Maybe you’ve been affected by the global pandemic, and you’re thinking that now is a good time to pursue your ambition of becoming an information age entrepreneur. There’s never a bad time to pursue this aspiration, especially if you’ve got an excellent idea that is unique and well-researched. However, before you jump in, do some reading, brainstorming, and self-inquiry to make sure it’s the lifestyle you want.
Is Your Idea a Winner?
The competition in the world of online entrepreneurship is fierce, especially since the pandemic hit, causing a massive surge in speculative online projects. Social media is saturated with individuals starting a new venture every day. If you’ve had an idea for a business, like real estate brokers, and you’re excited about it, that’s an excellent first step ;your energy and passion behind it can take you a long way. However, to ensure success, you need to test out the initial idea to see if it stands up to the competition. Had it been done before anywhere? What is unique about your golden nugget?
Understand Your Market
After you have spent some time testing and evaluating your effectiveness of your excellent idea, it’s time to drill into the competition. The more you know about your competitors, the better equipped you will be to place yourself in the market and successfully compete. Identify the competition early and start to follow them on social media. Even sign up to their mailing list and buy their products. You need to learn what they are doing right and wrong
Know Your Value
Pricing is very important when starting out as an online entrepreneur. Overcharging can put off potential new customers, and underpricing can mean you make a loss based on your own investment of time and money. The amount you charge will also be influenced by the competition and how you choose to compete with them. Bear in mind that simply undercutting the competition may not have the desired effect. Consumers have an eye for quality, and low prices can speak volumes.
Keep Your Day Job
It’s easy to get caught up in the dream of being a self-starting entrepreneur and abandon the day job, but doing so too soon can become a sink or swim situation. This will motivate some people, but for others, it will cause them to fail. There will come a time when giving up your day job is the best thing to do in order for your business to flourish, and that’s the time to throw in the towel. Until it’s not possible to do both, it’s recommended to keep the money coming in.
Work Ethic and Organization
Working for yourself as an online entrepreneur is not for the faint-hearted. If you are not a self-starter and prefer to receive an easy wage every month, then this life is probably not for you. It does require someone who is able to think on the feet and be flexible with their accounts. Organization is also very significant in your journey to success. A solid business plan that is regularly reviewed and juggling many aspects of the business at once, while keeping everything under control, are key traits.
So true Lionel – looking back at my experiences, in my first entrepreneurial experience I had my day job till things kicked off. Once it started gathering mass, it was extremely motivating, without the everyday pressure of where the next buck was coming from.
On the second one, I completely delved into the entpreneurial venture which backfired quite a bit causing an immense amount of stress and pain which was much harder to go through. Although both are contrasting in some ways, the transition is quite a key one I think to make that shift from the hobby becoming into a full time business
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