Every year, hundreds of young entrepreneurs eye the Internet as a place to earn their fortunes. Many fail, but others succeed spectacularly. What differentiates the winners from the also-rans? Successful e-commerce entrepreneurs say there are five key rules:
- Find a niche market that no one else is exploiting, or differentiate yourself from the others in an established niche.
- Develop a prototype product. This makes it easier to find your first customer.
- Get a great reference from your first client and use that to market yourself.
- Be careful about hiring employees. When you're small, everyone's contribution is magnified, so good hires are critical.
- Stick with the project through the ups and downs common to all start-ups.