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    The Philosophy of Digital Entrepreneurship: What it Takes to Become Part of Digital Entrepreneurship
    The Philosophy of Digital Entrepreneurship: What it Takes to Become Part of Digital Entrepreneurship
    The Philosophy of Digital Entrepreneurship: What it Takes to Become Part of Digital Entrepreneurship
    Ebook144 pages54 minutes

    The Philosophy of Digital Entrepreneurship: What it Takes to Become Part of Digital Entrepreneurship

    By Euvouria LLC

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    About this ebook

    Digital technologies today are no longer only impacting the way individuals interact with one another and carry out their daily lives. Smartphones and applications, artificial intelligence (AI), machine learning (ML), and different applications and advanced technologies all allow people to connect all around the world and use their personal (handheld) technologies to provide immense benefit. Some of the greatest benefits today for the personal use of digital technologies are allowing people to connect with one another via the Internet of Things (IoT), and other universal technologies. They allow for seamless connectivity across platforms, across different types of technologies, and make this connectivity accessible for more users.
    In addition to this, however, another critical application of digital technologies is the digitalization of business. It is something that gives businesses a competitive advantage against competitors, by simply allowing them to perform more efficiently and effectively. Much like the personal benefits of digitalization and technology, the digitalization of business—and the use of digital technology in business—it allows for businesses and employees to be very interconnected; and allows them to achieve greater efficiency in day-to-day operations and strategic goals. Other similar benefits also arise from means of greater innovation, faster communication, and greater cost-savings in various areas of business.
    That said, one area in particular that is benefiting tremendously from increased use of digital technologies is entrepreneurship. Digital entrepreneurship is something that, in recent years, has become more prevalent than ever. With the increase in businesses relying on eCommerce, businesses using digital technologies to support essential operations, and entrepreneurs increasingly creating digital-only businesses—this is not just a trend, but a direction of business and entrepreneurship today. Furthermore, digital entrepreneurship is more than just a business model or collection of theories. Rather, digital entrepreneurship—much like its ‘offline’ counterpart—comes down to the psychology of the entrepreneur, the impacts of digital entrepreneurship, and niche areas that carry specific importance.
    Given the fact that this area of entrepreneurship and business is growing tremendously, the following research will seek to illustrate the fundamental psychologies and mentalities behind digital entrepreneurship; and, discuss the factors contributing to digital entrepreneurship, the roles of digital entrepreneurship, the impacts of digital entrepreneurship, and the niche areas of digital entrepreneurship that are leading to its growth today. Collectively, this research will provide a better understanding of this concept; and, although it does not discuss formulas or models, it will highlight the importance and growth of (including what it takes to be a part of) digital entrepreneurship today.
    LanguageEnglish
    PublisherEuvouria
    Release dateDec 14, 2021
    ISBN9798771986005

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      Book preview

      The Philosophy of Digital Entrepreneurship - Euvouria LLC

      Table of Figures

      Figure 1: Entrepreneurship vs. digital entrepreneurship

      Figure 2: Digital entrepreneurship tools and resources

      Figure 3: Traditional vs. digital supply chains in entrepreneurship

      Figure 4: Required resources for digital entrepreneurship

      Chapter

      1

      Overview

      Digital technologies today are no longer only impacting the way individuals interact with one another and carry out their daily lives. Smartphones and applications, artificial intelligence (AI), machine learning (ML) and different applications and advanced technologies all allow people to connect all around the world and use their personal (handheld) technologies to provide immense benefit. Some of the greatest benefits today for personal use of digital technologies are allowing people to connect with one another via the Internet of Things (IoT), and other universal technologies. They allow for seamless connectivity across platforms, across different types of technologies, and make this connectivity accessible for more users.

      In addition to this, however, another critical application of digital technologies is the digitalization of business. It is something that gives businesses a competitive advantage against competitors, by simply allowing them to perform more efficiently and effectively. Much like the personal benefits of digitalization and technology, the digitalization of business—and the use of digital technology in business—it allows for businesses and employees to be very interconnected; and allows them to achieve greater efficiency in day-to-day operations and strategic goals. Other similar benefits also arise from means of greater innovation, faster communication, and greater cost-savings in various areas of business.

      That said, one area in particular that is benefiting tremendously from increased use of digital technologies is entrepreneurship. Digital entrepreneurship is something that, in recent years, has become more prevalent than ever. With the increase in businesses relying on eCommerce, businesses using digital technologies to support essential operations, and entrepreneurs increasingly creating digital-only businesses—this is not just a trend, but a direction of business and entrepreneurship today. Furthermore, digital entrepreneurship is more than just a business model or collection of theories. Rather, digital entrepreneurship—much like its ‘offline’ counterpart—comes down to the psychology of the entrepreneur, the impacts of digital entrepreneurship, and niche areas that carry specific importance.

      Given the fact that this area of entrepreneurship and business is growing tremendously, the following research will seek to illustrate the fundamental psychologies and mentalities behind digital entrepreneurship; and, discuss the factors contributing to digital entrepreneurship, the roles of digital entrepreneurship, the impacts of digital entrepreneurship, and the niche areas of digital entrepreneurship that are leading to its growth today. Collectively, this research will provide a better understanding of this concept; and, although it does not discuss formulas or models, it will highlight the importance and growth of (including what it takes to be a part of) digital entrepreneurship today.

      Chapter

      2

      Entrepreneurship

      Before delving into the specific concepts and mentalities of digital entrepreneurship (and, discussing exactly what this is), it is important to first understand what entrepreneurship is. The reason for this is that entrepreneurship as a whole is a central concept to digital entrepreneurship—that often underpins many of the critical functions and mentalities behind digital entrepreneurship.

      That said, entrepreneurship—according to formal definition—is a type of business wherein entrepreneurs combine capital, physical resources and labor (or personnel, in particular) to create a business. More simply, however, entrepreneurship can simply be defined as the actions required to start a business.

      In the past, entrepreneurship was commonly defined by the ability of people to make things, or to have the capital to buy the resources necessary to start a business. These businesses required significant time and investment—and entrepreneurship was not something that was commonplace in the early-mid 1900s. In the 1950s and 60s, however, entrepreneurship began to grow with money becoming more accessible, and more people being able to compete and start businesses.

      However, until the last decade, entrepreneurship was still not tremendously popular. With the growth of technology and connectivity, entrepreneurship has become more popular than ever. More people are able to start businesses because of technology; and, more people are able to access funding and start-up capital because of technology. Simply put, the last decade has seen unprecedented growth in entrepreneurship. Simply put, today entrepreneurship is easier and more accessible than ever—and many people want to start their own business for a variety of reasons:

      Many people think entrepreneurship is trendy,

      People start ‘side-businesses’ online to earn extra income,

      Individuals start businesses to replace an unwanted 9-5 job,

      Families will start businesses to create financial security and intergenerational wealth,

      Some people simply want more freedom in their lives,

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