Business Ideas — Sources of Business Ideas Advertisement ‘A business idea is a concept that can be used for financial gain that is usually centered on a product or service that can be offered for money. An idea is the base of the pyramid when it comes to the business as a whole. There are billions of entrepreneurs throughout the world and their testimonies, suggest that there are many potential sources of business ideas. Sources of Business Ideas * Hobby. Complaints. Exhibitions. * Experience. © Brainstorming. © Surveys. * Mass media etc.. 1. HOBBY: An activity you do when you're not working. Do you know that you can make money from whatever itis you like or enjoy doing? All you have to do is to identify the things you do most often especially when you're free, evaluate them and act. (Just have a quiet time and reflect on how to make money from what you enjoy doing). 2. COMPLAINTS: Expressing unhappiness. Critically evaluate the following statements... © “Lwish there was..." © "If only there were a product that could..." © "If only there were services that could...” See Also: Entrepreneur - Practice of Entrepreneurship (Summary) Most of these come up maybe when a customer is not satisfied with a product/service that he or she has tried. Your role here is to put those complaints into consideration then generate ideas to solve such problems. because from what you heard above, there is a problem that needs a solution. 3. EXHIBITION: A demonstration of a particular skill or craft. Attending exhibition and trade fairs regularly will help you discover new products or services and give you an opportunity to meet with manufacturers, sales representatives, wholesalers, distributors, etc... They can help you with4, EXPERIENCE: Knowledge or skill gained through been involved in or exposed to something cover a period of time. Don't look down on any skill or training you learned or passed through because over half of the ideas of successful businesses come from the experience in the work. The background of a potential entrepreneur plays a crucial role in the decision to go into the business as well as the type of venture to be created. Your skills and experience are your most important resources, therefore, be productive and capitalize on them. See Also: How to Generate Business Ideas 5. BRAINSTORMING: This is a way of making a group of people alll think about something at the same time. Often, in order to solve a problem or to create good ideas. It usually starts with a question or problem statement and each idea leads to one or more additional ideas, resulting in a good number. * Ensure you don’t criticize or judge the ideas of others. '* Consider all ideas even those that seem to be wild or crazy. ‘* The greater the number of ideas, the better. * Combine and improve upon the idea of others. 6. SURVEY: To look at or consider something in a general or very broadway. This has to do with an investigation on the opinions, behavior, etc... of a particular group of people which is usually done by asking them questions. Such a survey can be or might be conducted formally or informally by talking to people, usually using a questionnaire or through interviews and, or through observation. See Also: Entrepreneur - Practice of Entrepreneurship (Summary) 7. MASS MEDIA: This is a great source of information and news such as newspapers, magazines, radio, the internet and television. They reach and influence a large number of people from the advertisements and offers and even information you derive from the mass media, you can come up with ideas to work on. Was this helpful? If yes, kindly drop a comment below.yreneurial Approach Managerial Approach + Entrepreneurial focus far * Managerial Focus for rewards is rewards is hascd on value based” on responsibility and creation, seniority + Entsprencur must have + Manager must possess foresight vision. oppomunity managerial sills suchas spotting ability. negotiation ete. planning, rganizing. people ‘anagment ete. + For an entrepreneur the hey itetiGetiweml: 5 AG Ge Me ages! ie motivation comes trom the power that comes. with their postion.ipad = 7:34 PM 40% « techtarget.com Home > Topics > Securty > Compliance, risk and g contingency plan By Paul What is a contingency plan? contingency plan is a course of action designed to help an organization respond effectively to a significant future incident, event or situation that may or may not happen. contingency plan is sometimes referred to as "Plan B" or a backup plan because it can also be used as an alternative action if expected results fail to materialize. Contingency planning is a component of business continuity (BC), disaster recovery (DR) and risk management. Contingency planning and technology DR plan development are closely related concepts. The National Institute of Standards and Technology (NIST) standard for IT disaster recovery planning includes contingency in its title. Over the years, the contingency planning process has been connected to other types of business-readiness plans based on standards developed around the world. These standards address issues related to BC, incident response (IR), cybersecurity, continuity of operations, critical infrastructure, crisis communications, emergency response, natural disaster response and organizational resilience. Organizational resilience has evolved over the past couple decades, and some experts view it as an umbrella term for contingency plans and the other plan types discussed here. is Business Continuity Planning (BCP)? C ad NEVE \CS ETCipad > ee ae ‘Acontingency plan can fecus on one specific part of an organization's operations. For ‘example, it can be the measures taken to back up all ical data. Another example would be work-rom-home provisions putin place in case a facility is out of commission. ‘The COVID-19 pandemic demonstrated to many organizations the importance of having comprehensive contingency plans in place across an organization prior to an unplanned ‘event. Companies with adequate plans were able to react faster when the pandemic started to escalate. Pandemic precautions for the workplace ‘Te COVIO-18 pandemie provided a good example of how important contingency Planning i 7 steps of a contingency plan Contingency planning standards include a framework and structure for plan design and ddovelopment. The plan structure is a repeatable format that simplifies the development of Contingency and other plans. ‘A popular IT contingency plan mode! is defined in NIST SP 800-24 Rev. 1 (2010), Contingency Planning Guide for Federal information Systems.” In includes the folowing seven steps: 1. Contingency planning policy statement. This policy provides the out authorization to develop a contingency plan. and 2, Business impact analysis. BIA identifies and prioritizes the systems that are important to1an organization's business functions. 3. Preventive controls. Proactive measures that prevent system outages and disruptions can ensure system availablity and reduce costs related to contingency measures and Wecycte. 4, Contingoney strategies. Thorough recovery strategies ensure that a system may be recovered fast and completely after a disruption 5, Contingency plan. This s the action plan. It contains the guidance and procedures for dealing with a damaged or unavailable system. These detailed plans are tailored to the systems security impact level and recovery requirements. 6, Testing, training and exercises. Plan testing validates recovery capabilities, training prepares recovery personnel for plan activation and exercising the plan identifies, planning gaps. Combined, these activities improve plan effectiveness and overall ‘organization preparedness. 7. Plan maintenance. The plan should be upd: 1 regularly to remain current with system fenhancements and organizational changes.iPad > < Redalit 7:42 PM 38% a no @ &@ mktoolboxsuite.com A ff + Al - Div. balmoral ca pedanticme.. foiegras-G.. satanic bible... Functional a... 9 Effectiv... 9 Effective Ways to Identify Opportunities in SWOT Analysis SWOT (Strengths, Weaknesses, Opportunities & Threats) analysis is an amazing strategic planning tool for businesses that are looking to get insights into their current situation and make better long-term decisions. Out of all 4 sections, Opportunities can often be the most difficult to identify and assess. For this reason, in this article we will focus on some effective ways to identify opportunities in SWOT analysis. But before that, if you need more information about what a SWOT analysis is and how you can conduct it without making some of the most common mistakes, you can check the following articles: 3 Great SWOT Analysis Examples with Real Companies 10 Common SWOT Analysis Mistakes in 2022 & How to Fix Them And now, let's see how we can identify opportunities in SWOT analysis: 9 ways to find opportunities in SWOT analysis When conducting a SWOT analysis for your company or project, you will often find out that some sections are easier to fill out - for example, strengths and weaknesses. After all, you know more about the company that you work at than you know about competitors or factors that are external to you. How ever, identifying opportunities can be a more challenging task — they can and will be different for every organization, and they can come from multiple places as well Sometimes thev exict but we are iust not able to see them. Hereopportunities in SWOT analysis. But before that, if you need more information about what a SWOT analysis is and how you can conduct it without making some of the most common mistakes, you can check the following articles: 3 Great SWOT Analysis Examples with Real Companies 10 Common SWOT Analysis Mistakes in 2022 & How to Fix Them And now, let’s see how we can identify opportunities in SWOT analysis: 9 ways to find opportunities in SWOT analysis When conducting a SWOT analysis for your company or project, you will often find out that some sections are easier to fill out — for example, strengths and weaknesses. After all, you know more about the company that you work at than you know about competitors or factors that are external to you. How ever, identifying opportunities can be a more challenging task - they can and will be different for every organization, and they can come from multiple places as well. Sometimes, they exist but we are just not able to see them. Here are some ways in which you can spot them before your competitors: 1. Identify the current trends in technology While most of us are already tired of listening about digital transformation, we can’t ignore the fact that we are living in the Information Age, and technology is shaping every industry. It is enough to take a quick look around — fast food restaurants are implementing digital screens for self-ordering, ecommerce already accounts for 18% of retail sales worldwide, Digital Marketing is rapidly overshadowing traditional Marketing, and the list goes on.For this reason, if you really want to find opportunities in SWOT analysis and scale your business the right way, look around and try to identify the current and upcoming trends in technology and innovation. Here are some ways in which you can do that: Follow the biggest companies in your industry in Twitter and LinkedIn; Subscribe to leading newspapers and magazines online; Follow important figures within your industry; Always try to stay up to date with the latest innovations; Pay attention to megatrends that are arising worldwide. This way, you will be able to spot opportunities much faster and apply them to your organization as soon as possible. 2. Look at your competitors Another great way to identify opportunities in SWOT analysis is to pay close attention to your competition, especially the leading companies within your industry. Apart from knowing who are your biggest competitors and how are they standing out from the rest, try to answer some of the following questions: What are the newest features that they have released? What are the latest innovations that they are implementing? Is every competitor doing something you aren't doing yet? Are they hiring specialists with very particular skills? Quite often, competitors may find opportunities and even implement them faster than you, so you should always be up to date with what they are doing. You don’t want to be the last one to jump on an important trend - think about Nokia who weren't able to adapt to the changes fast enough.is important to always keep your eyes open. As for the last point, it may sound weird but it can deliver valuable insights. For example, seeing big companies hiring Blockchain specialist can be a good indicator that they are planning to enter the Blockchain industry in one way or another. 3. Ask your existing customers Another great way to identify opportunities in SWOT analysis is to get feedback from your existing customers. You can read through reviews on Google My Business, Amazon and other third-party platforms, or even better - ask them directly: What do they wish you offered? Could be an additional feature that you are missing; What are the biggest areas of improvement that they are able to identify? Are they thinking of switching to a competitor because of something in particular? Speaking with them will help you get valuable insights on where your business can improve, and turn them into the perfect opportunities for long-term growth. In fact, their feedback may help you fill out both the Weaknesses section and the Opportunities section of your SWOT analysis. 4. Make use of Google Trends Another strategy that can help you find opportunities in SWOT analysis is to deep dive and explore insights with Google Trends. Google Trends is a 100% free tool that you can use to see what people are currently searching for the most, and how these trends evolve over time.Are they increasing or decreasing? Are people searching more or less than before? Think of possible search terms related to your industry, and start analyzing the possibilities. Alternatively, you can also use the free Keyword Planner tool that Google Ads offers to determine search volume and see what else you could be missing. 5. Ask your potential customers Your customers can give you valuable feedback, but at the end of the day - they are already your customers and probably satisfied with your product or service. So, they could be biased or simply missing the full picture of how your product or service should look like. For this reason, another great way in which you can identify opportunities in SWOT analysis is to try and get feedback from your leads and potential customers. Try to understand things like: What is preventing them from becoming your customer? What does your product/service lack to convince them? Are they inclined to go with a competitor because of something important? The answers you get to questions like these can be a golden mine of business growth opportunities to explore. You need to have a very good understanding of the obstacles that these people are facing that’s preventing them from actually becoming your customer.evolution of new management teams. It is this broad role which has enabled venture capital industry in the West to become a vibrant force in the industrial development. It will, therefore, be more meaningful to accept broader sense of venture capital. Characteristics of Venture Capital: Venture capital as a source of financing is distinct from other sources of financing because of its unique characteristics, as set out below: 1. Venture capital is essentially financing of new ventures through equity participation. However, such investment may also take the form of long-term loan, purchase of options or convertible securities. The main objective underlying investment in equities is to earn capital gains there on subsequently when the enterprise becomes profitable. 2. Venture capital makes long-term investment in highly potential ventures of technical savvy entrepreneurs whose returns may be available after a long period, say 5-10 years. 3. Venture capital does not confine to supply of equity capital but also supply of skills for fostering the growth and development of enterprises. Venture capitalists ensure active participation in the management which is the entrepreneur's business and provide their marketing, technology, planning and management expertise to the firm. 4. Venture capital financing involves high risk return spectrum. Some of the ventures may yield very high returns to more than Compensates for heavy losses on others which may also have earning prospects. In nut shell, a venture capital institution is a financial intermediary between investors looking for high potential returns and entrepreneurs who need institutional capital as they are yet not ready/able to go to the public. Dimensions of Venture Capital: Venture capital is associated with successive stages of the firm’s development with distinctive types of financing, appropriate to each stage of development. Thiic there are four ctanec of firm’c develonment viz develonment of an ideaipad = 7:51PM 36%) ® corporatefinanceinstitute.com LL apananone, preUUe HEpIU VOICE HQyUE IHOERCUNE COUHPRHEHO, GHEE EL ALARESHHUHED TURTUTIERSe Capea), aunt capital needed to go public (mezzanine or bridge capital), Characteristics of Venture Capital Investing 1. Miquid Venture capital investments are usually long-term investments and are fairly illiquid compared to market-traded investment instruments. Unlike, publicly traded investment instruments, VC investments don’t offer the option of a short-term payout. Long-term returns from venture capital investing depend largely on the success of an IPO. 2. Long-term investment horizon Venture capital investments feature a structural time-lag between the initial investment and the final pay-out. The structural time-lag increases the liquidity risk. Therefore, VC investments tend to offer very high returns to ‘compensate for this higher than normal liquidity risk. 3. Large discrepancy between private valuation and public valuation (market valuation) Unlike standard investment instruments that are traded on some organized exchange, VC investments are held by private funds. Thus, there is no way for any individual investor in the market to determine the value of the investment. The venture capitalist also does not know how the market values his investment. This causes IPOs to be the subject of widespread speculation from both the buy-side and the sell-side. 4. Entrepreneurs lack full information about the market The majority of venture capital investing is into innovative projects whose aim is to disrupt the market. Such projects offer potentially very high returns but also come with very high risks. As such, entrepreneurs and VC investors often work in the dark because no one else has done what they are trying to do, 5. Mismatch between entrepreneurs and VC investors ‘An entrepreneur and an investor may have very different objectives with regards to a project. The entrepreneur may be concerned with the process (i.e., the means) whereas the investor may only be concerned with the return (i.e, the end). 6. Mismatch between VC investors and fund managers ‘An investor and a fund manager may have different objectives regarding a particular project. The difference in interest depends largely on the contract signed by the fund manager. For instance, many fund managers are paid based on the size of the VC fund and not based on the returns generated. Such fund managers tend to take on excessive risk with regards to investments. More Resources ‘Thank you for reading CFI’s guide to venture capital investing. CFI is the official provider of the Financial Mode and Valuation Analyst (FMVA)"™ certification program, designed to transform anyone into a world-class financial analystS.No. 01. 02. 03. 04. 05. 06. 07. 08. 09. E-COMMERCE E-Commerce refers to the performing online commercial activities, transactions over internet. E-Commerce is a narrow concept and it is considered as a subset of E-Business. Commercial transactions are carried out in e- commerce. In e-commerce transactions are limited. It includes activities like buying and selling product, making monetary transactions etc over internet. Itusually requires the use of only a website. It involves mandatory use of internet. E-commerce is more appropriate in Business to Customer (B2C) context. E-Commerce covers outward/external business process. E-BUSINESS E-Business refers to performing all type of business activities through internet. E-Business is a broad concept and it is considered as a superset of E-Commerce. Business transactions are carried out in e- business. In e-business transactions are not limited. It includes activities like procurement of raw materials/goods, customer education, supply activities buying and selling product, making monetary transactions etc over internet. It requires the use of multiple websites, CRMs, ERPs that connect different business processes. It involves the use of internet, intranet or extranet. E-business is more appropriate in Business to Business (B2B) context. E-Business covers internal as well as external business process/activities.What Are the Main Benefits of New Technology Adoption in 20227 O Ct 1: Improved Customer Communication Communication is key to excellent customer service and business success in ‘general. Customers spend up to 17% more with companies that deliver exceptional customer service. A third of customers state they'll consider dropping a company after a single bad customer service experience, so providing the perfect customer service experience should be a core pillar of your business strategy. Consumers now expect to communicate with companies through multiple channels. Companies acknowledge over 45% of customer service requests made over social media, and 66% of consumers use at least three different communication channels to talk to customer service. Innovative communication technologies, lke intelligent autodialers with CRM integration, streamline and improve the customer service and sales experience you offer consumers through mare traditional channels. 2: Enhanced Workflow ‘A more efficient company makes more money. Business is as fast-paced as i's ever been, and consumers expect results almost immediately or they look to your competitors. And every cent you can shave off in operating costs can be passed on to the consumer or improve your bottom line. More tightly integrated systems can make this improved workflow a reality. With the right technolagy, you can boost call center productivity by getting the correct information in front of your salespeople at the right time. Agents can become mult-skilled, improving fist call resolution and lowering staff costs. ‘And departments can share information effortlessly, improving the speed and agility of your company. ‘More robust workflows with interdependent processes lead to improved automation of tasks. Your new technology can perform many of the tasks you ‘and your staff have spent valuable time doing. Everything from marketing and ad campaigns to sales and reimbursements can benefit from a certain amount of automation. 3: Better Team Collaboration ‘The requirement for remote work has seen companies move to online collaboration apps in droves. Now the pandemic appears to be diminishing, yet ‘most companies are keeping these modes of communication open as they've realized the many advantages. ‘Technology has made it inexpensive to keep everyone in the loop on a project's progress. Employees can check in wherever they are, with their smartphones,Even sectors traditionally based in an office, like the call center industry, have adapted to the new paradigm with work from home sales software that keeps a team working at 100% efficiency wherever they are. 4: Excellent Analytics Tools Knowledge is power, and technology continues to offer you better ways to understand your customers, business, and employees. Analytics tools can point you to new markets, show you the types of products your customers like, and inform your marketing decisions. Analytics tools can give you phone call analytics so you can see your busiest hours and which team members are performing at their best. The data can be used to create a sales leaderboard, motivating your sales team to grow and improve. And the data collected can be used to direct call coaching sessions where you review past sales calls and train your sales reps to get more sales. 5: Positioning for Future Growth Constant innovation is the only way for most companies to survive in a business environment that is constantly changing. Building a company ethos where it’s OK to change how core business is done when it’s sensible to do so makes for a company that can adapt quickly to unforeseen changes in the market. The best new technology makes your company more fluid, adaptable, and able to change rapidly. It allows you to best your competitors to the punch and offer new products and services before they are widely available on the market. Implementing New Technologies in Your Business Adding new technology to a business can disrupt the workplace. All employeesEnterprise Resource Planning (ERP): Meaning, Components, and Examples What Is Enterprise Resource Planning (ERP)? Enterprise resource planning (ERP) is a platform companies use to manage and integrate the essential parts of their businesses. Many ERP software applications are critical to companies because they help them implement resource planning by integrating all the processes needed to run their companies with a single system. An ERP software system can also integrate planning, purchasing inventory, sales, marketing, finance, human resources, and more. Enterprise Resource Planning (ERP) Understanding Enterprise Resource Planning (ERP) You can think of an enterprise resource planning system as the glue that binds together the different computer systems for a large organization. Without an ERP application, each department would have its system optimized for its specific tasks. With ERP software, each department still has its system, but all of the systems can be accessed through one application with one interface. What Does ERP Do? ERP applications also allow the different departments to communicate and share information more easily with the rest of the company. It collects information about the activity and state of different divisions, making this information available to other parts, where it can be used productively. ERP applications can help a corporation become more self-aware by linking information about production, finance, distribution, and human resources together. Because it connects different technologies used by each part of a business, an ERP application can eliminate costly duplicates and incompatible technology. The process often integrates accounts payable, stock control systems, order-monitoring systems, and customer databases into one system.Five Main Components of the ERP system are as follows : 1. Finance : It keeps a track on all your financial data including Accounts receivable, Accounts payable, General ledger, costs, budgets and forecasts. It helps to keep a record of cash flow, lower costs, increase profits and make sure that all the bills are paid on time. The growing complexity of the business makes important the need to have a single system to manage all of the financial transactions and accounting for multiple business units or product lines. Finance Component 2. Human Resources (HR) : It is a software handling all personal-related tasks for managers and employees. Employees play a very important role in any organization, without them business would not exist. This component is responsible for automated payments to employees, payment of taxes, generating performance reports, attendance tracking, promotions, deciding working hours and holiday hours of the staff. Payment of taxes Working hours J Performance Reports —— Payment to employess Attendance records Promotions Human Resources(HR)3, Manufacturing and logistics : tas a group of applicants for planning, production, taking orders and delivering the products to the customers. It provides you a view of the demanded and achieved levels which is very important to check whether you are achieving your targets or not. It provides all the stock summary and production plans beneficial for the business. It includes Production planning , order entry and processing also the warehouse management. ‘Manufacturing and logistics 4, Supply Chain Management (SCM) supply chain management is a network of facilities that perform the procurement of the materials and transformation of these materials into intermediate and finalized products and distribution of these products to the customers. Planning, Manufacturing, Marketing, Distribution and the purchasing organizations through a supply chain operate independently. These organizations have their own goals and objectives. Helis LI <>] ‘Supply Chain Management(SCM) 5. Customer Relat ynship Management (CRM) : This component interacts with the customers using data analysis to study large ‘amount of information. They target the audience and observe what is beneficial for them. The component gathers customer data from multiple channels. Hence, CRM stores detailed information on overall purchase history, personal info, and even purchasing behavior patterns. The benefit it gains is by keeping a track on the customer's buyer history and suggesting additional purchases.5 Major Challenges Faced by eCommerce Businesses in India Day-by-day, the growth of the eCommerce market in India is expanding as it attracts lots of retailers to have an online store to boost their business worldwide. We all know that India is the second-most populous country in the world, and it is the home of 1.2 billion people. It is true that India’s per-capita purchasing power is low, but still, the country is the most attractive emerging market for the eCommerce industry. The major problem is that eCommerce businesses or retailers are facing various challenges in the Indian market, and it is not easily possible for them to stud their legs in the market and do business. Below, you can find the top 5 challenges faced by eCommerce businesses in India Table of contents: 1st Challenge - In India, Cash on delivery is the preferred payment mode 2nd Challenge - internet Penetration is Low 3rd Challenge - Indian Customers Return Much of Their Products They Buy Online 4th Challenge - Many Times, Postal Addresses are not consistent 5th Challenge - Features Phones Rule The Roost 6th Challenge - Security and Privacy 7th Challenge - Supply Chain Issues 1st Challenge - In India, Cash on delivery is the preferred payment mode In India, most people prefer to pay cash on delivery due to the low credit card diffusion and low trust in online transactions. Not like electronic payments, manual cash collection is quite perilous, expensive, and laborious. Hire on-demand dedicated developers of desired skill & experience. Hire Now 2nd Challenge - Internet Penetration is Low In India, Internet penetration is quite low as compared to several western countries like the USA, UK, France, and more. Still, the country is a small fraction of what other countries are getting. Moreover, the quality of connectivity is low in various regions. However, these both problems are slowly disappearing. In the next few years, the connectivity problems will disappear from the list of challenges to eCommerce in India.3rd Challenge - Indian Customers Return Much of Their Products They Buy Online Itis true that eCommerce in India has lots of first-time buyers. It means, they are still not sure about what to expect from eCommerce websites; thus, purchasers fall prey to hard sell. Finally, when the product is delivered, they started feeling regret and return the goods. Therefore, customers’ regret is the biggest problem majorly in India. For eCommerce retailers, returns are extremely expensive as it shows some unique challenges and it becomes more difficult in cross-border eCommerce. 4th Challenge - Many Times, Postal Addresses are not consistent Once if you place an online order, you will get a call from the company, asking about your exact location. The given address is not enough because there is always a little standardization while writing post addresses. It is also one of the biggest challenges faced by eCommerce in India. 5th Challenge - Features Phones Rule The Roost When it comes to the total number of users of mobile phones in India, itis extremely high as various people still use feature phones, not smart-phones. The consumer group is still unable to make eCommerce purchases on the move while the country is still away from the scales tipping in favor of smart-phones. With the increasing number of smart-phone users, the demand for online shopping also goes up automatically. 6th Challenge - Security and Privacy These days, the more pressing issues related to e-commerce are privacy and security. There is no protection offered either by site or outside watchdogs against problems created by endangering onea€™s privacy. 7th Challenge - Supply Chain Issues Many a time, timely delivery is a major challenge faced based upon the infrastructure, location, and unavoidable roadblocks during transitions that lead to the cancellation of orders. An annoyed customer is a lost cause if the product is not delivered on time. This is a tedious procedure that requires a lot of R&D on part of all the e-commerce platforms selecting the supply chain model. So, these were the top challenges that majorly faced by eCommerce businesses in India. It is also important to note that eCommerce giants are increasing in India, and many cross-border eCommerce to India is also expanding. So, if you also want to make an online store for your business, you should hire a professional esFactors affecting Job Design Awell defined job will make the job interesting and satisfying for the employee. The result is increased performance and productivity. If a job fails to appear compelling or interesting and leads to employee dissatisfaction, it means the job has to be redesigned based upon the feedback from the employees. Broadly speaking the various factors that affect a job design can classified under three heads. They are: 1. Organizational Factors 2. Environmental Factors 3. Behavioural Factors 1. Organizational Factors Organizational factors that affect job design can be work nature or characteristics, work flow, organizational practices and ergonomics. = Work Nature: There are various elements of a job and job design is required to classify various tasks into a job or a coherent set of jobs. The various tasks may be planning, executing, monitoring, controlling etc and all these are to be taken into consideration while designing a job. = Ergonomics: Ergonomics aims at designing jobs in such a way that the physical abilities and individual traits of employees are taken into consideration so as to ensure efficiency and productivity. Workflow: Product and service type often determines the sequence of work flow. A balance is required between various product or service processes and a job design ensures this. Culture: Organizational culture determines the way tasks are carried out at the work places. Practices are methods or standards laid out for carrying out a certain task. These practices often affect the job design especially when the practices are not aligned to the interests of the unions.2. Environmental Factors Environmental factors affect the job design to a considerable extent. These factors include both the internal as well as external factors. They include factors like employee skills and abilities, their availability, and their socio economic and cultural prospects. = Employee availability and abilities: Employee skills, abilities and time of availability play a crucial role while designing of the jobs. The above mentioned factors of employees who will actually perform the job are taken into consideration. Designing a job that is more demanding and above their skill set will lead to decreased productivity and employee satisfaction. = Socio economic and cultural expectations: Jobs are nowadays becoming more employee centered rather than process centered. They are therefore designed keeping the employees into consideration. In addition the literacy level among the employees is also on the rise. They now demand jobs that are to their liking and competency and which they can perform the best. 3. Behavioural Factors Behavioural factors or human factors are those that pertain to the human. need and that need to be satisfied for ensuring productivity at workplace. They include the elements like autonomy, diversity, feedback etc. A brief explanation of some is given below: = Autonomy: Employees should work in an open environment rather than one that contains fear. It promotes creativity, independence and leads to increased efficiency. * Feedback: Feedback should be an integral part of work. Each employee should receive proper feedback about his work performance. = Diversity: Repetitive jobs often make work monotonous which leads to boredom. A job should carry sufficient diversity and variety so that it remains as interesting with every passing day. Job variety / diversity should be given due importance while designing a job. = Use of Skills and abilities: Jobs should be employee rather than process centered. Though due emphasis needs to be given to the latter but jobs should be designed in a manner such that an employee is able to make full use of his abilities and perform the job effectively.Most common applications of Ecommerce: * Retail and Wholesale Ecommerce has numerous applications in this sector. E-retailing is basically a B2C, and in some cases, a B2B sale of goods and services through online stores designed using virtual shopping carts and electronic catalogs. A subset of retail ecommerce is m-commerce, or mobile commerce, wherein a consumer purchases goods and services using their mobile device through the mobile optimized site of the retailer. These retailers use the E-payment method: they accept payment through credit or debit cards, online wallets or internet banking, without printing paper invoices or receipts. * Online Marketing This refers to the gathering of data about consumer behaviors, preferences, needs, buying patterns and so on. It helps marketing activities like fixing price, negotiating, enhancing product features, and building strong customer relationships as this data can be leveraged to provide customers a tailored and enhanced purchase experience. * Finance Banks and other financial institutions are using e-commerce to a significant extent. Customers can check account balances, transfer money to other accounts held by them or others, pay bills through internet banking, pay insurance premiums, and so on. Individuals can also carry out trading in stocks online, and get information about stocks to trade in from websites that display news, charts, performance reports and analyst ratings of companies. * Manufacturing ‘Supply chain operations also use ecommerce; usually, a few companies form a group and create an electronic exchange and facilitate purchase and sale of goods, exchange of market information, back office information like inventory control, and so on. This enables the smooth flow of raw materials and finished products among the member companies and also with other businesses. * Online Booking This is something almost every one of us has done at some time - book hotels, holidays, airline tickets, travel insurance, etc. These bookings and reservations are made possible through an internet booking engine or IBE. Its used the maximum by aviation, tour operations and hotel industry. ‘* Online Publishing This refers to the digital publication of books, magazines, catalogues, and developing digital libraries.ital Advertising Online advertising uses the internet to deliver promotional material to consumers; it involves a publisher, and an advertiser. The advertiser provides the ads, and the publisher integrates ads into online content. Often there are creative agencies which create the ad and even help in the placement. Different types of ads include banner ads, social media ads, search engine marketing, retargeting, pop-up ads, and so on. ¢ Auctions Online auctions bring together numerous people from various geographical locations and enable trading of items at negotiated prices, implemented with e-commerce technologies. It enables more people to participate in auctions. Another example of auction is bidding for seats on an airline website — window seats, and those at the front with more leg room generally get sold at a premium, depending on how much a flyer is willing to pay. E-Commerce is all around us today, and as an entrepreneur, you should also get into this realm if you want to expand your markets, get more customers and increase your profitability.