Today’s customers can purchase a variety of items online with minimum effort. Given this scenario, brick and mortar companies are fighting to stay alive with the fierce internet competition. According to a 2017 survey conducted by Square and Mercury Analytics looking at 1,164 U.S. business owners, the following observations were made:
- 96% of Americans with internet access have made an online purchase in their life, 80% in the past month alone.
- 51% of Americans prefer to shop online.
- 67% of Millennials and 56% of Gen Xers prefer to shop online rather than in-store.
- Millennials and Gen Xers spend nearly 50% as much time shopping online each week (six hours) than their older counterparts (four hours).
- 51% of seniors have shopped on marketplaces, 66% at large retailer sites, 30% on web stores or independent boutiques, and 44% at category-specific online stores.
Marketing professionals understand the importance of the internet and how to effectively leverage this power. According to Socialmedia.com, 90% of marketers use social media for their businesses. Sadly, many small businesses do not recognize this fact. Many businesses had opted to bury their heads in the sand in hopes that this ‘internet thing’ will go away. It hadn’t!
Jay Cain was a promising engineering student at Georgia Tech. Coming into his sophomore year, Jay was ranked in the top of his engineering class. Having two high successful parents who were engineers themselves didn’t hurt his image among his peers. However, Jay was not happy with his projection in life. His passion was deejaying in front of an audience. He had garnered a reputation in his high school and his local community for being a good talent in music. He even found himself deejaying parties in college while he was preparing for engineering exams and assignments.
He told his parents several times he was thinking about leaving school in order to start his business full-time deejay. His parents dismissed the thought because they felt it was not realistic or practical given his abilities in engineering. When the semester started at Georgia Tech, the school was missing one bright talented student…Jay Cain. Leaving Georgia, Jay went to New York to make it big. Using money he saved, Jay found himself roomed with three unfamiliar roommates where the rent was cheap. Jay found that working as a deejay was difficult because of the large competition among established deejays in the area. Yet, Jay wasn’t about to give up with his dream. He just couldn’t go back to his parents or college. Jay sat by himself trying to figure out how to meet the competition.
As many millenniums start flooding the employment landscape, young adults are considering starting their own businesses. Corporate downsizing and layoffs have thrust many individuals into a tough employment market while other employed workers who are unsatisfied with their jobs plot to fix a plausible exit strategy which will land them into their ideal job.
Sadly, many people run with these well intended ideas about starting a business with little insight into how to implement their plan so that the idea can be successful. Most folks don’t realize that there is nothing new under the sun and found someone else who is doing what they set out to do. In fact, some people find themselves in a highly competitive environment with little or no plan for navigating this climate. In this issue, we will examine the concepts of competition for small businesses fighting in global environments. Individuals will learn more about starting a business with competitive environment. Continue reading