No longer is an office, store or factory necessary instead a book or clothing seller can serve customers and receive payments through online transactions with the shipping or shipment company representative being the only one who has to leave home.
A fully automated online payment system is something that many businesses lack, leaving them to rely on the postal system and manual processing. Business-to-Business (B2B), such as Business–to–Commerce (B2C), Business–to–Government ( B2G), e-commerce ( buying and selling of products /services over electronic system such as the Internet and other computer networks) undergo automation by online payments.
Technology has reduced barriers to entry for new competitors in many countries industries. For instance, Japan has reduced barriers to entry through need for sale force which include; assess to channels and physical assets by the use of Internet application.
In the past, an employer or entrepreneur would have to rent a store, hire employees, obtain inventory, and advertise when starting a business. He/she has to go through the rigors of managing this enterprise meaning that he /she ought to have full control over what is happening in the business. This will involve considering production, purchasing, marketing, finances and the people who works in the business.
However, information we all know creates wealth - a vital aspect of human life, information about something or within certain an organization, job availability and lots of more has now been easy, compliment of the Internet.
Nowadays, a person can begin operations with a computer (an electronic device /hardware that is controlled by a logical instrument/software or which follows logical instructions to perform its works in order to achieve a set of goals.)
This will help contract suppliers, promote the companies and filling of orders are all done online or through the Internet. Access to the information is an essential tool for a meaningful development of any nation let alone individuals like you and me.
According to Harvard Business Review (2001), the Internet has created some new industries such as online auctions and digital market places. Its greatest impact has been to enable the reconfiguration of existing industries that had been constrained by high cost of communication, gathering information or accomplishing transactions. Internet seems to have provided an avenue for Africans like Nigerians, Ghanaians, Gambians and other developing nations of the world to accelerate their developmental growth. This is more importantly done between users.
Emergency of security technology with encryption and digital signatures has helped thereby given some business including our financial institutions great confidence in bringing their services to the global web, hence access to this information and Internet necessitate the transfer of money between businesses such as the banking industry (online banking) and other facets of life. Here, the banks may even be in different cities.
Whether the banks are in the same city or not, business transactions and payments by cash or checks which involves risk bearing by both parties can still take place. The risk of carrying cash about for payments and the risk of accepting a check that may not be cleared are what buyers and sellers face respectively in developing countries like Nigeria, Ghana, Cameroun to mention but a few.
So, the only way out of these risks is connectivity to the Internet or simply Internet connectivity as may be understood by a layman.
With the internet, two parties can conclude their business transactions without necessarily seeing or knowing themselves physically. Even the issue of going to the bank to deposit or cash check is completely eliminated. All they do is to communicate through the Internet and advice their respective banks to carry out the tasks.
The most common home based business like sales; information processing or data processing- modern method of data warehousing/data mining by the use of supercomputer in order to manage enormous masses of data to retrieve relevant entities and to derive conclusions); construction and contacting; personal care services; arts and crafts; consulting and clerical supports and so forth should be performed efficiently.
This will make the running of one’s business to be an appropriate career depending in one’s personality and ability. We need to be highly motivated, confident individual and able to manage different phases of a business. Scaring of challenges and willingness to take risks should not be condoled.
Nonetheless to embark on a business, considerations should be laid on:
- Product and services knowledge ability.
- Identification of one’s potential customer.
- Selecting of an appropriate location, and
- Study of one’s competitor through online and Internet connectivity.
Finally, consideration of our financial sources should be why most entrepreneurs use personal loans and funds which are obtainable from lawyers, local bankers, micro-finance banks, accountants or an insurance agent. Be a computer owner or user today, whether personal computer (PC), public user and update your business now. Effort should be made on customizing the search engines so as to search for companies, individuals, business and so forth that interest you. So “Work Online In Your Home For Business”.