Digital entrepreneurship and the entities driving it exert a significant global influence; they hold the potential to revolutionize the corporate landscape and reshape our modes of communication. Employing digitalization and artificial intelligence, these enterprises strive to elevate decision-making quality and enhance both their business and customer processes. The primary objective of this chapter is to offer insights into the ongoing evolution of digital entrepreneurship and delve into the concept of transformative redefinition, exploring the future trajectory of digital entrepreneurship. Additionally, it explores the creation of digital platforms for commercializing businesses and elucidates how these advancements present fresh prospects in the era of digitization. The chapter also delves into a broad spectrum of digital factors reshaping business operations, encompassing digital transformation and the significance of creativity in the realm of digital entrepreneurship.
TopIntroduction: What Is Digital Entrepreneurship
Digital entrepreneurship refers to the utilization of the internet and innovative digital technologies in entrepreneurial activities. Traditionally, entrepreneurs were associated with small businesses like restaurants and stores, limiting their reach and potential customer base based on available resources. In contrast, digital entrepreneurship enables entrepreneurs to connect with a global audience and employ organic marketing strategies to expand their customer base economically. The ability to create a website or use website builders allows entrepreneurs with limited resources to thrive in the digital landscape (Gohmann SF, 2012). In essence, digital entrepreneurship represents a strategic approach where business owners leverage technology to transform the operational theories and practices of their companies. It introduces novel processes for digitizing businesses, encompassing elements such as cost reduction, partnership opportunities, and innovative product designs. A digital entrepreneur exclusively operates in the digital realm, providing ample opportunities for marketing in the digital world. Many entrepreneurs transition from offline models to the digital sphere, optimizing processes, cutting costs, and employing superior marketing techniques. This subcategory of entrepreneurship aims to revolutionize traditional organizations into digital entities, a trend driven by the increasing adoption of digital technologies across various industries [https://101entrepreneurship.org/digital-entrepreneurship/].
The concept of entrepreneurship, usually defined as self-employment, takes a different form in digital entrepreneurship, which takes place on digital platforms. Digital entrepreneurs rely heavily on digital media tools and information technology (IT) in their entrepreneurial activities. Digitization becomes a key element of digital entrepreneurship when business assets, services, or fundamental elements undergo digital transformation. Unlike traditional entrepreneurship, digital entrepreneurship involves a dynamic and diverse group of participants who evolve beyond established roles and include individuals with different abilities, goals, and objectives. (Giones F, Brem A 2017; Autio E, et al, 2018). Furthermore, digital entrepreneurship is deeply rooted in the field of digital opportunities (Richter C, et al., 2017). The pace of technological advancement has now reached unprecedented and ever-accelerating levels, and digital entrepreneurs are acutely aware of the opportunities presented by this growth (Richter C, et al.,2017; Hess T, et al., 2016). To take advantage of these opportunities, entrepreneurs are turning to digital transformation. Digital transformation is a concept that encompasses companies transforming their operations and, more broadly, ongoing societal changes driven by technology (Hess T, et al., 2016; Bounfour A, 2016). Digital transformation requires an overhaul of business practices to integrate digital technologies into all aspects of the business (Bounfour A, 2016).