Creating a winning e business
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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