INTERNET ENTREPRENEURS

Internet entrepreneurs, how to become an Internet entrepreneur. Advice from some of the most successful business entrepreneurs on the Internet.

There has never been a medium that appears to offer so much potential to budding entrepreneurs like the internet. "Appears" being the operative word, because most businesses launched over the internet never generate a penny in income for new internet entrepreneurs.

Go to the start of this interview about internet entrepreneurs.

The theory that all you need is a good idea and a website is a much overrated and exaggerated fallacy and where most businesses, due to ignorance or naïveté, find they have a recipe for failure. So if you are thinking of stepping into the world of online commerce, read what some of the most successful entrepreneurs have to say about how to succeed online.

We put twenty questions to David Miles, Ian Cass and Paul Herbert, some of the most successful business entrepreneurs investing in the Internet. If you are interested in becoming an Internet entrepreneur, you will find their answers to our questions, compelling reading.

Q. Why do so many new internet companies fail?

David: A lot of entrepreneurs set up an internet company in the belief that simply having a website is a sure fire way to make money. But without proper internet marketing and search engine optimisation, even the most beautifully designed and technically perfect website is likely to fail because no-one will ever visit it - just the same as if you have a shop in a hidden backstreet that nobody can find.

Ian: They have a great idea and invariably it is a clash between technical knowledge and marketing flair - either technically sound site but no fizz or lots of fizz and no substance. Lack of investment, not managing their cash flow and not seeking advice from the right people at the beginning of the project means they make expensive mistakes they could ill afford.

Paul: Successful entrepreneurs are driven and prepared to make personal and professional sacrifices in order to succeed. When I look at any failing business, it is invariably because the people involved weren't prepared to pay the emotional and physical price of success. Too many would be internet entrepreneurs believe that the internet is a vehicle that will do the work for them. Whilst this is true to an extent, most internet failures happen because the owners of these sites sit back and expect the money to flood in. You have to set daily sales targets and achieve them everyday. This takes 100% commitment and few wannabe entrepreneurs have the backbone for this kind of pain.

Q. What are you looking for in a new internet business?

David: An innovative idea, evidence of proper business planning, and a management team with the determination and energy to make the business a success. If the management team is lacking, we can provide all the essential skills and experience needed.

Ian: Something simple as a concept - it can be a niche or mainstream product that can harnesses the power of the internet.

Paul: First and foremost, I invest in people. We can look at any internet business idea and improve it or provide the people with the experience and knowledge to ensure the business has the best possible chance of success. However, I have to be convinced that the people behind the business are as committed to the success of the business as I am. Can I work with the people involved? Are they really hungry for success and prepared to work the long hours required? Or, are they going to give in at the first set back? I like working with people but I am not prepared to work for them. I don't have the time to be constantly chasing my business partners or working harder for their success than them.

Q. What skills does an internet entrepreneur need in order to succeed?

David: The ability to think laterally and to be able to put themselves in the shoes of their potential customers.

Ian: Thick skin and ability to tell techies exactly what the concept is about and be decisive. They don't need to be highly technical themselves but they do need to understand the concepts behind the internet.

Paul: Internet entrepreneurs are no different to any business entrepreneur. The need to be able to communicate an idea and sell their product or service. Management skills are another essential element as all entrepreneurs need to be able to multi-task. Being able to prioritise and focus on the important business areas and not get distracted by day to day issues that will detract from profit making tasks is essential.

Q. What qualities does an internet entrepreneur need in order to succeed?

David: They need to be open to new ideas, willing to surround themselves with people who have the skills to help them succeed, and not be afraid of hard work and long hours.

Ian: Knowledge of the customer, the markets and attention to detail to avoid expensive mistakes. They also need to be able to recognise new business opportunities when they arise. Some of the richest entrepreneurs have recognised business opportunities ahead of everyone else. How often have you said to yourself "I wish I'd thought of that"?

Paul: Qualities are something that can't be taught, only discovered within you. People who make the best entrepreneurs are highly disciplined, focused, driven, egotistical, determined, courageous (from a business point of view), willing to take calculated risks, optimistic, dynamic and above all, capable of picking themselves up every time they get knocked back or knocked down. The richest entrepreneurs have a total belief in themselves and nothing will ever convince them or persuade them otherwise. Despite all of the above, they also have to recognise their weaknesses and be prepared to listen to the experts that surround them. No entrepreneur is good at everything.

Read on to discover what it takes to be a successful business entrepreneur.