INTERNET BUSINESS
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UNIVERSITY OF NIGERIA,
NSUKKA
FACULTY
OF VOCATIONAL TECHNICAL EDUCATION
DEPARTMENT
OF COMPUTER EDUCATION
TOPIC
INTERNET BUSINESS
AN
ASSIGNMENT
WRITTEN IN PARTIAL FULFILMENT OF THE REQUIREMENT FOR THE COURSE:
VTE 123
(INTERNET EXPLORATION AND ICT SKILLS)
BY
OJOBOR, JUDE IKECHUKWU
REG. NO: 2016/240538
LECTURER:
MR. EMMANUEL NWANGWU
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JANUARY, 2017
INTRODUCTION
INTERNET
BUSINESS
Internet business - also referred
to as e-business - is any kind of business activity that happens over the
internet. However, running an internet business can include buying and selling
online, and providing an online service. A wide variety of businesses can be
found on internet, in many different industries.
Anyone can start an internet
business. If you have a unique product or idea, you can find a way to sell or
trade it online. It's just like a traditional like computer, food, and motor
parts businesses, except your office or shop is online,
Types of online business
Online businesses can have
different online business-fronts (how they appear on the internet). These can
take many forms, such as:
- websites
- online shops or marketplaces
- blogs
- social media accounts.
How to Start an Internet Business
Starting an
internet business can sound like a dream: work from home, set your own hours,
be your own boss. But most internet startups require significant investments of
time and money, and many of them fail. If you’re considering buying an internet
business opportunity, know that the promise of big earnings and ideal work
conditions is a pipe dream for most. Regardless of the handful of stories
you’ve read about college-age entrepreneurs turning into internet
gazillionaires, there’s no such thing as a sure thing.
You may
encounter pitches like “Start your own internet business;” “No
experience required;” “Experts available to coach you” in a variety
of places: on the Web and in e-mail offers, infomercials, classified ads,
flyers, texts, telephone pitches, seminars, and direct-mail offers. The Federal
Trade Commission (FTC), the nation’s consumer protection agency, says that many
of these solicitations are scams that promise more than they can possibly
deliver. Often, bogus internet opportunity sales pitches are short on details
and long on high-pressure tactics to persuade you to buy before you’ve
investigated the offer.
ADVANTAGES AND DISADVANTAGES OF
INTERNET BUSINESS
There are a lot of things to
consider before making the decision to start or move an existing business
online, particularly if you're not a computer or web guru, or haven't started a
business before.
ADVANTAGES
OF INTERNET BUSINESS INCLUDE:
- cost savings in rent and staffing
- greater flexibility and efficiency in product and service delivery
- It saves you from physical embarrassment from customers
- 24/7 accessibility to customers all over the world (or worldwide).
DISADVANTAGES
OF INTERNET BUSINESS
- some technical or web knowledge may be necessary
- software and hardware expenses
- ICT skill is needed
- risk of online scams and fraud.
KNOW YOUR IT BEFORE STARTING
INTERNET BUSINESS
Learning how to use your computer
and its software packages, as well as how to navigate the internet without getting
lost, will let you run your online business much more smoothly.
HOW
TO BECOME A SUCCESSFUL INTERNET
These days, the
internet is a major part of both small and big business. With extensive traffic
on the web, from social media advertising to new methods of merchandising
online, a new generation of business people is growing up: the internet
entrepreneur is someone who is looking at the vast power of the internet to
start or grow a business. Whether it's a physical merchandising business or a
play on innovative modern services, someone who wants to become a successful
internet entrepreneur will often pay attention to some startup basics involving
blending this new technology with classic good business sense.
1. GETTING BUSINESS AND TECHNICAL TRAINING
(a) Take
courses in business and management: You need business
training before you can hope to succeed as an entrepreneur. Enroll in business
courses, preferably at a four year college. You may choose to get an MBA sooner
or later, as this is a great way to learn more successful business practices.
However, you will be your own boss if you start an internet-based business, so
you may not need it to move up the ladder.
(b) Get
training in technology: The ability to write code or develop websites is
optimal. If you have colleagues starting the business with you, you may be able
to focus on the business aspect of your website. Nonetheless, you will need a
basic level of computer competence to successfully maintain, trouble shoot, and
do damage control for your business.
However, A degree in Information and Technology, Computer Science, or a
similar field is recommended. If you’d rather focus on business, however, a few
classes in IT can go a long way in building confidence with your computer
skills.
(c) Do
an internship: Look
for internships in internet marketing or search engine optimization (SEO) to
get more interaction with internet businesses. When applying, you don’t have to
sound like you have the same resume as Steve Jobs. But make sure you have a
concrete reason for applying, and that something about the specific business
interests you,
(d) Creating
a Business Plan:
Decide what you
will do. You need to have an idea to have a business. Figure
out what parts of the economy are doing well and focus on them. You could, on the
one hand, provide a physical service for people, like arranging for the local
purchase and delivery of groceries. Or, on the other hand, you could provide a
virtual service like consultation or editing.
- The most successful internet startup ventures today are SEO consulting, business coaching, selling specialized goods as a retailer, social media consulting, and web design.
·
Do market research.
Your idea may seem like something profitable, but until you see who else is
doing it, you won't know how you will fit in. Use statistical data offered by
government agencies such as the Bureau of Labor Statistics as well as third
party sources to find similar businesses. Do your own word-of-mouth interviews,
surveys and tests to see what people would spend money on.
·
Have a concrete business plan.
Just as in traditional business, internet businesses can profit greatly from a
well thought out business plan that will help attract capital, guide leaders in
starting and growing a business, and present this fledgling enterprise to the
outside world as something legitimate with great potential.
- A business plan helps you structure your company and convince potential investors that you have a viable company.
- Look at the sector your product fits into, and design a marketing strategy.
- Structure your company according to this strategy.
- Write out projected expenditures and cash flow.
Choose a complementary partner(s).
You and your new best friend will be responsible for every aspect of business
until you are big enough to expand. That means that you don’t want someone who
has the same skill set as you. If you are better with creating and maintaining
the website, pick someone with exciting business ideas. If you can’t do basic
coding and website building, find someone who can do that in addition to
helping run a business.
Registering Your Business
Register your domain name. The first step to creating an online presence for your business is reserving that catchy domain name. You may not get your first choice, since so many have been reserved already. Look around at different domain registrars to see what domain names you can purchase cheaply.
- Simply using your company name is still an old standby for choosing a domain name. However, you may choose to come up with catchy compound words, or even create new words.
- .com is still the extension preferred by most businesses, but .net is growing in popularity. There aren't any drawbacks as far as SEO goes. Though the original use of .net was for network providers, it is now a viable option for commercial business.
Get a web host. Many
domain registrars are also web hosts, meaning that they lease space for your
domain name on their server. This also comes with many basic services that
allow for the continued accessibility of your website on the internet. Unless
you have a large amount of startup money, you will need to go with a less
expensive web host. Although this may mean sacrificing some security and
reliability, you can move up later.
Register your
online business. One business license you have to have
is for your online operations. You have to register with the IRS to be
legitimate in the eyes of the federal government. This application
simultaneously registers you on the state level in some states, but not in
others. Look at your state’s laws to see if you have to fill out another
application.
Make your
website. An important step for internet startups is making
sure your website is easy to use for you and your customers. Design it so that
the basic functions run smoothly, even if you can’t get the fancier features
yet. Those will come later. For now, worry about having a website that people
can navigate without getting error messages, and that tells them all the
information about your business that they need to know.
- The most important parts of any business website are the logo, the main menu, the search box, the social media icons, the header image, the written content, and the information at the bottom.
- It is important that your website follows all US trademark and intellectual property laws. This includes any usage of trademarked logos.
Adding User-Friendly Features
Add shopping carts or other
infrastructure. One of the key aspects of becoming a successful
internet entrepreneur is to put the needed tools onto the website. Allow
customers to get involved with the business and make transactions easily and
conveniently. Besides, the shopping cart is a feature expected of all online
marketplaces now, so it would be a glaring omission to potential customers.
Use surveys to drive future
business. Customers need a way to buy, but the business also needs a way to track
sales and identify target audiences. Complex web tools and good leadership can
allow for a sophisticated marketing plan. Use your web skills to discover and
target the features your customers want to see.
- You will have to determine what part of your business model you want to investigate, who you will ask and how, and a sample size.
Develop smart
phone apps. This is a rapidly expanding aspect of
online businesses, even though phone apps don’t function essentially different
from web browsers. One of the reasons is that ad block software is not
compatible with apps. This means that people who buy ad space with you will
know that users will see their message. Develop an app for your business to
attract potential investors while this technological loophole still exists.
References
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