The recent surge in online businesses is a direct result of recent economic pressures on individuals and families. As corporations tighten their belt more workers are discovering the reality of unemployment, underemployment, or redeployment. Additionally, severe adjustments in the financial market have beaten down the value of retirement accounts. The search for alternatives ways to build financial security has led many to consider a home based business built upon internet technology.
Internet technology is currently accessible by more than 1.2 billion people world wide, each using the internet as a fundamental part of their daily life – as examples: for education, entertainment, commerce, and personal management. The search for the right information and the right products begins with the internet. Internet marketing aims at presenting the right product to the right people at the right time, thereby setting up a potential client/supplier relationship. The proper use of technology is essential in the early stages of this relationship.
A successful business owner masters the technology that is most relevant to the business. For internet marketing, it is the technology of the internet that must be mastered. But one must be a student of the technology before achieving mastery of the technology.
The elements of being an effective student are:
- Attitude: the mindset in which the task is approached. This has more impact on success versus failure than any other single element. Get this right, and your challenge is mostly…
- Discipline: regular study and consistent focus. A walk through Barnes & Noble reveals an amazing array of attractions in many genre. But when you are on a mission to build a home business, these become distractions. Ask yourself: “What books do I spend my discretionary time with?”
- Curriculum: the plan for mastering internet technology. Among the many paths to learn about internet technology, an entrepreneur must select the path that meets the needs of the business. Start by defining each element of the business and the technology that will provide that element. Then identify the most relevant learning materials for that technology. Finally, establish a curriculum and a study/practice regimen.
- Application: the most potent method of learning. An effective business owner implements the technology and the processes needed for the business.
- Evaluation: measuring and evaluating results. The first instantiation of technology – a website, a lead-capture page, a video – will likely not be the best. The most successful internet marketers constantly measure and evaluate the processes they implement within their business. Low-yielding processes are improved or replaced. High-yielding processes are replicated.
- Improvement: continual evolution and tuning. On-going measurement and evaluation leads to improvement and a better business with less cost and less time. The goal is to constantly improve profit margin and ROI.
- Mentor and Master Mind: a business mentor and a group of like-minded supporters. A business owner learns from a mentor’s mistakes or learns from his own – it is his choice. He can also travel with a master-mind group that has the same objectives combined with burning desire to succeed, or he can walk the path alone – again, it is his choice.
These simple steps can lead to mastery of the technology upon which an internet business is built. Is it critical that a business owner becomes a master of the technology that leads to success.