To be successful with an online business

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Part A: What are some of the characteristics or skills that individuals need to have to be successful with an online business? Which of these skills do you personally have? Which of these skills do you lack? Why? For each skill that you lack, what are your plans to overcome these obstacles?

Part B: The first step any new business should take is to decide on your brand strategy. Consider and answer the following questions as they relate to your proposed online store: Be detailed in your discussion.

Who is your target audience? What are their tastes and interests?
How can you translate those qualities into a look for your brand?
What is your unique selling point? And how will you differentiate yourself from the competition?

Sample Solution

To be successful with an online business

If you are considering starting a business that operates entirely online, it is important to have acquired certain skills before you hit the launch button. But first, the two most important qualities you will need are persistence and perspiration. Bookkeeping, accounting and managing business finances probably is not going to be your favorite part of starting an online business, but its importance cannot be overstated. You will need a solid handle on how to manage the financials of your business no matter how big or small your enterprise is. Also, leadership ability and delegation skills are essential soft skills you will need to develop as your online business grow.

Since liberalization, the worth of India’s international trade has up to Rs. 2072438 crores in 2014-15 from Rs. 91892 crores. As exports from the country have exaggerated manifolds when the initiation of economic reforms since 2005. India’s major commerce partners area unit China, us of America, United Arab Emirates, UK, Japan, and EEC. Since 2005, Asian nation’s exports are systematically rising though India remains an internet bourgeois. In 2014-15 imports were Rs. 1305503 crores and exports were Rs. 766935 crores. Asian nation accounted for one.45 per cent of worldwide merchandise trade and a pair of.8 per cent of worldwide business services export. Economic growth and FDI area unit closely coupled with international trade. Countries that area unit additional open area unit additional seemingly to draw in FDI inflows in several ways: Foreign capitalist brings machines and instrumentation from outside the host country so as to scale back their value of production. This will increase exports of the host country. Growth and trade area unit reciprocally passionate about each other. Trade could be a complement to FDI, such countries tending to be additional hospitable trade attract higher levels of FDI. 2.1.3 FOREIGN EXCHANGE RESERVES (RESGDP): RESGDP represents exchange Reserves as share of GDP. India’s exchange reserves comprise foreign currency assets (FCA), gold, special drawing rights (SDR) and Reserve percentage Position (RTP) within the International money. The rising economic giants, the BRIC (Brazil, state, India, and China) countries, hold the biggest exchange reserves globally and Bharat is among the highest ten nations within the world in terms of exchange reserves. Bharat is additionally the world’s tenth largest gold holding country.

YEARS RESGDP 2005-06 165913 2006-07 197204 2007-08 264036 2008-09 361470 2009-10 490129 2010-11 619116 2011-12 676387 2012-13 868222 2013-14 1237985 2014-15 128365

(Economic Survey 2009-10)17. Stock of exchange reserves shows a country’s monetary strength. India’s exchange reserves have mature considerably since 1991 (Chart-4.4). The reserves, that stood at Rs. 23850 crores at finish march 1991, enhanced bit by bit to Rs. 361470 crores by the top of March 2002, when that rose steady reaching level of Rs. 1237985 crores in March 2007. The reserves stood at Rs. 1283865 crores

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