Dan Lok, King of Closing, Discusses How Digital Entrepreneurship Has Evolved Over the Last 10 Years
Over the past ten years, digital entrepreneurship has come a long way. Since the early 2010s, we have let technology into far more facets of our lives. The ubiquity of smartphones and wearable technology points toward accepting this digital transformation for the everyday citizen.
Digital entrepreneurs have experienced a surge in the number of opportunities they can enjoy. New ideas about existing technologies are prominent, and the originality of some new businesses’ thought processes draws special attention.
Dan Lok, King of Closing, shares how the world of digital entrepreneurship has transformed since the early 2010s, including examples of new ideas that you can use to become an entrepreneur in today’s changing landscape.
Becoming One with Technology
Today, many people are becoming early adopters of technology. Many people were skeptical of innovation have passed, and people are more likely to look at digital advances with an open mind. As a society, we invite technology into our lives daily. The world is now hyper-connected, and we are already moving into an always-on environment.
The rise of the smartphone drove much of this transformation. Our phones and other devices are almost an extension of ourselves, containing information that we use to manage every area of our lives.
With the increasing number of tech startups comes the necessity of specializing as much as possible. Rather than trying to be all things to all people like Google and Amazon, startup companies are closely targeting their markets and what they can do to help their customers succeed.
Individual entrepreneurs should do this as well. Rather than casting too wide of a net, they should focus their efforts on a specific target market and niche.
Today, digital entrepreneurs have more tools at their disposal than ever before. Building a website and a platform for yourself to start a retail e-commerce business in the early 2010s is necessary. Managing physical inventory, websites, and customer data was problematic for many new companies, and some did not last.
With the advent of platforms like Shopify, anyone can become a digital entrepreneur overnight. An entrepreneur needs to select their merchandise, decide on pricing, fine-tune their website, and start selling. This gives inexperienced entrepreneurs a great place to start from and allows experienced business owners a chance to bolster their profits.
Many tech startup companies have launched in the past ten years. These companies serve many industries, like fintech, healthcare, biotechnology, marketing, and security.
One of the most exciting changes in the world of technology is the advent of blockchain. Many digital entrepreneurs have worked to set themselves apart in the blockchain arena. Blockchain helps with the buying and selling cryptocurrencies, but it can also be used for security applications and personalization.
Automation is another area where there has been exponential growth. Marketing companies are automating more of the customer journey in ways that most consumers can’t detect. Business processes of all kinds are seamlessly automated, from data entry to customer contacts.
Artificial intelligence helps a great deal with automation. Smart startup companies look at these areas where tech is growing rapidly and formulate solutions for businesses and individuals’ problems each day.
Ideas for Today’s Entrepreneurs
Before you start an online business, it is a good idea to sit down and decide what you like to do, where your strengths and weaknesses lie, and whether there is a strong market demand for your idea. Researching the specific business area where you want to work is a must.
Here are several examples of ideas that a new digital entrepreneur may want to look at before starting their own company:
Virtual Call Centers
Virtual call centers can employ people from all over the world who do their jobs at home. Many companies are looking for ways to cut costs in customer service, and outsourcing their call centers is a popular way to do so.
If you start a blog or website, you can use affiliate marketing techniques to grow your business. Amazon is not the only website available for affiliate marketing, but it is the most popular. This business idea carries a very low startup cost and has a high potential for success.
SEO or Search Engine Optimization has a steep learning curve, but once you have mastered the basics, you can help companies increase their search engine rankings and drive more business their way. A skilled SEO expert can make money easily.
How Digital Entrepreneurship Has Changed
Dan Lok believes that the opportunities for digital entrepreneurs are continuing to grow in today’s competitive market. Having a good grasp on how digital entrepreneurship has changed will allow new companies to take advantage of today’s prevailing conditions and find a profitable niche.