NoruRazak

Noru Razak

E-Business Helping Entrepreneur in New Business and New Market​

E-Business Helping Entrepreneur in New Business and New Market

Electronic business or e-business is the journey to empowering businesses that includes strategies, technologies, and processes. Also, e-commerce(e-Dagang) is similar to e-business. The collaboration of different sectors and technologies will create new opportunities in the company itself. E-business exists when change as time progresses which is the era of fast-growing technology or we usually say the modern era. E-business has marked their target which is to exchange their goods and services through online platforms. This is because there are many advantages that entrepreneurs can get from doing e-business such as easier for to people get to know about the product and company and they has a high potential to get a response from the public even from overseas people. For example, when people go shopping, they will use credit cards or debit card methods due to security concerns and they prefer to use this method than bring a lot of money everywhere they go. This can prove that people are now more interested in electronically and online. Another example, of the revolution in the speed of the internet that we can see these days, is e-libraries, and e-tourism. People can do whatever they want by going through the app or website on their gadgets. So, new technologies helped to develop new ways of management and strategy. So, e-business is seen as business innovation. Technologies are ready for the changes and also prepare the platform to support the new strategic and business concept. This means technologies will create many business opportunities for the entrepreneur. An entrepreneur must chase and take this opportunity because this chance will not come again.

An electronic business will help an entrepreneur in creating a new business with for model. In this model, there are several parties involved in this model which are the consumer, business, and administration. With this model, an entrepreneur will know how the circle of working will work and they will know what the next steps they should do. So the first model for e-business is business-to-business (B2B). B2B is a transaction that involved a manufacturer and a wholesaler or a wholesaler and a retailer. This method is business that conducts between companies. B2B happens when it comes to the supply chain where the company buys raw materials from other companies to be used in the manufacturing process. For example, Samsung is Apple’s largest supplier. So we can see they need to put an important component from the Samsung company to get a complete apple product. An entrepreneur can take these two companies as an example. They can use an application such as putting their website and make promotions on social media. for example, they can be wholesalers of car accessories. 

So they just need to create their website to facilitate their business dealings. This is because almost everyone thinks that businesses only need wholesalers and wholesalers whereas wholesalers can make their business a resource for other people’s businesses. E-business can help an entrepreneur with an open new way of business for their business expanding because a business like this not many people know that this kind of business can make it a great opportunity for entrepreneurs to try. Secondly, the business-to-customer (B2C) model. This type of model work when the process of selling product or services between the business and the customer is direct. This method is like when an online retailer sells the product or services to the online customer directly. For example, Amazon is a business that has a monopoly in the business market and they have used this method until amazon now becomes an industry disruption. So, another entrepreneur can make their business the same as amazon a monopoly business market. They can use this method with an online advertisement on the website or to the customer. It is because they will take more customer attention when they see the advertisement. So, people will come and buy their online products. In every e-commerce that will take customers’ attention. Also, they must do the advertisement consistently and interestingly.

E-business changes entrepreneurs in creating new businesses for the new market with easy to get paid for the customer.

Next, instead of B2B and B2C, there are several other ways for e-business changes entrepreneurs in creating new businesses for the new market. E-business changes entrepreneurs in creating new businesses for the new market with easy to get paid for the customer. Everyone knows in this era people will prefer shopping cashless. This is because there are easier for to people make a transaction while they go shopping. So, this will increase the spending habits of the customer for help to speed up the economic cash flow. Also, the seller does not need to handle cash, the money directly goes to their bank account. 

E-business help seller manages their business cash flow with a transparent method. Besides, staff can work remotely with give a job to an expert worker at the right place. The company can find many skilled people on the internet and hire them. This is because not everyone is an expert in everything, they must be some people experts on their part such as some people experts in design and others experts in management.So, they are not experts in the same thing but if they combine their power the company can then the business will grow well and quickly. For example, the company can hire skilled people to manage goods, an expert in marketing, and an expert that handles the customer.  

E-business help seller manages their business cash flow with a transparent method.

So that the business can go to a bigger market and make their product more widely known to the public. So they know how to control and monitor the process because they are experts in the part. It is important to hire an expert employee if the company wants to go to the bigger market. Entrepreneurs may be motivated to enter the industries because they want to offer more ethical products and provide a service to the community.For example, these days many cosmetic businesses have used animals to test their product. So, one of the cosmetic products that have not used animals is Anita Lucia Roddick DBE they have succeeded to become the standard industry and have not used animals to test their product. Their product is natural because they have been using shea butter and cocoa from Ghana, tea tree oil from Kenya, and bananas from Ecuador. The peppermint is sourced from Norfolk, and the ginger in the ginger haircare line comes from Sri Lanka. So, they have successfully proved that their product is not tested by animals and that is how they become standard industries. So, many challenges that entrepreneurs must face but the difference between them is whether they are willing to take on the challenge of becoming an entrepreneur.

lastly, technology infrastructure. The company must introduce technology faster as it can to keep the business stay competitive. This is because, nowadays the internet is becoming faster and faster also If the business does not follow the progress of advanced technology, not possible that the business will sink among other competitors and eventually bankrupt. The company must introduce a faster marketing strategy, and product delivery and the important part is faster to change the new market and new technology innovation. For example, staff from amazon will confirm in just a few seconds to their customer, they give instant responses to their customer’s orders. So, e-business can help the entrepreneur with introducing faster technology infrastructure because that is the important part when the company wants to open a new market. Next, e-business can help an entrepreneur in managing such as accounts or billing, inventory control, human resources, marketing, and customer relationship management. This management is so important because if the company is incompetent in managing the Huangshan division in its own business, not impossible that its business will not grow properly. people will compare better businesses with the technology and skills of employees available in each of those companies. for example the skills of employees in managing customers and the experience of employees managing technology in the company.

The conclusion is, e-business is not just about online business but e-business is about changing management, business style, business technology, and others. This element is important when the business wants to make open a new market or innovation. Without this element, the business might not be able to stay in the new market, because if the market is larger, the competition among other businesses is also big. That is the reason entrepreneurs are ready to face the challenges to advance their business as well as to compete with larger companies in the future. Next, e-business help to structure the business process, so it can more open and responsive to the customer. Entrepreneurs also can make some popular company to be their idols. Amazon, for example, this company is very popular and familiar to everyone, although they are not willing to buy goods from the company they know that it is this company that dominates the business market in the world. So, this is the way of e-business changes entrepreneurs in creating new businesses for the new market. then, e-business can assist traders in managing various aspects, such as management and processes in a company.

References
  1. New Trends In E-Business – MBA Knowledge Base (mbaknol.com)
  2. Business-to-Business (B2B): What It Is and How It’s Used (investopedia.com)
  3. E-Business Model – Meaning, Elements and Types – MBA Knowledge Base (mbaknol.com)
  4. B2C: How Business-to-Consumer Sales Works, 5 Types and Examples (investopedia.com)
  5. Managing E-Business Changes — ADTmag
  6. The Body Shop Skin Care Review – The Dermatology Review (thedermreview.com)
  7. What is e-business | Meaning, Components & Features – IONOS
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