How the Internet Breaks the Barriers to Income

The Internet is disrupting the whole traditional income system that we are used to.

There is an age-old debate about the disparaging income between certain geographic regions across the globe.

However, with the digital age and web 2.0, these barriers are less and less limited when compared to the physical world. Here I'd like to discuss further how choosing online entrepreneurship can help lift people's careers and build wealth way beyond what their economy would allow the standard of living.

The argument behind income disparity across the world

Let's face some basic truth anyone can agree on. There are certain countries across the world where breaking out of poverty, building a solid career, and becoming a wealthy individual are much harder. An average person in Eastern Europe would have to work 4 times harder to make as much money as someone in the Nordic countries.

Basic income inequality is dominating the entire world and many talented and hard-working people's opportunities are limited by the circumstances of their geographic location and country's GDP. Global income inequality is already huge and gradually on the rise.

Of course, there are many other factors but I don't want to argue about that. The main takeaway is the income disparity that runs between countries, depriving their citizens of building wealth or even living comfortably.

This is where the online world comes into play and can greatly reduce the barriers to income for millions of people across the globe no matter their social or economic background.

How digital entrepreneurship changes the business world

Assuming that someone has the qualities and desire to be an entrepreneur, statistics do show that many individuals are encumbered and limited by the possibilities of their economic circumstances.

Despite talent and hard work, the online world opens doors to myriad opportunities and an enormous customer base. There are about 5 billion internet users in 2022 across the world and catering to a tiny fraction of that number can help build a steady business in any niche.

This does not mean that online businesses have an easy way of growing and multiplying their income streams. On the contrary, it is very difficult and competitive.

But with a laptop and wifi, the barriers to entry are very low and the market opportunities are just vast. Hard work combined with digital marketing and a desire to grow can increase the odds of building an online business and generating the same income as someone in the western world.

A great example of this is SaaS or affiliate marketing which operates on standard price options and distributes the same.

While there is a big difference between ad revenue and the purchasing power of certain people from different economic regions, the internet is open to a global audience. Mixed with an understanding of search engine algorithms and creative content ideas, people working online can find their efforts rewarded.

How Web 3.0 will improve the internet?

The next generation of internet users will most definitely find our use of internet consumerism outdated and will try to look for more innovative ways to find information and entertainment.

In order to cater to this new generation, online marketers and entrepreneurs will have to integrate more immersive ways to sell their brands. As an example, the metaverse offers different ways to monetize platforms like Decentraland or Axie Infinity, or The Sandbox for virtual characters called avatars.

Web 3.0 is still a distant and fictional aspect of the future of the internet. But it will definitely open more doors as it incorporates new generation ideas, cryptocurrencies, and big tech companies that want to dominate different parts of consumer life. Whether this will improve the internet is debatable but companies like Meta, Microsoft, and Nvidia are throwing billions of dollars into Research and Development.

It is only a question of, whether companies and content creators in web 3.0 will be able to build their brands and utilize a brand new market.

Final Remarks

The internet has made the accessibility of different virtual products and services easier and faster to acquire. This also allows entrepreneurs to make use of online marketing tactics to build their brands and find a global audience that lifts them away from the limitations of their current economic situations.

With the rise of web 3.0, there is also an interesting case of how internet consumerism will shift in the not-so-distant future.

Author:

Robert is a part-time blogger and internet entrepreneur. Join Robert and thousands of other monthly readers on Robertkormoczi.com to learn how to build and scale up the next generation of online entrepreneurship. While running this blog, Robert is the founder of his media company, Times International, and a PR Team Lead at Lensa.