Entrepreneurship in the Online World

by depotgang 0 replies
Entrepreneurship in the online world is simply about transferring those skills of taking an idea to market, seeing an existing need and filling it and creating new ways of doing things to the digital marketplace. Rather than dealing with a brick and mortar location and attracting foot traffic for their new ventures, online entrepreneurs focus on generating web traffic by satisfying the needs of their online visitors for elegant solutions to their challenges.

What is an entrepreneur?

The Concise Encyclopedia of Economics defines entrepreneurship this way: "An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise. An entrepreneur is an agent of change. Entrepreneurship is the process of discovering new ways of combining resources. When the market value generated by this new combination of resources is greater than the market value these resources can generate elsewhere individually or in some other combination, the entrepreneur makes a profit."

Source: econlib.org/library/Enc/Entrepreneurship.html

To describe entrepreneurs as, agents of change and people who assume risks is just scratching the surface. The word entrepreneur conjures up images of trailblazers like Richard Branson, who see a need, create a business to fulfill that need and get compensated handsomely for it.

In the online world, entrepreneurs often focus either on creating software and information products, which can be purchased online and delivered instantly without intervention at the customer's convenience, or on creating an entire online business that can then be sold. The true entrepreneur always has some kind of business venture brewing. Their passion is creating a thriving enterprise from a nugget of an idea, or even taking a struggling business, reviving it and selling it at a profit.

The Internet provides the perfect venue for entrepreneurs because there is so much opportunity to start a business from a single idea and get it going without a large amount of financial investment unlike starting a brick and mortar business, which has a whole host of expenses including the physical location and inventory.

The word "entrepreneur" taken from an archaic French verb, entreprendre, which means, "to do something" or "to undertake," so by the nature of the origins of the word, entrepreneurs are those who use their talents and ingenuity to do something to change the world, and they always find a way to get handsomely rewarded for their efforts. Out of the big successes that entrepreneurs bring about, the world is changed. For example, Apple, now one of the wealthiest companies in the world, was started by two men in a garage. The massive Wal-mart chain began from a single store in Arkansas, and Ford Motor Company, started by Henry Ford, brought a product to market that has without exaggeration, changed the entire world.

In the online world, youtube.com is a prime example of entrepreneurship in action. It was about seeing a need, filling it and getting rewarded handsomely for it. Youtube.com was developed, as the story goes, by three college friends because of the challenges they faced sharing a digital video among themselves. Now, who can imagine an Internet without YouTube?

Whether online or in real life, entrepreneurship is about taking action on your ideas, and finding a way to create a profit.

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