BUSINESS on the Internet

Business is definitely not my cup of tea... (That's why i am taking psychology as major!) This semester, i tried to take up MGA201 Introduction to Accounting. Immediately after the class, i head to the library and dropped the course. All the terms simply makes no sense to me. All the formulas are harder than C-Maths. 90% into the class, i couldn't understand what the lecturer was saying.. So i made the right choice to drop it. As you can see, I can't do business when i can't even stay focused in a basic accounting class. If that is so, how dare I post a blog on BUSINESS on the Internet? This post is not a how-to-set-up-business, it is just a generic post to list down some pros and cons, so that those who wants to be their boss in the Internet have some realistic views over it. 

Ever toyed over the idea of becoming your own boss and setting up a business online? You could wake up at anytime you want, wear your pajamas, switch on the computer and check your revenue pouring in every day! Wow.. it sounds like a marvelous idea, but with so much scams today, is it actually feasible?

Technology has advanced so much throughout the years that of being slaves to technology, people today are making use of technology to their own benefit. But of course, these are clever people mind you. I am not talking about those websites where you enter to search for online jobs, i am talking about creating an own web space and attracting investors, revenue, and many potential customers who are willing to fork out the money to see your website grow.

Well, one of the benefits of doing E-biz is of course Communications. You could be living in SIngapore but have American investors and Chinese customers. You can easily discuss a business on a common internet platform such as google docs. You can communicate with each other via Skype and receive documents with a click at a finger on the fax machine. Technology definitely helps facilitate communications. Instead of printing mass catalog, and mailing them over the world, you can now reach out to more people when customers scour through your site for products.

In an average business, you have to fork out a start-up capital, know somebody in that field, have business partners...etc. But on the internet, your start-up is basically ZERO! All you need is a computer, internet connection, a basic business plan and some creativity to start up a business online. Sounds easy? (Seems very difficult to me..) 

Internet sometimes can become a bane for users if not properly managed. We have to deal with copyrights. A web entrepreneur is constantly faced with copycats, and has to learn how to protect his trade secrets, and continue to be innovative and attract customers. Just as you can attract customers all over the world, competition can come all over the world too. Hence you must be shrewd and have enough strategies to ride on them.

Security is one big issue too. You have to prevent professional hackers from hacking in either to your websites or your clients' transaction history. Their private data such as credit card number, addresses would be food for identity thieves. You would have to employ professional help in setting up firewalls, anti-phishing and malware...etc.

This seems like a long post, to prevent it from getting too dry, i shall continue on this topic some other times. ^_^ Stay tuned!!