How can entrepreneurs succeed in the Digital Age?

It’s official, we live in the Digital Age. The transformation from the Industrial Age, having taken full advantage of its positive attributes, such as the economic growth, the more efficient division of labour, and the use of technological innovation to solve problems, is complete.

The Digital Age is now addressing the way forward, with a focus on automating operations, on people, and on new business models, which encompasses data analytics, AI, blockchain, cloud computing, and software.

At the centre of this Digital Age, and aside from all the new technologies listed, sit leadership and culture. Leaders must first define what digital transformation means to their company. Then they can identify which technologies they need to adopt and implement, whether from product or service view, data view or employees view.

Getting the right and latest needed technologies is not enough though. Cultural change must follow, with employees trained to be more intrapreneurial: More experimental, more problem solvers, and more at ease with the concept of failure.

In conclusion: Digital transformation means different things to different kinds of companies, and the success of it doesn’t only rely on getting the right new technologies, but first and foremost on leadership and intrapreneurial cultural change.

What do entrepreneurs need to succeed in the Digital Age?

The tools necessary to becoming an entrepreneur in the Digital Age are abundantly available today. I can open a bank account today in another country while sitting in my home and using the e-KYC, start an e-commerce operation on Facebook Shops, or even raise money on a crowdfunding platform.

However, this abundance has brought with it an abundance of competition and a shrinking of margins. And that is mainly because of three main factors: Many other competitors are doing the same thing, the unicorn companies are monopolising access to audiences through their infinite resources and new tech, and the speed of change that many of us are not yet used to.

Entrepreneurship is about creative problem solving and “lived innovation”

So, what’s the secret to finding real success as an entrepreneur in the Digital Age?

Entrepreneurship is about creative problem solving and “lived innovation”. The world is changing daily, and as technology continues to progress, new markets are being created. Blockchain is a great example. Many new start-ups today are trying to implement blockchain technologies in almost every sector.

Four essential pieces of advice for entrepreneurs to succeed in the Digital Age:

Learn how to be flexible:

Technologies today are evolving at breakneck speeds. Odds are that what is relevant today may be irrelevant by the end of the year. Being rigid when it comes to your business plan, your way of thinking, your technologies you use, is a recipe for disaster.

In this age, a good leader remains flexible, keeping an ear out to what the customer really needs, and adapting the business to those needs – without overdoing it.

Don’t create features just to seem like you’re evolving with the times, make sure your changes are substantiated by the customer needs. And stay well informed of market trends. Read up on new technologies and assess whether or not it serve your purpose as start-up or not moving forward.

Being rigid when it comes to your business plan, your way of thinking, your technologies you use, is a recipe for disaster.

Learn how to fail:

With this everchanging landscape, the chances are you will encounter failure at one or more of the turns. How you react to it is what sets aside a great leader from a bad one. Act quickly. Take action. See your plans through to the end.

Don’t fear failure, but allow it to become one of the driving forces moving you forward.

Learn how to benefit from available technologies:

As we just discussed, the Digital Age is on full power! Keeping up with all the changes and evolutions, needs you to constantly be on your toes.

Luckily, the protagonist in this scenario has also supplied us with the solutions, so use them. Applications like SalesForce, ClickApp, BaseCamp, Monday.com are great for employees and worksflow.

Today’s employees are Millennials and Gen-Z. Surveys show that 70 percent of them care mostly about purpose, opportunities to grow, and efficient remote working. Those listed applications do great promoting all that in the most effective and efficient way. This way you can keep yourself focused on retaining your clients by making sure their experience is easy, fun, professional, effective, and of value.

The Digital Age is now addressing the way forward, with a focus on automating operations, on people, and on new business models

Learn how to have the best processes and systems:

The global multinationals aren’t only big because they have the best product or service, but because they have the best system and process to deliver their product or service to the customer.

Having efficient and simple processes and systems is what allows you as a start-up to scale quickly, acquire customers and retain them for a long period. The more agile the start-up is, the more competitive it is to stay innovative and growing.

In conclusion:

The role the technology plays in the Digital Age is different to its traditional function. A decade ago, technology was for cost reduction, efficiency and increasing sales. Today technology plays a way bigger role for a start-up or business.

Technology today is at the heart of communication, collaboration, engagement, and empowerment of employees, customers, and stakeholders. Technology today is the main enablers of innovation and growth. Technology is also imperative for health, safety, and well-being, sustainability and positive environmental impact.

All this to say, that the purpose of technology today converges only to achieving the purpose of any start-up.

Genny Ghanimeh is a leading entrepreneurial expert and founder of Mind Cloud Tribe and Mind Cloud Academy.