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Entrepreneurial Opportunities in the Web/ Digital Space
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At the OMCAR Job Fair in New Delhi, Manish Vij, the Co founder of Quasar Media and Anurag Gupta from DGM Media spoke about the above mentioned subject.
Here is WATBlog’s perspective of all that was important.
An Entrpreneur: A person who takes risks to develop a commercial venture using the factor of natural resources, factors of production, human input, and capital.
An entrepreneur essentially adds value.
An entrepreneur needs to have focus into a single-minded objective of creating a business.
The Internet business is extremely risky:
- Substitutes are immense
- Barriers to entry for new entrants are low
- The bargaining power of consumers is immense
Having said that, the growth options are immense.
Entrepreneurship requires PEOPLE, Ideas, Execution, and Capital – and more importantly passion. The good news today is that capital is easily available.
There are 3 C’s on the Internet:
Connect – allowing people to ‘meet’ online
Content – Providing content to individuals
Commerce – providing products and services to consumers
So revenues can essentially come from Advertising and Transactions. As of now, advertising is the model that brings in more money. So people are trying to create ‘sticky’ media properties.
An entrepreneur needs to understand that there are Global trends that are successful like Search, Networking, Travel etc. He can jump on to that bandwagon or try and find local opportunities and integrate them with the Internet such as Jobs and Matrimony. So how can Indian entrepreneurs make International businesses Glocal
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WHERE IS THE CAPITAL ????
can a soul point me on presise info on whom to approach .. forget hows
If you honestly have a business plan. then there is Manish Vij from Quasar Media and there is Mahesh Murthy from Pinstorm.
Email me on harshil@watconsult.com for their email id’s and numbers.
Dear Harshil,
Can u please explain How the barriers to entry being low for new entrants makes Internet business a risky one.
Thanks
Hey Saurabh, sorry for the late reply - yea sure i can dwell on that a bit. Since barriers to entry are low, new entrants can easily enter the market and maybe even replicate services. This essentially leads to more substitutes for consumer (which ties into point no.1) Also what i was trying to say is that the business is not capital intensive and that also encourages more firms to enter the market and they may then start competing on price which may reduce margins and this will ultimately affect revenues.