The Philosophy of Digital Entrepreneurship

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.