Technology to Make Money
about 1997-2001, the Western-world economy saw
the stock prices of newly-formed Internet-based
companies increase with incredible rapidity. It
was called the "dot-com revolution."
a while, it seemed sure that "real"
stores, called "brick and mortar businesses,"
would simplyfade into antiquated oblivion, and
that we would become one big cyber-world
dominated by fabulously successful companies that
had the foresight to either found Internet companies
or invest in them through stock purchases or by
providing venture capital. Most of the new dot-com's
founders were 20-somethings, some still in their
teens, and lacked experience in business. This
made plenty of economists nervous. They termed
the new businesses "over-exuberant"
and warned that there were no sound business plans
or models beneath the companies' appealing websites.
Still, investors poured their money into the companies,
dreaming of the fortunes to be made.
felt a little like our wildest expectations about
the transformational power of the net were being
exceeded at a faster rate than we thought,"
recalled developer Tristan Louis in a recent Guardian
the third quarter of 2000 and the first and third
quarters of 2001, the US economy experienced negative
growth-a less-scary way of saying "a mild
recession." By 2001, the "dot-com bubble"
had burst. The economists had been right in many
cases. When the stock market took a turn for not
just the worse but the worst after 9/11,
investors in tech stock lost up to 85% of their
money, and many of the dot-coms went bankrupt
or were bought out by traditional companies or
by other dot-coms that had remained profitable:
Everyone knows and uses Amazon.com, Yahoo!, eBay,
Google, and Paypal.
there still room for e-commerce entrepreneurs?
Absolutely! In fact, they can learn valuable lessons
from those who went before and failed.
web-based business has much in common with a "brick
and mortar" business. It is essential that
both have a sound business model and plan. Both
need to offer something that their customers want,
and be able to give them a reason for buying it
from them, such as low cost, high quality, guarantees,
and so forth. Basically, both types of businesses
will be involved in the same market-buy-sell-distribute
pattern of doing business.
virtual businesses have many advantages over "real"
can sell to customers without stocking items
yourself. You get the orders, and the manufacturer
ships the items directly to the customer.
can be open 24 hours a day, seven days a week,
without actually being there minding the store.
You can communicate effectively with customers
through auto-response messages-for example,
a receipt for something they just ordered
is sent immediately to them by e-mail.
advertising can be done by means of small
online ads, through links with other sites,
and other methods like Search Engine and pay-per-click
Search Engine marketing.
order to use Internet technology to make money,
your online business must have certain essential
Websites that look like they were created by someone
who didn't know what they were doing are a complete
turn-off to customers. The image projected by
a professionally-developed site is well worth
the cost because of its customer appeal. You wouldn't
want to go into some sub-par-looking restaurant
to eat, so would you want to go to a sub-par-looking
website to do business?
website should also be easy to navigate. The customer
should be able to easily tell which part of the
site to go to in order to find the information
he or she is seeking. At the same time, your server
should be consistently dependable.
easy and secure way to pay.
Credit cards and Paypal are the most commonly-used
payment methods on the Internet. In addition to
offering these methods, you must assure your customer
that the information they provide-their credit
card information, for example-is absolutely secure.
As at any business, customers are looking for
good value for their money and good service. Selling
shoddy goods won't fly. Because people who use
the web are accustomed to things moving quickly,
you should acknowledge the customer's order right
away and then keep them updated on when to expect
their order to arrive.
the Best Way to Use Technology to Make Money?
As you've read, some people took big risks and
lost. You don't have to. When you start a home
based business with a solid company, the company
has already "done the homework" for
you. Everything is in place for you to step into
your role as business owner. The only "technology"
you will need to worry about is a computer and
a telephone. On of the best things about using
technology to make money is that you won't be
stuck in the 9-5 grind. You can say goodbye to
long commutes and moody bosses and co-workers.
You will decide when, where, and how long to work.
Best of all, as a home-based business owner, you'll
decide the size of your paycheck.
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