may be heading out for burnout soon if I don’t start outsourcing some of my work soon.
Here are some tips if you think you’re ready to start scaling your business.
- Don’t try to scale too soon. Make sure you have a predictable income that covers all your expenses first.
- Then create a system that allows you to scale by leveraging your time & efforts.
- Think BIG.
- Outsource to other Online Entrepreneurs who Freelance or work remotely.
- Hire or Partner with people with opposite skills to yours.
There are so many ways to generate passive income when you become a Digital Entrepreneur. But most of them require quite a bit of set-up first.
First, you have to put in the work, to establish your business and to establish yourself as an authority online. It’s also important to understand where your strengths and weaknesses lie, so you know what you’re comfortable holding onto and what you’d like to outsource.
Over time, you put systems in place and create content or courses or digital products and marketing funnels that generate income while you sleep. It’s a process.
Are you ready to begin this journey? Join me at Wealthy Affiliate and I’ll catch you in the membership forum, or leave a comment below.
Affiliate Disclaimer: If you purchase anything through a link in this post, please assume that I have an affiliate relationship with the company providing the product or service that you purchase, and that I’ll be compensated in some small way at no extra cost to you.
Great writeup Lauren. Digital entrepreneurship though an awesome business model, is definitely not easy. A lot of people end up getting burnt out due to the workload.
As a beginner in digital entrepreneurship, one would have to be in charge of every single aspect of the business.
This is no easy task and can be really time-consuming.
The good thing about this is that in time it does pay off. You would definitely reap the rewards for your efforts but this might take some time and unfortunately not a lot of people are willing to wait around long enough before their business gets to this stage.
Those that do later find out that they definitely made the right choice as this is one of the best ways that one can use to make money.
Hi Jay, I agree wholeheartedly. The best gifts to possess when starting out are patience, determination and commitment. If your passion is in your work, it makes it a million times easier to go the distance. Wishing you all the best as you build your online empire.