An entrepreneur can run a service-oriented business, a product-oriented business, or combine both. Each of these approaches involves solving problems and scaling a product or service (“Module notes,” n.d.). I have decided to focus on e-commerce and digital products. In particular, I plan on selling digital art, which comprises a wide range of products, such as paintings, illustrations, logos, templates, and other creative works that can be classified as intangible (Hordos, 2018). I will need to conduct market testing to evaluate the performance and adjust the characteristics of my products based on customer satisfaction (Alanis Business Academy, 2012). The advantages of digital products include selling electronically produced copies without the need to make physical versions, and reduced costs since no packaging or shipment costs are involved. Furthermore, in the context of the digital transformation of product-oriented businesses, numerous opportunities for innovation appear.
Differentiation and Competitive Advantage
Growing demand for digital art can be observed worldwide, which emphasizes the need for differentiation to succeed in this venture. The characteristics that will differentiate my products include high quality, stylization, and individualism. I intend to develop my unique style and gradually expand the range of my digital products. The art market is highly competitive, and a strong marketing strategy is needed for businesses to survive and do well (McConaghy et al., 2017). For instance, I can use social media for a competitive advantage to promote my sales and increase customer loyalty.
Entrepreneur Types and Business Types
Based on the previous assessment, I identified myself primarily as a solopreneur. However, I also fall under the categories of wantrepreneur and lifestyle entrepreneur. The qualities and characteristics associated with these types align with the product-oriented business I identified in this discussion. In particular, as a solopreneur and wantrepreneur, I will be able to take on a leadership role in managing my business at various stages and resolve challenges efficiently (Weedmark, 2020). As an innovation-oriented person and lifestyle entrepreneur, I can produce value for the customer while realizing my creative opportunities and applying technological inventions.
Alanis Business Academy. (2012). The difference between goods & services. YouTube. Web.
Hordos, L. (2018). Product vs. service examples. Az Central. Web.
McConaghy, M., McMullen, G., Parry, G., McConaghy, T., & Holtzman, D. (2017). Visibility and digital art: Blockchain as an ownership layer on the Internet. Strategic Change, 26(5), 461-470. Web.
Module notes: Product versus service classification. (n.d.). Web.
Weedmark, D. (2020). Product vs. service marketing challenges. Chron. Web.