Starting an online business
Consumer habits have changed dramatically. By 2020, some experts predict that 90% of transactions will take place online or be internet-influenced.
Many businesses have long used their websites to generate additional revenue, yet in recent years there has also been significant growth in businesses that start up exclusively online, which can involve less risk, cost and effort.
Creating an online business
As with any small business, the first steps to starting to trade online involves conducting market research to identify your target market, assess demand, competition and reaction to your prices from potential punters. You also need to produce a business plan.
If sales are likely to exceed the annual threshold (81,000 in 2014/15), you must become VAT-registered. You’ll also need to pay tax, in accordance with your status as a sole trader, limited company, etc. Online traders must also observe data protection legislation, of course, when storing important information about customers.
Marketing will largely determine your business website’s success and search engine optimisation (SEO) is crucial to this. Basically, it means using words on your website that ensure high placing in lists on search engine (eg Google) results pages. You could also use paid-for advertising services such as Google Adwords, for which you’re charged on a pay-per-click basis.
Getting your site up and running
You must decide whether to create your own business website or get someone else to do it for you. Doing it yourself can save money, but the results might not be great.
There are many ready-made online solutions that allow people with little experience to create their own website. However, these are only likely to provide you with a couple of formulaic template pages with stock text and photos. With this in mind, you might prefer to pay a professional website designer. This should give better results, and will cost around RM100-RM200 per day. For around RM100 you should get a service which includes design, domain name registration and arranging hosting of your site by an internet service provider. Setting a budget and a clear brief can help you minimise the costs. Read more about creating a business website.
Website information you must include
Your business website must include your address and contact details, privacy policy, terms and conditions, exchange and refund policy, quality commitment and information about delivery and payment. Stock availability and pricing should be kept up to date and you must state how much VAT and post and packaging is payable per item.
To collect payments you need to include a shopping cart function, as well as a secure means by which customers can enter their card details when paying. Most website designers provide a shopping cart function and payment facility as part of their service. Online website-building packages do, too.
You also need a merchant account to collect payments. Providers such as PayPal are popular, but you should also enquire at your bank. You pay a service charge on each transaction, a set-up and monthly service fee.
Test and protect your website
Be sure to test your website site thoroughly before you launch. Ask potential customers what they think, too, and act on their feedback if valid.
And remember – running an online business isn’t without risk. Serious technical or security issues can have a disastrous consequence, so make sure you protect your website from online threats and back up important data.
DEFINITION OF ENTREPRENEURSHIP
Entrepreneurship is the process of starting a business or other organization. The entrepreneur develops a business model, acquires the human and other required resources, and is fully responsible for its success or failure.
ENTREPRENEURSHIP THEORY
1) Economic Theories
Economic entrepreneurship theories date back to the first half of the 1700s with the work of Richard Cantillon, who introduced the idea of entrepreneurs as risk takers. The classic, neoclassical and Austrian Market process schools of thought all pose explanations for entrepreneurship that focus, for the most part, on economic conditions and the opportunities they create. Economic theories of entrepreneurship tend to receive significant criticism for failing to recognize the dynamic, open nature of market systems, ignoring the unique nature of entrepreneurial activity and downplaying the diverse contexts in which entrepreneurship occurs.
2) Resource-Based Theories
Resource-based theories focus on the way individuals leverage different types of resources to get entrepreneurial efforts off the ground. Access to capital improves the chances of getting a new venture off the ground, but entrepreneurs often start ventures with little ready capital. Other types of resources entrepreneurs might leverage include social networks and the information they provide, as well as human resources, such as education. In some cases, the intangible elements of leadership the entrepreneur adds to the mix operate as resource that a business cannot replace.
3) Psychological Theories
Psychological theories of entrepreneurship focus on the individual and the mental or emotional elements that drive entrepreneurial individuals. A theory put forward by psychologist David McCLelland, a Harvard emeritus professor, offers that entrepreneurs possess a need for achievement that drives their activity. Julian Rotter, professor emeritus at the University of Connecticut, put forward a locus of control theory. Rotter’s theory holds that people with a strong internal locus of control believe their actions can influence the external world and research suggests most entrepreneurs possess trait. A final approach, though unsupported by research, suggests personality traits ranging from creativity and resilience to optimism drive entrepreneurial behavior.
4) Sociological/Anthropological Theories
The sociological theory centers its explanation for entrepreneurship on the various social contexts that enable the opportunities entrepreneurs leverage. Paul D. Reynolds, a George Washington University research professor, singles out four such contexts: social networks, a desire for a meaningful life, ethnic identification and social-political environment factors. The anthropological model approaches the question of entrepreneurship by placing it within the context of culture and examining how cultural forces, such as social attitudes, shape both the perception of entrepreneurship and the behaviors of entrepreneurs.
5) Opportunity-Based Theory
Prolific business management author, professor and corporate consultant, Peter Drucker put forward an opportunity-based theory. Drucker contends that entrepreneurs excel at seeing and taking advantage of possibilities created by social, technological and cultural changes. For example, where a business that caters to senior citizens might view a sudden influx of younger residents to a neighborhood as a potential death stroke, an entrepreneur might see it as a chance to open a new club.
CHARACTERISTICS OF ENTREPRENEUR
1) Passion
A startup founder is often driven by the quest for deeper purpose beyond the sheer mechanics of operating a business. My mission for my startup, Yes Man Watches, is to empower people to consider the most valuable asset in their lives: time. I rise early every morning because I don’t want to waste my day. If you have passion for your startup, this will drive you to turn your idea into a reality. Without that missing spark, you'll lack the necessary motivation to put in all the early mornings and late nights to get your business off the ground.
2) Perseverance
Entrepreneurs need to be able to deal with obstacles. A business does not get built overnight, and turning your idea into a reality will take time. You'll have to become accustomed to people saying no to you. What makes entrepreneurs great is having the perseverance to grow regardless of how many times they are shut down. When creating the supply chain for my startup, we screened two dozen watch manufacturers. After approaching through about 10, I became quite frustrated at hearing that my company's patent-pending buckle couldn’t be made. Without perseverance, I would have given up.
3) Resourcefulness
A vital ability for an entrepreneur is knowing how to make the most of what you have. Your assets as an entrepreneur will be limited, so use them to the fullest. Tapping into a network is key. When looking for a photographer, I reached out to the photography department at my university and the staff sent an email blast to students looking to build their portfolio. Within a week, I had professional-looking photos.
4) Open-Mindedness
As an entrepreneur, you may think you've zeroed in on a business plan, but you'll need to learn to take in the opinions of others. Then if it appears that your plan won’t work, then adjust. As Mark Cuban once said, “Follow the green, not the dream.” If your dream startup won’t make you any money, you may need to change your focus. When my friend Morgan Schwanke started OnMyBlock, he originally wanted to focus solely on a social platform for college students to find off-campus housing. He now concentrates his startup on every aspect of renting an off-campus space; it provides tenant listings to landlords and facilitates the making of rent payments.
5) Spongelike nature
Being an entrepreneur involves a learning process. If you’re not willing to learn, think about leaving the startup world. You need to be able to soak in everything and anything you can, just like a sponge. The more you learn, the better. A saying I'm fond of is “One who knows all the answers has not been asked all the questions.” When starting Yes Man Watches, I honestly didn’t know anything about watchmaking. I looked up everything I could and soaked in all the information. Now I know quite a bit about watches, from the types of stainless steel used to make the watch case and the variety of battery powering the watch movements.
1) Faiza Ahmad Sayed Bawumi
Name: Faiza Ahmad Sayed Bawumi
Age: 69 Years
Origin: Egypt
Position: Managing Director Company Faiza Sdn. Bhd
Education: Diploma Stitches
She did not think her experience as a cashier in his father's shop earlier been pushed serious concern as businesswoman. According to Faiza, success is not easily obtained, but after challenging waters for 43 years in the business world.
According to Faiza she came to Malaysia in 1964 because of the attitude of her husband. Because of she, who did not like to sit still, she took sewing embroidery and sell various kitchen goods.Faiza then make curry powder under the brand Bunga Raya and distribute them in stores.
By having her own shop, she began to learn to recognize different types of rice. Before selling rice, she had to go from one shop to another to get feedback on whether they would buy if he sells her rice.
On a positive response, Faiza apply for a license wholesalers and sell various types including ponni rice, basmati rice, fragrant rice and Siam.
She has 200 permanent employees and more than 300 contract workers said, with involvement in the production of these products it provides an option for her to get a high quality product and is without doubt her legal status.
Faiza owned company currently distributes over 21 brands of rice in the country, including the best known, "Herbal Ponni Taj Mahal" and its subsidiaries, namely Faiza Marketing Sdn Bhd is involved in the manufacture of various types of spices including curry spices King, spices and latest Bukhari, rendang spices.
2) Datuk Yusuf Taiyoob
Name: Datuk Yusuf Taiyoob
Position: Managing Director Yusuf Taiyoob Sdn Bhd
Origin: Georgetown, Pulau Pinang
Age: 52 years
Wife: Datin Yusnita Ramli
Children: Waseem (9), Safiya (6) and Safina (3)
Siblings: eldest of four siblings
Type of business: Dates, canned food, spices, dried foods and fruit juices
Yusuf Taiyoob name is no stranger in this country for being associated with a date, let alone being called names like Safia, Wasem, Safina, Amina, Ajmal, Ajwa and Kurma Madu Yuta.
Therefore he does not overdo it worth nicknamed 'King Dates Malaysia', even the eldest of four siblings also acknowledge the President of the State of Penang, Tun Abdul Rahman Abbas, ever call it the title 'Datuk Kurma'.
Now his company, Yusuf Taiyoob Sdn Bhd (Yusuf Taiyoob) became the largest supplier of various types of palm and crude product dry and wet food from abroad for the Malaysian market with approximately 3,000 dealer network across the country.
The main principle in the life Yusuf is that he does not like working with other people or workers but prefers the title of being the boss even had to go through many difficulties and bitter experiences.
3) Datuk Wan Mohammad Sani Salleh
Name: Datuk Wan Mohamad Sani Salleh
Age: 35 years
Origin: Kuala Ibai, Kuala Terengganu, Terengganu
Siblings: Fourth of six siblings
Position: Managing Director Sani United Sdn Bhd (Sani Express Sdn Bhd, Sani Properties Sdn Bhd and Sani Hotel Sdn Bhd).
Education: Diploma in Business Management Sunway College (1994)
Achievements: Awarded Degrees Indera Mahkota Pahang (DIMP) which carries the title Datuk by the Sultan of Pahang, Sultan Ahmad Shah (June 2009) and the Outstanding Entrepreneur Award Malays Chamber of Commerce Malaysia (DPMM) Kuala Lumpur (April, 2009)
Determination that reflects the vagaries of travel Datuk Wan Mohamad Sani Salleh before becoming young entrepreneurs Malay successful country. He is the owner of the bus network operations rising Sani Express under the operating company, Sani United Sdn. Bhd. (SUSB). At the age of 35, this young man was like having everything. Return businesses millions of dollars, the building itself as a center of business operations with the purchase and renovation costs reaching RM7 million.
Although he is 35 year old but Wan Mohammad Sani already holding multiple certifications including Young Entrepreneur Personality award, which was awarded by the Association of Merchants and Entrepreneurs Melayu Malaysia (Perdasama), recently. In fact, he is considered an icon of youth in today's business world.
Experience a variety of bus services to encourage him to give the best bus service someday. With the opportunities given, he began to make a detailed study, analysts and structuring strategies. In January 2006, he was carrying out his intention with the establishment of Sani Express Company.
4) Tan Sri Dato’ Sri Dr. Tony Fernandes
Name: Tan Sri Dato 'Sri Dr. Tony Fernandes
Age: 47 years
Origin: Kuala Lumpur, Malaysia
Position: Chief Executive Officer / Director of AirAsia Berhad and Tune Group Sdn Bhd Founder / Chairman of QPR Holdings Ltd
Education: Epsom College (1977-83), London School of Economics (1987)
The company was founded by DRB-Hicom, a Malaysian government conglomerate. Due to the debt burden is too high, it sold to Tune Air, chaired by Tony Fernandes at a price of RM 1 only. AirAsia organizational restructuring with the image and concept of cheap fares has led to major changes and make a profit in a short period of time. AirAsia also managed to revolutionize the aviation industry serantau.AirAsia is the first low cost airline in Asia.
In 2003, AirAsia makes Senai International Airport, Johor Bahru as their hub both because of its proximity to Singapore and launched flights to Thailand. Later, Thai AirAsia established for operating flights from Don Muang International Airport in Bangkok, Thailand. In Indonesia, AirAsia Indonesia buy Awair for the sector, and now known as Indonesia AirAsia.
On July 22, 2005 AirAsia announced a sponsorship alliance with the football club Manchester United, who saw the ads AirAsia appear at Old Trafford Stadium in Manchester city that allows its brand exposure to millions of television viewers around the world.
Low-cost carrier terminal (LCCT), which opened in Kuala Lumpur International Airport on March 23, 2006, created a new operations center for AirAsia. AirAsia is expected to carry 9 million passengers in 2006.
On March 27, 2006, the Malaysian government announced that AirAsia took over 96 domestic routes side to go along with 19 main domestic routes as part Malaysia Airlines route rationalization program that saw mostly domestic flights diverted to AirAsia since August 1, 2006.
