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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 March 29, 2021

5 Types of Horrible Bosses and How to Beat Them All

5 Types of Horrible Bosses and How to Beat Them All

When I left university I took a job immediately, I had been lucky as I had spent a year earning almost nothing as an intern so I was offered a role. On my first day I found that I had not been allocated a desk, there was no one to greet me so I was left for some hours ignored. I happened to snipe about this to another employee at the coffee machine two things happened. The first was that the person I had complained to was my new manager’s wife, and the second was, in his own words, ‘that he would come down on me like a ton of bricks if I crossed him…’

What a great start to a job! I had moved to a new city, and had been at work for less than a morning when I had my first run in with the first style of bad manager. I didn’t stay long enough to find out what Mr Agressive would do next. Bad managers are a major issue. Research from Approved Index shows that more than four in ten employees (42%) state that they have previously quit a job because of a bad manager.

The Dream Type Of Manager

My best manager was a total opposite. A man who had been the head of the UK tax system and was working his retirement running a company I was a very junior and green employee for. I made a stupid mistake, one which cost a lot of time and money and I felt I was going to be sacked without doubt.

I was nervous, beating myself up about what I had done, what would happen. At the end of the day I was called to his office, he had made me wait and I had spent that day talking to other employees, trying to understand where I had gone wrong. It had been a simple mistyped line of code which sent a massive print job out totally wrong. I learn how I should have done it and I fretted.

My boss asked me to step into his office, he asked me to sit down. “Do you know what you did?” I babbled, yes, I had been stupid, I had not double-checked or asked for advice when I was doing something I had not really understood. It was totally my fault. He paused. “Will you do that again?” Of course I told him I would not, I would always double check, ask for help and not try to be so clever when I was not!

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“Okay…”

That was it. I paused and asked, should I clear my desk. He smiled. “You have learnt a valuable lesson, I can be sure that you will never make a mistake like that again. Why would I want to get rid of an employee who knows that?”

I stayed with that company for many years, the way I was treated was a real object lesson in good management. Sadly, far too many poor managers exist out there.

The Complete Catalogue of Bad Managers

The Bully

My first boss fitted into the classic bully class. This is so often the ‘old school’ management by power style. I encountered this style again in the retail sector where one manager felt the only way to get the best from staff was to bawl and yell.

However, like so many bullies you will often find that this can be someone who either knows no better or is under stress and they are themselves running scared of the situation they have found themselves in.

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The Invisible Boss

This can either present itself as management from afar (usually the golf course or ‘important meetings) or just a boss who is too busy being important to deal with their staff.

It can feel refreshing as you will often have almost total freedom with your manager taking little or no interest in your activities, however you will soon find that you also lack the support that a good manager will provide. Without direction you may feel you are doing well just to find that you are not delivering against expectations you were not told about and suddenly it is all your fault.

The Micro Manager

The frustration of having a manager who feels the need to be involved in everything you do. The polar opposite to the Invisible Boss you will feel that there is no trust in your work as they will want to meddle in everything you do.

Dealing with the micro-manager can be difficult. Often their management style comes from their own insecurity. You can try confronting them, tell them that you can do your job however in many cases this will not succeed and can in fact make things worse.

The Over Promoted Boss

The Over promoted boss categorises someone who has no idea. They have found themselves in a management position through service, family or some corporate mystery. They are people who are not only highly unqualified to be managers they will generally be unable to do even your job.

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You can find yourself persistently frustrated by the situation you are in, however it can seem impossible to get out without handing over your resignation.

The Credit Stealer

The credit stealer is the boss who will never publically acknowledge the work you do. You will put in the extra hours working on a project and you know that, in the ‘big meeting’ it will be your credit stealing boss who will take all of the credit!

Again it is demoralising, you see all of the credit for your labour being stolen and this can often lead to good employees looking for new careers.

3 Essential Ways to Work (Cope) with Bad Managers

Whatever type of bad boss you have there are certain things that you can do to ensure that you get the recognition and protection you require to not only remain sane but to also build your career.

1. Keep evidence

Whether it is incidents with the bully or examples of projects you have completed with the credit stealer you will always be well served to keep notes and supporting evidence for projects you are working on.

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Buy your own notebook and ensure that you are always making notes, it becomes a habit and a very useful one as you have a constant reminder as well as somewhere to explore ideas.

Importantly, if you do have to go to HR or stand-up for yourself you will have clear records! Also, don’t always trust that corporate servers or emails will always be available or not tampered with. Keep your own content.

2. Hold regular meetings

Ensure that you make time for regular meetings with your boss. This is especially useful for the over-promoted or the invisible boss to allow you to ‘manage upwards’. Take charge where you can to set your objectives and use these meetings to set clear objectives and document the status of your work.

3. Stand your ground, but be ready to jump…

Remember that you don’t have to put up with poor management. If you have issues you should face them with your boss, maybe they do not know that they are coming across in a bad way.

However, be ready to recognise if the situation is not going to change. If that is the case, keep your head down and get working on polishing your CV! If it isn’t working, there will be something better out there for you!

Good luck!

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