Online success depends on many factors that contribute towards attracting customers and investors. Three steps are necessary for achievement of success. They include achieving fame, finding investors, and developing astute plans for future.
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Facebook has attained online success by following the three steps. Its success is attributed to fame, focused and dedicated investors, and prudent plans. Currently, it is one of the most successful online companies. Therefore, achieving fame, finding investors, and planning for future are key aspects of achieving success.
Online success does not necessarily require making large amounts of money. However, attaining fame is an important aspect that should be considered. A famous website is considered successful even though it does not generate revenue. Success means that it attracts many visitors seeking information and different services.
Success of an online system is evaluated based on number of visitors (Gangemi par3). Few visitors imply that the system is unsuccessful while many visitors imply that the system is successful. Furthermore, generation of revenue depends on number of people that visit a system.
Therefore, if a system is famous, many people will use it because they find it helpful, reliable, and effective in providing information and other services. Critics argue that systems that do not generate revenue are unsuccessful because the main objective of starting an online venture is to generate revenue. They further argue that the success of an online venture is determined by revenue generation.
However, their argument is flawed and baseless. Reasons for starting an online venture include sensitization of people, advertisement of goods and services, and establishment of a forum for special groups such as drug addicts and alcohol abusers (Gangemi par3). Success of these ventures depends on number of people that use them.
In order for an online company to generate revenue, it must have adequate capital (ischool par3). In order for a company to obtain capital, it must search for investors. Investors are financially stable individuals who give money to companies with hope that they will get it back with a certain percentage as interest.
Obtaining capital is one of the ways companies use to generate revenue (ischool par5). Critics argue that there are other ways of obtaining capital other than finding investors such as peer-to-peer lending, crowdfunding, microloans, internet-based lending, and business invoice factoring (Harrison par4). However, these capital sources are not as effective as investor funding, which is the fastest method of obtaining adequate capital.
A company must have a good plan for future in order to sustain growth, attract investors, and achieve success. A good plan enables a company invest money obtained from investors in prudent ventures that increase revenue.
Planning increases efficiency, reduces risks, motivates employees and other stakeholders, makes decision-making processes efficient, and gives the company direction (Harrison par5). Critics argue that a plan is not necessary because online ventures require flexibility in order to deal effectively with uncertainties of online businesses such as new technologies and competition from other companies.
However, the best way to deal with online uncertainties is to develop a plan that includes strategies to handle competition, methods to utilize new technologies, and ways to solve problems and challenges (Harrison par7). A plan is a guide that facilitates achievement of goals and objectives. Without a plan, a company loses focus and experiences many challenges that hinder it from attaining success.
Gangemi, Jeffrey. Secrets of Online Business Success. 2006. Web.
Harrison, James. 10 Tips for Online Business Success. Web.
ischool: Making Money on the Web 2009. Web.