With almost everything moving online, there are more opportunities for entrepreneurs to go digital. There may even be ways for entrepreneurs to use the internet to disrupt their industry, but let’s look at seven digital entrepreneurial ideas.
Starting a Business
According to Statista Digital Market Outlook, the e-commerce market is set to grow over the next few years. The growth rate for the next four years (2021 - 2025) is predicted to be 16%. With more people made aware of the ease and convenience of online shopping, investing in an e-commerce business model may be the next big step your business takes. But how do you choose which business model to follow? Let’s look at three aspects which will determine which business model you will adopt.
Many people wing it when they start a business and then wonder why they are not growing or why they are sinking. One of the reasons is that running a small business takes hard work, some planning, and a little bit of magic. If you don’t have a plan for your business, you won’t know where you went wrong and could continue to do things which are detrimental to your business. Let us look at four plans which are important for your business.
Are you service-orientated? Do you want a business which requires a low investment but could give you great returns? Then a service-based business may be right up your alley. Today, we are going to look at the four key points for running a successful service business and then consider some options you could start today.
According to Statista, internet penetration is predicted to continue on an upward trend and therefore investing in digital entrepreneurship is wise. But don’t go into digital entrepreneurship with rose-tinted glasses as there are some challenges which you will face and need to overcome to have the success you dream of. Let’s look at the pros and cons of digital entrepreneurship.
An online store is now a need rather than a nice-to-have for your business., Since the COVID-19 outbreak, e-commerce has grown in popularity, and more people are choosing to shop online instead of going to physical stores.
Almost everything may be bought or sold using the internet, including books, electronics, clothing, software, and furniture. E-commerce additionally gives users a platform to purchase or sell anything they want, anytime they want.
Assessing some characteristics of your business before setting up an online store is essential. If you already have a business, you should change it to reflect your new e-commerce initiatives. On the other hand, you should design an e-commerce program if your business is just getting started.
“South Africa has hundreds of thousands of small businesses – so many that they contribute over 40% of our country's gross domestic product and employ two-thirds of all South African workers. This means that, the more support they receive, the more people they can employ, and the more successful our country becomes”, says Mike Anderson: NSBC Founder & CEO.
Anderson says, “With more support, small businesses have the potential to breathe new life into the South African economy and play an even bigger role in economic growth and job creation. Small businesses represent countless hours of hard work, commitment, resilience, and thousands of jobs. When South Africans support the small, they make a big impact. Providing as much support to small businesses as possible is an investment in our communities and South Africa’s collective economic future”.
Article written by Mike Anderson NSBC Founder & CEO
Imagine putting everything you have - your hopes, dreams and finances into starting your own business, only to watch it crash and burn. The fear of failure is at the very top - above anything else.
On the upside, starting out and succeeding as an entrepreneur has to be one of the greatest rewards in life. So get to know why startups fail and what is needed to avoid failing. Then start your journey to achieve your dreams.