An entrepreneur is like an innovator who takes risks. An entrepreneur finds an effective solution when he sees either a problem in the world and devises a solution or notices a lack of a service/frame of mind/style of approach to business and sets out to solve the problem themselves. They are creators and the beginning of change.
The State of Indian Startup Ecosystem Report 2021, according to it, India has over 5,694 active investors and 38K startups. It shows that the trend of entrepreneurship and startup boom is increasing.
Some of the Current Trends in Entrepreneurship Development are:-
- Launch of Startup India
- Spend on social media and digital marketing is increasing
- Growth in new technology and its adaptation
- Micro-influencers are helping drive sales
- Growth of Entrepreneur Communities
- Re-establishing connections with colleagues
- Going digital
Digital Entrepreneurship opens up new possibilities for entrepreneurs. It is a broader term that an entrepreneur grows their business digitally or has a great chance to lead a business through technology and trends. Nowadays business and society continuously transform by accepting digital technology via the internet. Digital entrepreneurship includes developing business activities. Digital entrepreneurs are the entrepreneurs who focus on digital commerce. In this Digital World, Digital entrepreneurship includes everything new and different by using trends and technologies.
- Social Commerce
Social commerce is when you do a commercial activity for profit under your social circle. The online businesses taking this road are emerging now, for eCommerce businesses, it’s called Social eCommerce.
This typically includes three paths:
1. integrating commerce on social networks such as Facebook or Twitter
2. integrating social features on current e-commerce platforms such as a retailer’s website and
3. social commerce destination websites such as Gilt Groupe.
Today Social Commerce is maturing into a more specific beast — buying or selling using social media such as Facebook or Twitter. The focus is shifting from conversion focussed e-commerce to conversation focussed social commerce. Shoppers want to connect. A study by Nielsen Wire corroborates common sense by finding that about 90% of consumers trust peer recommendations, while just 14% trust advertisements. The same study reveals that 70% of consumers trust consumer opinions posted online (an excellent example being Amazon’s product reviews).
