Starting online communities 2

How to be a millionaire by age 25

I read this interesting article about becoming a millionaire by 25. It’ s surprising that all of them began their businesses online such as Facebook founder, my Yearbook, etc… It seems that traditional stores are not the trend these days and the shortest way to get rich is through technology and Internet.  I am not stating statistics here, but it seems that the old chain store business is getting old. More people are using technology and Internet. They need more services and entrepreneurs compete in that.  What I really like about this article is that they took risk and challenges in starting businesses.

Apart from my admiration of their intelligence, I am wondering about the rest of the world. Most of these great minds are Americans. So, what about the rest of the world. I know that there are many rich businesspersons everywhere, but it seems that those who start technological ventures are Americans. Is that because  Internet users of America outweigh many countries? I think the atmosphere in the U.S allows many people to start their business online because they have a market for this.

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6 Comments

  1. Interesting observations Ola. I suspect that you are right in suggesting that so many Americans start online businesses because so many North Americans are connected and have the skills to fully utlilize available technologies. That varies of course by region. There are still many areas in Canada that have connectivity challenges. What is the situation in your country? Do you know what percentage of Egyptians would have good Internet access? Does your institution offering courses online?

    • Very good and interesting questions Linda. I googled Internet users in Egypt and I found that there are “16,636,000 Internet users as of December/09, 21.1% of the population, according to ITU”. The population of Egypt is about 80 million. So, it’s less the quarter of the population. Internet businesses are not so much popular in Egypt. They are still struggling because people are not accustomed to Internet businesses. The problem in Egypt is that Internet users are mainly youth. Old people do not frequently use the Internet. My parents are an example for this although my brothers and I have portable devices in addition to a P.C.

      I work in the American University in Cairo. It ranks as number one over African Universities, but in terms of teaching English online, they do not offer that at all. I think they offer some for the academic programs, but not totally online though I am not sure of the information.

  2. Good post, Ola. I know whenever I think about people capitalizing on social networking tools such as YouTube, Facebook, Twitter, etc., I think of Justin Beiber. In my opinion, he and his team have done an amazing job of utilizing social networking tools and I would credit the effective use of these tools for much of his success.

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