What Does it Mean to Be an Online Entrepreneur

These days, Internet is a major place to build business. With the growing popularity of online media and advertising, a new generation of businessman – online entrepreneurs – has arised. Ask around and chances are you will find at least one person who would like to call himself that. But what does it really mean to be an online entrepreneur?

Online Entrepreneur is…

Wikipedia gives a following definition of Internet entrepreneur:

“an entrepreneur, an owner, founder or manager of an Internet based business enterprise who makes money through risk and/or initiative”

I checked the definition of business enterprise and here’s what it says:

„the activity of providing goods and services involving financial and commercial and industrial aspects”

 

10 Richest Internet Entrepreneurs

Google bears the palm in terms of the richest entrepreneurs on the planet according to Statista. Lary Page, Sergey Brin, Eric Schmidt hold the 1st, 2nd and 6th place accordingly. The third place belongs to Mark Zuckerberg of Facebook.

The Richest Entrepreneurs

 

5 Keys to Becoming a Real Online Entrepreneur

Today, so many people call themselves online entrepreneurs that the term has lost its real meaning. There are several characteristics for being an online entrepreneur. Read them and check if you are one.

1. Product or service to sell

One of the most important things to be an Internet entrepreneur is to have a value you can sell. This can be a product or service. Good sites will have a shopping cart or other options for making a purchase. Advertising can be an additional stream of income, but should not the primary one.

2. Business plan

Just as traditional business, Internet businesses should have a concrete plan in order to make profit. It is a good place if you want to attract capital, partners and most of all – clients. A solid business plan verifies whether the business idea is likely to succeed and what exactly needs to be done.

3. Employees

A one-person business is a begining of a journey to become an online entrepreneur. Being a CEO, CMO, CTO, secretary and accountant in one person can be exciting in the beginning but being an online entrepreneur means having a vision and this is hard to achieve when you have to do everything on your own.

4. Risk

Entrepreneurs take risk. For example, starting a site and buying hosting is not a risk. Investing in the development of your site, self-development or advertising is what you can call risk. Thus, a person who sets up a blog and simply earns money on advertising should not call himself a real entrepreneur.

5. Office space

Home office is fine for one-person businesses. Office space is one of the risks entrepreneurs take in order to grow their businesses. It is a fixed cost, but once you can afford it, this gives you the foundation to grow.

Share your thoughts about online entrepreneurs below this post.