I RECENTLY got asked to give a talk about “Qualities of an Entrepreneur in the Digital Age” with program participants as part of the Department of Social Welfare and Development’s Sustainable Livelihood Program (SLP) event this month. The SLP is a capacity-building program aimed at improving the socioeconomic status of its participants. It is designed to provide opportunities for poor, vulnerable and marginalized families to achieve sustainable livelihoods.
Entrepreneurship has taken on new dimensions characterized by rapid technological advancements, global interconnectedness and shifting consumer behaviors. It requires a unique set of qualities and skills that differentiate successful entrepreneurs from the rest.
Adaptability and flexibility. I heard a news item at Ted Failon and DJ Chacha’s radio program last week where entrepreneurs shared that their business model would need upgrading as it would likely not adapt based on current technological and market changes.
One of the most critical qualities for entrepreneurs in the digital age is adaptability. The rapid pace of technological change means that business models, market conditions and consumer preferences can shift dramatically in short periods. Entrepreneurs must be able to pivot quickly, embrace change and continuously seek innovative solutions. This flexibility allows them to respond effectively to new opportunities and challenges, ensuring long-term business sustainability.
To keep up, entrepreneurs need to stay informed about industry trends and emerging technologies. Immersing myself on current news keeps my feet on the ground on consumer and business sentiment. Although there are so many developments to catch up with. Fostering a culture of continuous learning within your community or cooperative with regular sharing of information and experiences can be a big help. Be willing to experiment and iterate on business ideas and strategies.
Tech-savviness. Entrepreneurs must be comfortable with digital tools and platforms, from productivity tools, social media and e-commerce to data analytics and mobile banking. This tech-savviness enables them to leverage technology to improve efficiency, enhance customer experiences and gain a competitive edge.
Invest time learning about key digital tools and platforms relevant to your business. Although attending learning programs requires time and money, applying what you learn can result in validation and eventual payoff. Consider attending digital literacy workshops or online courses. Collaborate with tech-savvy individuals or seek assistance from local tech support.
Innovative thinking. Entrepreneurs must constantly seek new and creative ways to solve problems, meet customer needs, and differentiate their offerings. This requires a mindset that values curiosity, experimentation and a willingness to take risks. I recently coached three entrepreneurs in the Kapatid Mentor Me Program for Region 7 (Central Visayas). As a business improvement plan (BIP) coach, my goal is to help them get an excellent grade, reflecting a well-thought-of and balanced BIP. Two of the three got the top 3 spots for the region, and that is only possible when the entrepreneur is not afraid to dream and plan to innovate.
Entrepreneurs are encouraged to have brainstorming sessions and creative thinking within their group or cooperative. Stay open to feedback and new ideas from various sources, including customers and community members. Allocate resources for research and development to explore innovative solutions.
Customer-centric approach. Entrepreneurs must adopt a customer-centric approach, focusing on delivering exceptional value and experiences. This involves actively listening to customer feedback, personalizing interactions and building strong relationships.
Use customer feedback to inform product development and improvement. Leverage social media and mobile communication to engage with customers. Implement customer relationship management (CRM) practices to enhance engagement.
Resilience and perseverance. The entrepreneurial journey is often fraught with challenges and setbacks in the fast-paced digital world. Resilience and perseverance are essential qualities that enable entrepreneurs to stay focused, overcome obstacles and keep moving forward despite difficulties.
Develop a strong support network of mentors, peers and advisors. Joining business groups for networking, mentoring and collaboration opportunities can be a big help. Practice stress management techniques and maintain a healthy work-life balance. Celebrate small wins with your team and learn from failures to build resilience.
Networking and collaboration. Building a robust network of contacts and collaborators is vital for entrepreneurial success. In the digital age, this includes both online and offline relationships. Remember, customer engagement is the new customer service as it is proactive rather than reactive. Networking provides access to resources, knowledge and opportunities that can propel your business forward.
Attend industry events, webinars and community meetings to expand your network. Engage with online communities and social media groups related to your field. Foster partnerships and collaborations that align with your business goals. Allot an hour a day or 7 hours per week for this purpose.
Continuous learning. Staying updated with the latest trends, technologies and best practices ensures that you remain competitive and can adapt to changing market conditions.
Allocate time for regular professional development and learning activities. Subscribe to industry publications, blogs and podcasts to stay informed. Encourage a culture of learning within your organization or cooperative.
Leverage social media and digital marketing. Develop a robust online presence and engage with your audience through social media platforms. Utilize digital marketing tools and techniques to reach and convert your target market.
Utilize e-commerce platforms. Set up and optimize online stores to tap into the growing e-commerce market. Implement best practices for user experience, payment processing and customer service. For SLP participants who are not yet registered businesses, now is the time to do so, as you won’t be able to join online marketplaces if you are not registered.
Data-driven decision-making. Use data analytics to make informed business decisions and track performance. Implement tools for data collection, analysis, and reporting to gain insights.
Build an online community. Create and nurture a loyal online community through consistent engagement and value delivery. Use platforms like forums, social media groups and email newsletters to connect with your audience.
Thriving as an entrepreneur in the digital age requires a combination of adaptability, tech-savviness, innovative thinking, customer-centricity, resilience, networking and a commitment to continuous learning. Embrace these qualities, stay proactive and let the digital age be an era of growth and opportunity for your entrepreneurial journey.
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