Small businesses have been a pillar of support for the American economy over the years, but that strength is under assault from a very unexpected source: the savvy internet entrepreneur. Internet technology is increasingly changing the landscape of business and creating a new market for entrepreneurs seeking capital and seed money. Online entrepreneurs do not want to build traditional websites, they prefer to think “green.” They tend to use e-commerce platforms that require no initial investment, rely on personal online sales and marketing skills, and provide a high return on investment by providing a streamlined, highly functional website. This is exciting for online entrepreneurs but frightening for traditional brick and mortar retailers, especially those that offer customer service that can’t be bought online.
Is the US small business threat really a danger to our economic health? Small businesses account for half of American employment and 42 percent of annual GDP, so even if the internet slows down or disappears altogether there will always be demand for qualified workers. What’s alarming is that the number of dot-com millionaires has more than tripled in the last three years, as investors rush in to buy companies that were thought to be on the verge of bankruptcy. Many of these entrepreneurs took loans and mortgages against their homes and are now being forced out by mortgage payment defaults. So is the imminent threat real, or just another example of a hot idea gone bad?
The answer depends on who you ask. Many experts say the internet has opened up a world of business opportunities for individuals who want to start their own business, but they are also quick to point out that most small businesses are doomed from the get-go because they lack the experience or business management skills necessary to make it online and stand apart from the crowd. The reality is that most people will start their business from home rather than on a commercial strip, and the only way that business will survive is if it has the drive and passion of its creator. It’s important to remember that most small businesses today are creations of someone looking to make money online. The business was born with the entrepreneur in mind, not the business plan in mind.
Another problem with starting a home based business is that most businesses fail within the first two years. The typical business doesn’t get past that stage because most home based businesses are not established during a recession or period of financial turmoil. Entrepreneurship during a time of economic turmoil gives you an opportunity to jump in before the majority of other businesses get started. If you are an ambitious entrepreneur ready to take on the world, then a home-based business idea may be just right for you.
Entrepreneurship is one of the key attributes that successful small businesses have in common. If you can dream it up you can build it. That’s what makes entrepreneurs different from business owners. They look at problems and opportunities in different ways. Most entrepreneurs are visionaries and can see something that could be a huge benefit to a large number of people.
When you are looking for a business idea for your home, you should make sure that you take the time to research all your options. There is no reason to rush into anything if you don’t have all the facts and plans in place. Too many people are willing to put their dreams into a business only to have it crumble after months of hard work and failed business ventures. Before you commit to anything, make sure you have done your research. Check out all the success stories of other home based entrepreneurs to see how they started out.
One way to get your new small business off the ground is to look into opportunities with established companies. Many established companies offer mentoring programs where they can give you tips and business advice. This can really help you out when it comes to establishing your business. They will help you pick out a business idea and help you market it. In some cases you can even skip going through the process of starting your own company and pay someone else to do the legwork for you.
Finally, when it comes to small businesses, you need to make sure that you are always on your toes. Just because your business is small doesn’t mean that you can’t try something new. There is no better way to fail than sitting on a business that has lost its potential than sitting on a business that has never been tested. If you are hesitant about taking a risk, ask others who have tried before. Chances are that they can share with you some great ideas that may very well be a success story for you.