E-Business Owner
E-Business Owner Career Overview
Electronic business, commonly referred to as "e-business", is the utilization of information and communication technologies in support of all the activities of business. E-business can be conducted using the Internet, intranets, extranets, or some combination of these. It covers a wide range of business processes such as electronic purchasing and supply chain management, processing orders electronically, handling customer service, and cooperating with business partners.
E-Business owners are responsible for the entire business, which requires the ability to take on a multitude of roles including manager, accountant, tax collector, lawyer, business planner, bill collector, sales/marketing/advertising executive, market researcher, technology expert, and many others.
While an E-Business owner requires no certified training, success will be likely with a master's in business or e-business from an accredited university. It is also important that those individuals who hope to entire the business sphere online are well versed in online marketing and basic technological systems. These types of skills can be gained through certificate and associate's programs.
E-Business Owner Training and Education
E-Business education programs are designed to address the basic requirements of e-business: introduction to e-business, e-marketing, e-technologies, e-business economics, as well as social, legal, ethical, and regulatory issues. These programs are designed for students to learn how organizations can use Internet technology to create new business opportunities and how they can transform an existing business into an E-Business. The most basic educational programs require a minimum of around 15 semester hours for certification.
There are legal requirements for business owners and this includes e-business owners. Knowing the state and federal licensing and tax requirements for all businesses, be they electronic or otherwise, is an important factor in building a successful company. Make sure to check your state requirements before starting any sort of business venture whatsoever.
E-Business Owner Career and Salary Outlook
There is an unending list of possible e-businesses around the world; however, very few of these ever make it past their first 5 years. Due to this low rate of success, it has become increasingly important for those pursuing this career to seek out an appropriate education. Individuals who have been trained in some form of business have a much greater chance for success. Those who have survived the start up period have seen profit margins from just enough to remain sustainable to billions of dollars.
The US Government has also started the process of providing broadband access to everyone in the nation, which will open up the possibility of e-business ownership to millions across the nation. If you choose to venture into this career, be prepared for tough competition.
Salaries vary widely depending on the size of the organization and role. While no degree can guarantee a great salary, MBA graduates typically experience a significant salary increase. The average small business owner or chief executive brings home an annual salary of $233,600, according to the 2006 small business compensation survey. It is important to note that compensation can vary among different industries, including marketing, manufacturing, product development and finance. The average salary of a small e-Business owner in retail trade, for instance, is $169,500 -- 38% less than the national median for all small business owners.
The survey data found that an executive's compensation tends to increase with a business's size in both employees and annual revenue. Also, executives at publicly held companies earn "significantly more" than those at privately held companies or sole proprietors.
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