How to Start a Dot Com Business
There is no doubt that what happened in the dot com bust has created fear and queasy feeling for any dot com entrepreneur. Many mistakes have been committed and many already anticipate that it will happen to them.
But still many thrive in the dot com business with lessons learned in dot com bust tucked in their pockets. Read and know how you can imitate them.
The lesson learned and the reports made by experts on the dot com bust that happened several years ago are still reverberating in the minds of many Internet entrepreneurs. It used to be that attaching dot com to one’s company name was the ‘in’ thing to do but because of the failed dreams of many dot com companies, attaching dot com in one’s company name is a no-no and can only gain disapproval from many financers. It is true that a lot of things have to be learned about what happened in the dot com bust that happened several years ago, but for those who are brave at heart this only say one thing: this is not the way thing should be done.
The potential for financial benefits in the dot com business is still great and this is tested already by the emerging robust e-commerce that is happening in the Internet. Many are still plunging into the water to venture in the dot com business with the lessons learned from the dot com bust.
If you are interested in starting a dot com business, here are some guidelines on how to do it properly:
Identify and Assess the Market for Dot Com Business
Dot com business or e-business is like any business. You still have to identify and assess your market. First thing to ask is: Is there a market for my products. This issue should be clear to you at the very start since having a murky idea of what your market is can only hasten your path to bankruptcy. It is also safe to ask and assess the time frame for you to make a profit before you funds run out. This can become clear to you through the help of writing a clear and concise business plan.
One Lesson that should be Understood in Dot Com Business
One lesson that can be learned from the dot com bust that happened several years ago is the mistake of creating market share as the God of the business. Many CEOs of dot com businesses that failed years ago committed this grave mistake of focusing on the market share and failing to understand that even though they are in the online venture, it is still a business. No matter what you do, you cannot earn profit from $300 item you bought wholesale and selling it for $250.
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