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Let’s take a look at the very concept of an “internet business” to define the term right away:

The typical “internet business” is a company or organization that generates regular profit from sales made exclusively online. Some business components may exist in the “offline” world, but the sole medium for sales processing and customer contact is the Internet.

For a specific look at various types of internet business models – that is, different ways of using the internet to create a revenue stream or to maximize and enhance existing revenue streams – check out “The Top 4 Internet Business Models.”

The idea of an “internet business” is appealing because of the potential for automation and mobility. Without a need for a brick-and-mortar store or a standing warehouse, you can travel anywhere with the business on a laptop, or decide tomorrow that you’d like to move, never once worrying about the impact on your business plan.

So what are the essential elements of an internet business?

Well, like any other business, first you’ve got to have a product or service to sell.

Then, you’ve got to have an effective marketing and promotion plan for your product or service.

And, finally, you need a product delivery mechanism – i.e. shipping the product or providing the service.

To be true to the definition of an “internet business,” you must fulfill all three of these basic business processes via the internet. Your product or service must be presentable via a website. Your marketing and advertising methods must effectively deliver customers to the website. And your product or service fulfillment must be initiated and tracked online.

Some internet businesses can function with an entirely digital infrastructure: websites that feature the product, online advertising that instantly delivers customers to the websites, and even a digital product that can be accessed or downloaded immediately. Classic examples here include digital information products, membership sites, and some affiliate marketing methods.

Most internet businesses will require at least some offline mechanisms: offline advertising, physical inventory storage space, traditional shipping methods, customer service call centers, etc.

As I’m sure you’ve already guessed, it is truly impossible to build an entirely digital internet business, as at least some elements will always be handled offline. The internet is, after all, a manifestation of the offline world. (I know some people like to pretend otherwise.)

Still, with the current state of and constant progress in the world of technology, a primarily digital business is possible and comes with a handful of great advantages:

• Automation creates less or zero need for permanent employees
• Online marketing allows for more focused measuring and testing
• Digital delivery can greatly reduce shipping and fulfillment costs
• Email communication streamlines customer service requests

Any one or combination of these can lead to reduced overhead and increased profit margins – important attributes of any solid business model!

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In the first part of this series, I discuss the beginnings of my path as an entrepreneur. For the second half, I focus on my current business model as an internet entrepreneur and provide a glimpse into my vision for the future.

Every entrepreneur takes a different approach to business-building. My intention here is only to offer my work as an example that might inspire you. For that reason, the following article is as much about business modeling as it is a “picture” of my own model…

Finding a Purpose: The Entrepreneur’s Key
I firmly believe that business development and personal development go hand and hand. This is an especially important concept for entrepreneurs. I am my business. The same applies to you.

In my internet startup ebook, I often remind readers that building a business is not just about money. And yet, making money is an important part of being an entrepreneur.

The greatest key to my success in previous and current ventures has invariably been purpose. On a weekly basis, I reconsider and reinvigorate my business plan.

In part 1, I provided my personal purpose as an entrepreneur…

I work to inspire other people to find congruence in personal, spiritual, and financial success. In everything I do, I strive to live congruently, to work with real purpose and intention in my business and personal spheres.

Take a hard look at that statement. The word “I” figures largely. It should be obvious why this is the case. I am the entrepreneur. I am the business.

For most entrepreneurs, the ultimate goal is not self-employment but business ownership. You’ve probably heard the term “passive income streams” countless times. This is exactly the meaning of the term – to disconnect your time (your employment) from your earnings.

With this in mind, I began expanding my entrepreneurial personal statement into a business mission statement. Entrepreneurs are creators, masterminds. Often, we create business operations that take on their own lives.

A business is far more likely to succeed if imbued with its own purpose.

Building a Business: The Entrepreneur’s Creation
With a business mission statement, an entrepreneur can begin developing a complete business profile. The profile can include a variety of things, but here are some essentials with examples from my own business:

• Name: Mindful Write
• Purpose: To create and publish information products that enhance lives by promoting personal growth, entrepreneurship, and success achievement.
• Current Products
• A Life Journey
• Personal development articles and resources
• Mindful Entrepreneur
• Business startup and development articles and resources
• Make Money at Home Selling Books Online
• How to start and run a successful bookselling business
• Future Products
• Begin Meditation (BETA)
• Daily meditations and ruminations
• Various ebook ideas, etc.
• Revenue Streams
• eBook sales, Adsense, Amazon Associates, Text Link Ads, Donations, Product upgrades, etc.

Once I started spelling these things out, I could immediately see a picture of my business and ask important questions about its current state and its future growth. Everything points back to my Purpose/Mission. Any time I wonder about an important decision, I look to this statement for guidance.

Periodically, I review the statement itself as I consider what changes might warrant a change to my overall purpose. But usually the cart follows the horse. My actions as an entrepreneur and the development of the business are both guided by the trajectory of purpose. For me, being a Mindful Entrepreneur is about building personal passion into a business that inspires others and improves their lives.

Tags: business plan | internet entrepreneur | mindful entrepreneur

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I wanted to share this with you right away…

A new visitor to my site, Martin Neumann, has a tremendous web resource available over at www.epublishingdaily.com

Martin’s blog offers visitors insightful updates on the constantly evolving world of information publishing and product sales. Here’s a quick sampling of some must-reads:

• $11,875,783 earned from 1,692,964 eBook Sales
• It’s All About Repeat Sales
• For Small Online Businesses, PayPal is Still Your Buddy
  

The blog, like the rest of the site, is witty and well written. Definitely worth adding to your RSS reader.

But the greatest thing about ePublishingDaily is not the blog, it’s…

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I recently heard an excellent podcast on mindfulness. The podcaster, Robert Jackson, offers a simple exercise for getting mindful: just do the dishes.

At first blush, I thought “just doing the dishes” would be a mundane experience. After all, that’s exactly why I usually do about 5 other things while doing the dishes (thinking, singing, watching, calculating, etc.). But after actually following this simple advice I experienced an incredible 15 minutes of pure mindfulness…. Well, maybe not perfectly pure. But close:

I actually heard the water splashing and sloshing. I actually felt the contours of each dish and utensil. Yes, I actually enjoyed washing the dishes.

After this exercise, I decided to apply the same concept to entrepreneurship. I wondered, “How could entrepreneurs *do* mindfulness? How could we really experience our businesses instead of just trying to make money?”

So here’s my offering: 7 Mindful Business Practices that are a bit like just doing the dishes…

1. Determine the Purpose behind the Business
This is a perfect place to begin. Put profit aside and ask yourself what the driving purpose of your business really is. If you’re a product-based entrepreneur, are you trying to improve your customers’ lives in some way? If you offer a service, what does that service do for the customer?

I’ve always felt that good business really can should change lives – on both sides of the equation. The entrepreneur is happy when the checks come rolling in and the product or service works. The customers are happy when they get what they want – the product, service… even the image or experience (Starbucks comes to mind here). So how does your business-purpose change lives on all ends?

2. Focus on One Thing at a Time
Focus can apply to both the day-to-day steps and the overall “work” of the business. For example: if you sell information products on the web, focus your business by developing and marketing ebooks one at a time. Then, you can apply focus every day in accomplishing specific tasks to achieve that end.

Focus is especially important for internet entrepreneurs who can become easily lost in pointless online “surfing.” I know, I know: there’s tons of great info out there and countless possibilities, but without a focus you’ll never get moving. Once you’ve defined a purpose, setting your sights will be much easier.

3. Reduce Distractions
You may have trouble getting focused if you’re constantly distracted. Don’t limit your idea of distraction to noise alone: sometimes, silence or “mental noise” can be just as distracting as the neighbor’s kids.

The Catch-22 with mindfulness is that the more you practice mindfulness in daily work, the easier it will be to get into that zone. Even when something distracting does take place, you’ll ride the wave without losing your cool.

4. Create a Positive Workspace
You should look forward to work. (Isn’t that why you’re an entrepreneur?) It is important to have a professional touch, just don’t make the mistake of recreating an Office Space cubicle nightmare. For those of us who work from home, we don’t usually need to impress clients and can do whatever works for us. But even if you have an out-of-home office space, you can add plants, fountains, framed art, pleasing music, and other goodies.

5. Emphasize “Tasks” over “Time”
Start every workday by becoming mindful of what you want to realistically achieve instead of blocking out time. Time management is a sticky point for most entrepreneurs as time is so connected to money in the business world. But if you’re too busy thinking about how much time something will take, your mind will focus more on the time and less on the task.
This is a kind of balancing act, I know. But with fewer distractions, more focus, and a general purpose, you’ll almost always find that mindfulness brings more bang for your buck… or hour.

6. Simplify Everything
And I mean everything. Paperwork. Marketing campaigns. Computer files. Scheduling. Purpose statements. Even your business cards.

We’re all bombarded with so much information everyday – flashing web ads, enormous billboards, excessive decorations – that simple is refreshing. You may be surprised by the connection between the state of your desk and the state of your mind.

Feeling stressed out? Overwhelmed by the job of entrepreneurship? Control it before it controls you. Clean off your desk. Cut out the fluff. Consolidate to-do lists. Shorten your mission statement. And while you’re at it… trade in your PC for a sleek Mac!

7. Connect Passion with Profit
We’re in business to make money. There are few exceptions to this rule. But if we spend most of our lives working only for money, we will soon find a void in our days.

I firmly believe many of the problems in modern societies today often relate to the quality of our working lives. So many of us find “real jobs” boring, monotonous, demeaning, and lacking real purpose. But the ideas we hold about work can affect us on a subconscious level. Before we know it, the very thing we we’re trying to eliminate quietly manifests in our lives as entrepreneurs. Remember to keep the font of passion healthy!

Tags: mindful business | mindful entrepreneur | business practices

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Inspiration is essential to any entrepreneur’s success. Usually, we begin through a great burst of energy. We want to ride the wave as long as possible, but sometimes the juice just runs low.

Fortunately, the ability to conjure up motivation from within is a defining characteristic of the successful entrepreneur. If you’ve done it once (even in the beginning), chances are you can do it again. I have many friends who simply insist that they do not have the kind of dedication and discipline to become self-employed. Perhaps this is true. Even still, the number one source of energy is inspiration - everything else simply follows its lead. I suspect that a lack of commitment really signals a lack of true inspiration.

Today, courtesy of ever-inspiring Pamela Slim of Escape Cubicle Nation, I want to offer a piece of reinvigorating inspiration. Watch this video with intention. Spend a few moments beforehand contemplating your business goals and dreams. Then, watch the flash presentation and be inspired.

When you’re finished, take a few moments to heed Pamela’s advice and consider your “Declaration of Independence.”
Here’s the link:

Escape from Cubicle Nation: A special boost for wannabe entrepreneurs: My Declaration of Independence

Tags: inspiration | entrepreneur | business

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