- Published: September 30, 2022
- Updated: September 30, 2022
- University / College: University of Kent
- Level: College Admission
- Language: English
- Downloads: 12
The paper ” The Prosperity of an Online Enterprise” is a good example of an essay on business. Online business has come in handy since the establishment of the internet. Products and services are now sold on online platforms as compared to the brick and mortar ventures where customers must have to avail themselves physically. Some pros and cons affect the prosperity of an online enterprise. Nevertheless, it is evident that the internet has taken the globe with a storm; the universe has been made a global village where information now flows from one continent to the other in a matter of seconds. Online business is no exception; the advantages of online business far outweigh its setbacks. This paper seeks to highlight the pros and cons of online businesses.
One of the most significant advantages of online business is its flexibility. Most online businesses are run on a 24/7 basis because time limitations are drastically eliminated compared to the traditional brick and mortar investment where building operating hours are pre-determined by a third party. In online business, the entrepreneur decides the number of working hours per day. The reward of online work is directly proportional to the number of hours spent, and thus the hardworking lot can leap as much as they can in a single day. Secondly, e-commerce is a growing industry. This fact should prompt online entrepreneurs that they are on the right track. For instance, large companies are shifting from physical storefronts to online advertising and selling of their products and services. With nike. com customers can now log in and customize the exact pair of shoes that they want, from; styles, colours, sizes and logo positions. This should act as a green light for anyone pondering over starting an online venture.
Greater reach; online business presents an entrepreneur with an unlimited pool of potential clients all over the globe. Given today’s improved supply chains and exceptional shipping capabilities across continents, online business is proving to be the real deal. Online business links the entrepreneur with millions of potential clients all over the globe. The entrepreneur can collect customer data, and this is beneficial in data analytics, compiling business intelligence, creating customer profiles, and constructing a detailed portrait of a business, its customers and its net worth. The opportunities are limitless when it comes to online marketing.
Nevertheless, many consumers still prefer visiting traditional brick and mortar investments because of their personal touch and face to face encounter. Direct contact with products and sales personnel builds trust and confidentiality among the parties. Concerns about cybersecurity scare away many potential customers who fear online scams and identity fraud. Numerous online hazards discourage the desired growth of online businesses. Therefore, to gain the customer’s trust, an online entrepreneur must establish a concrete credibility status to thrive in a hazardous online venture. Another setback is the unhealthy competition that often exists concealed in many online businesses. If the industry is not regulated, price wars and customer manipulation may arise as a result of the unhealthy competition. It is evident that some people start businesses with the intention of getting quick riches, this lot ends up exploiting the honest and patient business-men who invest their time and resources in the long run.
To sum up, the future has promised to be brighter than the present and the past whatsoever. E-commerce is becoming the heartbeat of trading activities. It is therefore advisable to acquire the necessary skills and venture into an online business that’s what the future has been holding for the human race for decades. And now that it’s here with us let’s manoeuvre and use this opportunity to earn a livelihood for the present and future generations.
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