Revealed: 5 Outdated Rules of Online Business

30 Jun , 2017 Articles

Revealed: 5 Outdated Rules of Online Business

Obvious, if you are an adult in this century, you have once or regularly purchased or sold items through the internet. The online store is now the new trend or way of connecting sellers and buyers. However, like any other venture, rules and regulations are guiding the webpreneurs. Taxation, data protection, scam avoidance, among others are some of the rules of the online business.

Despite this, the web-based business model transformed the common way of running ventures. As technology is on revolution journey, some of the rules that guided traditional online business have become obsolete. Which are they?

Here are the five rules of online business that do not exist anymore:

Rule #1: Need for professional certification to learn a business in a particular field

Initially, as a webpreneur or an entrepreneur seeking to establish a brick and mortar business, one of the requirements was having a college certificate or a degree in that particular field. For instance, if you dreamt of setting up a financial consultancy business, you needed a finance certificate or background experience in that particular area.

 However, this rule is no more. With the technological advancement, you can set up any business online whether you have qualifications in that particular field or not. Today, all information you require is available on the internet. Hence, you can learn and practice any business of your interest with having to enroll for a college certificate or degree program.

Rule #2:  Qualifications and background experience no longer matters

Accordingly, another obsolete rule of the online business relates to having skills and experience on your new hassle. During the dark days and initial phase of the internet, you had to display your area of qualification and the range of experience you have to get clients or a job. Customers could go for service providers with high qualifications and a range of experience.

Though the two aspects matter a lot, today, passion and quality is the king when it comes to online business. Online customers do not care whether you have 20 or zero years of experience. To them, the ability to satisfy their needs and solving their problems is pivotal.

Rule #3:  Clients are the people you know and interact with now and then

 In those days when internet and digitization only remained as a dream, you could only sell to people around you and those who knew you. Even when the dream actualized, nothing much changed. People could communicate and sell their items to their friends and neighbors on the internet.

However, this notion is now obsolete. Today, the best customer may even be people you have never seen, interacted or even met. It is no longer about who knows who, rather, it is about who likes your service or products and are you ready to address their needs.

Rule #4: To be successful in business, specialize in one area

Mmmhh. The professions advised you to master an art and stop being a jack of all. However, this narrative falls into the category of the old ogre stories. In this internet-driven century, multi-venturing on different fields is the goal of online business success. To remain in business, you need to generalize in different niches.

And the last outdated online business rule;

Rule#5: Do not copy other people’s idea

Yes.  Individuals who replicate other persons’ ideas are said to be redundant as they cannot come up with a new thing. In essence, introducing new ideas is the principal advocacy of business consultants. Nevertheless, this approach is long gone replicating other people’s idea can turn to be a profitable venture.  An obsolete technology may be gold in a new demography.

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