Business grows and business slows, as many have experienced or observed in their careers and the cure for such stagnation is entrepreneurship. As a notion, entrepreneurship refers to developing and implementing new business ideas to promote economic activity and market growth, making it possible for new companies to enter the markets or existing ones to enhance their businesses. Online entrepreneurship is a relatively new phenomenon which takes the given procedure to a digital level, enabling producers and consumers to engage into business through the internet. Whether it be a news website dedicated to technology, an online retailer of goods or a new social media outlet, online entrepreneurship opens new frontiers for business in the new world. It is up to those with a smart business mindset to take advantage of the situation and connect the dots.
Information is key for business and online journalism has become more important than ever, both as a mediator of ideas and as a business. Online entrepreneurs such as Sam Apple have taken notice of the current crisis is printed media to start companies such as ‘The Faster Times’, a web publication that was created using open-source software at an ever affordable price tag of $20,000. Apple recruited numerous jobless writers in New York to offer them 75% of all advertisement revenues as salary, in turn making them business partners. Apple believes that the problem with printed media is that the customers are expected to pay for the ‘freight’, meaning that paying for the print services has been rendered unnecessary. The online entrepreneur realized that by using advertisement revenue, the given constraint could be eradicated which led to success with his online journal. The Faster Times went online with a lavish party in a Manhattan bookstore last July with correspondents from 20 different countries reporting on a variety of subjects including food, science, travel and arts, receiving appraisal from its readers. It seems as if Apple and his team have solved the crisis of American journalism by implementing a new business scheme and retaining journalistic integrity.
What is the key for success in online entrepreneurship? According to Jennifer Trask of The Huffington Post, there exists a formula. Online entrepreneurs should save money for taxes, as the legal complications arising from illegality might lead to sever financial consequences. Such entrepreneurs should not compare their projects with others for the sake of retaining confidence. Getting quality leads is necessary and those who can do it faster are automatically more successful. Seeking for professional aid is required because confidence does not pay bills: profits do and there are people who know how to make money from online operations. Building a large email list does not hurt anyone because it enables the entrepreneur to reach out to the right people and promote their services/products. Keeping successful people around one’s self is crucial because it becomes possible to learn from their ideas and experiences. Having the capability to say no is important because the current market paradigm has a habit of pushing new projects into oblivion, leading to dead ends. Finally, having fun while working is necessitated because neither the employees nor the clients want to have a bad time with the project. All in all, in order to succeed as an online entrepreneur, one should pay attention to finances, legality and quality to ensure a safe and profitable ride.
The Silicon Valley is a landmark in today’s globalist capitalism and Vivek Wadhwa of The Washington Post believes that online entrepreneurs should follow its lead. Digital infrastructure is a necessity in today’s global business and the Valley’s habit of promoting new ideas is a key element in its success. Facebook literally took its entire modus operandi from previous projects such as MySpace and Friendster and currently the company is copying Snapchat with its Facebook Stories and Facebook Live is almost a replica of Meerkat and Periscope. “Knowledge is sharing,” says Wadhwa and building on previous ideas by utilizing new and fresh ones from others is totally acceptable. This way, the online entrepreneur might utilize the feedback given to other projects to perfect it and create a better one. Companies such as Apple have been killing imitations by constantly producing new products and therefore such interactions are necessary for constant innovation and most definitely are not a strategy to be frowned upon.