3 Traits You Need To Start a Successful Online Business

With the rapid expansion of the internet and new technologies such as smartphones, apps and WiFi, there are new online businesses starting every year. Whether it’s another ecommerce site selling consumer goods or apparel, or a groundbreaking idea like Facebook or Google, building businesses within the online space takes great determination and innovation in order to succeed. And with 69 percent of small businesses starting at home, according to Small Biz Trends, succeeding in such a highly saturated market can be difficult. So what traits should you possess to ensure your business thrives? Let’s take a look:

1. Be Highly Creative and Innovative

The digital world is the modern hub of creativity and innovation. It seems like almost every day that there is a new technology or idea that’s changing the way we do chores, complete our work, communicate or generally just live our lives. So if you’re looking to enter the online space as an entrepreneur, you’ll need to be on the same level of superior creativity. Copying another business’s strategy may not always work, as times are consistently changing, and what worked five years ago will likely not work now. Come up with your own ideas, brainstorm unique strategy points and value propositions, and make sure you’re providing your consumer with something they can’t get anywhere else and therefore can’t walk away from.

2. Build and Nurture a Network

Generally as an entrepreneur, gaining traction as a new a player in the industry can be tricky — networking is essential to getting your name out there, learning from the best and promoting your business successfully. If your previous career paths did not assist with you building a valuable network of people, or you simply struggle to do so, there are steps you can take to help yourself. For example, look online for interest groups or meet-ups where you can meet people in similar industries. Research the concept of networking by reading books such as “The Seventh Sense” by Joshua Cooper Ramo and “Never Eat Alone” by Keith Ferrazzi. Or simply carry around your business card and make it a point to meet new people every day. As your business starts to develop, you’ll notice the worth of having connections — not only can you learn from them and get advice, but starting a new business has a lot to do with getting exposure, and networking will ensure you’re getting the right exposure.

3. Grow Your Skill and Work Independently

As the online world is booming right now, skillsets and knowledge within this industry are expensive. When you think of web developers, digital specialists and advanced coders, the money spent on such costs adds up very quickly. And for a new business, these costs can seem unmanageable. That’s why, when it comes to building your own online business, you should strive to be an independent worker, at least at the beginning. There are so many tools available online to help you learn how to build a website, how to advertise, and the best tools to use throughout the process, so take advantage of the resources available. Once the business is up and running, having this deep background knowledge of your online business will be invaluable when it comes to optimizations, operations and strategizing.

Starting an online business is an ambitious and potentially highly lucrative endeavor. However, as such a highly saturated and fast-changing environment, ensuring success means you need to have the right skills and tactics throughout the process. Check out these quick tips and make sure your online business is constantly growing and evolving in its industry.

Author: Kar

Dr. Kar is in the Information Systems & Management area in one of the top QS Ranked universities of Asia/world. He has extensive experience in teaching, training, consultancy and research in Indian Institutes. He has published over 100 high impact research papers. He has hundreds of citations as per Google Scholar. He has also authored/edited 4 books. He is the Editor and Founder of Business Fundas. Note: The articles authored in this blog are his personal views and does not reflect that of his affiliations.