Business

E-commerce involves transactions done by businesses through electronic media, usually the internet, without any use of paper documentation. The most common goods and services sold on the internet are computers, books, music, office appliances, and other electronic gadgets. E-commerce is part of the emerging technology in the business world that facilitates execution of transaction over the internet using secure connections.

According to Schneider (2013), E-commerce has contributed to the benefits that accrue to the transacting parties in many ways such as cost reduction (16-22). Doing business online reduces logistical problems and thus puts all competing firms at the same level, irrespective of their sizes in terms of transaction costs, such as financial transactions. Furthermore, the cost of having a physical store space, insurance, and infrastructure is also reduced since what one needs is the idea, the differentiated product(s) and a well-developed web site.

E-commerce offers exclusive customer service as the customer is able to go through all the products of the seller without having to call the seller hence saving of time and money. This is made possible by use of tracking number system and overnight package delivery services. E-commerce has encouraged teamwork through online communication amongst the various stakeholders of a given company as the stakeholders can easily exchange ideas and information that leads to better outcome of any given undertaking (Schneider 2013, pp. 20-25).

E-commerce has enabled customers to do instant price comparisons through provision of a wide choice of products because of larger-stock supplies online coupled with the flexibility to shop anytime. Additionally, E-commerce has ensured that delivery is to the advantage of the shoppers because they need not to leave their homes as mostly, the delivery is done at their door steps.However, E-commerce couples with several challenges ranging from security issues to enabling unfair competitive advantage amongst businesses. By considering the integrity of the system and data, there are problems of hacking businesses websites and changing of available data. Moreover, the menace caused by computer viruses such as storage problems, unnecessary file backups and unnecessary delays leads inefficiencies of this mode of transaction. Most customers also have problems with the authenticity and integrity of the payment process when undertaking an online purchase and unless this is guaranteed, fewer sales may be recorded.

In addition, not all products can be purchased online as some need a physical touch or feeling for it to be considered by the buyer. Some of the items that need physical touch include furniture where one may want to sit on it first to feel its comfort or even texture (Schneider 2013, pp. 26-32). Finally, E-commerce can lead to disclosure of competitive advantage of a given company to its rivals as the competitor may get business intelligence from its website practice known as web framing.

In summary, E-commerce is an important technology that has greatly transformed the way business is done globally. Despite the few challenges experienced, it is clear that E-commerce has more benefits that will see it prevail over the conventional style of doing business. It is indeed true that E-commerce is part of the emerging technology in the business world that facilitates execution of transaction over the internet using secure connections.

Character traits of good Entrepreneurs

Tjan, Harrington & Hsieh (2012) explain that good entrepreneurs are hard to find because they have extraordinary traits that are unique in other people (4-7). It is always hard to find good entrepreneurs because not all of them have what it takes to be a successful entrepreneur. Entrepreneurs normally have burning passion to create success, wealth, and legacy in what they do. A good entrepreneur sets goals higher and puts all the needed efforts required to meet the goals. Additionally, good entrepreneurs have the ability to adapt to alternating circumstances and thrive in them instead of resisting or resenting change. Entrepreneurs also have abilities to make right and correct decisions in a quicker way to serve a particular situation, which is a necessary leadership skill.

In addition, most entrepreneurs have strong desire to mould their personal destiny that is based on their strong ability to create their own destiny because they believe that they are destined to be successful.Another unique trait of entrepreneurs is that they play hard and competitively, a character that translates as a constant enthusiasm and personal charisma. Enthusiasm and charisma tend to attract many people into entrepreneur’s goals (Tjan, Harrington & Hsieh 2012, pp. 34-42).

Moreover, entrepreneurs are Dealmakers who make deals in their personal relationship and they seem to be negotiating something with others. Good entrepreneurs also have a strong sense of self confidence that drive them to their success (Tjan, Harrington & Hsieh 2012, pp. 23-29). In addition, they are risk tolerance and do not even realize that they are taking any risk because their zeal to succeed overpowers the impact of failure.

In general, good entrepreneurs must cultivate burning desire to pursue and achieve their dreams inside them. They strongly understand their strengths and weaknesses, which they build to serve them well in creating a successful ending.

Bibliographies

SCHNEIDER, G., P 2013, Electronic commerce, Boston, MA, Course Technology Cengage Learning.TJAN, A. K., HARRINGTON, R. J., & HSIEH, T.-Y 2012, Heart, smarts, guts, and luck: what it takes to be an entrepreneur and build a great business.