There are so many opportunities on the internet, and believe me, there will never be a better time for you to become an internet entrepreneur or bring your offline business online than today. Many E-businesses out there have sprung up in recent years to meet increasing consumer demands, but there will always be gaps in the various market segments which remain to be served; opportunities previously not captured by companies could now be available to the new entrepreneur either because of the better timing, market segment maturation or simply due to the arrival of more feasible technology to serve it in such an effective way that was not possible before.
Why Start an E-business?
There are well over 1 billion internet users today and the number is still growing at a phenomenal rate. We are always online (Learn to use that tool wisely), checking emails or chatting, shopping for goods and groceries online, looking out to the internet for news, entertainment and to keep up with the latest fads and trends. The internet has changed every facet of how we lead our lives and how we go about performing day to day tasks. And it’s amazing to see how technology has evolved so much that with a computer/laptop(which most of us have turned into TV, spend most of our time watching movies), That gadget you have is a powerful tool with which you can establish a small- or medium-size enterprise in as little as half a day. I’m not here to tell you what online business to start yet that would come in later. Just here to actually show you a glimpse of what business is like online when you come up with a unique business idea.
Consumer tastes on the internet are evolving every day and as communities around the world change in demographics and social makeup, new needs are born. The shrewd entrepreneur will be able to tap into this changing landscape and build a thriving internet business. And this has created a whole new world of business opportunities. Before the internet age, there were higher barriers to entry for entrepreneurs to start a business in the brick and mortar world(physical business), now anyone can start an online venture at little or even no cost. Free tools such as blogs exist as an option to anyone who is motivated enough to utilize them to reach out to their target market.
More and more people are quitting their day jobs to focus on their private internet businesses and many have found personal fulfillment and financial success in doing so. Vast technological improvements since Tim Berners-Lee 1989 meant that online transactions are now faster, safer and cheaper. Big corporations are getting upended by small start-ups in the leveled playing field with the help of accessible technology and the proliferation of cost-efficient marketing methods using social media. There is no reason why anyone who is determined enough to succeed cannot do so with the right business model and supporting tools.
Today, the internet is an established manner of doing business. It is no longer new and “innovative.” But unlike the brick-and-mortar world, which remains intact, the internet evolves very quickly. For example, the banner ads of a decade ago gave way to pay-per-click advertising and internet marketing has largely morphed into social media marketing. Sure, a store can add a new wing or open another outlet, but it takes time and a lot of funding. An e-business, however, can rearrange its inventory with a few clicks of a mouse and add pages of new products with a little bit of webpage designing. It’s time and cost effective. The internet can, and does, change more quickly than the brick-and-mortar world, thanks to new technology emerging all the time.
Venture capital funding, billions of dollars’ worth, is out there on the internet, but yet you can’t just dive in like that simply because there’s a huge opportunity, besides it’s easier said than done. So, you’ve got to be prepared before you try to accumulate any of it. Venture capitalists want to know that you have thought out every possible aspect of the business and left no stone unturned. You need an air-tight business plan that defines exactly what you are planning to do with that internet and have all of your ducks in a row, from your costs to your management team, before approaching a venture capitalist.
Nothing has ever been perfect right? So, there can be drawbacks to an Internet business too. If you are not good at self-motivation, you will have a hard time running an e-business, or any business for that matter. An entrepreneur needs to be ready to put in long hours and focus on the business constantly, especially in the growth stages. With luck, you will have a team to help you once your business is successful. But, as any entrepreneur will tell you, it takes persistence and the ability to get up each day and get to work. Some people are good at this while others have a hard time self-motivating, which is not a good attribute for a business owner.
Finally, before embarking on how you can get started in your own online business, or bringing your business online, do check out a few of the many successful e-business models that have preceded your endeavor. Always look for a niche the Big Boys have neglected—then exploit this opportunity swiftly before the mega-companies come to their senses. And guess what: There always are such opportunities, Find yours and move fast. I hope you found this beneficial, All the best.