Successful digital businesses

To build a successful digital business, trusted experts highlight several key traits and strategies:

1. Courage and Strong Values:

   • Successful modern founders often have a strong focus on marketing and brand creation rather than merely product merchandising. This shift reflects a crowded product market requiring innovative marketing for differentiation. Founders need courage to stand by their convictions, vital in an era where consumer feedback is immediate and pervasive via social media 1.

2. Digital Integration:

   • Incorporating digital components is essential. Digital channels facilitate scaling, community building, and global reach. Businesses must constantly adapt and incorporate digital strategies to avoid becoming obsolete. Reinventing oneself and continuously learning new skills are critical for staying competitive and innovative 2.

3. Deep Industry Understanding and Coachability:

   • A deep understanding of the industry and the passion to pursue it are crucial. Entrepreneurs must also be willing to learn new aspects of running a business, from sales to hiring and marketing. Coachability is important, as it allows entrepreneurs to adapt and improve based on feedback and guidance 2.

4. Humility and Drive:

   • Humility enables entrepreneurs to accept feedback and adapt, which is crucial for long-term success. Coupling humility with a strong drive, whether it’s the desire to achieve big goals or overcome insecurities, fuels continuous effort and improvement. This combination of traits helps sustain progress and resilience in the competitive business landscape 3.

     Building Consumer Brands

     Nick Brown

     Harry Stebbings

     Nick Brown discusses the shift in traits among founders building consumer brands today, highlighting the importance of marketing and brand expertise over product merchant skills. He emphasizes the need for courage in standing by one's views and convictions in a market where consumers have a powerful voice through social media.

     

     20VC

     20VC: 3 Core Considerations When Investing In Physical Product Co's, Are We In A Direct-To-Consumer Bubble & Why Many Sub $100m Funds Are Moving Earlier and Earlier with Nick Brown, Managing Partner @ Imaginary

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5. Vision and Responsibility:

   • Visionary thinking, passion, problem-solving ability, and being driven and responsible are identified as essential traits. Entrepreneurs need to take calculated risks and be accountable for their decisions while maintaining a clear vision for their business 4.

6. Effective Communication:

   • Communication, especially through digital platforms, is paramount. Companies need to understand and leverage contemporary communication channels effectively. Treating social media as a branding tool rather than just a sales platform can significantly impact a business's ability to build a strong brand and maintain customer engagement 5.

By combining these traits and strategies, businesses can navigate the complexities of the digital landscape and achieve success.