Internet Entrepreneurship on a Shoestring

In light of the mass panic over the the slowing economy, many entrepreneurs, particularly the internet inclined have withdrawn efforts to pursue their business. Driven by fears of lack of funding and interest, such entrepreneurs, in a time of high unemployment and empty 401-k’s, recede back to the enclaves of entrepreneurship abandonment.

Pessimistic thinking is not necessary when the proper options are considered for the potential online entrepreneur. A recent article in Time, highlights the that the hard-pressed economic times is in a reality time for a new boom in internet start-ups. The online companies that are able to thrive now are those that cost little to start and run, and with proper planning have the potential for big payouts in the end.

Central taking advantage of this new boom is starts with a great idea for a need in the modern online marketplace. Find the need, construct the plan, and run the company on shoestring until the economy improves. But, just how do sites run on a shoestring budget? Taking the cast study from the Time article, the site MotorMouths.com (the Rotten Tomatoes of car reviews) offers some insight into the matter:

1. Start as a hobby and grow. Many entrepreneurs are working full-time and treating their new business as a time intensive hobby. By staying in their full-time job and working hard on the evenings and weekends, they are building a strong base for financial security in the  company.

2. Collaborate. Not all internet entrepreneurs have to be MIT graduate programmers. The web has access to numerous sources of helping hands and programmers with the right skills. In most cases, these programmers can be a bargain.

3. Start small and build progressively. Build the idea slowly, bootstrapping as much as possible. If the idea catches on in the internet community, the funding will quickly follow.