Internet businesses have grown from solely selling products online to creating entertaining content through websites such as YouTube. Along each progression of online business, entrepreneurs have had to change the way they view the internet. For example, people switched their previous view of a product-oriented online business to a business strategy of pitching an idea to people in an environment in which donating money to achieve the entrepreneur's goal requires simply hitting a few buttons. This business progression has not halted and continues to expand the minds of entrepreneurs. This article describes predictions for what the future of online business holds.
One agreed upon prediction is that all entrepreneurs will have more difficult problems to face. For the internet entrepreneur, these problems may look like bringing more people on board to make an internet business run smoothly, adhering to stricter regulations, developing advertisements and methods of data collection that are both lawful and effective, being at the forefront of creating policies, and obtaining financial funding. The next wave of internet entrepreneurship will have to tackle this list of problems as well as the many problems not mentioned.
Taking a hint from how social media is behaving, it is clear that future internet businesses will need a skilled team of technically-minded workers. It appears that we have passed the time when a single person can contribute enough effort to meet the expectations of future generations. Facebook and PayPal are good examples of this already being the case. Both of these businesses require a multitude of talented individuals, not only to have started the companies, but to maintain them. Hiring professional to sort through the legal matter is necessary as well.
The internet is becoming more and more regulated. People are beginning to not be able to anonymously write and get away with bad behavior online. The Reddit ordeal with Ken Bone before the election is a good example of this already being the case. Along with more regulation, entrepreneurs will need to develop cunning methods of advertisement and gathering customer data without interfering with privacy laws. Advertisements are becoming trickier by the minute. One minute you could be searching for bicycles and the next minute you will see bicycle ads popping up on your Facebook feed. There appears to be a fine line between looking at what people are interested in and breaching their privacy.
Internet entrepreneurs will be at the forefront of contributing to new policies. New policies are necessary when the way that the world works expands into new realms. Currently, net neutrality is the hot topic. This is certainly an issue for internet entrepreneurs since the ability of consumers to access content or products is at stake.
Lastly, the idea of obtaining donated funds is still young. In fact, gofundme was only first created in 2010. Entrepreneurs will have to use the ever-changing funding strategies as well as become more creative in order to obtain money.
This article has described several issues that an internet entrepreneurs face now and how that problem might transform in the future. Putting all of the points together will give a grainy picture of how the next wave of entrepreneurship will look in the future.