Multinational Online Retail Business assignment
Multinational Online Retail Business
The Business Opportunity that Attracts Us
The fast-advancing technological trends observed in the current world has brought vast business opportunities that entrepreneurs can exploit from almost anywhere across the globe. After a thorough evaluation of both the internal and external business environments, I will create an innovative team of eight （maybe more） resolved to set up a multinational online retail company that aims to draw customers globally in the long run. To thrive in the competitive marketplace, we strive to maximize the opportunities brought by the new and dynamic technology on the internet. Doloto and Chen-Burger (2015) echo that online retail is a venture that can never go wrong if founded on the right technology with a competent team. For the start, our company will specifically sell electronics, video downloads, jewelry, and clothes. In the beginning we will focus on selling jewelry because we have very professional employees to handle this part.
The proposed venture has selected online retailing for a number of reasons. First, Griffis et al. (2012) observe that accessibility is one of the characteristics of e-business. Aside from this, the proposed team considers online retailing due to reduced number of staff that is focused on excellent customer care. Additionally, because traditional constraints are lacking, this will be a great opportunity to expand to a global arena (Griffis et al., 2012).
Competencies of the Stakeholders
Trading across nations may come with diverse risks including cultural barriers, governments’ legislative challenges, security issues, and product suitability challenges, as Omonedo and Bocij (2009) record. However, our risk-taking willingness and ability is one of the most vital characteristics that we strongly believe will see us through the venture. It is equally important to cite that the selected team consists of techno-savvy individuals whose grasp of the automated communication system is impeccable. We shall heavily blend this with excellent communication to achieve adaptability in the enterprise.
Our creative and innovative nature will be valuable for building new ideas that are directed towards satisfying our consumers’ needs, reaching a wider market, recruiting competent personnel, and operating cost-effectively.
The nature of our proposed business means that we shall largely rely on banks and other lending institutions to capitalize our venture. Some of the factors we considered to select our external source of capital include payback period, interest rate and the loan limit.
Of great importance to our team will be the shareholders, customers, employees, and the government. According to Doloto and Chen-Burger (2015), the success of any business, whether online or offline, depends wholly on cooperation among the stakeholders. We highly regard the contributions of these stakeholders since they are directly responsible for shaping our business.
Passion and Commitment
Succeeding in the international market arena requires a company to have a high visibility. One of the means through which my team purports to achieve this is through the development of a well designed website. Thereafter, our greatest commitment is to provide quality products at competitive prices.
Our commitment and passion for this business are perhaps cushioned by the fact that we have at one time operated a business as a group. The key traits shared by all of us are an adventuresome spirit and resilience. As Zhuang and Ledere (2006) stress, firms that operate with consumer satisfaction as the first mentality do not just succeed but thrive because they nurture relationships and get adequate feedback.
Why the Business is good for us
Our team is sure that this is a good opportunity for a number of reasons. First, online retailing fills a market gap, especially among professionals and busy individuals. Stressing this matter, Kiran and Sharma (2011) mention that a good opportunity is one that also has a high demand and ready market. These are features evident in our plan. Finally, we are assured of great returns due to a small staff and focus on customer satisfaction.