Entrepreneurship is a risk-taking behavior that results in the creation of new opportunities. Traditionally, entrepreneurship results in the founding of many small businesses that offer new jobs and other benefits to local economies. The internet provides an additional array of entrepreneurial possibilities for small businesses.
Statistics via emarketer.com:
-2016- Total Retail Sales globally, $22.049 trillion.
-6.0% increase from 2015.
-Predicted $27 trillion by 2020.
-retail ecommerce sales by 2020, will make up 14.6% of total retail spending.
-2017 retail ecommerce sales of North America will rise 15.6% $423.34 billion.
-North America, the world’s second largest regional ecommerce market, will see consistent double-digit growth through 2020.
The new array of entrepreneurial possibilities for small businesses on the internet play a great role in our economy. Small business is a vital life line in our U.S. economy. It is important.
"The President has committed his days in office to improving the business climate in the U.S., including for small businesses. During his time in office so far, he has signed Executive Orders calling for the rollback of regulations he says are stifling economic and business growth. He also unveiled a tax reform plan that would drop the corporate tax rates to an average of 15 percent(National Small Business Week 2017, President Donald Trump)."
What constitutes a small business as opposed to a regular business?
A small business-
has fewer than 500 employees, is independently owned and operated, and does not dominate it's industry.
It's your time to open a small business. Most entrepreneurs open a small business for a few key reasons:
1. Become your own boss.
2. Control your families future.
3. Fulfill a dream.
There are cities primed for startups. They offer the perfect business environment based on a five-year business survival rate, length of the average work week, startups per capita, average growth of business revenues, and average growth in the number of small businesses, industry variety, and entrepreneurship index.
These cities, primed for small business, include access to resources such as venture investment per capita, financing accessibility, share of college-educated population, prevalence of investors, high-education assets, human capital availability, and working-age population growth. Finance rates are great in these cities based on business costs, which include office-space affordability, labor costs, corporate taxes, and cost of living.
The list of best cities to startup is available, businessinsider.com.
Dream of opening a franchise, a brand new startup, a lean startup, or an internet business.
Online franchises are great.
A franchise-
is when one business owner sells to another the right to operate the same business in another location.
For example , American Business Systems- franchise. This franchise has stood 20 years as America's leader in Medical Billing. It has unparallelled training and support. Profits have 100k potential. The employees can work from anywhere. The opportunity is full-time or part-time. This franchise requires a minimum of $25,990, cash.
Another online franchise opportunity is, Top Ten Percent. TTP will let you collect royalties. They're seeking candidates to become Area Representative Franchisees. You'll receive 50% of all franchise fees and on-going monthly fees paid by the unit franchisees in your territory. The hours are passive or on a part-time basis. This franchise requires a minimum of $45,000, cash.
Startups are nice.
A startup-
is a new temporary Venture that is trying to discover a profitable business model for future success.
Checkout Swipe-labs. This startup company is the social product studio that was acquired by Uber. Checkout Betterworks, too. This is a marketing data startup. Also, checkout Punchbowl, the digital invitations platform.
Startups are awesome, but have you researched lean startups?
Lean Startups-
use things like open source software, while staying small and striving to keep operations as simple as possible. In essence, lean startups spend their time on iteratively building products or services to meet the needs of early customers, the customers that aren't amassed, yet. Market risks are reduced and it is able to sidestep the need for large amounts of initial project funding. Expensive product launches are dodged.
Internet entrepreneurship-
is the use of the internet to pursue an entrepreneurial venture. There are a few different models. There is a long list of individuals, though. You can pass on names from Zimmerman to Zuckerberg (wikipedia.com)
Internet entrepreneurship through the advertising model-
creates a website attracted to visitors, and then advertisers pay to be displayed on it.
"An advertising model is the strategic use of an advertising medium, with the goal of reaching a specific target audience. An advertising medium is the type of media or vehicle the advertising is placed on. Understanding the target market helps to create an effective message and helps to determine the appropriate advertising medium. In order for a model to be effective, you must clearly understand the advantages and limitations of each medium (your business.azcentral.com)."
Internet entrepreneurship through the subscription model.
-website offering value that visitors are willing to pay to view.
"But along with the increasing success of subscription-based businesses comes the cautionary tale of the failure to adapt. Take, for instance, the decline of movie rental giant Blockbuster. Faced with Netflix’s budding success, Blockbuster failed to recognize the changing needs of the modern consumer. By the time it rolled out its 'no late fee' campaign, the last nail had already been hammered in place. In 2010, just 10 years after the arrival of Netflix, Blockbuster was worth just $24 million with $1.1 billion in losses (entrepreneur.com)."
Internet entrepreneurship through the intermediary model-
creates a website that collects a fee for bringing buyers and sellers together. This isn't the most sought after route, but it still exists.
Internet entrepreneurship through the transaction model-
creates a website to sell something that customers are willing to buy. There is an endless list of these companies. Every company that is buying and selling, is partaking of the sort online, too.
Entrepreneurs create opportunities. Provide and become part of the the wave of Internet entrepreneurship. There is long line. Be prepared to wait.
