Internet Entrepreneur

Becoming an Internet entrepreneur is the hottest thing going in the small business world right now. I'm not talking just about the people who are forming software development companies, or designing new products for the Internet. I'm talking about everyday people who are finding ways to make money using the Internet—Internet entrepreneurs.

The Internet is jammed with every sort of web site, blog and social media means of communication, trying to entice us to buy their product, training course, eBook, membership, etc., in order to become the next Internet Millionaire. Twitter has been pretty much taken over by people who are trying to sell something—anything to anyone.

I hesitate calling most of these people Internet entrepreneurs, because they are not true entrepreneurs…they are primarily just “pitchmen.”

Caution Tape The few highly successful Internet entrepreneurs—the "pros"—approach their work just like any other entrepreneur in any other business, and the Internet marketing they do is specifically directed. The “shotgun” approach, like that used by most amateurs, just doesn’t work in the long run.

Like any other business, becoming an Internet entrepreneur requires a whole lot of hard work—from beginning to end. In addition, let’s take a look at some of the realities of becoming successful on the Internet:

1. Poor Success Rate.
Very few people actually do very well with selling things on the Internet. The general consensus seems to be that somewhere between 2% and 4% of people who try Internet businesses actually become successful.

It takes a special type of person to make it really big on the Internet, and most people are not that type.

2. No Free Lunches.
Most people fail at becoming a successful Internet entrepreneur because, not only is it very hard work, it takes a long time. The "Internet millionaires", when pressed, will tell you they worked at it for many years before they started to make a lot of money.

Making money while you sleep may work for the established Internet entrepreneur, but don’t expect to be able to do that for quite some time. Sadly, it is the specter of hard work that causes most people to fail at having a successful business on the Internet.

"Opportunity is missed by most people because it is dressed in overalls and looks like work." —Thomas Edison

3. Hype, Hype, Hype.
There is so much hype on the Internet about how you can start an Internet business and become rich that the FTC has had to step in to try and control some of the blatant erroneous claims that were being made.

The first rule for becoming an Internet entrepreneur is to NOT believe the hype—the claims of many people who have really not made a big success of their Internet business. For the most part, these people are predators, who prey on the uninformed and those who read about (and believe) all the millions of dollars that can be made quickly by becoming an Internet entrepreneur.

Unfortunately, there is no quick, easy, and effortless way to become an entrepreneur—even an Internet entrepreneur.

4. Financial Investment.
In order to achieve a high level of success on the Internet, you will have to make some financial investment. First of all, you will need a decent computer system (if you’re reading this, you probably already have that). A 10-year old laptop likely won’t get you very far. Your system does not have to be state-of-the-art, but it does have to be good enough to get the job done.

You should also have a high-speed Internet connection, and although they are not outrageously expensive, they are an ongoing expense. If you only have dial-up service, you will have to be more selective about the type of business you get into.

Also, you will likely have to pay for some training, and some advertising—which may increase as your business grows. You may also need to buy some books and guides. All startups require at least some money.

So, that is the dark side of being an Internet entrepreneur. But, there is a tremendous upside as well, so let’s take a look at the potential of Internet entrepreneurship, and what you need to do to achieve success in this world.

Opportunity

Make no mistake; if you have the characteristics of an entrepreneur, and are capable of developing focus…plus have a willingness to work very hard over a long period of time…you could join the small elite group of successful Internet entrepreneurs—the small 2% to 4% of all those who attempt it.

Even at that low success rate, that is a lot of people. Six-figure incomes (or more) are possible in this group, and if you can make it into their company, you will do very well indeed.

How to Begin

You cannot just “give it a try,” and expect to be successful. However, if you are serious about wanting a real business that will support you and your family forever, here is how I recommend you start:

1. Prepare.

What is an Entrepreneur?

2. Research.
Search the Internet and read everything you can about how money is made on the Internet. CAUTION: Do NOT buy anything at this stage of your research, or you will end up spending a lot of money with no cohesive direction and your money will be wasted. Above all, do not believe all of the hype you will be exposed to during your research.

When you have enough information, decide how you are going to start your Internet business…will you be a blogger, an affiliate marketer, an expert with membership sites, an Infopreneur, a drop-shipper, or any of the other avenues for making money on the Internet?

After you have decided where to start, it will be necessary to update your planning. If you skip this step, you severely decrease your chances of becoming successful.

3. Mentoring.
After you have picked your main area of interest to start with, pick out a few people who have already become successful Internet entrepreneurs in that area, and follow their information and advice. Most of the "pros" freely provide information and advice.

Be sure you do not pick just any person that says they make millions on the Internet—do your research and look into everyone’s background…follow them for awhile and see if you are comfortable with their approach and offerings.

Lastly, pick one or two of these people and ally yourself with them and take one of their courses, or join one of their online memberships. You don't necessarily need personal counseling, although that is often available, but follow what they are saying for awhile. Be cautious here though, because many of the more successful people charge a great deal of money for their teaching and mentoring services…money you may not have in your budget.

4. Do it!
Whether you start slowly until you get your feet wet, or go for a major launch right away, will depend on the area you are going to concentrate on, the knowledge you bring to your business, and the Mentor you have chosen.

But, whatever you do, don’t get hung up in the research and planning to the point where you never get around to starting the real work. Listen to your Mentors (not your buddies), and start—now!

Summary

There are good and bad sides to being an Internet entrepreneur, but if you understand what an entrepreneur is, have the characteristics of an entrepreneur, and are willing to work very, very hard at it—you too can become successful.

Since starting a business on the Internet is basically no different than starting any other new business, I recommend you study the next section of this web site, Starting a Small Business.

For readers who are interested, I have provided a report on Famous Entrepreneurs and also on Entrepreneur Quotes

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3/23/12

SBI!