Senior High School, International School, Lyceum of the Philippines University-Cavite

Lyceum of the Philippines University - Cavite Campus ABM Students as Young Entrepreneurs: A Study of Venturing E-commerce as a starting Business for Young and Aspiring Business Owners

Arape, P. B., Banaag, J.C., Canlas, D.P., Flores, J.S, Miranda, J. G.

Senior High School, International School, Lyceum of the Philippines University-Cavite

Introduction

Today, immense advancement in technology like the Internet is widely used by people belonging to different age groups and almost all spheres of life. According to The Statistics Portal, as of the measured period, over 4.1 billion people were active internet users and 3.3 billion were social media users. This shows that Internet and technology has really dominated the world by storm. By the help of the Internet being accessible to all age range and types of people, it provided huge enhancement or development and convenience to the majority of us. This advancement also contributed greatly into the business world. As it can carry out its operations effectively (Sistep-Midwest, 2017).

        Many businesses, small or big, are now using the Internet as part of their marketing strategy or even the business itself. Because of the wide range of audience, they can reach even if they’re not from the same place and business transactions will still proceed. Nowadays, consumers can shop with just a simple click to their phone and receive the package at the very doorstep of their home. They enjoy shopping in the comfort of their homes.        

Online shopping is a form of electronic commerce, or E-commerce which allows consumers to buy goods, services or products from a seller over the internet using a web browser.

        It is also the act of purchasing products over the internet. Buying products at Shoppee is one of the examples of e-commerce. In the modern years, e- commerce is an essential way of purchasing goods because people find it convenient and easy to shop. When the activity or action of buying, arranging for its delivery from a seller’s website was done it is now called Online Shopping. Since online shopping is an essential now, the investigators came across different factors in this field that captured their curiosity. Since the business world is a huge industry, how will the youth of ABM students of LPU-C who are dreaming to be successful young entrepreneurs with their businesses? Will online selling or E-commerce can be a good start and the best alternative to start a business? Most of the students have access on the internet and most of them are finding ways to gain profit to help their parents provide financially at the young age and help lessen the expenses they spend. Retail success is no longer all about physical stores. This is evident because of the increase in retailers now offering online store interfaces for consumers. With the growth of online shopping, comes a wealth of new market footprint coverage opportunities for stores that can appropriately cater to offshore market demands and service requirements.

First of all, if you're considering beginning a business, it implies you have a thought and, probably, this item or administration is as of now out there and is as of now exchanging. Be that as it may, this doesn't mean it is anything but a future billion-dollar organization. (O'Neill, 2015).

A rising number of different businesses are already using the features of the Internet to smoothen their business processes, acquire materials, sell products, and other activities concerning their business. E-marketplaces is a type of e-commerce and is a virtual online market platform where businesses can register as buyers and sellers to administrate business to business transactions over the internet (MBASkool). The ability of e-market places and e-commerce not only provide the numerous capabilities in transactions but also a convenient or dynamic content. Since it is important for the  consumers to know what product they purchase in the most effective and convenient way possible, as a result of these features, the accessibility, usability, accuracy, and richness is present (Haag, et al., Second Edition: 2008).

E-commerce, as defined by businessdictionary.com, is a “Business conducted through the use of computers, telephones, fax machines, barcode readers, credit cards, automated teller machines (ATM) or other electronic appliances (whether or not using the internet) without the exchange of paper-based documents. It includes activities such as procurement, order entry, transaction processing, payment, authentication and nonrepudiation, inventory control, order fulfillment, and customer support. When a buyer pays with a bank card swiped through a magnetic-stripe-reader, he or she is participating in e-commerce”. E-commerce has allowed firms to establish a market presence or to enhance an existing already larger market position, by taking advantage of allowing an inexpensive cheaper and more efficient distribution chain for their products or services (investopedia.com).

        According to Karen Frishman a Basic Level Expert Author The online selling field may seem infinite in scope, too, with millions of potential customers worldwide. But, success in selling collectibles on the Web is gained in much the same way as it is in the physical world, by knowing buyers' needs and meeting them. Success can depend to a great degree on whether or not you are offering collectible properties able to meet at least one these two key commercial elements: Not easily obtained locally, wide appeal due to a current surge in the internet.

        The booming of e-commerce has led to a new trend of establishing entrepreneurship: starting up an e-business. However, the course of a new business rarely runs smoothly. The aim of this thesis is to study e-commerce opportunities to enlarge the business after the start-up phase, especially for small e-business companies with limited resources. The study will also try to answer questions on how social media can help to grow the online market, moreover, trying to find out the potential of e-commerce in China. At the same time it also evaluates the benefit of e-commerce for European companies. The need for this study comes from the commissioner’s desire to find new market possibilities in their selected marketplace- China. To fulfill this desire, Ndigo needs inexpensive but effective marketing means that can reach their potential customers in China. Ndigo is a young company that is yet to really define its market position and marketing means, so the aim of this study is to give them ideas how to market their company in China through online resources.(Lu, 2012).