The wisdom of mankind had once stated that “Every coin has two faces”. Even though this quote was framed centuries ago, it still very well applies to the boom of 21st century’s online business. Generation ‘Y’ of our time believes in getting everything from the comfort of their living room even when it comes to become rich by the age of twenty five. E-Business is one profession where all of it comes true. All you need is a good knowledge of internet, an aptitude of business skills and a few programming languages however, the latter part can be done by money also. So at the end of the day all you need is knowledge of internet and a few business skills. No fancy degrees or high ranked CGPA can make you different from others when it comes to e-business.
However, as I said, every coin has two faces. E-Business is not all happy and gold. There are a few consequences to it which if the owner is careful about can be minimized to a very very small significance. Following are some downfalls the owner needs to look out for:
Look out for other horses in the race:
If you are a new entrepreneur and you want to grab a piece of the action off the ecommerce field, you’ve got to do something different. It can be anything, a new product or a line of service that none of the big fishes provide or an excellent strategy to earn back what you have invested. It is very tough to come up with something as it seems that everything is already taken by someone else. But it’s not impossible. Let us take the example of the Indian e-Retailer giant “Flipkart”. It started in 2007 when kings of online business such as eBay and Amazon were already in existence. But it took the advantage of an Indian nationality and exploited the count of population to its full content.
Look out for that inch of success:
Whenever you start a business it always starts with a little bit of loss until you break even on your investment. But you should look out for the margin of profit you are gaining on sale of your every product. Granted its might be very low, but still something is better than nothing. Again looking at “Flipkart” they started only with books as their products but now they are a billion dollar company, just because they stuck to their venture even when the profits were low. Sticking to their inch of success!
Patience is virtue:
It takes time and patience to walk the whole road and to reach the destination. Nobody has wings that will fly them off to wherever they wish. To nurture your business and to make profits out of it will require great deal of attention and some while of waiting. At beginning it might not generate a huge cash of flow but you never know how big it might turn to.
Get the FREE Ecommerce India Training Course
Learn everything you need to build a Successful Ecommerce business in India in 15 days.
Here are some of the things you’ll learn:
- How do Ecommerce sites work
- How do you create and build your store in 1 day
- How to collect payments from your customers
- Free tools to help you get started with your store
- and much more…