Page - 19 - in Digital Entrepreneurship - Impact on Business and Society

information andalgorithms.At the same time, the existence of anetworked society necessitates a significant shift in organisational strategies, structures, leadership, processes and policies as disruptions become anewwayof living and acting as an entrepreneur. Thus, adopting aDEMisno longer a choice but a necessity.ADEM is required to reimagineanexistingbusinessmodel andconvert it into adigital one. ByapplyingaDEM,anentrepreneurmay reconsider the infrastructure theyuse, the type of insurance they require or themarketing activities they plan. Data-driven, cloud-enabled, platform-centric business activities dominate the business world today. By presenting the three success stories of Domino’s, Tesco andTate, inwhichdevelopingaDEMwas thefirst step to succeeding in thedigital age, this chapter has demonstrated the value of responding to opportunities created by digitisation. Bothmanagers and employees in these companies have shown the inclination and ability to discover, evaluate and exploit opportunities arising from digital technologies and convert them into concrete actions that have led to better financial performance. Digital transformation, to which every business is exposed today, has replaced the cost-focused operatingmodel of the past and looks set to develop into a fully networked digital business model in the future. Thus, entre- preneurs need to adhere to the new realitywhere adopting a digital entrepreneurial mindset is the key. This chapter has provided some tools and examples of how entrepreneurs have prepared their businesses to cope with new digital challenges and turn them into opportunities. However, it is important to emphasise that the presence of DEMs in these companies has not led to changes in decision-making processes but has had a tremendous impact on the society around us. Acknowledgements We acknowledge, with much appreciation, the many constructive insights that Lars Meijburg has provided for this chapter. Thank you for your input, commitment and passion, which have increased the quality of this work.We are looking forward to seeing your digital entrepreneurial mindset in action. References Annual Report and Financial Statements 2019, Tesco. (2019). https://www.tescoplc.com/media/ 476422/tesco_ara2019_full_report_web.pdf. Aral, S., Dellarocas, C.,&Godes,D. (2013). Introduction to the special issue—socialmedia and business transformation: A framework for research. Information Systems Research, 24(1), 3–13. Arnason, G. (2017). 2016 FICO decision management innovation award goes to Southwest Airlines.FinancialNews.https://financial-news.co.uk/2016-fico-decision-management-innovation- award-goes-to/. Avery, J. (2017). The Tate’s digital transformation. HBSNo. 314122-PDF-ENG. Boston,MA: Harvard Business School Publishing. Brynjolfsson, E., Hitt, L.M., &Kim, H. H. (2011). Strength in numbers: how does data-driven decision-making affect firm performance? SSRNElectronic Journal. SSRN: https://ssrn.com/ abstract=1819486 or http://dx.doi.org/10.2139/ssrn.1819486. Caldwell, L. (2018). how digitisation is driving new business models for manufacturers. https:// www.forbes.com/sites/lisacaldwell/2018/11/27/how-digitisation-is-driving-new-business- models-for-manufacturers/#1160d3946aa6. Developing aDigital EntrepreneurialMindset for Data-Driven… 19