entrepreneurship and the internet

8/10/2019 Entrepreneurship and the Internet

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ENTREPRENEURSHIPAND INTERNETAnil Masih1307573M.B.A 3rd


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WHAT IS ENTREPRENEURSHIP ANDINTERNET ?


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Entrepreneurshipis the process of starting abusiness or other organization.

The entrepreneurdevelops a business model,

acquires the human and other requiredresources, and is fully responsible for its successor failure.


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Sole -Proprietorship

Partnership

Company


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Internet is a global computer network providing a variety ofinformation and communication facilities, consisting ofinterconnected networks using standardized communicationprotocols.


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1+1=11Entrepreneurship + Internet = E-Business / E-Commerce


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Roughly dividing the world into

providers/producers and consumers/clients

one can classify e-businesses into the

following categories:

business-to-business (B2B)business-to-consumer (B2C)

business-to-employee (B2E)

business-to-government (B2G)

government-to-business (G2B)

government-to-government (G2G)

government-to-citizen (G2C)

consumer-to-consumer (C2C)

consumer-to-business (C2B)


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Understanding E-commerce

Developing a Web site does not necessarily meanthat a business will engage in selling products orservices over the Internet

Only 61% of businesses use the Internet for productsales

Approximately 93% of businesses use the Internet todisseminate company information

The Internet is just a component of the traditionalbusiness model that allows many companies to

further existing goals

Establishing a Web presence can benefit a brick-and-mortar company in numerous ways

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Myths of e-commerce

If I launch a site, customers will flock to it.

Making money on the Web is easy.

Privacy is not an important issue on the Web.The most important part of any e-commerce effort

is technology.

Strategy? I dont need a strategy to sell on the

Web! Just give me a Web site and the rest will

take care of itself.

On the Web, customer service is not as importantas it is in a traditional retail store.

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Myths of e-commerce

The Importance of Service on the webStudy: 75% of Web shoppers who fill their on-

line shopping carts become frustrated and

leave the site before checking out.

Reasons:

- Site too slow

- Site looks unprofessional

- Site does not take credit cards

- Checkout area too hard to find

- No return policy posted

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Online Feasibility Analysis

Why put a business online?- Disseminate company information

- Build company image

- Reach new customers- Sell goods and services

- Disseminate product information

- Keep up with competitors

- Reach global markets

- Increase revenues

- Interact with customers

- Enhance customer service

- Engage in B2B e-commerce

- Build a virtual community14


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Online Feasibility Analysis (Continued)

Is the Web site affordable?Who will develop the Web site and how will the site

be maintained--in house or outsourced?

Who is the audience or customer base, and what istheir technological profile?

What are the online objectives--short-term and long-term?

How does e-commerce fit into the firms traditionalbusiness model?

What are the firms e-commerce vision andstrategies?

How will the Web site be promoted?

What results are expected from e-commerce

efforts? 15

W b Sit Pl


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Web Site Plan

(Include as part of the traditional

business plan.)

Executive SummaryIndustry Analysis

- Industry Description

- Industry History

- Future Projections for Industry


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Web Site Plan (Continued)

Marketing Plan- Market Analysis

- Market Trends

- Online Buying Patterns

- Market Growth Potential

- Web Site Demographics

- Market Segmentation

- Competition

- Web Site Promotion

- Marketing Strategy

- Advertising Strategy36


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Web Site Strategy

- Site Development Features

- Search Engines

- Site Promotion

- Competitive Strategy

- Traffic Forecasts- Traffic Tracing

- Internet Alliances

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Financial Plan

- Cash Flow Analysis

Monthly Projections for Three-Five Years

- Break-even Analysis

- Sales Projections

Monthly Projections for Three-Five Years- Expense Budget

Monthly Projections for Three-Five Years

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What are the online objectives--

short-term and long-term?

Should be measurable. Should include time frame to reacheach objective.

- Increase revenues through Web-based sales by2,000 permonth with a 5% growth rate thereafter

- Meet needs of customers outside the local area throughWeb access

- Reduce phone calls by 20% 1styear

- Enhance communication with established customers

- Expand customer base by 10% per year

- Drive traffic from Web site to brick-and-mortar store- Provide online appointment booking

- Attract 50 new customers first year

- Bring in 2 million page views per month first year

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What are the firms e-business

vision and strategies?

According to Fortunemagazine, less than10% of e-business strategies are

effectively executed.

Strategies specifically outlined in the Website plan:

-Purpose and objectives of Web site

-Web site strategy

-Marketing plan

-Financial plan

-Product delivery

-Product inventory24


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How will the Web site be promotedSearch engines

Word-of-mouth

Internet alliance links

Traditional approach--include Web address

on:- Letterhead

- Business cards

- Brochures

- SignsAd banners

Print ads

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Offline (examples)

Put your URL on letterhead, business cards and in e-mail signatureswherever potential visitors are likely to see it.

If your employees wear uniforms, put your URL on them so every one of your customers sees a walking advertisement of your Web site.

Include your URL on all promotional items you give awaycoffeemugs, T-shirts, keychains and so on. A daily reminder is a good way to

get people to visit your site.

Be sure to include your Web address in all press releases you send outto members of the media. By having it at their fingertips, they may bemore likely to include it in articles they write about your company.

Don't forget to put your Web address in your Yellow Pages ad. That'sone place people see it every day.

Do you own any company vehicles? Be sure to put your URL on theside of any car or truck that's out there delivering your products.

In addition to listing your toll-free number, put your Web address on thebottom of every page of your catalogue so customers have easyaccess to your online store.

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Online (examples)Hone your search engine submission process so you can get the best

exposure possible.

For more exposure, explore search engine marketing, wherein you payto have a text ad appear when visitors search for certain keywords.

Launch a sweepstakes that offers anyone who registers on your site orsubscribes to e-newsletters within a certain time frame the chance towin a free gift.

Send out a weekly e-mail newsletter to registered site members thatoffers tips and news related to your company or industry with links back to your site.

Offer free content to other sites. It's a win-win situation: The other sitegets free articles to beef up their offerings and you get a link back toyour site and the cachet of being an expert.

Send a well-planned, customer-focused e-mail promotion to a targetedlist of potential visitors and offer a credit toward the purchase ofanything from your site. Spend time on your e-mail's look and content:You want to offer value to customers and not have it appear to beSpam.

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Online (examples)Create your own link exchange by asking sites complementary to yours

(but that don't compete) to put your link on their pages and you'll do

likewise.Hook up with web affiliates hundreds of sites that all link their traffic

to yours and get visitors from sites with related content.

Get active in online discussion groups and chats and always includeyour URL in your signature. (Don't do any hard selling, though. Most groups frown on such behaviour and will think you're spamming the

group.)Any time someone orders a product from your site, include a catalogue

with their order to get them coming back for more.

Inspire your visitors to spread the word for you with viral marketing techniques, from the aforementioned newsgroup participation toincluding an "e-mail this link" on every page of your site.

Not sure what your customers want? Try creating an online survey toget their crucial opinions on how well your site is selling to them.

When creating your own ads, make sure you understand who you'retargeting, the goal of your campaign, and how to creatively use the adconfines to get viewers to click on your ad, not away from it.

Use other selling venues like online classified advertising or online

auction sites to increase exposure to your site and products.28


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What results are expected from

e-business efforts?

Increase profits

Increase sales

Enhance customer satisfaction

Build a community of customersImprove image

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ANY QUESTIONS??


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THANK YOU


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