The Internet Business Tidal Wave is Coming
As an entrepreneur, are you ready for the massive internet business tidal wave that is coming? I believe that the internet is going to revolutionize many industries of traditional business throughout the next couple to few decades. I believe that the primary thing that this coming tidal wave can be attributed to is the recent social media revolution that has occurred within the past few years. It will become the norm for most people to have a business or side project of their own, largely via the web, with economic earning potential. There are a few fundamental things that will likely cause this paradigm shift to progress and eventually achieve mass scale. Even though this shift may ultimately be more of a challenging environment to traditional professional entrepreneurs, like me, I definitely invite it to happen since it is good for humanity at large. I look forward to this paradigm shift in business and am going to work to position myself to support as many of these new wave entrepreneurs as I can.
Business Plans
A lot of entrepreneurs have mixed feelings about business plans. Some see them as useless. Others see them as vital. I was on the fence a few years ago but am now firmly positioned in the opinion that they are vital when talking about a true entrepreneur with a real business. A professional entrepreneur taking on a serious venture is going almost always be involving other people at some point who will have a meaningful stake in the venture’s performance. Unless one is so credible or so suave that a business plan doesn’t matter, then having a business plan to backup other people’s investment of resources in your company is going to help you seal the deal. When creating a killer business plan aimed to convert potential into results, you really want to dig deep down and create something world class.
Corporate Hierarchy vs. Entrepreneurial Heterarchy
Almost all businesses are primarily hierarchical. This means that almost every worker is governed by someone in an authoritative position above them. Picture a pyramid. Ideally, I think this is flawed. A logical alternative to a typical corporate hierarchy would be a heterarchy. A heterarchy is like a peer to peer structure where the people are on the same level. Why not pool everyone together in one big heterarchical group and let policy dynamically create the right virtual separation of people needed to function as a bright, light, and tight system?
Affiliate Marketing
I’m a pretty big believer in affiliate marketing. Why not? It just makes sense to me. I’m talking about creating your own affiliate program for your own business. Think about creating an affiliate program to boost your sales and profits.
Company Knowledge
Knowledge is used for everything and having the best knowledge is worth a lot. The asset of company knowledge is one that is very hard to manage, protect, and leverage. My vision is to have the systems in place to efficiently gain knowledge, record it, disseminate it, and integrate it into the minds of other workers.
Mirroring People to Build Rapport
I’ve been sort of aware of this tactic for building rapport for a while but really realized its power just recently. People find themselves liking others for no other reason than their presence. Mirroring another’s presence is a short cut to getting them to like you.
Betting Your Home on Your Business
If you have equity built up in your home then one way you could capitalize your business is by extracting some or all of your home’s equity out in the form of cash. I think it is a great debt financing tool.
Use Bookkeeping Software
If you want to operate a serious business here in the new millennium then you should invest the effort to learn how to run your business procedures through bookkeeping software. Once you get into the habit of using bookkeeping software it becomes second nature.
Giving Up Control
For every business there are costs and benefits for the entrepreneur to personally manage and control each different factor. You need to continuously be analyzing this and be looking for more leveraged actions to invest your efforts into. Smart dependency on others allows growth to happen.
Debt vs. Equity Financing
Just about every entrepreneur could use a nice chunk of capital to start or expand their business right now. The two main term classes of OPM (other people’s money) are debt financing and equity financing. As an entrepreneur with a business how do you chose which type of financing to pursue?
