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The Challenges of being an Online Entrepreneur

The Challenges of being an Online Entrepreneur

Being an online entrepreneur requires more than just a website or blog where you gain revenue from ads. If you want to grow your business, you have to be ready for anything. This means being ready for small victories and huge setbacks. This also means having to focus on tasks like branding your business and finding ways to fulfill orders. As an online entrepreneur, you will be faced with decisions that involve building your market, expanding your connections, and making yourself more accessible to customers. If you’re ready to meet these challenges head on, then you’ll be successful as an online entrepreneur.

  1. You may win some, and you may lose some

Starting and building a business from the ground up are difficult endeavors, full of challenges along the way that you might not have ever expected. These challenges require decisions, and these decisions sometimes involve a dilemma, where a win-win outcome is not immediately recognizable.

When faced with a decision where none the choices appear to have a clear or foreseeable advantage, many entrepreneurs find it necessary to do some soul searching and self-reflection from a company standpoint. One of the hardest things is to analyze your business objectively, candidly identifying the flaws and problem areas that are holding you back.

Sometimes it helps to gain some outside perspective. Hiring a human resources company or efficiency expert to help streamline your operations may be helpful in finding out what your true strengths are. Do you have the appropriate company culture? It’s important that from the top down, the work environment reflects the results you want. How well do you understand the market you serve? You need to know your product and niche market inside and out, and a lot of the time, this comes with trial and error. Some of the decisions you need to make will be based on limited information at best, so being flexible will help you survive.

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2. Incorporating Data To Track Performance

Incorporating data simply means doing the math and crunching the numbers, and making a habit out of it. The numbers can be conversion rates, bounce rates, traffic percentage breakdowns and other pertinent, technical analysis. It can be a tedious job, but one of the most important tasks to internalize.

Online entrepreneurs that analyze the pertinent data, get insights from analytics, and act accordingly are the ones that perform well and ultimately become successful. Checking the metrics to focus on your business growth is what separates the successful from their failed comrades.

Track your data on a spreadsheet or whiteboard, showing a week-by-week difference in performance. This gives you some perspective of time, helping you and your team to understand what to prioritize.

3. Learning To Market Properly Online, Making Your Brand Cool As Hell

Be enthusiastic and passionate about your brand, products, and services. Your products reflect the energy that you’ve put into your work, and in turn, this fuels your energy to be more productive. For example, you may not notice it, but using the right fonts for your brand logo really helps when it comes to attracting your target customers. Keep an eye when it comes to details.

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Marketing and advertising tasks take a lot of time for research, so manage your time wisely. Research is a crucial step—get to know the other players in your niche industry, and see what they’re doing right as well as what they’re struggling with.

When the time comes, choose the right platform for your online business, one that offers the features you need while giving you access to the market that can most benefit from your offerings.

Be sure to promote your brand, engaging in paid advertising as needed, and keep tabs on whether doing this actually increases profits, or amounts to an unnecessary expense.

Get to know your market, its demographics, and their associated and outside interests. Appeal to them at several different levels to win them over.

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4. Competition and Choosing Your Allies

Because of low entry barriers and relatively easy access to funds, competition among online entrepreneurs is tougher than ever.

Many online entrepreneurs have a great idea in their heads, only to discover that someone has already beaten them to the punch. Hopefully, you’re the one dishing it out, not taking the blow. There will be others trying to reverse engineer your product and sell their product to your potential market. This is your chance to outshine them.

By complementing existing products of other companies, you position yourself as a partner or a collaborator, rather than a rival. This means choosing your battles wisely, which allows you to thrive, especially when dealing with someone in your industry who has a far greater following than you’ve got.

5. Security And Computer Knowledge (Or Lack Thereof)

Let’s be frank, if computer literacy is not your strong point, do something about it fast. Internet technology is showing no signs of letting up. Software is becoming even more sophisticated, and waiting around is not an option. At the very least, learn some online skills, or work with an IT professional to get up to speed.

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Security is essential for running an e-commerce site, meaning you need to monitor your security measures round the clock, and invest in reliable servers and networking hardware. One slip-up can spell disaster for your company’s credibility, so be vigilant.

6. Driving and Converting Traffic

There are many ways to drive traffic to your website, from promoting it via Google Adwords and Pay-Per-Click advertising, and writing natural, organic content. Of course, this requires time, just like many of the other challenges that you face as an online entrepreneur.

Converting traffic into cash is tricky, mostly because your customers, readers and website visitors might not be looking to buy. Integrate the commercial aspect of your website as naturally and unobtrusively as you can. Get to know what your visitors and readers really want by seeing what pages they visit, and which links they follow. Adapt accordingly.

To succeed as an entrepreneur online or as a brick-and-mortar establishment, it’s important to have drive. Learn as much as you can, and develop perseverance to get through the hardships. By overcoming obstacles, you can make it as a successful online entrepreneur.

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Last Updated on June 13, 2019

15 Best Entrepreneurs Books to Start Reading Now to Be Successful

15 Best Entrepreneurs Books to Start Reading Now to Be Successful

Knowledge is power, and you’re going to need a lot of it if you’re going to be able to steer your business to success.

Without further ado, let’s take a look at the 15 best entrepreneurs books to get inspirations about success and grow your business.

1. Think and Grow Rich by Napoleon Hill

    This book has been dubbed the Granddaddy of All Motivational Literature, and it was actually the first book that gave a prescription of what it takes to be a winner.

    Napoleon Hill draws from the stories of millionaires like Henry Ford, Andrew Carnegie, and Thomas Edison to illustrate the principles he put forth.

    Get the book here!

    2. The Lean Startup by Eric Reis

      A lot of startups end up failing, but many of these failures are actually avoidable. The Lean Startup provides a different approach that is now being adopted all over the world and changing the way that companies are developed and products are being launched.

      In The Lean Startup, Eric Reis describes what is required for a company to penetrate the fog of uncertainty in order to discover a path to a sustainable and successful business.

      Get the book here!

      3. The E-Myth Revisited by Michael E. Gerber

        In a revised edition of the 150,000-copy bestseller, The E-Myth, Michael Gerber refutes some of the myths that surround starting your own business and shows just how commonplace assumptions can end up getting in the way of being able to run a successful business.

        Gerber succeeds in walking the reader through the steps that occur in the life of a business, from infancy, through the pains of growing as an adolescent, to the perspective of the mature entrepreneur.

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        Get the book here!

        4. Rework by Jason Fried

          Most of the business books that you get today will give you the same advice: draft a business plan, study the competition, look for investors, and all that.

          However, Rework shows you a more effective, easier and faster means of succeeding when running a business. By reading it, you’ll be able to know why some plans are harmful, why you don’t really need to get investors, and why you’re better of shutting out your competition.

          Get the book here!

          5. How to Win Friends and Influence People by Dale Carnegie

            This is one of the most successful motivational books in history, selling well over 15 million copies since it was released in 1936. The book is timeless, and it appeals to businesses, self-help startups, and general readers.

            Carnegie believes that a lot of successes come from an ability to communicate rather than having brilliant insights. In his book, he teaches how to value others and make them feel appreciated and loved.

            Get the book here!

            6. Outliers: The Story of Success by Malcolm Gladwell

              Through this amazing book, Malcolm Gladwell is able to take the reader on an intellectual journey through the world of ‘outliers’. He asks the question of what truly differentiates high-achievers.

              His answer to this question is that we tend to pay too much attention to what successful people are like, and less attention to where they are actually from.

              Get the book here!

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              7. Rich Dad, Poor Dad by Robert T. Kiyosaki

                This is the best personal finance book ever written. It tells the story of Kiyosaki and his two fathers; his real father, and that of his best friend (his rich dad), as well as how the two men helped him shape his opinions on money and investing.

                It refutes the myth that you need to earn high to become rich, and it distinguishes between working for money and having money work for you.

                Get the book here!

                8. The Ascent of Money: The Financial History of the World by Niall Ferguson

                  Niall Ferguson, in this book, follows the money to tell the story behind the evolution of the word’s financial system, from the beginning way back in ancient Mesopotamia to the latest occurrences in what he had dubbed Planet Finance.

                  Fergusson also reveals financial history as the backstory behind our very own history, with an argument that the evolution of debt and credit is as significant as the history of technological innovation and the rise of civilization.

                  Get the book here!

                  9. Liar’s Poker by Michael Lewis

                    Michael Lewis landed a job at Salomon Brothers after getting out of the London School of Economics and Princeton within three years, he had risen to the rank of bond salesman, making millions for the firm and cashing out steadily.

                    Liar’s Poker is the amalgamation of these years — a look behind the scenes at one of the most turbulent times in American business. His book is Lewis’s account of an era where greed and gluttony were the order of the day.

                    Get the book here!

                    10. Drive: The Surprising Truth about What Motivates Us by Michael H. Pink

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                      A lot of people see money as the best motivator. Michael pink says it’s a mistake.

                      In this provocative book, he asserts that the secret to high performance anywhere is the need to direct our lives, to learn and create, and to do better by our world and ourselves.

                      Get the book here!

                      11. Getting Things Done: The Art of Stress-Free Productivity by David Allen

                        Outdated methods don’t work in today’s world. In this book, Allen shares some awesome methods for stress-free performance that he has shared with thousands of people all over the world.

                        His premise? That productivity is proportional to your ability to relax.

                        Get the book here!

                        12. The 7 Habits of Highly Effective People by Stephen R. Covey

                          In this book, Stephen Covey presents a holistic approach for overcoming both professional and personal issues. With insights and anecdotes, Covey presents a way to live with integrity fairness, service and dignity.

                          Get the book here!

                          13. The 4-Hour Workweek: Escape the 9-5, Live Anywhere, and Join the New Rich by Tim Ferriss

                            In this book, Ferriss dishes on the tips he has learned from studying the New Rich, a subculture of people who did away with the deferred life plan and mastered time and mobility to developed luxury lifestyles for themselves.

                            If you’re looking to make your way in this revolutionary new world, this here is your compass.

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                            Get the book here!

                            14. Delivering Happiness: A Path to Profits, Passion, and Purpose by Tony Hsieh

                              The CEO of Zappos shows how a unique kind of corporate identity can help deliver a huge difference in the way results are being achieved — by creating a company that values and delivers happiness.

                              Get the book here!

                              15. Losing My Virginity: How I Survived, Had Fun, and Made a Fortune Doing Business My Way by Richard Branson

                                From Virgin Atlantic Airways, Virgin Records and V2 to Virgin Cola, Virgin Megastores and a wide array of other companies, Richard Branson is the rockstar billionaire that a lot of us want to be.

                                Branson, however, did business by following a simple philosophy:

                                “Oh, screw it, let’s do it”

                                Losing My Virginity is an unusual, borderline outrageous autobiography of one of the greatest business geniuses in the world. Branson and his friends named their business “Virgin” because that was what they were — virgins at the game.

                                Since then, he’s written his success rules, creating a global business that has no headquarters, no management structure no corporate identity as it were.

                                Get the book here!

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                                Featured photo credit: rawpixel via unsplash.com

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