No one could have predicted the revolution that would occur shortly after the introduction of the internet in 1991. Countless new industries were created (both online and offline) and early innovators set their sights on domain names and URLs, recognizing the true potential of the World Wide Web.
Of course today we know the full extent of the internet’s contribution to mankind, but how is it that so many entrepreneurs are making their mark everyday just by taking advantage of what existing technologies have to offer?
It’s highly likely that those making headway in this world of impersonal relationships and hyper-connectivity are already in possession of some of the characteristics necessary to become captains of industry and leading online business men and women.
Trait and Behavioral Leadership Theories
A lot of people hold the belief (perhaps mistakenly) that success in business comes about as a result of simply ‘having the right stuff’. In other words, that aptitude in any particular area comes down to natural born talent.
But what we often tend to forget is that anybody showing signs of ‘leadership potential’ can learn the skills necessary to becoming a great leader.
These two schools of thought carry fundamental distinctions and are in constant opposition.
- Trait theory: is concerned with a set of basic personality indicators that distinguish leaders from followers. People identified as having these traits are typically groomed for promotion.
- Behaviorism: rejects trait theory and stresses that there are no ‘born leaders’ and that any person can be taught how to act in situations that require leadership, resulting in success.
Does a Business Model for Success Actually Exist?
Over the decades countless people have found ways to develop and prove countless business models that work. The short answer is that there are no shortcuts to success and no singular model will perform well across every conceivable set of circumstances.
That being said, it is important to note that when buying and selling websites online there will always be those strategies that prove more or less effective.
So You’re thinking about Starting a Business
As any entrepreneur might tell those wanting to go into business for themselves, it isn’t always about crunching the numbers or who you know.
The first eighteen or so months will largely come down to how well you handle stress, deal with and solve problems, manage your spending and how willing you are to continue.
The following list should provide you with an idea about the qualities you need to possess (or acquire) in order to achieve your short-to-medium term goals.
Ask yourself why you want to go into business for yourself. On some level you might be trying to pursue a certain lifestyle (perhaps working your own hours from home appeals to you) or attempting to follow your passion. Just be clear about what it is that you want.
The aim of business is to make money, first and foremost. How you make that money is largely up to you as an individual. Whether you’re flipping houses or flipping websites the learning curve can be quite steep, but that doesn’t mean you shouldn’t try.
Trying and failing is how most entrepreneurs get their start and those small wins are the ones you should be celebrating the most. They will keep you in it for the long haul and bring you one step closer to achieving what you set out to gain.
When problems crop up (as they invariably do) you will need to solve them as best you can. Sometimes you won’t always have the solution or the tools to do so immediately but as long as you can find ways of turning negatives into positives, you will find your way forward.
Embrace change and don’t be afraid to experiment with new and different ideas. If there are gaps in your knowledge about a particular selling option or you feel the need to reformat your portfolio, never feel as though it’s too late to do so.
- Risk Taking
There is a much narrower gap between buyers and sellers nowadays than there were fifteen or even a few years ago. Competition is greater and more and more entrepreneurs are vying for a piece of the same pie.
The simple act of taking the plunge and registering your very own domain name with the intention of selling it for profit is a risk. Some people find that they are more in their element when they are working with a certain amount of uncertainty.
If you calculate your risks and make sure that what you stand to gain is always going to be more than what you stand to lose, you’ll soon realize that you have nothing to fear from taking a risk.
Being innovative doesn’t necessarily mean that you have to come up with new and brilliant ideas every single time. It just means that you have to be able to adapt the ideas of others and apply them in new ways to suit your current needs.
Many online entrepreneurs find non-traditional means of conducting business and as a result open up acquisition or distribution channels that would have otherwise remained closed.
Thinking outside the box is just as important as thinking about how to make the best of any given situation and still come out slightly ahead.
No other characteristic or trait on this list is as important as having a clear understanding of technology. There’s a saying in business that, ‘you don’t know what you don’t know’. Translation: Knowing that you don’t know everything means you are actually better off.
You need to know every facet about social media, SEO algorithms, the market value of your website portfolio and how to use auction sites such as Flippa and the reason is because that’s what your competitors are doing.
Conduct research into the ways you can leverage emerging technologies to achieve your goals ahead of your rivals and put what you’ve learned into practice.
Have You Got What it Takes?
If you have a strong desire to set up your own business in trading websites online you’ll more than likely possess a few of the aforementioned characteristics.
No one ever really feels truly prepared to embrace self-employment but it can be one of the most rewarding experiences of your life.
In those moments of doubt, some good advice to keep in mind is that behind every overnight success are years of dedication and hard work, and a willingness to keep moving forward.