Digital entrepreneur is one who ventures into innovating newer technology products predominantly for use in mobile and web. One of the innovative digital applications you can think of is the PDAs with custom software used by parking attendants that can trace the parking status of each car. If a car is parked in a side street, the car’s plate number is input into the device with the precise location of where it is parked. The information is wirelessly uploaded to the central server. If the car exceeds 3hour parking time, tow trucks receive alert signals. This is one of the instances where a digital entrepreneur can put technology to use for instance.
The avenues to apply digital technology are virtually limitless. However, the challenges before a digital entrepreneur are many. Creating a niche for the new products in the highly competitive digital market is a real tough job. Ascertaining the segment in which there is a demand for the given digital application is another difficulty. At the same time, once the news spreads, these days, newer innovative products can grab their market share unbelievably fast. A digital entrepreneur might make a small or huge beginning depending on his goal and budget. However, when compared to the products manufacturing industry, digital technology requires considerably lesser investment. Once the applications are successfully received by the customers, the returns on the investments made can be highly encouraging.
Digital industry has produced a large number of successful entrepreneurs and the number of graduated youth venturing into this arena is growing in geometric proportions. While there is a potentially huge opportunity waiting for innovative entrepreneurs, the digital arena is not free of challenges on account of the huge number of industry players choosing this field.