Business Management Skills

Many individuals hit by the economic downturn are considering starting their own business from home. The first step for starting an internet business should be a thorough soul-searching and investigation into the risks and rewards associated with entrepreneurship. Nearly every community offers marketing training courses at local colleges, as well as marketing symposiums and workshops, and media buying seminars. Of course, there is really no substitute for being hip with today’s news, no matter what industry you’re in. You can also look for ebook downloads, internet design tutorials and read AFP business articles to prepare yourself for the big leap from corporate worker to entrepreneur.

There are many different types of internet business ventures to consider. Some people prefer to go with what they know. Brent Bouchez, David Page and Nancy McNally all worked for top-tier ad agencies before forming their own marketing company targeting consumers 50 and older. Michelle DeAngelis worked at Bank of America for 15 years before branching off to do her own private consulting. By contrast, some internet business entrepreneurs decided to forego their past identities and follow a particular pursuit or passion. Ali Galgano transitioned from a corporate recruiter at Goldman Sachs to a seller of unique costume jewelry. Kelly Elvin went from being a corporate lawyer to a dog trainer. What matters most is that your home based business is something about which you are knowledgeable and passionate.

“If you don’t love to roll your sleeves up, it’s not a good jump,” cautions Monica Doss, director of the Kauffman Foundation’s FastTrac entrepreneur training program. She says that running an internet business is a lot of work and it’s common for people to follow their ambitions only to find that they actually enjoy working in corporate America more. “There’s no shame” in that, Doss says, simply stating that not everyone is built to be an entrepreneur. While there can be greater financial rewards in e-commerce marketing, there are also more expenses. Suddenly you become aware that every phone call, every drive to meet a client, every lunch, every fax — are all expenses. Initially you will need to adjust your lifestyle to accommodate the new income bracket and expenses. You may not be able to take that annual vacation to Florida or dine out as frequently anymore.

There are many reasons why an internet business may appeal to you. Most entrepreneurs say they were motivated by a strong desire to build wealth. A significant portion of IT and business owners said they liked the idea of being part of a start-up, had a life-long dream of running a business, felt their idea was good enough to capitalize on and generally disliked working for others. If these sound like some of the reasons you’ve been debating about, then you may want to give it a go. Unlike retail or restaurant chain businesses, you don’t necessarily need a lot of cash to get started online, although you do need good money management skills.

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