In the current scenario it is difficult to think about a world without internet connectivity. Internet has become a very important part of our life and it is indispensable. Everything has gone online from personal life to social life, from education to business, from selling to shopping everything has gone online. One of the biggest changes made by internet is the implementation of it in business or entrepreneurship. Everything is just a click away, may it be ordering food online, booking a cab, purchasing clothes, educational courses, trading etc, internet has solution for all these trade activities.
Among the many fields of human interest, business is one field that has changed dramatically with the use of internet. The internet has made quite an impact in the business world (Devine, 2009).
But doing an online business is not so risky and it doesn’t require big capital. As the sales are done online it doesn’t require big capital investments. Online entrepreneurship does not require a physical store to operate, and the advertisement costs are also cheapand mostly free compared to the print and commercial television ads.
Internet marketingis more affordable, effective and online entrepreneurship production cost is also more affordable than the usual entrepreneurship as it doesn’t require a fancy office, you can work from your garage and nobody cares (Camusio, 2009).
An internet entrepreneur is essentially someone who operates their businesses online.Compared to traditional business owners that require huge capitals, shop houses, ready-made products, and staff management, online entrepreneurs seem to have an inherent advantage when it comes to business management and start-up costs.
In fact, most online entrepreneurs start with zero start-up costs, or minimal investments (Edward, 2013).
In tradition marketing entrepreneurs used to launch their products in one market, watch and analyse the reactions and acceptance before these were moved to the national and then the international level. The advent and spread of internet has created a new instant way of reaching to millions and millions across the globe. That means product proliferation has become instant and the communication about the new introductions can be communicated across the seas simultaneously.That has opened new vistas for not only products but for services and entertainment world too (Paul &Kapoor).
Online entrepreneurship can be done by starting a website, social media page, e-commerce. A good online entrepreneurship is easy to use and browse for possible purchases. The enterprise brochures, the product catalogues and the payment details, the delivery methods available, the entrepreneur details, about the entrepreneurship can be made to all those interested with the flick of a finger. The customers can use the product catalogues to browse the search criteria (usually a type, price, material, age etc.) information about the products, the sellers, and the service center.
Social media is one of the best way to start up an online entrepreneurship as its so easy to create a social media account, and it has the capacity to reach wider audience from all part of the world. Advertisement in social media is also easy. Advertisement costs is very low in social media and entrepreneur can also freely market and advertise their products and services through social media posts. According to the Global Digital Report (2018), the number of internet users worldwide in 2018 is 4.021 billion. And the number of social media users worldwide in 2018 is 3.196 billion and increasing up 13 percent year-on-year. So to start up an entrepreneurship in a place with this much of population increases the chance of success.Make use of customer feedback to create successful promotion tactics and achieve sure success (Matt, 2013).
Today the amount of purchase that is conducted electronically using online shopping has increased with a widespread usage of internet and technology. Consumers are no longer restricted to the time and place of the shop. Online entrepreneurship and shopping enables the consumer to have access to anything at any time with the help of internet. Internet do not recognize any time zone in their systems and operations. One can have access to a computer across any time zone and communicate freely. The shopping sites and social medias are available 365 x 24 x 7. So, time does not act as a barrier for online entrepreneurs. This has increased the possibilities of providing services to customers from the long distance, which has led to the availability of formerly unknown sources of employment in middle income and emerging countries.
For the success of any business it is important to get the feedback of customers. Because feedback gives an idea on where to improve, why to improve, what to improve and how to improve. To get feedback from all customers are was not easy for entrepreneurs. But for an online entrepreneur getting feedback is very easy as individual customer can also post his or her opinion on the company website or social media pages. Such feedbacks of customers can be analysed by the online entrepreneur and the customer can also be informed about the action initiated by the firm on their feedback. This also improves customer satisfaction. A satisfied customer is the strength of any firm. He/she also has the ability to publicize the entrepreneurship by the word of mouth.
Every business uses a large amount of paper which is results in more and more cutting of trees. And this cutting of trees becomes a threat for earth’s ecological balance. Seventeen full grown trees are cut to make one ton of paper. Between invoices, notes, documents and others, paper is being consumed on a great scale every day. According to The World Count Statistics, every person uses more than two pieces of paper every hour. In the USA, Japan, and Europe an average person uses between 250 and 300 kilos of paper every year (Marzo, 2018). Online entrepreneurship does not require much paper work. As invoices, notes, documents and other paper works can be made into soft copies and can be exchanged between clients and entrepreneurs online itself. Therefore, online business also helps in reducing the paper waste.
Even when there are many opportunities and benefits in starting an online entrepreneurship there are certain consequences and challenges involved in it just like all the other business. The one who faces the challenges and converts it into opportunities becomes the successful one.The easy payments and transactions makes the customer’s satisfied and entrepreneurs happy. Services like Credit and debit card payments, payTM, Tez, net banking etc has made online transactions easy.But one of the major problems faced by online entrepreneurs which demark their goodwill are the privacy and security concerns. Security issues can bring your site down, ruin your online reputation and compromise your customers’ secure information. Protecting that information, especially about payments, is crucial to running a successful online business (Truex, 2018).
A proper use of internet and technologies lead to economic development. In India internet had played a great role in converting India’s status from an underdeveloped country to a developing country. Business through the use of internet has taken a widespread change, like you can see more of internet marketing, online business, online degrees, social media presence and internet banking happening. Not just that, one of the most important aspect of every business or entrepreneurship for promoting and bringing in sale is advertisement. And advertisement costs in India is very expensive. Whether its print media like news paper or mass media like television, advertisement costs are so high in this nation. Some of the top Indian TV channels demand a price tag of Rs. 3,50,000 for a 10 second spot during primetime. The ad rates are even higher during highly viewed Indian cricket matches (Prabhudesai, 2017).
Online entrepreneurs have varieties of option to advertise their products and services. From social media ads, youtube ads, online banner ads to pay per click ads there are many options for an online entrepreneur to choose from. According to Hessinger (2019), the cheapest way to advertise is social media ads and classified ads, generally speaking. These kinds of ads can be placed starting as little as $20.
One of the biggest problems faced by women entrepreneurs in India is over dependence on intermediaries for the distribution of their products. These intermediaries take a major portion of their profits (Rajam & Soundararaja, 2016). Intermediaries come into a women entrepreneur’s life when women have family ties and problems like limited mobility where entrepreneurs can go far to meet up with the clients. Online women entrepreneurship helps communication, advertising and selling of product and services from home itself.
Social medias like Facebook, Instagram, Whatsapp now also have a different app to manage business. This makes it easy for the online entrepreneurs to manage business more easily. WhatsApp Business is a free to download app available on Android and iPhone, and was built with the small business owner in mind. WhatsApp Business makes interacting with customers easy by providing tools to automate, sort and quickly respond to messages. It’s also intended to feel and work just like WhatsApp Messenger. You can use it to do everything that you’re used to doing, from messaging to sending photos (Daniels, 2017). Some of the features currently the app offers includes – Business profile to list important information, such as a company’s address, email and website.Statistics to see how many messages were successfully sent, delivered, and read.Messaging tools to quickly respond to customers.
One of the major reason why online entrepreneurship is being attracted is its low cow cost production rates. As it only requires a source of internet connectivity and electricity to perform on a daily base. These benefits not just apply to entrepreneurs doing online business, but also for the clients. They don’t have to get ready, travel so far to location just to see the product or service. They can simply view the websites or social media accounts online from anywhere in the world. Another reason why people opt for online entrepreneurship is because ease in access of internet. At many places, especially places for relaxation- caf?, parks, restaurants etc., and at public places- bus stops, stations, airports etc., WiFi is free nowadays. And even the cost of recharging the internet is low nowadays. There are many internet packages which attract people too in todays market.
Therefore, internet is also something which is very handy to all and one which is in access with all. So online entrepreneurship is something which will be easily attracted by the mass.Many people are seen opting for online entrepreneurship, why because digitalization and social media has increased the reach to an individual’s personal domain. Online entrepreneurship is a trend. Also online entrepreneur is atool to all those to be a productive part of national income.
? The aim through this thesis is to study the opportunities and challenges faced by online women entrepreneurs.
? To find out the sustainability of online women entrepreneurs.
? To identify the various funding agents for online women entrepreneurship.
? To evaluate the income ratio of online women entrepreneur per year.
? To develop a hand manual on how to be an online entrepreneur.
Internet and technologies play a very important role in every field, in today’s world. Information technology (IT) are the key drivers of this age. As the competition in the market was getting more powerful we started using technology as a catalyst for our business. Many people are seen opting for online entrepreneurship, why because digitalization and social media has increased the reach to an individual’s personal domain. Online entrepreneurship is a trend. Since the relevance of online entrepreneurship is now a trend. A feasibility study of the “Opportunities and Challenges Faced by Online Women Entrepreneurs” is the focus of the study. As women has loose let of productive time in maintaining a family and are unable to develop their career in spite of being educated and capable of careers. Online entrepreneur is a tool to all those women to be a productive part of national income. It can be something which can empower those women who are actually capable.
This study is made in the curiosity and interest of the investigator in this under explored field of study and so that it can be beneficial for women who has the capacity, capability and aspire to create their identity through online entrepreneurship, by understanding the opportunities and challenges of online women entrepreneurship.
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