2. ENTREPRENEURSHIP
The capacity and willingness to undertake conception,
organization, and management of a productive venture with all
attendant risks, while seeking profit as a reward.
In economics, entrepreneurship is regarded as a factor of
production together with land, labor, natural resources, and
capital. Entrepreneurial spirit is characterized by innovation
and risk-taking, and an essential component of a nation's
ability to succeed in an ever changing and more competitive
global marketplace.
4. DEFINITION
Conventional Business
1. conforming to the usual practices of accepted standards of
conduct or taste
2. lacking originality or individuality; unimaginative and routine
3. commonly believed to be true, but often false (conventional
wisdom)
The term conventional can be used to refer to warfare,
indicating non-nuclear, customary warfare. While accepted and
conventional ways can be good, not thinking "outside the box"
can pose limits. When someone or something defies convention,
it means that established methods or thinking don't apply--it
means they are unconventional.
5. E-Business
1. The term used to describe the information systems and
applications that support and drive business processes,
most often using web technologies.
2. E-Business allows companies to link their internal and
external processes more efficiently and effectively, and
work more closely with suppliers and partners to better
satisfy the needs and expectations of their customers.
3. E-Business is much more than just a web presence. There
are a vast array of internet technologies all designed to
help businesses work smarter not harder.
6. NATURE OF EACH BUSINESS
• Nature of business refers to the type or general category
of business or commerce you are describing. For example, if
you worked at McDonald's, the nature of your business is
food services.
• Nature of business means what type of business you are
doing like Wholesale, Retail or Service, Manufacturing,
Marketing and etc.
• Nature of business means what exactly your business is
doing and what is the service/product you are offering. For
example the nature of "Walmart" as a business is "Retail"
and the nature of "Microsoft" is "Software."
7. ADVANTAGES & DISADVANTAGES OF E-BUSINESS
Advantages
Worldwide presence
Cost effective marketing and promotions
Developing a competitive strategy
Better customer services