The Key Challenges of Nexgen Entrepreneurship

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The pursuit of successful online entrepreneurship has drawn millions of people across the world on a path to set out on their own and follow their own desires. But statistically speaking, the odds are not in every entrepreneur’s favour. In fact, a majority fail in their pursuit.

The Key Challenges of Nexgen Entrepreneurship

Let’s delve deeper and see how and why entrepreneurship on the internet is so challenging and what we can do through nexgen marketing.

The Fundamentals of Becoming an Online Entrepreneur

The process of ideation to execution is like a thousand mile journey. There is a sense of need for accomplishment and brand building that can be accelerated and automated through online activities for every entrepreneur.

But why is there such a huge flock of business owners, solopreneurs and online marketers flocking the world wide web nowadays? This is simply because the internet and its many influencers have convinced us that the gateway to a new gold rush is starting an online business and making quick money.

And hence the challenge of fierce competition arises where a dozen new entrants occupy the web. So now we have to ask ourselves. How can we overcome this challenge and become a full-scale entrepreneur that relies mainly on growing a business on the internet?

Growing an Online Business

Lacking a professional marketing team that is well versed in SEO and SEM practices will make online entrepreneurship near impossible. Many SaaS companies rely on agencies or external consultants to help drive organic traffic and good leads. They spend thousands upon thousands of dollars.

This is a problem for new entrants in the market. So what would be the optimal solution for a new online entrepreneur? This is where nexgen marketing comes into the picture.

What is nexgen Marketing?

Depending on key audience, demographic and niche, nexgen marketing is the next step on online marketing practices that cater towards new methods of audience building. This could be in the form of building unorthodox marketing platforms to gain an audience to your brand and business through various platforms enjoyed by mainly Generation Z.

Starting out all the way from the Metaverse like Decentraland or Sandbox and displaying your business or sponsoring Twitch Streamers for display ads and unboxing your products, the possibilities can be limitless.

Nexgen marketing is making use of the not yet fully established Web 3.0 platforms that are growing rapidly, especially amongst younger internet users.

How to Monetize Your Business as a Nexgen Entrepreneurship?

There are many strange and weird ways to monetize a website as technology shifts into the 2020’s. Some of these may seem ridiculous at first in comparison to traditional marketing methods. But their effectiveness has managed to lift big brands like Gillette, Monster Energy or GameStop.

Entering the Metaverse

We’ve mentioned two Metaverse platforms like Decentraland or Sandbox, but lets see what they really are and how they can be used from a business point of view. Similar to many MMORPG’s, online platforms like Decentraland offer an insight into virtual worlds used by thousands if not millions of people where actual property can be purchased and set up.

Here a user can upload anything from digital art like non-fungible tokens (NFT’s) to business plans, login details, social media channels and more. It’s like having a company profile within a virtual world or an online game, where users can visit your business. This is highly effective amongst dynamic gamers, eSport fans and digital artists.

Sponsoring Twitch Streamers

Twitch is mainly known for live streaming for games and online gaming activities. However as the platform grows and slowly knocks off video giants like Youtube or Vimeo, it is quickly expanding into other areas and niches. These could be DIY, coaching, fitness, consultancy, entertainment or yoga.

As a growing platform, online streaming platforms like Twitch can be implemented into someone’s digital outreach campaign for having popular gamers give shoutouts and sponsored videos and ads mid-streaming.

Influencer Marketing through OnlyFans

OnlyFans has a unique reputation of its own and is by no means a good choice for any brand or online entrepreneur to use. However, a more laid-back B2C campaign model or influencer marketing can find a good audience on OnlyFans who are genuinely interested. This works best for beauty, fitness, health or clothing related niches.

Final Remarks

Depending on your virtual or physical brand that you wish to promote online, there are many platforms that are yet to be uncovered by the general public. These platforms can open doors to new possibilities and avoid some of the key competitions that SEO specialists or digital marketers have to go through to build good prospects and lead to a business.

At the end of the day, one of the key ways to overcome the challenges that many online entrepreneurs are facing is by simply going around them, by using alternative nexgen marketing platforms.

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Lucy Bennett

Lucy Bennett is a Contributing Editor at iLounge. She has been writing about Apple and technology for over six years. Prior to joining iLounge, Lucy worked as a writer for several online publications.