Internet entrepreneurs are gaining more visibility, as people are driven to start their own businesses. They’re lured into the perks of being their own boss and operating according to their terms. The internet has made it easier and more appealing, as one can do anything on the internet. The sky’s the limit.
In this article, we’ll take a look at internet entrepreneurs. Who are they? What benefits do they have? And what skills do they need?
What is an Internet Entrepreneur?
An internet entrepreneur is like any other entrepreneur. They set up a business in the hope of making a profit. However, an internet or online entrepreneur is an entrepreneur who operates their business on the internet.
Advantages of Being an Internet Entrepreneur
Internet businesses shouldn’t be seen as limited. There are many perks to being an internet entrepreneur:
Expand Your Earning Potential
Compared to a 9-to-5 job, having your own business may generate more income, as you can earn as much as you want. It all depends on your business model and how hard you work to meet those expectations.
Being your own boss gives you more flexibility since you choose your working hours. However, keep in mind that your working hours will be determined by your clients and the business you run.
The internet provides more job opportunities than ever. You can do anything online; the possibilities are endless. All you need to do is to identify a niche, preferably in something you’re passionate about, and work on it.
Running an internet-based business allows you to provide better and improved customer service compared to other businesses. You can communicate with them and address their issues through social media, email, messaging apps, calls, etc.
Steps to Become a Successful Internet Entrepreneur
Do Your Research
Before starting your business, study the market and research the industry you are interested in. You can also sign up for some courses and certifications. That way, you’ll have an advantage when you approach investors.
Did you know EWOR has interesting programs designed to empower entrepreneurs in their businesses? No? You’re definitely missing out. Check out this link.
Identify a Niche
New businesses always start with identifying a problem and developing a way to address it. After doing research, consider the areas that align with your interests, skills, and knowledge. Consider where your business is needed and where it will make a difference.
Create a Business Plan
A business plan helps stakeholders understand your project ideas and goals. It highlights your research, strategies, and objectives. It should include:
- Company description
- Description of products or services
- Executive summary
- Market analysis
- Competitive analysis
- Organisational structure
- Marketing plan
- Sales strategy
- Funding request
- Financial projections
Networking is as important as all other steps. It helps you create awareness of your business. Every move, no matter how small, is worth it. Tell your friends and family. Attend professional events. Engage with brands or individuals on social media, etc.
Read our EWOR article “How to Network as an Entrepreneur” to get an in-depth idea about networking.
Use different tools to advertise your company and services, such as social media and search ads.
Target your ads to your specific market to attract and inform more potential customers.
Skills every Internet Entrepreneur Should Have
The skills of an internet entrepreneur are the same as any other entrepreneur. Those are:
Entrepreneurs should develop excellent communication skills. They represent their company and should always be on top of their game. Effectively communicating with clients, investors, stakeholders, and employees, is the key to building a successful business. They should also be outstanding leaders so people trust them.
They master all forms of communication: one-on-one, group, or in-person conversations, written communication, emails, social media, etc., to ensure they can reach their goals.
Critical Thinking and Problem-Solving Skills
Critical thinking and problem-solving skills are essential to strategically plan, evaluate, and improve your business. Running a business requires making tough decisions and finding solutions to problems that may arise along the way. It also involves having a different perspective on the way you look at issues and assess situations.
Marketing skills are critical to show your customers the services you offer and to increase the visibility of your business.
Digital Marketing Skills
Online businesses require digital marketing skills to generate more attention for your business. Your success increases and your company grows, as long as you’re consistent.
These skills include:
- Social media: Engage with your followers and post frequently.
- Blogs: Create a base of information that drives traffic to your website.
- Search Engine Optimisation (SEO): Using some simple strategies, SEO improves your search rankings in search engines and attracts more visitors to your website.
Time management and Organisational Skills
Online entrepreneurs should be able to manage their time well, especially in the beginning, when they don’t have a big team or on a tight budget. They have to be organised and track their responsibilities. Break down large tasks into manageable to-do lists and set achievable deadlines and goals.
Use technology to keep track of everything and prioritise important high-level tasks.
This list is not exhaustive. We have another article on our EWOR blog about the “5 Traits Successful Entrepreneurs Have in Common.”
Internet entrepreneurs base their business online, which may be their only way to generate profit. It’s appealing to some because of the advantages it has, but it also requires a lot of hard work, perseverance, and determination to succeed. If you’re toying with setting up an online business, this is your sign to go for it. Keep in mind the many steps and skills mentioned above.