The essence of making money on the Internet myth or reality
But an important question remains: How should companies organize to compete in this new business environment?
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Without a cold look at the facts, the mythology about what drives on-line business success can be blinding. Despite the huge transformational power of the Internet, E-commerce has not repealed the fundamental laws of economics. Dispelling the myths about Internet startups provides insight into the crucial decisions that a company must make early on — determining the right structure of the organization, the extent of integration with the core business and the level and sources of funding.
Once the smoke screen is lifted, the organizational principles used by successful Internet startups look surprisingly similar to tried-and-true business principles.
The Myths, and Realities, of Running an Internet Startup
Executives at Internet startups often have strange titles such as chief imagination officer, wear funny clothes and work odd hours. This fuels the notion that they have unstructured and anarchic organizations, throwing into question the importance of strong, accountable leadership.
Successful Internet startups have clearly defined roles for managers. Few venture capital firms would lend money to a company without a clear leader in charge.
In spite of the frills, power structures still exist within E-commerce companies, just as in traditional companies. The similarities are exemplified in the often painful and nasty transition from founder to the next The essence of making money on the Internet myth or reality. Similarly, dedicated and accountable senior leadership must be empowered to exploit the radical shifts in the landscape.
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Uncoordinated and fragmented initiatives by individual departments fail to fully capture the strategic impact of the Internet, leaving companies vulnerable to competitors. They also have difficulty reaching critical mass and making a difference.
The truth is, E-commerce ventures may have to compete with the very business model of the company that spawned them. They also need to be exceptionally entrepreneurial, with a risk-taking spirit that most established companies keep in coffee-table books about their history. For this reason, wiki binary options should consider creating a separate entity to jump start their E-commerce venture, with minimal degrees of integration with the core business.
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Either way, leadership and accountability are essential. The CEO must make E-commerce his top priority or create a separate entity led by someone who will. MYTH: Internet startups are completely technology-focused. America Online Inc. The Internet creates opportunities to communicate with customers. It allows for the creation of communities around products and services, and makes market research easier to conduct.
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The Internet can quickly regroup and redefine customer segments, rapidly creating new customer wants and needs. Charles Schwab gained a dominant position in the on-line brokerage industry by identifying the new market and responding quickly.
Customers respond to brands — in both the real and virtual worlds.
The best companies in the world have developed branding expertise. So can Internet startups.
MYTH: Internet startups are all about zero profitability and irrational stock prices. In fact, successful Internet startups are extremely results-focused.
How to Make Money Online
The stock market and venture capitalists are looking at hard indicators of future success, even if the profitability is not there at present. Staff compensation is geared toward results with base salaries a fraction of what people earn in large companieswhich should attract highly motivated talent.
These markers, whatever they may be, are no less important simply because they will require constant review and adjustment in a fast-paced competitive environment.
Without them your E-commerce organization will be adrift.
Rewarding performance based on objective results will also help attract top talent — an elusive prerequisite to success in the E-commerce arena. Behind the newly created myths lie the time-tested principles of successful business practices: Put in place strong and accountable leadership, maintain your customer focus, set the essence of making money on the Internet myth or reality objectives and reward results.
Think of your E-commerce venture as old wine in a new bottle — but just uncork it right away.
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