In today's digital age, the allure of Internet marketing and e-business opportunities has attracted countless individuals seeking financial freedom and success. However, amid the promise of quick riches and success stories, a prevalent problem must be addressed. This article aims to shed light on the truth behind the Internet marketing world and confront some of its misconceptions. Here are four areas where you must be careful: The Salesperson Trap: Most internet marketers, often self-proclaimed "gurus," have a vested interest in selling their products and services. While this is understandable from a business perspective, it can lead to a problematic scenario for aspiring entrepreneurs. As they promote these products, the focus shifts away from building a legitimate business and turns individuals into mere salespeople. Selling becomes the sole priority, while actual entrepreneurial skills take a backseat. Not all “gurus” fall into this category, but many do. So be warned. The Lack of Proper Guidance: Mentors and coaches who guide newcomers often don’t address the intricacies of an e-business process. Many "gurus" claim to offer insights, but only a few genuinely show aspiring entrepreneurs how to grow their ventures into fully-fledged e-businesses. The Mystery of Product Development: One crucial aspect of running a successful e-business is developing products or services that cater to a target audience's needs. Unfortunately, few marketing experts delve into this aspect, leaving entrepreneurs at a loss when creating something of value. Trevor Carr is an exception here, as you cannot go wrong if you take his Breakthrough Program. You can count on him to guide you in developing your products or services. The Elusive Money-Making Tools: While wealth and financial independence are enticing, finding genuine tools and strategies to achieve these goals is often elusive. Only a few internet marketers provide legitimate resources to help budding entrepreneurs progress to profitability. The Business Approach to E-business In contrast to the prevailing hype, this article emphasizes that venturing into e-business should be approached as a serious business endeavor. It is not a realm for dabblers or those seeking quick fixes. Building a successful e-business requires dedication, discipline, and hard work. So let’s sort out what is needed for you to succeed as a businessperson in online entrepreneurship. Solutions: Three Essential Elements of Developing Your E-business There are three things you need to know about developing a business. 1) you must work on your business, 2) you must organize your business, and 3) you must work in your business. 1. Work On Your Business: To establish a solid foundation for your e-business, working on the business itself, not just in it, is crucial. This means stepping back from day-to-day operations and focusing on the broader vision and strategy. Here are some key aspects to consider when working on your business: a) Define Clear Goals: Set specific, measurable goals aligning with your long-term vision. Outline the milestones you aim to achieve and the strategies to attain them. b) Market Research: Conduct thorough market research to understand your target audience, identify their pain points, and discover opportunities for your products or services. c) Competitive Analysis: Analyze your competitors to gain insights into their strengths and weaknesses. Differentiate your business by offering unique value propositions. d) Build a Strong Brand: Develop a compelling brand identity that resonates with your target customers. A strong brand presence can help build trust and credibility in the digital marketplace. e) Create Scalable Systems: Establish efficient processes and systems that can scale as your business grows. Automation and delegation can play a vital role in streamlining operations. 2. Organize Your Business: A well-organized e-business is better equipped to handle challenges and opportunities. Organizing your business involves structuring it to foster efficiency, productivity, and adaptability. Consider the following steps to manage your e-business effectively: a) Develop a Business Plan: Craft a comprehensive e-business plan outlining your vision, mission, goals, target market, and revenue generation strategies. This document will serve as a roadmap for your business's growth. b) Team Building: As your business expands, you may need to build a team of skilled individuals who can contribute to different aspects of your venture. Surround yourself with talented people who share your vision. c) Streamline Processes: Identify areas of inefficiency and streamline processes to optimize productivity. This may involve adopting new tools or technology to enhance workflow. d) Financial Management: Keep a close eye on your finances and maintain proper accounting practices. This will help you make informed decisions and ensure the financial health of your business. e) Legal Considerations: Understand the legal and regulatory requirements relevant to your e-business. Protect your intellectual property and ensure compliance with local laws. 3. Work In Your Business: While working on your business focuses on strategy and growth, working in your business involves executing day-to-day operations. As an entrepreneur, you need to strike a balance between both aspects. Here's how you can effectively work in your e-business: a) Product Development: Actively develop products or services that align with your market research and customer needs. Ensure consistent quality and innovation. b) Customer Engagement: Build strong customer relationships by providing excellent customer service and addressing their feedback. Engage with your audience through social media, emails, and other communication channels. c) Marketing and Sales: Implement marketing strategies to promote your products or services. Embrace digital marketing techniques like SEO, content marketing, and social media advertising to reach your target audience. d) Monitor Performance: Regularly track and analyze key performance indicators (KPIs) to gauge the success of your business initiatives. Use data-driven insights to make informed decisions. e) Continuous Improvement: Embrace a culture of continuous improvement, seeking ways to enhance your offerings and processes. Stay updated with industry trends and adapt to changes in the market. By understanding and implementing these three essential elements – working on your business, organizing your business, and working in your company – you can lay a strong foundation for sustainable growth and success in the dynamic e-business world. Note: Many people who get into this business are affiliates, sometimes known as associates. If this is you, that is ok, just know that you are not running an e-business. You are a commissioned salesperson. You don’t develop products but sell other people's products, and you receive a commission in return. You need to understand those products, review them, offer bonuses, and often sell them using the creator’s marketing strategies, e.g., emails, sales pages, images, etc. Some internet marketers are good at selling but not creating products or running an e-business. And that is ok too. E-businesses need strong and effective salespeople. One more point for you to consider is that there is a difference between marketing and selling. Marketing is all about educating your potential customers about your products. Selling is about closing the deal and adding value for your customers. When you run an e-business, you need to consider both functions. Conclusion That’s all for now. Running an e-business isn’t as easy as people will tell you when you first get into it. Many moving parts require agility, persistence, and focus. As you develop your e-business, you will gradually move to fill the boxes with people, whether they are on contract or directly reporting to you. If you want help planning and organizing your e-business successfully, consider our Bizwoli System. The Bizwoli System will take you to the next level of your e-business. You may wish to talk to me first before closing off the Bizwoli System, I offer a free consultation about the program. You can find it in the link provided. You can also follow our Scaling Up Your e-business podcasts. Thank you for reading, folks. Keep well, stay safe, and continue becoming the best version of yourself. Richard, Richard Fontanie
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Over the years I have assisted hundreds of budding entrepreneurs in getting started in their businesses. Our Business Development course included everything one needed to know to establish a business. We began by assessing the individual to determine whether they were open to learning, what skills they had to bring to the business table, what their attitude towards business was, and whether their lifestyle was conducive to the hard work of opening a business. We worked with them to develop a business plan, supported them as they learned to get their business off the ground, and even worked with them to obtain business loans from the bank. We know that many people start a business without such support. Our studies showed that only 35% of those who started a business were no longer in business five years later. We found that our business support and coaching catapulted new business owners to an 85% success rate after five years. This percentage increase is not unusual as others who provided business training and coaching had the same result. Many of the businesses we worked with started as “Mom and Pop” operations and others were solopreneurs. The age range included hose in their twenties to those in their fifties. The gender was a mix of male and female, and the geographic location was both rural and city. Almost all of these new business owners wanted to establish a ‘bricks and mortar’ business, hire employees, and contribute to their communities. They were budding entrepreneurs in the traditional sense. Here Comes the New Kid I tell this short story because traditionally that is generally how people viewed business development. A business meant a local grocery, furniture, or bookstore. It meant some form of industry where products were made, marketed, and sold. It meant a place where people went to purchase goods and services. Then something happened. It was the development of the internet. A new breed of entrepreneurs began to emerge. Don’t get me wrong here. “Bricks and mortar” types of businesses are here to stay, but they too are undergoing a transformational change and have an internet outreach. Many are hybrids where they serve both local customers and have outreached their products and services beyond their boarders. Then there are companies that have understood the changing nature of the buying public and developed a massive internet presence like Amazon, eBay, Apple, and many others. Unfortunately, many large retail businesses didn’t adjust fast enough to meet the new emerging internet buyer phenomenon and have since closed their doors. Now we are seeing a new kid on the block, the virtual solopreneur. Virtual solopreneurs don’t want a ‘bricks and mortar’ business they want an ‘internet marketing’ business where their community of customers come from communities scattered throughout the world rather than from their local marketplace. They operate from their laptop. They are affiliates of Amazon, software companies and businesses that have a strong internet presence. They write eBooks, training programs, and develop apps and software that make it easier for people to make “money-on-line.” They work primarily alone but the successful ones’ have a strong network of mentors and colleagues from around the world. Many have administrative support, some from their own family, others hail from other countries and are connected virtually with the solopreneur. The past five years has seen an increase in the number of solopreneurs. The picture presented is like the “phoenix arising from the ashes.” People are adjusting to a new reality. Their place of work has changed dramatically and many no longer have jobs because their workplace went bankrupt or closed for other reasons. And in the past year they have been laid-off because of COVID-19 and have had time to think about their life and the virtual opportunities available to them. Another reason why people are moving towards virtual solopreneurship relates to the workplace itself. To be sure there are those who claim that they do not fit within a structured work environment but increasingly there is an unsettling number emerging. They are those who have relationship difficulties with their boss or manager-minder. Many businesses are struggling with how to lead and manage their workforce. Owners and managers continue to work within a command-and-control style rather than with the flexibility and employee engagement needed for today’s work environment. Most employees are rebelling against this by ‘striking out on their own’ and turning to the freedom that Internet Marketing offers. But we are noticing a troubling problem. We are learning that just like those who wanted to start a business in the past where 35% failed and 85% succeeded with support, we are now witnessing a high percentage failure rate among virtual solopreneurs. That rate varies from 90% to 98%. A shocking statistic. The reason for that statistic is that people who want to get into the internet marketing business think it is easy. The sad truth is that it is not easy. The top 2% so called ‘Gurus” in the internet marketing world have taken years to get to that level. The idea of starting an internet marketing business sounds sexy. It goes something like this: “I can work from home and make millions.” “I will be able to travel the world and provide financial freedom for me and my family.” “Just look at those who have made it, they are rich, and I’m going to become the same.” So, just like those who struck out on their own to establish a ‘brick and mortar’ business and so often didn’t succeed, the virtual solopreneurs of today are falling into the same trap. They plunge into the virtual world without preparation, knowledge of what they are doing, and the discipline necessary to succeed. They start but don’t follow through with any action plan; they lack time management skills and have no real sense of purpose or strategic understanding about where they are going. There was an old saying in our business, “It’s a simple business, but it isn’t easy.” This rings true for the virtual solopreneur. Unfortunately, they:
There is a neat Solopreneur package in our storefront that will give you more information about how to become a successful solopreneur. You can get a sense what it is all about by clicking the button below. Oh yes, don't forget to scroll down to the bottom of that page and get your free eBook on personal branding. Thank you for reading and remember your personal growth and development matters. As always: Take Care. Stay Safe. Be Your Best Self. Richard Richard Fontanie To truly understand the entrepreneurial spirit we need to get into the minds of successful entrepreneur. It is here where we find the 5 characteristics of an entrepreneur. And it is here where we learn that the entrepreneurial spirit isn't something that can be taught, but instead, it is something that is developed from within. A person with an entrepreneurial spirit shifts the locus of control from outside him or herself to inside themselves. They drive themselves to succeed and are highly motivated to achieve something when others are afraid to take a risk. They don’t wait for someone else to start. They are self-starters. However, contrary to popular opinion they just don’t jump at things that fancy them. They are calculated risk takers. An entrepreneurial spirit develops in those individuals who can demonstrate a genuine passion for building something great and those who are willing to push themselves to the limit to achieve their goals. Here are five characteristics that represent those with an entrepreneurial spirit. 1. They Are Deeply Passionate Passionate people know what it's like to completely understand a subject and are willing to dive deep into their understanding of the subject. People with an entrepreneurial spirit are genuinely passionate about the problems they are trying to solve and are energized by any challenges they face in their pursuit. 2. They Are Always Questioning The average individual hardly ever considers how ordinary, everyday things can be improved. Those who have an entrepreneurial spirit can't help but try and find ways to improve the ordinary. They continually question why things are done the way they are and enjoy bucking the system to make necessary changes to succeed. 3. They Are Optimistic To be entrepreneurial is, by nature, to be optimistic. People who possess an entrepreneurial spirit don't waste their time thinking about what they aren't able to do, but instead, see the possibilities in everything. When you are first starting a business, the odds are strongly against you becoming successful, but by remaining optimistic, you can overcome challenges and survive setbacks along the way. 4. They Take Calculated Risks Along with being optimistic, entrepreneurs are predisposed to a high tolerance for risk. Rather than jumping blindly into action, those with an entrepreneurial spirit make calculated moves while understanding that they don’t have a guarantee of succeeding. Successful entrepreneurs also can work autonomously and can be decisive. The entrepreneurial path isn’t always clear, so you have to be able to stay agile and adept in a high degree of ambiguity. 5. They Take Action Above any other characteristic, those with an entrepreneurial spirit know when to execute on their ideas. You have to be able to go out and act on your plans to get real, honest feedback. This is because your ideas are meaningless until they are acted on. If you have an entrepreneurial spirit, you realize that the execution of your ideas is everything when it comes down to your success. Not everyone will be successful as an entrepreneur. It is essential to possess these five characteristics of an entrepreneurial spirit if you want to succeed in your business. The flip side of being entrepreneurial is ensuring that systems and processes are in place to get the job done. Often the entrepreneur isn’t the person to wear both of these hats. If your strength is one of an entrepreneur and not a manager, then I highly recommend you hire a manager and delegate the managerial tasks to her. Then let her manage, while you provide the entrepreneurial leadership. Thank you for reading, Richard Fontanie |
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