I want to give a short synopsis on the subject matter.
- Minimum capital compared to other form of business:- Most of the internet business models do not require you to have an office, stock products in a ware-house, have an inventory, etc.
- You do not need to have an office, you can work from home.
- You do not require any staff; you can conduct the business on your own.
- You are not restricted to any location- All you need is a computer and an internet connection in any part of the world to conduct your business
- You can make money even while you sleep – Some of the internet business generates money on autopilot even while you sleep.
- High potential to make lots of money, if you know what you are doing.
- You need to have basic computer literacy and in some cases you would need to have a high level of computer literacy e.g. as in the case of programming, website design, etc.
- Requires time and patience to be able to learn the business
- Tendency to be easily be bogged down with information overload thereby leading to inability to take the action.
- In Nigeria, lack of some basic amenities like epileptic power supply and poor and expensive internet connection could lead to frustration
- You could lose money easily if you do not understand the business model you are getting into
The advantages far surpass the disadvantages. An internet business is by far the easiest and most lucrative business anyone in this generation can get into. It is easy to start off with, gives you freedom and can be conducted in any part of the world.
In the next lesson, we will be talking about the various internet businesses you could be engaged in.
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Samuel Oritsejimi Iyinbo has been making money online since 2003 as a website designer with over 60 clients and counting, an internet business consultant, serial entrepreneur and spiritual teacher where he disseminates spiritual messages The Roving Messenger. He founded Illumination Concepts’ E-learning Centre and Innovation Hub the Internet Business Academy Nigeria, to share his knowledge and to train people on how to make money online.