Internet Breeding New Entrepreneurs

The internet arena has been attractive for knowledge and information since the beginning. It has also been a medium for transactions, does not matter whether it is financial banking related or B2B or B2C. It has defied the location barrier and has provided the corporate and entrepreneurs the platform to explore the opportunities which was a myth few years before. The legal and administrative procedures of each region have always given priorities to free and fair business practices instead of monopoly by certain giants.

After few years, the standards and processes as well as practices will dominate the convenience of people in visiting the local stores and get a look and feel of the product before purchasing the same. It provides enormous verities to the consumers on the ease of their couch to select an option to improve their lifestyle. The acceptance of change has always been slow, but it has been continuous and easily accepted by the public when it has added value in their lifestyle. My senior citizen father now surfs the net and books the train ticket from home instead of going to the railway station and standing in a queue for hours to get a reservation.

The internet has been an attractive place for the entrepreneurs for a start up as it provides low cost in setting up the business, provided the know-how has been obtained. To start up of a small business you would always requires a supplier who will be able to provide you the goods, which you can sell in the market place. The web enablement for the market places where you can display your products and make a transaction and the means by which you can transport the goods to your end customers. The one million dollar question here is what should be your core competency while you are performing the tasks of selling the product in the market place.

Concentrate on the core competency that you would like to develop and outsource the rest of the activities so that you will be able to get the activities done for cost less than what you would have invested in developing those competencies. As an online retailer you are responsible for selling the product on your website. Hence promotion of your website for a better deal would be a natural choice to compete in the market place. You can also set up a service level agreement with your customers to deliver the product on their doorstep. The quality of your service and quality of the product would dominate whatever promotions you are making because the word of mouth is the best way to promote your service.

There are many e-commerce sites available in the market place but their survival has always been a question. It is easier said than done because to put the processes in place and rigorously following the best practices has always been a challenge for the survival. Exploring innovative ideas and implementation of the same has always been the key aspect of gaining the share in the market place. You will have to add value to the customer to whom you are providing the service. You will have to impact his life style to make a lasting memory so that you will not have to spend for the promotion of your website.

By: Egully

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Ranjit Behera MBA from IIM-Bangalore Worked as Management Consultant in Oliver Wyman Director & c0-founder : www.egully.com