Learning From The First Dot Com Boom
There are a number of people today making their living from the internet, whether doing it through making $50,000 a year or alternatively through making $5 million a year they are still generating the income that they need to survive in a primary sense from their activities on the internet. And there is nothing wrong with that, after all the dot com boom of the turn of the century has returned in full force and indeed is bigger and better this time around.
Theres nothing wrong with enjoying the livelihood you might get from the internet but at the same time it is also important to realize that there are a number of lessons you should remember from the time of the first dot com boom. The first of those lessons is that the dot com boom eventually went bust and people that did not save money properly went from six figure incomes to basically having to go back to minimum wage jobs because they did not think to save any money.
Now, we have another dot com boom and a number of lessons to learn from. Do not spend money recklessly just because you made it from the internet, treat your internet business just like any other business and make sure that you have savings from it that you can dip into if the unthinkable happens again.
Secondly, it is important to diversify if you can do so at all. There is nothing wrong with making the bulk of your income from the internet but if you can find a way to advance to offline activities as well, then things are going to be better for you if this second dot com boom ever happens to go bust. Planning ahead means doing a number of different things and as a businessman, the more contingencies you leave yourself the better off the overall health of your business is going to be.
These are just two of the many different lessons that people should be learning from the first dot com boom. Getting a wider range of advertising, more efficient monetization strategies and a number of other things all factor into it when you take a look at the lessons being learned by the people that were around at that time and you should be taking those lessons as well.
Remember that nothing lasts forever and the people that succeed in business are the ones that have things to fall back on when one of their plans goes down the drain. Adaptability is a critical aspect in any business but when you are in the dot com field which can change completely in a second, adaptability becomes arguably the most critical thing for you to have.
Obinna Heche: Los Angeles- California
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