NewsLetter [Home]

Profile of an Internet Entrepreneur

Internet entrepreneurship is not an inherited but an acquired trait. We challenge you to conduct some self-analysis, look within and reset the course if necessary:

• Do it yourself or hire others to help you
• How to recruit, outsource and contract for support services
• Exclusive focus on your Internet business is your ticket to prosperity
• Ten ways to leverage knowledge as a powerful resource

Do you have what it takes to become an Internet millionaire? Find out by reading this self-assessment manifesto and conduct some introspection. It is sure to help you even if you already have an Internet business in that it will help you streamline your business functions more productively and help you redefine both your short-term and long-term goals.

Loner or Team Player
The successful operation of an e-commerce business calls for a multiple skills set. If you are a one-person operation, you need to do everything yourself. So be prepared to read tons of e-books, blogs, articles and resource sheets. Plan to spend many hours on your preferred search engine researching products, services, marketing strategies and solutions to everyday business problems. You need to be your own site designer, search engine optimizer, e-marketer, advertising agency, content developer, product researcher, cyber law expert and last but not the least, accountant and tax preparer. If you don’t think you can wear many hats, don’t feel discouraged. You can set up a team with other members of your family or with a group of friends and divide responsibilities. Be prepared, however, to share the profits when the bucks begin to roll.

Contracting for Services
If you choose not to build a team from within your network of family, friends and associates, consider hiring professionals from your community or from an online marketplace. It is best to source professional talent from your local community because this provides you with face-to-face access to your service providers. Instead of putting them on a retainer, pay them on a per-project basis based on a clearly spelled out contract, project specifications and delivery schedule. Shop around because services do not carry a suggested retail price like products do. Remember also that cheaper is not always the best Ask for verifiable references and check the references out thoroughly. Farming out business services to qualified service providers will allow you to focus more on running your business, coordinating various business functions and providing top-rated customer service. Building and sustaining a market presence is a time-consuming activity and you will most certainly need to spare the time it takes to promote your Internet business. Owning your own online company doesn’t mean you will have to work any less. It just means that you can work flexible hours, initially from the comfort of your own home and subsequently from a location of your choice where only you will call the shots. Operating an Internet-based business takes a great deal of hard work, discipline, sacrifice, patience and tireless commitment.

Entrepreneurial Vision and Focus
During the process of operating your online business, you will encounter myriad business propositions, pockets of potential profits, a diverse set of affiliate marketing programs and get rich quick schemes. The key to success on the Internet is focus. Once you identify your niche, remain committed to it full-time. Try not to dilute the value proposition by swinging recklessly into unrelated business opportunities and Internet programs. The time to diversify is not now but ten years from now-- sooner if you have a super positive cash flow.

Continuing Education and Back to Basics
As an Internet entrepreneur, it is crucial for you to stay on top of all the major and minor advancements in your industry vertical. You need to stay competitive in order to deliver the best. Here are ten ways you can achieve this mission critical milestone:

• Sign up for Google Alerts using your industry’s top keywords
• Visit your competitors’ web sites weekly if not daily
• Sign up for blogs that address your industry’s concerns and issues
• Subscribe to at least two quality e-newsletters with a focus on your industry
• Sign up for Amazon’s Book Alert Program and READ them when you buy a few of them
• Locate an industry group on Yahoo Groups, Google Groups or Free Lists and hang out virtually with your industry’s buddies
• Sign up for at least two business networking sites such as Linked In, Zoom Info, Ryze or Tribe and stay active on one industry-specific listserv
• Visit the business pages of at least one online version of a newspaper such as the Wall Street Journal or the New York Times
• Visit the web site of a relevant industry publication if you are unable to subscribe to its print edition
• Attend at least one workshop, conference or training session a year to catch the latest developments in your field

The Road Ahead
Hiccups and teething difficulties are a part of the game and therefore should never discourage you. A supportive business network surely comes in handy when you are faced with questions with more than one answer. Remain motivated and consistently focused and watch your e-venture scale the dizzy heights of Internet business success.

.