Entrepreneurship - Mar 19, 2008 12:14 - 1 Comment

The Advantages of Being a Netrepreneur

Entrepreneurship is the practice of starting a new business in response to identified opportunities. A broader definition includes revitalizing mature companies or organizations.

Entrepreneurial activities covers a lot of ground and may differ from one type of organization to another. When starting a brick and mortar type of business, most businesses seek venture capital or angel funding in order to raise capital to build the business.

The Benefits of Online Entrepreneur (Netrepreneur)

If you read this article, chances are you are planning to start your own business online, but you are still in doubt whether it is right for you. Here’s a list of advantages of going online.

• Start on a shoestring. Building a business online, you may or may not need additional funding. There are many ways to start an online venture. If you are lack of capital to start a business, you can always start small and grow from there. A lot of Internet business models allow you to start on a shoestring. You may be surprised to know the figure. I used to start a business for under $50. My monthly spending for various necessity for the business doesn’t exceed $100. That, of course, doesn’t include advertising expense, because I think of that as an investment. It actually makes money instead of spending it. How many business can you start and maintain with that?
• You’re in control (or be your own boss.) Internet entrepreneurship is often illustrated with an individual working from home, in the bedroom or the kitchen, in underwear. That may not be an actual benefit for a lot of us, but at least it drives the point home. You can do what you want without the need to wear suit and all the formalities. Of course, the rest of it, like business relationship has a lot of similarities. As your own boss, you control your business. With it comes responsibilities though.
• Enormous earning potential. When it comes to the earning potential, solopreneur who works from home earns anywhere from four-, five- and even six-figure income. The sky is the limit. You can keep it small and manageable or hire a team to work for you and grow the business to any level you want.
• Automation possibilities. You can automate a lot of components of the business, including but not limited to, order and payment processing, inventory management, customer support, follow up via email, and so on.
• Global presence and reach. Brick and mortar business is limited by location. A huge factor of success of the business depends on the location of the business. On the Internet, this factor doesn’t event exist. By establish an online business, you have the possibilities to reach global market. Combining this with the minimal investment, it becomes a very lucrative venture.
• Measurable and effective marketing methods. There’s nothing that brings more measurable results than the Internet. Direct response marketers will be excited to jump on this medium. Best of all, you can start getting results of different tests in a few minutes. Compare it with traditional marketing which needs weeks, if not months, to get accurate results.

There are still many benefits of an Internet business, but those are the major ones.

One Caveat…

Well, you should expect this. There’s nothing as getting rich quick and being a entrepreneur you know nothing comes without hard work.

Building a business online is exactly like any business. The Internet, if you see it, is another medium to reach customers. For that reason, it is only logical if once you get the ball rolling, you also tap into different media to get customers and clients.

Many entrepreneurs limit themselves around different online channels. I know people who do this intentionally because he doesn’t think he want to grow the business to multi million company. And for that, perhaps the reason is acceptable.

There’s a good news though. Nowadays, you don’t have to reinvent the wheel. You can seek out what other successful entrepreneurs do and model their systems. A system may be different from business to business but with the framework that is already invented, you can adjust it to your business far more easily than starting from scratch.

The old adage goes that “the joy is in the journey.” Make sure you have ample of fun.

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