How one person can become an e-commerce company
Source: Guest Post , Author: Bill Clark
Posted: Mon March 26, 2018 8:25 pm

INTERNATIONAL. You may be surprised to learn that the multibillion-dollar company, Amazon, was once a one-man operation, launched from a garage, using borrowed inheritance money. This success story is a firm reminder that once armed with a strong idea, any individual can turn it into a global sensation.

Jeff Bezos, founder of Amazon, quit his Wall Street profession because he saw great potential of the mid 90s Internet boom. This acute ability to recognize the trends that will be major players in business was crucial to Bezos’ success, and can be the same for yours.

If you’ve been thinking about launching an e-commerce company, here’s what you’ll need to do:

Have pure determination

There’s no getting around the fact that launching your own business requires hard work, and lots of it. Without grit and determination, many entrepreneurs’ stories would end before we’d had a chance to hear about them.

Consider how you respond to difficult situations. Is your initial reaction to admit defeat and shy away? Or, do you push forward with resolution and strength of character? If the latter, this mindset will serve you well in business, especially if you are looking to launch an e-commerce startup while also maintaining your day job.

Identify an in-demand product

If you’re serious about starting an e-commerce business, you may need to put your personal interests aside and focus your efforts on identifying a product that will truly sell – regardless of whether you’d buy it or not. Indeed, you’ll find your growth slower should you try to sell a product or service that is already easily accessible online.

You should also consider the competitors you’d be going against in your chosen field. For instance, you may not wish to take on the likes of Amazon or Warby Parker, but if you uncover a category with untapped potential, it’s somewhat of a green light to progress.

Gather the right tools

Beyond business reference books, there are a number of entirely necessary tools every digital entrepreneur requires. If you’re to launch a lucrative e-commerce business, then there are many guides on how to start an online store readily available to the general public. You’ll find that these guides will emphasize good website design, effective SEO, and a user-friendly interface.

If you’ve got the funds to spare, you can hire website developers to create your digital presence. However, you can also make use of the host of online tutorials and readily available website templates to achieve an end result that is aesthetically and functionally pleasing — perhaps your money would be better invested elsewhere in your business.

Before you launch in, you’ll also need to develop a clear and strategic business plan. Even if you’re only planning to nurture your e-commerce site as a side project, you’ll quickly learn that any commercial venture runs more smoothly with a clear vision in place.

You can find many templates, tutorials and start points for writing a thorough business plan online. Remember, though, that you’ll need to consider your own individual resources and how they’ll contribute — how much time do you have to dedicate to your new company? Where will you get funding from? What is a realistic ambition for turnover in your first 12 months? Don’t be tempted to copy a business plan simply you find online; you’ll thank yourself in the long run for thinking it through now.

Use creativity and design thinking

You’ll likely encounter no shortage of obstacles and challenges in your journey to launching a successful e-commerce business. Creativity will be your strongest tool in overcoming these issues — rethinking ways of working, identifying improvements and reframing positives as negatives.

Remember, every mistake is an opportunity for growth. As IDEO partner, Tom Kelley says: “Fail often so you can succeed sooner.”

IDEO is famous for its use of ‘design thinking’ — a human-centered approach to innovation, where prototyping of products is used to test hypotheses and push past obvious solutions. Many other brands credit design thinking with their success.

One person can indeed start a successful e-commerce store

You, as an individual, certainly have the potential to develop an e-commerce business from scratch. Embody determination and creativity, and proceed with guidance on your website design. If you’ve identified a sellable product, there’s no reason your e-commerce venture should be anything short of a success.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: June 22, 2018
Bain & Company's spring luxury update highlights four trends shaping the personal luxury goods market in 2018 and beyond.
date:Posted: June 21, 2018
INTERNATIONAL. Private sector can be an important partner in meeting US$320 billion in oil and gas investment, Crescent Petroleum CEO tells OPEC seminar.
date:Posted: June 18, 2018
UAE. 24% of Middle Eastern entrepreneurs are motivated by social impact and view it as their top priority as a business owner; 66% are undertaking angel investing.
dhgate