It’s time to start our second pillar focused on the entrepreneurial side to adopt. It is clear that the different pillars are interrelated. If you want to become an entrepreneur, it is necessary to acquire the mind for and therefore to achieve a certain personal development. Besides that, it is also important to learn how to invest the money that your activity will generate otherwise you will remain constantly dependent on it.
If you want to become an entrepreneur, you are really lucky to want to start nowadays. Indeed, the internet has changed everything in the world of entrepreneurs. Today, it is quite possible to start a business simply with a computer and an internet connection.
This new possibility of operation has obvious advantages. You can work from anywhere, you can get started with very low or non-existent costs, you can reach the world very easily, etc. But it also has disadvantages. In particular, the fact that given the ease of getting into these businesses, the competition is much more intense. The number of people starting their business has simply exploded. We must be aware of this.
What are the possibilities for a digital entrepreneur?
As I explained, there are a whole series of advantages to this new way of operating. One of them is notably the impressive amount of business possibilities. The Internet is full of opportunities and businesses to exploit. To make an exhaustive list would not be possible because there are so many but I will already mention some of them below. Note that I will not go into details for the purposes of this article. But if you want me to go deeper into a certain subject, don’t hesitate to let me know!
Create an online store
Gone are the days or to start a business, it was necessary to find a place to receive customers, etc. You can quite simply launch your business via your computer thanks to the internet. You can even push the vice further by getting into “dropshipping” where you don’t even have to finance your stocks. No inventory financing also means lower risk if your product doesn’t sell.
Thanks to sites like Shopify, you can launch your own online store from less than 30 euros per month. To this, you should add your advertising costs and this allows you to launch your online store for less than 100 euros.
The good thing about this kind of business is that the potential earnings are limitless. Some people make more than 100,000 dollars a month from dropshipping.
Start as a Freelancer
Another great opportunity is to start as a freelancer. Whether you have a particular skill or want to learn one, freelancing is a very interesting business to consider. If, for example, you have a passion for video editing, why not take advantage of it to earn some income? There are many different possibilities. Whether it’s text translation, article writing or even design creation, you will always find people willing to pay for these kinds of services.
Unlike before, where you had to go around the city’s businesses to try and get contracts. Today you are put in direct contact with the whole world from the comfort of your home. Indeed, thanks to sites like Fiverr, Upwork, etc. you just have to create your profile and offer services and the platform will allow you to be put in touch with potential customers.
Here on the other hand, unlike an online store, your income may have a certain limit. In fact, you have 24 hours in a day like everyone else, and therefore your “production” of services will be limited to your available time capital. If the service you offer takes you an hour, you will not be able to serve more than 24 clients per day (excluding rest, etc.). Which constitutes a certain limit.
Create a blog
If you have a passion, or a keen interest in a particular subject, you are certainly not the only one! There is a good chance that a whole range of people are interested in this topic. So why not start a blog that acts as a “journal” and allows you to share your thoughts and expertise with these people?
For example, in my case, I have a very strong interest in anything directly or indirectly related to financial independence, in particular investments. I mainly use this blog as a journal to share my thoughts on the subject and allow me to further concretize my learning. Because the best way to learn something correctly is to try to make it understood to someone else.
So, you’re going to tell me “Yes, that’s all well and good but I’m here to make money myself and I don’t see how writing articles will help me.”. I fully understand your point, but know that a blog can also be a major source of income. If you write articles that are interesting enough to build some traffic on your blog, you can quite monetize it through affiliate marketing, advertising, or simply the sale of products (ebook, training, etc.). Here, the income possibilities are enormous and limitless.
Again, I’ll draw a parallel with the past where if you wanted to publish a book you had to go around the publishers at the risk of being rejected. Think of JK Rowling whose Harry Potter manuscript has been rejected more than 12 times. So be careful, I don’t mean to say that going through a publisher has no advantages, if only at the level of advertising and the promotion of the book in bookstores.
But here, I am talking about the publication of ebook and therefore digital book, again, thanks to the internet. You can easily sell these ebooks through the Amazon site and therefore put it in front of a potential of several million buyers, all for free.
So this one is perhaps more a choice of the heart because it is a subject that has always interested me. Trading assumes that with a thorough analysis of the stock charts, it is possible to more or less predict the course of a stock’s price. Thus, the objective will be to buy a stock for a short period with the objective of selling it at a profit.
Some people think of trading as “bets” but I don’t agree, once you start to understand the theory and principles, it turns out to be a simple cost-opportunity calculation. It will be all about establishing a trading plan and sticking to it. This therefore makes it possible to minimize the risk and maximize its chances of being profitable.
However, trading requires a certain mind of steel not to let our emotions take over and stick to the initial plan. Let us refer to pillar 1 where we are trying to develop a better mind which could only help us in practice.
I recently started personally learning trading through various readings. Why not think about setting up a sort of trade journal where I will detail the operations I have carried out, the analysis and the conclusion. Do not hesitate to tell me if this may interest you in the comments!
Create an online course
If you feel like a teacher’s soul, and you have skills that you feel you can teach other people, why not create an online course?
The idea is quite simple, it consists of creating a course through videos, PDF, etc. And sell it to people who want to learn what you are offering. So yes, you still need to have some expertise in the field for your product (your training) to be credible and for people to trust you enough to buy it. Imagine if I, who have absolutely no experience in this, offered you training in woodworking. Would you buy it? I doubt.
The best part about this business is that it will generate income for you in a passive way. When creating the training, you will have to put a lot of work, but once everything is online, apart from the possible promotion of the training, it will be passive income that will come in.
Créer une chaîne Youtube
So, reading this can seem quite amazing and refer to a kind of childhood dream that wants to look like the famous Youtubers. But it goes much further than that. It is quite possible to create a hugely profitable business with Youtube and few people realize it.
Once your Youtube channel meets certain conditions you will be able to start monetizing it (by accepting that Youtube put advertisements in your videos). And once your channel is monetized, you can consider all of your videos as assets (I refer you to our article on personal finance to understand this notion). Thus, all your videos, once on the platform, can potentially bring back views on it. Who says “views” says “advertising display” and says “income for you”.
In addition, you can also insert affiliate links in your videos which will also allow you to earn a commission if the seller makes sales through your link.
Respond to online surveys
So I grant you, this solution is undoubtedly the least interesting and the one representing the least growth potential. Nevertheless, we must recognize that answering these surveys can bring in some money which can allow us to launch other businesses. Considering the lower costs of these, it is quite possible. As a reminder, you can launch your own online store for less than 100 euros.
Very clearly, this is not a method that I recommend, nor a method to really become an entrepreneur, but I still wanted to approach it to inform you that this solution exists and can help you out while you start something else.
We were able to explore together different solutions to become what I call a digital entrepreneur. An entrepreneur through the internet. We briefly discussed each of these methods and so you could already see for which you had a certain interest. As explained, I will not go into more detail in the context of this article. But I can easily create one article or several articles to go into more detail in one or the other method. Do not hesitate to tell me if that interests you in the comments!
I would like to end with a very simple little quote that highlights what an entrepreneur is.