Is Digital Entrepreneurship a by Product of COVID-19?

Humans are survivors by nature, put them in a pit and they will climb out of it and do make that pit a well. There is always that has been motivating humans to do better, to go further, and work harder and smarter.

We have all heard the phrase “necessity is the mother of invention” if necessity is the mother of invention then by this logic each and every move made for the betterment of the society has been led by the fact that it was felt a necessity. In recent times the work from home became a necessity and it gave birth to a new world of digitization. 

Digital entrepreneurship describes how entrepreneurship will change due to the digitization of the market. It is not a new term but since the pandemic, it has been used more commonly. 

The question, however, is that has it been a by-product of COVID-19 or is it due to the gradual digitization of the world. 

So let’s take a look at how digital entrepreneurship actually started and how it impacted the world during the pandemic. Before we further explore the topic lets take a quick look at this mind-blowing stat, even though 2020 has been the worst year in every relatable term: 22.7% of startups failed during 2020 which is the lowest

It is amazing once you consider the overall economic depression we are facing globally. 

 

A Brief History of Digital Entrepreneurship

For us to understand the current, apparent, boom we must analyze from where it started. So let’s travel upstream a little. There is no question regarding the fact that the most important shift in human history has been caused by or through digitization. It is a factor that cannot be ignored. Digital technologies have become the backbone of the economy being integrated in administration, finances, communication, and obviously entertainment. 

So how did digital entrepreneurship actually started, before that take a load of this:

European Commission defines digital entrepreneurship as creating new ventures and transforming existing businesses by developing novel digital technologies that help people with their issues in giving direction to their businesses. 

To trace the evolution of entrepreneurship we can go back in history to trace the first American Entrepreneur in George Washington as claimed by Forbes. It is something that has grown with the growth of the internet.

 

The Truth about Digital Entrepreneurship

Now since we have a fair enough idea that digitization of the world caused digital entrepreneurship to have mushroom growth. It would only serve our purpose to dive a bit further and explore every possible angle. There seems like a strange relationship between age and monetary gains in the country of the UK youth with ages:

The digitization of the market has led to a mushroom growth in the UK:

These are amazing stats considering the times and competition that has had them engulfed. This tells you that digital entrepreneurship is actually on the rise. 

They also provide ample opportunities for employment. Now, let’s converse about an important offshoot of digital entrepreneurship. 

 

E-Commerce Growth Amid a Pandemic

One of the biggest growth in an industry that has been recorded in the e-commerce industry. Here is an interesting stat about e-commerce, namely Amazon:

These stats show the mushroom growth of the industry. These are extraordinary times considering the growth of e-commerce in the world. 

 

Telehealth and Tele-med

Telemed is defined in easy words as information regarding medicines provided through an outsourced team. This is a real growth oriented industry. It was really a dead end. The United Kingdom has witnessed a change of 10 years within a week when patients with lumps and throbbing chests were dealt with online in the no-go zone. It only foreshadows the imminent successful arrival of Tele-med or telehealth in the Kingdom.  Prior to the pandemic, the stats of Tele-med were abysmal; 

• • only 1 percent of 300 million made a televised appointment. 

The European Commission forecasts a boost of 

• • $40 billion growth in Europe as compared to a previous $10 billion.

 

Software Houses 

Here comes the real powerhouse of digital entrepreneurship. The software industry is the most growing industry in the world, it is one of the major job-creating industries. Only in the United States, it provides livelihood to about:

The software house in the east employs a lot of freelancers helping the economies of the countries and providing jobs to the youth. Digitization of the world has had a mushroom effect on the software industry in itself. The automation of each and every process has contributed to the unaccounted growth in the industry. 

 

Gaming Industry Boom 

Pandemic has proved to be the best ever thing that has happened to the gaming industry worldwide. With an effective quarantine, a relentless boost in the industry was seen. Games like PUBG, DOTA, and all others have enjoyed a season of unforgettable fame. In 2020 alone the gaming industry in the US alone amasses:

• •  $18,194 million from console fewer games only

Not impressive you might think but they contribute majorly towards the local economy only in the US they make up:

• • 1.0% of annual growth 

So they are a major contributor towards the GDP of the local economy. 

 

Conclusion

It is an established fact that their automation and digitization have provoked the world into a cloak of denser technology. Digital entrepreneurship was in the world before the COVID-19 the only favor that the pandemic lent it was the need arising due to remote work.

Since entrepreneurship is an easy thing in this time of the world where tech is easy to handle. Where resources are abundant and opportunities countless. This is the real breeding ground for all the digitization of the world. Staff Timer App has always supported the digitization of the world, the app itself automates most of the work done manually generating automated payrolls is one of them. 

So the one-liner is that no, COVID-19 is not the mother of digital entrepreneurship it is only a catalyst for the situation.