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Creating a Winning E-Business. Defining Your E-business Idea Chapter 2. Learning Objectives. Identify entrepreneurial abilities Describe the entrepreneurial process Understand the factors affecting e-business success Identify ways to exploit e-business advantages. Entrepreneurial Process.

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creating a winning e business

Creating a Winning E-Business

Defining Your E-business Idea

Chapter 2

learning objectives
Learning Objectives
  • Identify entrepreneurial abilities
  • Describe the entrepreneurial process
  • Understand the factors affecting e-business success
  • Identify ways to exploit e-business advantages
entrepreneurial process
Entrepreneurial Process
  • Entrepreneur
    • Assumes the risks of starting and operating his or her own business
    • Must be able to lead others
    • Must believe in his or her business idea
    • Must have the self-confidence to accomplish business goals
the entrepreneur
The Entrepreneur
  • E-business entrepreneur examples
    • Jeff Bezos,
    • Pierre Omidyar, eBay
    • Kelby Hagar, and Digital Witness
    • Jason Zasky, Failure Magazine
  • What did all of these guys have in common?
    • The ability to see the future and challenge the status quo
entrepreneurial process1
Entrepreneurial Process
  • Entrepreneurial abilities
    • Leadership traits (Tribes attributes)
    • Good communication skills (Tribes attributes)
    • High-energy level
    • Self-confidence
    • Organizational skills
    • Ability to act quickly and decisively
    • Independent, goal-oriented, creative, competitive
factors affecting e business success
Factors AffectingE-Business Success
  • The network effect
    • Total value of a product, service, or technology grows as more and more people use it
      • Telephone system example
        • Single telephone has no value; as more people join the telephone system, the value of each telephone increases
      • uBid online auction site example
        • As more people participate, the auction site becomes more valuable to buyers and sellers
      • Twitter
factors affecting e business success1
Factors AffectingE-Business Success
  • Innovative marketing ideas
    • Hotmail and viral marketing example
      • Hotmail users grew at a rapid rate because of electronic word of mouth coupled with the network effect
      • Electronic word of mouth (Godin one of first marketers wrote about this) or viral marketing spreads from user to user in the same way a human virus spreads from person to person
factors affecting e business success2
Factors AffectingE-Business Success
  • Scalability
    • Ability of a business to function well in the face of rapid growth
      • Systems and procedures meet customers needs
      • AllAdvantage e-business failure example
        • E-business idea: Paying for users to browse the Web and view advertising
        • Millions of customers signed on; advertisers did not
        • No scalability with rapid growth in customers
factors affecting e business success3
Factors AffectingE-Business Success
  • Ease of entry into electronic markets
    • Low-cost technologies make it easy to create new e-businesses
    • eBay and online auction example
      • Easy for consumers to interact at auction site
      • Web auction software is cheap and easy toinstall /maintain
      • E-businesses earn commissions without having to manage, warehouse, and distribute products
factors affecting e business success4
Factors AffectingE-Business Success
  • Ease of entry into electronic markets (continued)
    • Competitive barriers to overcome
      • Failure to secure first-mover advantage
      • Lack of name identification and name’s ability to sell the brand
      • Lack of customer loyalty
factors affecting e business success5
Factors AffectingE-Business Success
  • Ability to quickly adapt to marketplace changes
    • Rapid knowledge transfer
    • Need to make decisions quickly
    • Exploit new ideas and opportunities
    • Handle new challenges
      • is an example of ongoing evolution from a basic e-business idea
exploiting e business advantages
Exploiting E-BusinessAdvantages
  • Use power of the Internet and Web to maximize customer relationships and improve responsiveness
    • Create customer loyalty
    • Stay in touch with customer needs
    • Build one-on-one relationships
    • Provide information to enrich customers’ online experience
      • JetBlue example