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The digital age helped revolutionize the business landscape, giving rise to virtual businesses that
operate purely online. The primary drivers in this new front are Cyberpreneurs – entrepreneurs
who leverage the speed and power of the internet to do business. What is Cyberpreneurship, and
why does it matter in today’s economic landscape? This article aims to provide valuable insights
into this new terminology and what it takes to thrive in the digital business world.
What is Cyberpreneurship?
Cyberpreneurship is the love-child of the digital age and savvy entrepreneurs who recognized
early on that the internet would be the juggernaut that it is today. The term is a play on two
words: cyber and entrepreneurship. “Cyber” is the culture of computers, virtual reality, and
information technology, while “entrepreneurship” is the process of discovering innovative ideas
to consolidate resources. With Cyberpreneurship, you have the merging of established economic
systems digitized to exist in cyberspace – think your favorite mom & pop bakery selling their
delicious cookies online.
The Cyberpreneurship industry has experienced massive growth in the past decade, existing in
every corner of the internet. You have digital information sources such as online news, blogs,
articles, and videos. There’s also the billion-dollar e-commerce industry, cybersecurity
solutions, and OTT (over-the-top) content platforms such as Netflix and Spotify.
For instance, some businesses deliver underwear, socks, or a basket full of goodies in exchange
for a monthly subscription. Or, look no further than Netflix or Spotify. Digital enterprises such
as these won’t be able to exist anywhere else except on the internet. Since such platform exists
online, Cyberpreneurship can conduct entire transactions – product deliveries, service
deliverables, and income generation – all in the digital domain.
● Flexible Operations
You have the option of setting your hours because an online business is 24/7. You or your staff
may not be available at certain times of the day, but your website will.
● Efficient Logistics
Business logistics have never been as streamlined and efficient as it is today, and that’s all thanks
to the internet. You can take orders and ship products while resolving customer complaints in
real-time. There are also inventory tracking apps that let you keep track of your stock even when
you’re not in the office.
Malware is also encoded using the same system, which is why the malicious side of cyberspace
exists. Cybercriminal activities that affect online businesses include phishing emails, fraud,
supply chain scams, corporate espionage, financial data theft, identity theft, denial of service
attacks (DoS), and malware distribution, among others. A whopping 76% of U.S. businesses
reported an attack in 2019, and 60% of SMB’s fold six months after a data breach.
Businesses that do not have a robust cybersecurity protocol in place run the risk of a security
breach. Existing online means that you must have a defensive strategy for online threats in the
digital space, such as using an identity monitoring service to check for compromised
accounts and cybersecurity programs that protect networked systems. One area where
Cyberpreneurship can save the day is when freelance IT security professionals offer their
services to help other online businesses mitigate the threat of a cyberattack.
Conclusion
Cyberpreneurship meaning is simply cyber entrepreneurship. It has opened doors for plenty of
professionals. Entrepreneurs with little to no investment on their part to start their online
business. The virtual world is the next frontier. And those willing to break free of the traditional
9-to-5 corporate jungle setup can make a name for themselves. That is by taking advantage of the
vast and open world of the internet. However, cyberspace isn’t perfect. It has its flaws like
cybercriminals and malware, just like the real world has criminals and terrorists. Therefore,
Cyberpreneurs have to ensure they use cutting edge cybersecurity. This is essential to protect and
safeguard their online businesses so they can minimize the risk of a cyberattack.