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business endeavor
target customers
profit targets
measurement tool
business proposal
business owners
How To Be Successful Online
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How to Be Successful Online

Some people ask: "Which online business to start to make higher profits?" This is in fact a wrong question.

You should never start a business having in mind a profit target as an ultimate goal.

Of course, we need money and we finally are in business for money. But, we need to keep in mind that money is nothing else than a measurement tool and a mean of exchanging value. It measures how effectively we are delivering our solution to our target customers.

Formulating a relevant solution, and effectively communicating and delivering it to people willing to put money to have it is the right goal for any business endeavor.

If we put profit targets first, we will lose sight of what the most important business challenge is: making customers happy. When customers are happy, than business owners might be happy provided that the business is wisely managed.

That means we need to focus on our customers, find out which their needs are and do our best to fulfill them, and, in the same time, learn the business principles and thinking to be able to effectively manage our business.

But finally, how to take a decision on what online business to start?

The first step an entrepreneur should take is to find out which his/her strengths are. For every one of us there is something we do better than other people. In most cases, our abilities, knowledge and skills reflect the amount of learning and effort we put before. Sometimes, it can coincide with our passion.

So, we should evaluate carefully what we can do best and what we can develop further to can arrive at a relevant solution for a certain market.

After outlining the solution we could provide, we need to formulate our business proposal: what we will deliver and to whom.

It is very important to know our customers first and to address them a viable solution they are ready to buy, not to formulate the solution and then see to whom to sell it.

Strategizing and planning in detail our business, and tracking all the results of our actions will help us further to take the right decisions to develop our business.

We need to see all business decisions and actions we take as a continuous learning process. We should also be prepared to make mistakes and take important lessons out of them.

If we follow all these steps, we will be able to put in place a sound business. And, by the end, the level of profits will tell us how efficient we were in reaching our business goals.

Street Talk

Great article, really good information. Thank you

  about 1 decade ago
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