Questions and Answers
What term is often used for companies that only exist online?
'Dot com' companies.
What is one of the main ways some online companies generate revenue?
Through advertising.
At what age did Tom Hadfield create the football results website Soccernet?
16 years old.
What motivated Ben Cohen to start using the Internet more actively?
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What is the approximate worth of Soccernet as mentioned in the text?
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How did Ben Cohen finance the purchase of his domain name for Jewishnet?
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According to Charlie Skilling, what are the two motivations for teenage entrepreneurs?
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What role do venture capitalists play in the success of online businesses according to the text?
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What unique advantage do children have in starting online businesses, according to David Hands?
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What is the significance of Ben Cohen continuing his normal life despite his success?
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Study Notes
Teenage Internet Entrepreneurs
- Successful young entrepreneurs are redefining business in cyberspace, operating primarily online.
- Companies existing nearly solely on the Internet are categorized as "dot com" businesses.
- Many dot com companies rely on advertising revenue rather than direct product sales.
Notable Young Entrepreneurs
- Tom Hadfield, at 16, created Soccernet, a football results website, valued at £80 million.
- Ben Cohen, 18, founded Cyber-Britain.com and Jewishnet, contributing to online networks for the Jewish community.
Reasons for Success
- David Hands from the Federation of Small Businesses notes that children are naturally adept with technology, allowing for cost-effective business setups from home.
- Teenagers can leverage their familiarity with the Internet to create innovative and community-focused enterprises.
Entrepreneurial Motivations
- Charlie Skilling of Young Enterprise identifies two types of teenage entrepreneurs: those seeking wealth and those aiming for creativity and community service.
Path to Internet Business Engagement
- Ben Cohen’s journey began at 13 when illness confined him at home, leading to a burgeoning interest in the Internet as a communication tool.
- He borrowed £1.50 to purchase the domain name Jewishnet.co.uk and sought funding from venture capitalists familiar with successful projects.
Features of Jewishnet
- Jewishnet serves the Jewish community, offering links to resources ranging from bar mitzvahs to chat rooms, acting as a significant online hub.
Challenges of Young Success
- Young entrepreneurs often face pressures to perform due to investor expectations, resulting in stress and limited social interactions.
- Experiences of alienation from peers include remarks about their wealth affecting their social lives, highlighting the unique challenges faced by young business owners.
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Description
Explore the world of young internet entrepreneurs and how they're thriving in cyberspace. This quiz delves into the rise of 'dot com' companies and their unique business models, including advertising revenue. Discover what makes these teenagers successful in the digital economy.
