This class has gone by quickly with a lot of topics discussed.
Digital Entrepreneurship is the concept of business deriving value from
creating and using new digital technologies. The two most prolific
outcomes of Digital Entrepreneurship are disruptive innovation and the
innovator’s dilemma. Startups can be kept Lean by establishing a Minimum
Viable Product, continuously developing, focusing on actionable metrics
over vanity metrics, and knowing when and how to pivot as
necessary.
Entrepreneurs generally have very little, if any control over
the factors which will determine the success or failure of the endeavor.
However, the one thing entrepreneurs do have control over is the
business model. Having a good business model is key for startup success
and acts as the roadmap for a startup’s activity, defining how a startup
intends to make money. A good business model breaks down the following
key components with answers that make sense: value proposition, revenue
streams, cost structure, customer acquisition, and product
delivery.
Most startups fail, and generally for reasons beyond founder’s
control. One key threshold which substantially lowers the failure rate
is reaching the 1 million dollar mark in funding. However, even if more
than a million dollars is raised, the failure rate is still substantial.
Startups can fail due to lack of demand in the market, market
competition, a poor or lack of a business model, fighting within the
company, timing, lack of diversity on the team, or failing to adapt to
changing conditions.
Entrepreneurship is not for everyone, and really not even for
the majority. It is a difficult path in comparison to working for an
established company. Entrepreneurial endeavors will leave you overworked
and underpaid until the business is established. But the allure of the
payoff a successful startup brings, keeps those who love it, coming
back.