TimmyHTeens making Real-Cash in the Virtual-World
July 25th 2008 02:56
The Virtual World is the next big opportunity for the budding Teenage Entrepreneur. And you won’t even know it. Virtual Worlds could offer teens the opportunity to practice real-world business and marketing skills.
Joey Seiler, editor of VirtualWorldNews.com says that “Single-player games offer safe, controlled environments, but a virtual world like Second Life adds, ironically, realism. If a young person wants to experiment with running a business, they're not just engaging in thought experiments and case studies; they're actually working with real people and real money.”
According to Virtual Worlds Management, of which VirtualWorldNews.com is a subsidiary, more than 100 youth-orientated virtual worlds are now on the online market. MTV and Disney have recently launched popular virtual worlds which indicates the investment opportunity. eMarketer says that a quarter of Virtual World visitors are under the age of 18. That figure is expected to rise to a majority by 2011.
Most “Massively multi-player online role-playing games” (MMORPG)’s don’t allow users to sell virtual assets for real-world cash. But some, like Second-Life and Entropia do provide entrepreneurial opportunities and teenagers are getting a leg up first.
“Often, the amounts [to be made] are limited and the start-up costs are relatively minimal,” Seiler says. “In other words, you get the low cost and ease of setup of a lemonade stand, but you're competing and selling to a lot more people than just your neighbours.”
Wisconsin teenager Mike Mikula, who started using Second Life two years ago as a 16 yr old, says that the in-world capabilities of the virtual world have allowed him to enhance his graphic design skills.
“I've designed virtual school buildings. I've designed stores, homes, furniture, clothing,” says Mikula, who lives in Racine, Wisconsin, and will be a high school senior in the fall. “I've made simple scripts that allow showers to go off, doors to open, stuff like that. But I'm most known for my architecture.”
Mikula has been commissioned to build virtual projects for companies all over the world. While still at high school he says the virtual world was earning him up to $2000 a month.
“When I started on the teen grid, I spent my first year just talking and meeting everyone. I learned how the successful people there worked, and then, eventually, I became one of the successful people,” Mikula says.
Some of the skills learned while using Second Life include entrepreneurial endeavours such as customer service, business strategies and effective positive marketing against competition.
“The Art of Good Business is being a good Middle Man” – Layer cake
Being a good middle man is one of the easiest skills to learn while “playing” in the virtual world. Owning real-world businesses that offer services which the game itself does not is very effective. Accessories for characters and acquired tools etc can all be valuable commodities.
During the game you can develop inter-personal management skills as well as design and manufacturing techniques which can be applied to the real-world. “There's an inclination to view this as a get-rich-quick opportunity, where you need only set up a booth/Web site/virtual island, announce that you're selling something and wait for money,” Seiler says.
But don't think its that simple. You need to know the marketplace VERY well to make money.
Joey Seiler, editor of VirtualWorldNews.com says that “Single-player games offer safe, controlled environments, but a virtual world like Second Life adds, ironically, realism. If a young person wants to experiment with running a business, they're not just engaging in thought experiments and case studies; they're actually working with real people and real money.”
According to Virtual Worlds Management, of which VirtualWorldNews.com is a subsidiary, more than 100 youth-orientated virtual worlds are now on the online market. MTV and Disney have recently launched popular virtual worlds which indicates the investment opportunity. eMarketer says that a quarter of Virtual World visitors are under the age of 18. That figure is expected to rise to a majority by 2011.
Most “Massively multi-player online role-playing games” (MMORPG)’s don’t allow users to sell virtual assets for real-world cash. But some, like Second-Life and Entropia do provide entrepreneurial opportunities and teenagers are getting a leg up first.
“Often, the amounts [to be made] are limited and the start-up costs are relatively minimal,” Seiler says. “In other words, you get the low cost and ease of setup of a lemonade stand, but you're competing and selling to a lot more people than just your neighbours.”
Wisconsin teenager Mike Mikula, who started using Second Life two years ago as a 16 yr old, says that the in-world capabilities of the virtual world have allowed him to enhance his graphic design skills.
“I've designed virtual school buildings. I've designed stores, homes, furniture, clothing,” says Mikula, who lives in Racine, Wisconsin, and will be a high school senior in the fall. “I've made simple scripts that allow showers to go off, doors to open, stuff like that. But I'm most known for my architecture.”
Mikula has been commissioned to build virtual projects for companies all over the world. While still at high school he says the virtual world was earning him up to $2000 a month.
“When I started on the teen grid, I spent my first year just talking and meeting everyone. I learned how the successful people there worked, and then, eventually, I became one of the successful people,” Mikula says.
Some of the skills learned while using Second Life include entrepreneurial endeavours such as customer service, business strategies and effective positive marketing against competition.
“The Art of Good Business is being a good Middle Man” – Layer cake
Being a good middle man is one of the easiest skills to learn while “playing” in the virtual world. Owning real-world businesses that offer services which the game itself does not is very effective. Accessories for characters and acquired tools etc can all be valuable commodities.
During the game you can develop inter-personal management skills as well as design and manufacturing techniques which can be applied to the real-world. “There's an inclination to view this as a get-rich-quick opportunity, where you need only set up a booth/Web site/virtual island, announce that you're selling something and wait for money,” Seiler says.
But don't think its that simple. You need to know the marketplace VERY well to make money.
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