Page - 10 - in Digital Entrepreneurship - Impact on Business and Society

2.3.1 Digital EntrepreneurialMindsets forData-DrivenBusiness Activities ADEMisnecessary to better understandwhether a company is data-driven.Being data-driven helps companies to prioritise opportunities emerging from digital technologies (Marr 2016).The followingquestions canbeused to assesswhether a company is data-driven and makes use of the opportunities arising from consid- erable amounts of data: 1. Are the CEO and executives ready for change in the company, with the right creative and passionatemindset for data generation? 2. Is the data accessible and democratised for all employees? 3. Are theemployees ready for thechangeandcan theydecrypt andunderstand the data? 4. Howwill the data bemanaged and how can you avoid a data overload? 5. Does every level of the organisation share the opinion of the topmanagement about adopting a data-driven culture? These five areas are considered to be five standard features of data-driven companies (Peregud 2018).As such, entrepreneurs running data-driven companies shouldbe able to automate their company’s operations to distil data-driven insights and to incorporate those insights into business processes. Such processes certainly help entrepreneurs to discover, evaluate and exploit opportunities emerging from digital technologies, which is the very purpose of a DEM. According to Dykes (2019), being ready to accumulate a variety of data systems and tools and being aware of proper datamanagement, shifting themindset is crucial for a business to foster a data-driven culture. Turning an entrepreneurial mindset into a digital one requires diligence andpatience asmanagers have to attempt to steer their team in a new direction relying on digital technologies. Although there are some limitations associated with being a data-driven company, such as losing sight of the work beyond the data and becoming driven by the data in a way that does not drive markets and innovation, there is not room in this chapter to elaborate further on such issues. 2.3.2 Digital EntrepreneurialMindset for Cloud-Enabled Business Activities Cloud-enabled solutions are seen as the catalyst for digitalisation of all business activitiesandaredesignedtostoreallofabusiness’ information.Cloudsenhancethe flexibility and efficiency of all kinds of business activities (Rishi et al. 2017), espe- cially those rising from persuasive digitalisation andwhich are crucial to aDEM. This helps digital businesses to evaluate and exploit emerging opportunitiesmore quickly, as employees, customers and third parties are able to work together and collaborate onprojectswithout slower, unnecessary offline communication (Nulaw 2020).Moreover, systems can interoperate with other systems through the cloud, which simplifies the process of upscaling and downscaling a business (Dynamic Quest 2019).For cloudcomputing, as anentrepreneur, youonlyneed tocontact the 10 M. Soltanifar and E. Smailhodžić