Written for the Internet novice, Scott Fox does a good job laying the foundation for someone just getting into or thinking about starting an online business. Although Internet Riches seems to target the beginner audience, those with more intermediate experience will still find it both informative and helpful as a reference to the various aspects an entrepreneur faces from idea generation to launch.
THE UNLIMITED OPPORTUNITY OF THE INTERNET: Fox begins with a thorough introduction to the opportunities available online, discussing the advantages of choosing the Internet as your business medium over the traditional brick-and-mortar model. He breaks these opportunities into what he refers to as, the three “waves of internet millionaires”. The first wave, Efficiency, covers models that have used the inefficiencies and annoyances of everyday life as a catalyst for the increased convenience the Internet can provide. In second wave, Products, he shares a glimpse into the world of resale and the sale of invented or improved products. Finally we are introduced to Niches and the potential that even the most obscure topics and products can create.
DEVELOPING YOUR OWN E-BUSINESS MODEL: Using Fox’s ICICLE Formula (I+C+I+C+L=E shown below), we are guided through the evaluation of possible business ideas.
I: Your Interests & Ideas +
C: Customers in Target Market +
I: In Demand Products, Services or Information +
C: Competitive Advantage +
L: Leverage =
E: Your E-business Model
BUILDING YOUR INTERNET MILLIONAIRE E-BUSINESS: In this section of Internet Riches, Fox takes us through the steps of choosing a domain name, a hosting company, web designer, an e-commerce shopping cart versus an eBay model, and developing content for your site. In this section, Fox will also ask you to face tough questions regarding the viability of your business and help to put together an action plan to get started. Although, I do think Fox’s promise of the ability for anyone to “start a professional business online” for under $25 a month is pretty aggressive, he does drive the point home that it is possible to get started with little experience and a limited budget.
Finally, readers are briefed on INTERNET MARKETING SECRETS and LEGAL ISSUES AND ADMINISTRATION.
Scott Fox does a great job of covering all the bases that need be considered for entry-level entrepreneurs into the e-World of business. However, even though many practical tips are provided I would suggest those new to e-Business to continue their research beyond this book for more in-depth and updated information while pursuing their online ventures. Overall, I enjoyed Internet Riches as a resource to getting started but would recommend other books for more detailed and advanced information and strategies.
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