Online Entrepreneurship has changed the business landscape all over the world. It has given many opportunities for countless entrepreneurs. In America alone, 32% or about a third of the population have made purchases online. No doubt, there is a lot of money generated in this type of platform.
Online entrepreneurship is a result of the recent boom in technology. It makes it the primary focus of business marketers and planners. Almost everyone with computers or phones is familiar with it, either as a seller or a potential buyer. For both parties, it is easy to deal with, convenient, inexpensive, and wide reaching. It’s a win-win situation.
The two kinds of entrepreneurs and online entrepreneurship
Like every business, there are those who succeed and there are those who don’t. Seasoned entrepreneurs have forayed into online entrepreneurship because of profitable reasons. There are also new ones whose businesses are solely done online, without first starting at an actual, physical store. If the two are to be compared, the more experienced ones are most likely bound for greater success. The reason for this is that they don’t put all their efforts online. Online entrepreneurship is just an addition to their tried and tested methods. It is advisable that budding entrepreneurs try to learn the traditional way first.
Integration is the key
What newbies don’t realize is that online entrepreneurship is just but one avenue. Successful companies aren’t 100% virtual; they also keep and maintain a brick-and-mortar store. Customers have the option of either going online or to the store. Many of them even prefer the latter because it’s their comfort zone. Buying from an actual store gives them a sense of security. Looking at a product in its physical form lets them know that it doesn’t have any defects. It also gives them the chance to feel its texture and examine its scale, something that’s not entirely possible if they buy the product online.
The success of online entrepreneurship is only possible if it’s coupled with traditional marketing methods. Newspaper ads, magazines, television commercials, etc. play a huge role in raking sales.
Research and online entrepreneurship
Most importantly, customers use the Internet for researching products that they would like to buy sometime in the near future. The role of online entrepreneurship is more on the pre-selling stage. It affects how the consumer views products. If they are convinced that a certain product is really what they want, then they’ll go out of their own way and visit the actual store. Online entrepreneurship is basically advertisement in the virtual form.
The curse of the term
The term has a lot of connotations. To some people it means sitting around all day and doing everything in front of a screen. It sounds very pleasant. However, as with all endeavors, going online poses some degree of difficulty. Online entrepreneurship does not involve any magic work. It still requires you to go out of your own home and talk to people face-to-face.
Additionally, the Internet is a one big ocean. Online businesses usually go unnoticed if the ads and the website are not crafted effectively. Yahoo is a great example. They have made the yodel sound immensely popular. They have relied on traditional media such as television and email advertising to reach success. Yahoo seems to have mastered the art of online entrepreneurship quite well.