Gone are those days when students don’t delve into anything besides their formal education. Most college alums run a business or two nowadays. In addition, entrepreneurship helps them familiarize themselves with the trading world while studying. Furthermore, it helps them improve in different skill areas and earn money to support themselves. But just like any other endeavor, it’s essential to acquire some basic knowledge before starting. For successful students in online entrepreneurship, you have to understand e-business and e-commerce business meanings.
How can a student find time for their business?
Unarguably, one of the biggest worries of students that hold them back from starting their path is not having enough. There are already enough activities, from completing assignments to studying, to keep them engaged. The positive thing is you can still attain excellent marks while running a successful online trading.
College students could find more time for business by hiring skilled writers to help them with writing assignments. Leveraging the services of an essay paper writing service means you don’t have to bear the burden of several papers. With these services, your education and money-making won’t disturb each other – you will have more time for both.
What are E-commerce and E-business?
It’s a common mistake for people to use terms interchangeably, but the fact remains that they are not the same. Although they share a similarity, e-commerce and e-business are different.
This type includes carrying out different types of services and transactions over the web. Those activities encompass online financial transactions, online education, raw material procurement, and all sorts of commercial transactions.
E-business examples include a content management system to handle workflow and email marketing to customers.
The definition of an e-commerce business isn’t as straightforward as the one above. As a branch of it, digital commerce encompasses online trading transactions and activities. This includes the use of applications and websites for monetary transactions via the Internet. Among them are online payments, ticketing, and paying taxes.
E-commerce vs. e-business
Both e-commerce and e-business are transforming the trading world. Both business modes enhance it in different ways. Differentiating between them will help you understand each of them better. To analyze the difference between e-commerce and e-business, the following criteria are basic:
- Internet use
- Business models
- Transaction types
The two types are pure-play and brick & click. Pure-play e-business has an independent and complete digital platform. Those companies totally exist electronically. Brick & click one combines online and offline existence. They are companies that conduct business physically and on electronic platforms.
On the other hand, there are four types of e-commerce for businesses: B2B, B2C, C2C, and C2B. B2B involves an exchange of goods and services between business-to-business modes. Qualcomm is an example of B2B e-commerce. B2C is a direct type where companies and customers exchange value. C2C is characterized by a commercial transaction where an enterprise transacts with its customer. C2B involves a customer making their services or goods available to companies. Focus groups are an example of C2B e-commerce.
- Internet use
While both types of them use the Internet, they use it differently. E-business involves the use of the extranet and intranet, in addition to the use of the Internet. Such a connection with their parties goes beyond the Internet.
In contrast, online shopping websites depend solely on the Internet. E-commerce for businesses means using a website that uses only the Internet to connect users.
- Business models
Generally, both types are digital trading modes. They both involve carrying out transactions over the Internet. However, they differ in their model specifications.
The Internet-based enterprise does not require a new model. A college enterprise owner can easily convert their parents’ traditional company into online trading without a model for doing so. It is easier to set up.
To set up an e-commerce site, you have to create a website. This website requires a new business model to carry out online transactions. But for existing enterprises, building an online store website only requires an additional model. Regardless of the type, studying business models to set up one might take a long time.
- Transaction types
E-business covers all types of transactions done online, whether they are financial.
But e-commerce specifically includes sales transactions carried out online.
Top Five Tips For Student Entrepreneurs
Are you wondering how to start a business as a student? These five practical tips would give you clarity and guidance as a young entrepreneur.
- Learn outside school: While it’s true that you’re in school for education, real learning begins outside school. Aside from studying books, the most important tip for entrepreneurs is to start trading without delay. Don’t wait until you have all the required resources. Trust the on-the-job learning process.
- Network: Besides grades, being in school is a success when you’ve built a strong network. Don’t be too shy to connect with other student entrepreneurs, investors, and, of course, customers or clients.
- Go public: From entrepreneurship competitions to public speaking opportunities, getting your commercial name out there gives you opportunities like recognition and sponsorships.
- Upgrade regularly: Along with focusing on assignments, you have to focus on innovations that your competitors are making.
- Monitor your finances: Your business is a separate legal entity from yourself – your finances must reflect that.
The main goal of a college student is to study and get excellent grades. Any education aims to earn income and add value to life. So you should get help with college assignments as you build a business. It helps you combine trading with education without headaches. Whether planning to set up an e-business or e-commerce, setting your goals from the beginning is essential. Also, as you carry out an enterprise, you must regularly measure how far you’ve gone regarding your set milestones. So, you take necessary improvement steps when due. Follow the tips above to choose your trading path.