These 3 Principals Lead Online Entrepreneurs from Startups to High Business Growth
Because entrepreneurship is at the heart of online business, this post is inspired by talks from the founder of Alibaba, Jack Ma. When building a business on the Internet or becoming a marketplace seller, the pillars to success have simple principals once understood clearly. Specifically, how a business is nurtured, the wits behind resource use and awareness of social problems are key fundamentals to building your online business.
Starting Small in Online Business
Those that have been through the battlefields of business understand the need to nurture a business from something build small and fragile. A startup is fragile because it requires patience and great understanding. If you are thinking, how to startup business online, there needs to be time spend understanding problems before it can stand strong against the competition.
The solutions need to be thought out carefully. This is not a step that is easy and it still requires an entrepreneurs performance day in and day out. It is not a matter of throwing money into a venture, it is a matter of willingness to deeply understand markets and its changing needs and then positioning your net in the future path of these crowds.
In this sense, a new venture needs to be patient while growing and light on its toes enabling it to gather information, test solutions and position itself where the market wants it to be.
Online business Wits and Money
It we study habits of entrepreneurs, the successful ones, they are very smart with money beyond the period of how to startup business. Furthermore, how many times have you heard of the stories of great brands that started from an idea and was built out of dorm room or basement? In contrast, how many times have we heard about businesses given millions from investment only to find that the business closed the doors a year or two later.
When it comes to money, entrepreneurs look at money differently. Money is one the important limited resources that have potential to create business value. Before its use, questions need to be asked carefully. What level of quality do I need? Can I get the same results locally or internationally, in-house or outsourced? How important is the speed of completion and so on..
In contrast, many organizations are built around cultures that do not value money in the same way. A large corporation or government unit may look not strategies behind spending and results in the same way. Instead, it may focus more on solutions given such as approved vendors.
An entrepreneur needs wits when it comes to spending. They must build think in terms of building work packages in fast sprints with enough parts of a product or service to go to market. At the same time, this would include satisfactory levels of quality, so every dollar spend is indeed managed thoughtfully.
Trust in Social Solutions
A successful marketplace seller is not successful from the money it makes. Think about this for a moment. Have you every bought something via e-commerce and later thought, ahh, this is garbage or ok it will do for now. On the selling side of online business, there is a lot of poor solutions out there.
But, they are selling right? yes and no. If we think back to our experiences as consumers, how loyal would you be to a brand that you new underdelivered on your needs and how willing would you be to giving them your money again? Would you recommend such brands? A business that makes sales does not equate longevity of value over time for either the buyer or the seller. To this, a business that is in it for the short term is not a lasting strategy.
When a business is truly successful, it has taken the time to understand the needs of its market. It has clawed its way into the process of problem solving from listening to the markets and asking the right questions! And when a digital biz is seeing growing sales consistently, it reaches a new point of validation.
A successful venture that reaches a threshold of longevity in sales does so by a message from its market. This message says that its community has trust in them to deliver social solutions. In this way, when a business is making a great abundance of money, that money is not for them. Instead, think of this in another way… The market is now saying, please take our money and keep building us better solutions. To this, how would you describe a successful marketplace seller?
There are some key fundamentals to building a great online business. In the beginning a business needs to be built small. This enables it to move around a spend the time to truly hear the cry out for help. The resourcefulness around money supports the need to make the best decisions for the things you need not just in the solutions but how and when you will take it to market. Lastly, a successful online business exists to deliver social solutions for its communities!