Where “entrepreneur” is an old word and people are familiar with it well enough, “infopreneur” is quite a new terminology for many. Infopreneur is a two word combination of “entrepreneur” and “information”. Since technological advancement has taken place, it has created opportunities for infopreneurs who sell digital products or informational items on web. In fact, it can be acceptably said that an infopreneur is an entrepreneur who exploits the digital world selling products such as e-books, writing a book, creating websites, updated blogs, they offer webinars, e-courses as well as classes online.
Any entrepreneur can become an infopreneur as it depends on one’s skills. Many infopreneurs make use of their skills while outsourcing those tasks he is not good at.
There are certain differences between entrepreneurs and infopreneurs when it comes to running the business. The opportunities online obviously differs from entrepreneurs who takes risk of ownership of the business through management proficiency. Infopreneurs take maximum advantage of market practices and are considered to be accommodating massive number of customers compared to entrepreneurs. The reason lies in having access to numerous platforms online where infopreneurs meet more customers than in case of brick and mortar businesses run by entrepreneurs.
However, both entrepreneurs and infopreneurs require similar fundamental qualities of risk taking, determination and confidence. Even the goals are similar as that of any other business, which is, generating higher revenues and continuously incorporate novel ideas.
There is a gradual move seen from entrepreneurship to infopreneurship because of less capital required in this domain. Intellectual capital is considered necessary for innovation and creativity to make full use of technological advancements. Time and energy is not wasted to hire employees unless the work is outsourced and one does not have any established contacts. The risk is slightly higher for an infopreneur as it is difficult to grab ideas and make it a successful business initially. Considering other risks such as financial, legal and social risks are least for an infopreneur. Furthermore, infopreneurs have more time liberation and flexibility as compared to entrepreneurs.
An infopreneur usually does the entire work himself starting off with publishing information in to an electronic format. With the help of a service provider who copies information at minimum cost so that the infopreneur can sell the final product to its clients. Infopreneurs are generally good with online marketing and that is the basic reason for their success. They know the fundamentals to generate traffic that would increase their online sales. They are also exceptional copywriters and this is the key skill they use to boost their profits.
In today’s era of technological expansion and progression, knowledge is given the utmost importance due to which infopreneurs are quite in the limelight with fastest speed to success by both sharing information and selling information on the internet. It is indeed a new wave of running a business by matching the technological pace and grabbing new opportunities.