The Online Entrepreneur

by Wasim Ismail on December 14, 2010

There are so many websites online stating you can make money online using various methods and techniques, and there are thousands of people searching online everyday on how to make money online. By choosing one of these online methods or techniques to generate an income does this mean that your an online entrepreneur?….. Not quite!

What is an Entrepreneur first of all?

An entrepreneuris a person who has possession of a new enterprise, ventureor ideaandassumes significant accountability for the inherent risks and the outcome.
Source: http://en.wikipedia.org/wiki/Entrepreneur

Someone that takes calculated risks, and knows what he wants to achieve and works extremely hard to gain his goal.

Do entrepreneurs need to be rich to be successful?

There is a common myth that if you’re an entrepreneur, you role in money and have an established business that is giving you a healthy pay cheque each month. This is not exactly true, first of all anyone can be an entrepreneur, you just need passion and determination on what you're looking to achieve. Yes with determination to succeed money will also come itself its part of the parcel, and you will start to enjoy the pay cheques that you are aiming for, but the work will need to be put in to get the pay cheques you want.

What you need to understand is successful entrepreneurs all started somewhere, and most of them had to start with nothing at all and built up their own business from scratch, with working hard and staying focused in achieving what they wanted to achieve, they knew exactly where they wanted to be, and went out there to get it. You don't need to be rich and have lots of money to be an entrepreneur, you need an idea and focus.

Are online entrepreneurs different to any other? Online Entrepreneur

Not exactly, the only difference is that the ventures and the business dealings are all done online. The work involved, the focus is the same as being offline. Being online doesn't differentiate us from any other entrepreneurs. At the end of the day you’re still running a business, and have a venture, and entrepreneurs still existed before the Internet came about.

Being online I would say one has more work to do, as besides learning the business offline one also needs to understand online trends, and fully master how the internet works, from sales, marketing to management of an online shop. Many businesses have a dedicated employee's or even departments that handles their online side of the business.

What exactly do I need to know to become an online entrepreneur?

As mentioned above, online entrepreneur doest differentiate us from any other entrepreneur, but the things that you would need to know to become a truly online entrepreneur are:

Knowledge of online market: how the Internet works, and how users interact and communication online, along with online trends, and how users behave online.

Basic knowledge of websites: Being an online entrepreneur requires a website, whatever you do online you would need to give it a face, and presence, which all starts with having a website. It would be plus point if you have basic knowledge of how a websites works, and operates from basic HTML, and having a brief overview of online platforms such as WordPress, Joomla & Magento. This will be make it easier for you to manage your online business, and have full understanding of how your online business is operating..

Online marketing:Once you have setup your online business, as any entrepreneur would do offline, you would need to promote and market your product and services. Being totally online, studying basic online marketing and how online business promotes their services will give you a quick boost. The common ways of marketing online are usually, SEO& Social Media, which you would need to implement into your online entrepreneurship.

Online Tools: Ideally being a truly online entrepreneur you want to manage all aspects of your business online, from invoicing, task managements, customer relationship, and even customer support. Take some time out to study online tools that would make you a better online entrepreneur from managing time and improving efficiency.
Above are some of the factors that would help you when setting up online, but it should not hold you back, if you haven't learnt them, or want to start online before, you can, you can always learn the factors above as time goes on. The main reason why the above would help is that when you speak to a development and marketing companies, you would know exactly what you want, and negotiate the right price for what you're looking to achieve, and give you the overall setup to run your online business.
Secondly once you have setup everything you would be able to manage some basic elements of your site and business, rather than paying for changes and management of your site to others. As part of running a business online or offline, is to aim to keep costs low as possible, and improve efficiency.

Key elements of an entrepreneur

Setting up a business and establishing a successful income is all part of being a good entrepreneur, but there's more too it. If you look at all successful entrepreneurs you will notice they all think the same, and have an ambition with allot of drive, focus. You will notice similar qualities between all successful entrepreneurs.

Competitive Nature: One of the key habits of most successful entrepreneurs is being very competitive, they want to be the best at everything. This nature is not only in business, but also on general day to day life, in sports, personal activates. When speaking to friends of entrepreneurs most of them would say that they always want to succeed and be the best at everything.

Inner Drive: Being a successful entrepreneur requires inner drive, and buckets full of it, they all need to be self driven and have the fire to succeed, as working for yourself at times will be lonely, and they may not necessary have a team or a manager to push them all the time, it will all have to come from within one self, they will need to have the drive within them to take their venture to the finishing line, by setting goals, and targets, and working to accomplish them regardless of what's in their way.

Self-Belief: Mentally entrepreneurs know that they can make it, and belive that there services and products are THE BEST, all of them will need to believe in themselves, even though others may think that they are crazy. As being an entrepreneur you have to see the bigger picture, you have think outside the box, and many of the times being what they are, they will get criticised by others, and this is where self belief comes in, they know that they are the best in what they do, and they will need to believe in them self's so that they can lead their team to success.

Eager for more: All the entrepreneurs that I have met, always want more, some have successful business and can retire, and some in the early stages of their business. But one thing for sure is that there is no stopping them. They always want more, once you have achieved your first goals and targets, they have already set them self the next ten targets to accomplish. Entrepreneurs are always keen to learn and find out new things, which they implement into their business. Eager for more can be measured in: eager to succeed, eager to be the best, eager to learn more. Whatever the case they all have eager for more.

Acceptance of criticism: In day-to-day activities, and whatever you do, you will get some that will criticise you, your work, your ethics. One of the key elements of an entrepreneur is that they will be able to take and accept constructive criticism, and bounce of them to make them stronger and better. At times it might seem harsh especially in the beginning, and can relay effect them, but as they go along they will learn how to handle criticism, and at the end of the day it will work out to be for the best. As you cant please everyonebut you can deliver the best in yourself.

Build a good team: Part of being a successful is that they will build a team around them that are good and maybe even better then they, and coordinate them with a mastermind. Building a good team is one of the key elements for any business, and entrepreneurs will mostly build a team of people that have key skills that are better than them, so that the business can really thrive by having lots of good key skilled people in the organization.

What do you think are the essential characteristics that a good entrepreneur should have? Share your thoughts below in the comments.

I would also recommend in reading the book How They Started , about how house hold name business started, and what the entrepreneurs did in the early stages before their business relay took off:

(Image courtesy of   See-ming Lee 李思明 SML' under a Creative Commons Attribution 2.0 generic license.)

Thank You For Reading

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