Internet or Online Entrepreneurship (Netrepreneurship) is not just working online. It is doing business online. According to Wikipedia, An Internet entrepreneur is an entrepreneur, an owner, founder or manager of an Internet based business enterprise who makes money through risk and/or initiative.
Let us go through that definition to identify how an Netrepreneur should be:
1. He is an Entrepreneur, An Owner, Founder or Manager
What is an Entrepreneur?
Someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision maker, decides what, how, and how much of a good or service will be produced.
An entrepreneur supplies risk capital as a risk taker, and monitors and controls the business activities. The entrepreneur is usually a sole proprietor, a partner, or the one who owns the majority of shares in an incorporated venture.
According to economist Joseph Alois Schumpeter (1883-1950), entrepreneurs are not necessarily motivated by profit but regard it as a standard for measuring achievement or success. Schumpeter discovered that they:
- greatly value self-reliance,
- strive for distinction through excellence,
- are highly optimistic (otherwise nothing would be undertaken), and
- always favor challenges of medium risk (neither too easy, nor ruinous).
2. He has an Internet based Business Enterprise
Let us define what a business is. Simply, the etymology of “business” stems from the state of being busy (busyness), and implies commercially viable and profitable work. Thus an Internet entrepreneur should be someone with a product or service offered online who takes the time and keeps himself busy providing the products or offering services to his community with a goal to make a profit. This profit is not only intended for himself but also to other people working for him and also profit that could help out his community.
A business is also something that you are passionate about. It is something you believe will improve, not just your life, but also the community by which you serve. Being online does not mean that you are going to improve the entire world. You must remember to focus that your business starts with you, your family and then your community.
Going into business should mean understanding everything around you. If you believe that what you have to offer could revolutionize and enhance your community then that is an opportunity for you and your business.
3. Makes Money through Risk
A Netrepreneur must always remember that he will be facing several risks in the process of conducting his business. The business world is full of it and without proper planning, you will fail. Itemizing and understanding the potential risks will allow you to take your business further.
By knowing the risks involved at an early stage, you will be able to identify the triggers for this risk and you may be able to avoid it or even jump into it.
Measuring the risk, is like weighing your options.
4. Makes Money through Initiative
It is important for a netrepreneur to have initiative. Initiative is defined as “the power or opportunity to act or take charge before others do.” Initiative also means to keep going even if the going gets tough. And initiative also dictates whether you should go on or give up. Giving up is not about failure. It is accepting the facts of failure and learning the lessons it provides. Failure does not dictate you to stop reaching for your dreams rather it enumerates lessons which you might consider next time.
So are you ready for these challenges, risks, and opportunities? Take note that being an online entrepreneur requires commitment. You should also trust in what you are offering and always present it as an opportunity for others. Never give up too easily on negative comments about the things you offer. Be equipped with knowledge, skills and expertise in the industry you represent.