How can ecommerce help entrepreneurship?
How can ecommerce help entrepreneurship?
Entrepreneurship is the ability to come up with a business idea and launch it into an operational business venture. This process is normally accompanied with many challenges ranging from financial constraints all the way to lack of market access. Initially, so many businesses would die out even before they began as entrepreneurs would have to foot all their bills from their pockets as they wait for their delayed cheques to check out. Most of them would die soon after commencement due to high initial costs and their inability to compete with the already established ventures.
This was so frustrating for a small business and it is one of the major factors that discouraged many individuals from venturing into entrepreneurship. The advent of ecommerce, the online business platform, is a huge relief for entrepreneurs as it comes with countless advantages.
Resource constraint, the major factor discouraging entrepreneurship is no longer a big deal with ecommerce. This is because to run a business online you do not need office space, furniture or legal frameworks. For a start-up, you even have the choice of whether or not to use qualified and unqualified staff. Just identify your area of specialization, do a market research, brand development, market your products and you are good to go. This reduction in operational costs makes it relatively easy for entrepreneurs to spring up new business ventures quite often as they can literally work from anywhere.
With ecommerce, an entrepreneur has no geographical barriers whatsoever as they can market and sell their products and services easily across regions within the click of a button. The ability to make sales vast regions also gives entrepreneurs access to a large number of customers. This is more beneficial as compared to the traditional physical shops that would only guarantee customers from that particular region. It is also beneficial in that it can help the entrepreneur meet serious investors from across regions and see the business venture soar to greater heights.
Ordinarily, a small business has nothing on the well-established ventures because they have greater market share and their operational costs are relatively reduced. However with ecommerce, an entrepreneur can decently articulate their idea, properly package their product, market extensively and with the right quality of products and services, both the well-established venture and the start-up will compete for the same clients equally. Ecommerce therefore serves to make small businesses very competitive in the market regardless of their sizes.
Ecommerce has an advantage of offering round the clock services to customers. This helps entrepreneurs in time management because regardless of differences in time zones, the business will still run offering it unlimited chance at growth. The entrepreneur will wake up from their sleep and have deliveries to make without putting in so much effort. How convenient? Since most online platforms operate on a “pay on delivery” system, the entrepreneur gets paid instantly and this helps them keep their businesses in motion.
It is Easier to promote a business online as compared to physical promotion. Within an hour, an individual conducting online product promotion will have accessed countless potential customers. This is specifically so because the internet has turned the world into a global village whereby you can reach out to people in microseconds. Consequently, it is much easier for an entrepreneur to look for and acquire the necessary raw materials needed for their businesses. This way, they are able to make comparisons and selections conveniently amongst the providers without having to go round.
Ecommerce business platforms offer a wide range of payment options. This means that the entrepreneur will not be tied up to a specific payment plan that may see them wait longer for payment. They are able to select an option that best suits them and their clients.
Ecommerce will greatly boost entrepreneurship as a result of the tremendous positive implications it comes with. Can you imagine that with only a smart phone, you can readily acquire raw materials, design your product, look for customers and sell just by a click! All an entrepreneur needs to do after launching their business plan is to actively market their products and services via their websites, search engines, social media and display ads.
Ecommerce promises to change not just the way people offer services and products to clients but also the way people conceptualize their ideas. People will need to be as creative as possible in their brainstorming and come up with products and services which keep up with the technological advancements in modern day commerce.
If you are an entrepreneur and are looking for advice on how to kick-start your start-up business and appeal to the masses, give us a call her at Runrex and we will gladly be of service to you. We are a full service digital marketing agency offering high quality services to businesses of all scales at competitive rates. We are the best option for small businesses and startups and are looking forward to helping you get a foothold in the market.