How to become a successful entrepreneur in 5 steps

 The concept of the digital economy or in English and in the field of the economy (The Digital Economy) refers to that global network that includes all economic activities, practical and professional interactions, and commercial transactions, which are enabled, strengthened, and developed through a set of information and communication technologies that are abbreviated with the symbol ( ICT), bearing in mind that the digital economy reflects a state of transition from the third industrial revolution to the fourth industrial revolution. 20, coinciding with the transition from work within the analog electronic and mechanical devices, to working towards the use of digital technologies, and it is worth noting that the Fourth Industrial Revolution relies on and is based on the digital revolution primarily while maintaining the continuity of current technologies to meet the needs of both the physical world and the Internet (1).

It is worth noting that there is no globally approved concept of digitization or digital commerce until the present time. The absence of a generally agreed-upon definition of the term “digital economy”, or “digital sector”, the lack of industrial and economic classification to clarify this concept, and the lack of products for Internet platforms and related services, is one of the biggest obstacles to measuring the digital economy (2).

The importance of the digital economy

Although some organizations and individuals are using the technologies currently available to carry out current tasks on the computer, the digital economy is more advanced than that, as it is not enough to use the computer to perform the tasks that are done traditionally or manually, but the digital economy plays instead, A prominent role in showing the opportunity and the urgent need for organizations and individuals, and motivates them to use these digital technologies, to carry out those tasks better, with higher quality, and within a shorter period, i.e. faster, and often the results or outputs are completely different than before.

Moreover, the importance of the digital economy lies in the full ability to make the best use of technologies, carry out all tasks, and ensure participation in events and activities that were not possible and available in the past, given that such opportunities are provided to professional entities in the labor market, It ensures doing business in a better way, and in a different way far from everything traditional, and many entrepreneurs have benefited from all available digital technologies, which in turn fuel the digital economy, and provide the opportunity to create new facilities, projects, and companies, and introduce new business models that were not previously available. It may have existed before, or it may have existed in a smaller and less developed size in past generations (1).

Pioneers of the digital economy

Many entrepreneurs have taken advantage of the technologies that fuel the digital economy to create new businesses, and Don Tapscott coined the term digital economy for the first time in history, in one of his books, and that was the best-selling book of 1995 AD, titled “The Digital Economy, Promise, and Danger.” In the era of networked intelligence, he presented a set of essential and important information that formed the basis and cornerstone for understanding the mechanism of the digital economy. Nicholas Negroponte, the founder of the Massachusetts Institute of Technology, who in turn is affiliated with the Massachusetts Laboratory, and who is also the author of Being Digital, described his version of The first was in 1995, in which he described the digital economy as using “bits instead of atoms.

The digital economy versus the internet economy

In the early days of the concept of the new economy, the digital economy was sometimes called the Internet economy, the new Internet-related economy, or the web economy, due to its reliance on internet connectivity, however, economists and business leaders maintain that the digital economy is more advanced and complex than The Internet, which is one definition means the economic value derived from the Internet, that is, using this network only (4).

Digital Economy and Society Index

The Digital Economy and Society Index, or DESI, is a composite or dual index that has been published by the European Commission since 2014 and has been published annually since then. This indicator measures the progress made by the countries of the Union. The European Union is towards a digital economy and society, and its working principle is to bring together a set of relevant indicators on the current digital policy mix in Europe.

Models on the digital economy

There are several models and examples of traditional businesses becoming successful in the digital economy, including retailers, for example, but not limited to. Most retailers initially developed websites to enable online sales, at the time As the world moves to the digital economy more and more broadly, retailers who think about the future work and turn towards modern and digital technologies to reach customers and provide the appropriate services to them, through a variety of channels.

These retailers use online sales and mobile apps to identify target groups, or consumers, whether they are shopping online, individually, or in person. They can collect and analyze each customer's browsing and selling data to better and more accurately understand their trends and interests, and they can use this data. To reach customers via social media, such as Facebook and Twitter, which enables better service and ultimately higher sales, and ensures enhanced brand loyalty.

It is often referred to as the idea of ​​using information technology and modern technologies to unify the customer experience across the real world, and websites, as a multi-way, multi-channel, or multi-directional approach, with the ultimate goal of increasing profits (1).

The new economy

When talking about the digital economy, we cannot ignore the talk about the modern economy, or the new economy, as the new economy significant term that attempts to describe all modern and new industries with high specifications, high growth, and which are at the forefront of technological development and digital power. The driving force of economic growth, and it is noteworthy that the new economy began in the late nineties when advanced technology tools were included, especially the Internet, and computers, which are becoming more powerful and sophisticated with time, knowing that the new economy was seen as a state of transformation from the economy-based The traditional manufacturing of basic commodities, to an economy that uses technology to create new products and services at a rate that cannot be commensurate with the traditional industrial economy, and provides outputs that fall under the category of secondary needs and ensures the well-being of peoples and institutions, as well as individuals (3).

In conclusion, the digital economy has created a real revolution, as new companies and new ways of interacting have emerged. However, many companies and industries that could not or could not catch up with the procession of development, or take advantage of technologies to change their operations, faced a noticeable decline in sales and profits, and a clear decline In their market share, some of them have eventually reached bankruptcy or total and total collapse.