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The importance of entrepreneurship in the United States is evidenced by the fact that it is growing at a fast clip. At 6.4 percent, the rate of entrepreneurship in the United States, as calculated in the Inc. Entrepreneurship Index, was at its highest level in the fourth quarter of 2018. This means 15.8 million people were working as entrepreneurs, with or without employees.
With a growth rate that quick, it is important to learn exactly what entrepreneurs are and how they are different from traditional small business owners. By understanding these differences, you can plan accordingly for market needs, growth, and risks/rewards.
We will show you the importance of entrepreneurship for bloggers and how you can use the entrepreneurial framework to monetize your blog.
Business Owners vs. Entrepreneurs
As defined by Investopedia, there are some similarities between being a small business owner and an entrepreneur. However, there are clear differences that set them apart.
Small businesses usually deal with known and established products and services such as restaurants, landscaping services, and insurance agencies. Entrepreneurial ventures focus on new, innovative offerings that seek a disruption to the current market or to fill a market niche in a new way.
Because of this, small business owners tend to deal with anticipated risks and entrepreneurs face undetermined risks.
Steady growth with sustained profitability is the goal for most small businesses. Entrepreneurial ventures target rapid growth and high returns. As a result, entrepreneurs generally look to establish and grow their market disruption or niche and profit off their intellectual property.
As defined by Investopedia, there are some similarities between being a small business owner and an entrepreneur. However, there are clear differences that set them apart. #entrepreneurship #blogging Click To Tweet
Once that goal is complete, many career entrepreneurs then move onto a new innovation in the marketplace. Small businesses are more limited in this perspective and remain confined to their own market sector and tend to not move into new types of businesses. For example, a restaurant owner may open another restaurant or turn into a chain restaurant but not all of a sudden own a plumbing company.
The Importance of Entrepreneurship in Blogging – Understanding The Role of an Entrepreneur
Entrepreneurs do take uncalculated and undetermined risks. But with access to start-up resources, they plan as much as they can to build a cushion with the unknown. Most entrepreneurs are young (but not as young as you think), inexperienced individuals who follow their passion.
Entrepreneurs can start with very limited or no research. However, they do have good awareness about the potential of their offering, which gives them the confidence to assume the risk and confidence the venture will fill a market need.
Similar to traditional businesses, capital is crucial to any entrepreneurial venture. Most entrepreneurs fail to secure sufficient capital from outside sources unless they have somehow proven themselves or have a marketable prototype.
Therefore, most entrepreneurs start out with insufficient capital with an aim to secure more along the way. One way to network to solicit capital is through pitch nights.
Bloggers and Entrepreneurship – How They Are Connected
Bloggers are those who own and manage a blog. They assume all the risks and rewards involved in the venture, the most valuable of which is the bloggers own time. While there is a clear distinction between a blog and other startup ventures, the way a blog is run is no different than the process other entrepreneurs follow.
A blog an independent source of information which is regularly updated. The blogger invests her or his human resource into reading and researching the material that is relevant to consistently update and promote the blog.
Similar to entrepreneur ventures, it is uncertain whether the blog will succeed or not. Just like regular start-ups, blogs can have a high failure rate.
With bloggers as entrepreneurs, there is an input, a process and an output. The input for bloggers as entrepreneurs is time and money. While the process might differ for bloggers and other entrepreneurs, the ultimate goal remains the same – to produce something that generates enough revenue that justifies the amount of time spent on the blog. The output for bloggers as entrepreneurs are brand recognition and money.
Entrepreneurs, who are successful in taking on the risks and rewards of a startup, gain profits, brand-recognition and continued growth of opportunities. Professional bloggers who attempt to monetize their site fit into this category.
Entrepreneurs, who are successful in taking on the risks and rewards of a startup, gain profits, brand-recognition and continued growth of opportunities. Professional bloggers who attempt to monetize their site fit into this category. Click To Tweet
Are All Bloggers Entrepreneurs?
For bloggers, their product is their content/ intellectual property. They take time and resources to promote their content as any entrepreneur would promote their blogging site and contents.
Hobby bloggers are different. The goal of these bloggers is not to monetize but to blog about anything and everything they wish to write about. Hobby bloggers tend to use free blogging platforms like the free version of WordPress and Blogger. They have no intention of taking their blog to a professional level by registering a custom domain name and forming strategies to maximize revenue.
Thus, hobby bloggers cannot be considered entrepreneurs.
The Importance of Entrepreneurship for Bloggers- Tools and Cost
Professional bloggers come under a special category of entrepreneurs – the infopreneurs. An infopreneur is an entrepreneur who makes money by collecting, organizing and selling information mainly in a niche market (online and offline). Infopreneurs make money through information by sharing and promoting their knowledge.
The rise of social media and self-publication tools has made start-up costs for infopreneurs to be very affordable. For example, between hosting costs, Pinterest schedulers, and keyword research tools, Faithful CEOs’ start-up costs were only in the hundreds (not including the human resource start-up time).
Sites like WordPress, Facebook, Instagram, Pinterest and YouTube have made it easier for infopreneurs and anyone who wishes to share information to their target population and monetize their sites.
Following the definition of what is an entrepreneur, bloggers who have taken up blogging professionally are considered entrepreneurs.
Importance of Entrepreneurship in Blogging – How to Monetize as an Infopreneur
By having a blog, there are a number of ways you can truly be an infopreneur. First and foremost, your content is the gateway to the site and where you will get your organic traffic. Bloggers share their thoughts, expertise, experience, and insight on a publicly available platform and make money either through advertisements or becoming an affiliate with brands they advocate.
Infopreneurs create courses related to their niche market and sell it either on their own websites or through online platforms such as Teachable.
Infopreneurs can become a published author. These types of infopreneurs put down their expertise, experience, and insight in a book or an e-book and make money via profits from sales. The rise of e-books on sites such as Amazon makes it possible to publish at a low cost as compared to traditional publishers.
Established bloggers can become paid speakers. Speaking engagements without pay can also be profitable if the goal of the speech is to network and pick up clients for the final two ways to monetize as an infopreneur.
Coaches are people who help others to unlock their personal potentials. At Faithful CEOS, we offer a range of coaching services such as:
- SEO Coaching
- Email List Coaching
- Site Builds
- Some Limited VA Services
- Blog Audits
- and more
Just visit our Blog Coaching page to learn more. We will be posting more about this on the site the first week of the new year!
Teaching courses in your area of expertise is another way to be paid for your knowledge and help others to advance in your area of proficiency.
Lastly, infopreneurs can consult for clients. A consultant is an expert who gives sells their professional advice to businesses and individuals. For example, at Faithful CEOS, we offer blog audit consulting services.
The Importance of Entrepreneurship in Blogging
As a professional blogger, you are a unique type of entrepreneur called an infopreneur. You are an entrepreneur by the spirit of the definition. You take on assume all the risks and rewards and will succeed or fail based on your efforts and connecting to a market need.
Luckily as bloggers, the start-up costs are low compared to traditional small businesses and other entrepreneurial ventures. The most significant cost is your own time. That is why it is key to invest in the right tools to drive organic traffic to your site and to utilize as many strategies as possible to monetize your site to achieve a return on your investment.
It is exciting to know that you are part of a segment of the US economy that is growing at a fast rate and will be a vital part of our 21st century marketplace and culture.
The importance of entrepreneurship has never been greater!
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