Entrepreneurs need not fear that they will get into hot water if they engage in online trading. However, entrepreneurs must also be cognizant of the law as it relates to online trading and other forms of commerce. The same concepts of online entrepreneurship apply to any form of business transactions, whether or not the business is conducted online. There are some laws that apply specifically to commerce, such as the Foreign Trade Laws, Sarbanes Oxley Laws, the HIPAA and Trans-venants Act. Similarly, entrepreneurs should be aware of copyright, trademarks, patents and trade secrets and have adequate techniques for ensuring that they do not violate these laws while at the very same time protecting their valuable intellectual property.
It may seem simple to guard one’s business ventures online but there are numerous nuances to consider. First, an individual who owns a trademark or patent for a product may want to protect this right from infringement by another. In addition, if a business venture includes any type of domain name registration or service registration, the owner of the domain must ensure that these rights are not infringed upon. Finally, there are many state and federal laws against unfair competition and the protection of consumers.
In terms of Internet fraud, it is important for entrepreneurs to become knowledgeable about the anti-spam laws that are in place in the United States and in the various states throughout the country. Additionally, the FTC works diligently to educate small business owners and entrepreneurs about the different options available to them as it relates to debt collection. When debt collection efforts become problematic, the FTC works with small businesses to find alternative methods of collecting payments. Similarly, when an independent business owns domains, it is important that the business owner to familiarize itself with the requirements that are related to obtaining this domain name and what are the rights that it can enjoy in the future.
In terms of small business start up costs, many new business ventures simply do not have the financial means to invest in expensive advertising campaigns. Still, other business people adopt different techniques for getting the name of their business known without spending a lot of money. Some business owners open blogs and change the articles posted on them regularly in an effort to attract visitors. Others create newsletters to send to their customers. Still others advertise their business through various forms of media including television, radio, and print.
Not all businesses elect to be involved in the marketing of their product. Indeed, many small firms are capable of marketing themselves without paying a great deal of money to outside consultants. Still, there are plenty of marketing strategies for those who wish to engage in this endeavor. For example, bloggers can post information about their products and services on a particular blog site in much the same way that independent business consultants do. Many small firms also choose to write product reviews about themselves on popular blogs sites and then include these reviews on independent review sites that allow consumers to post comments about the goods and services offered by other businesses.
When speaking with various small business owners, it becomes apparent that entrepreneurs tend to speak of marketing in terms of reaching as many people as possible. Still, it is not uncommon to hear them refer to “monetizing” or increasing the value of the goods and services they sell. There is obviously a great deal of confusion regarding the difference between these two concepts. One common confusion centers on the fact that a monetized business is one that derives revenue by selling a product or service.
On the other hand, the definition of a small business is that which has employees and employs fewer employees than does a large corporation. Of course, the number of employees working for any business may change from time to time depending on the laws prevailing in each specific jurisdiction in which the business exists. Nevertheless, most entrepreneurs will agree that it is more difficult to become involved in business activities involving more employees. In most cases, entrepreneurs want to retain the services of other employees once the business has established itself in operation.
There is also a high volume of cyber crime that is perpetrated by entrepreneurs. The term cyber crime is often used interchangeably with computer fraud, including online scams, identity theft and money laundering. There are many small businesses that do not take advantage of their employees’ knowledge about cyber crime and could be subject to enormous losses. This makes it essential for businesses to understand what type of cyber crimes are committed against them. Only when their risks are understood can business owners begin to take appropriate measures to protect themselves.