The E-commerce Entrepreneur Nancy Cordero New Mexico State University

Outline Entrepreneurship –Definition –Questions and myths –Characteristics, motivations, and opportunities E-Commerce –Definition –Recognizing opportunities –Questions and considerations –Myths and benefits Marriage of the 2 E’s

Entrepreneur Defined One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them (Zimmerer and Scarborough)

Questions Entrepreneurs Ask Themselves What can I do? What business should I start? Where can I find funding and assistance? What business will earn (lots of) money? What about e-commerce?

Questions Entrepreneurs Must Ask Themselves Am I an entrepreneur? Is there a market? Can I profitably tap that market? How do I reach that market? (e-commerce potential)

Myths of Entrepreneurship Get rich quick! Entrepreneurs are born, not made… I’ll have all of this free time… It gets easier…

More Myths of Entrepreneurship If you build it, they will come… It’s all about the bottom line… Entrepreneurs are risk takers… You have to have a great idea… It takes a lot of money…

Basic Elements of Entrepreneurship Recognize an opportunity Creation and/or innovation Gather resources Accepting risk and uncertainty for potential gains

Common Characteristics of Entrepreneurs Desire for responsibility/leadership Willing to take moderate risks Confidence High degree of commitment Tolerance for ambiguity Value achievement over money Tenacity

Entrepreneurship Motivators You are your own “boss” Doing what you enjoy/believe in Potential for unlimited profit

Different Types of Entrepreneurship Copreneur Part-time entrepreneurs Home-based businesses Family businesses

Tell about your entrepreneurial experience

Opportunity Recognition

What types of entrepreneurial opportunities exist? Technical Scientific Political Production method Organization Personnel New products Product obsolescence Corporate stagnation Chance

In groups of 2 to 3, think of at least 3 things you have observed that would be a potential business opportunity.

How can you approach opportunities? Small steps Little jumps Huge leaps An idea does not equal an opportunity

How do entrepreneurship and e-commerce work together?

E-commerce Sales The sales of goods and services where an order is placed by the buyer, or price and terms of sale are negotiated over an Internet, , or other online system.

Recognizing Opportunities Entrepreneurs recognize potential opportunities The same potential opportunities may provide an avenue for e-commerce

Questions Entrepreneurs Ask Themselves What can I do? What business should I start? Can I get a grant? What business will earn (lots of) money? What about e-commerce?

Considerations Before Starting an E-commerce Endeavor Am I an entrepreneur? Integrating your e-commerce strategy with your existing business strategy Website design Maintaining relationships with customers Back office of your website

Why should you use e-commerce? To provide an avenue for your entrepreneurial idea To inform your potential customers To reach new customers To sell goods and services To reach global markets

Myths of E-commerce Get rich quick! Setting up an e-commerce business is easy and inexpensive.. If I build a site, they will come…

More Myths of E-commerce Privacy is not important… Technology is the most important component… It’s too late to get on the Web…

Benefits of using e-commerce To reach larger target markets Increase revenues Flexible store hours Lower costs

Marriage of e-commerce and entrepreneurship Unlimited business opportunities Unlimited market potential Designing your business around your productivity Location, location, location?

Agri-tourism E-Commerce Tom Sidwell JX Ranch