WHAT DOES ONLINE BUSINESS MEAN?

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What does an Online Business mean?

The Online Business has become a viral topic in recent times. Lately, we saw the surge in percentage of the people that engaged in the online business model.

Therefore, there is need to pay attention to this newly found system of creating wealth.

Brief History of the Internet

Internet is simply an abbreviation of “International network” and it’s simply coined from the idea of computer scientists to build and interconnect computer networks that arose from research and development in the united states and involved international collaboration, particularly with researchers in the United Kingdom and France.


It was from this simple process that the Internet began to gain wide coverage.


So, Internet has existed for long and it has been used for various reasons mostly researches from the 1950’s. Overtime, more uses and possibilities of the Internet began to evolve until the 1980’s when the commercial internet service was adopted.

During this time, only Certified Commercial institutions could use this network and it was predominant in the UK. This commercial internet service does not like today’s internet service.

What we use today is called WORLD WIDE WEB (WWW) which is linking hypertext documents into an information system, accessible from any node on the network.

This was established in the mid 1990’s. 
This brief history just explains to you that:

  • “The Internet has existed long before we knew it”
  • “Business entities have been using the internet even before the use of websites came into existence”.


So, the use of internet is an OLD TIME practice of institutions. Their primary purpose might not be for making profits because not everyone had access to the internet in those days compared to this current time. Their purpose might be for keeping records, etc… But the Internet has been used by businesses long ago.

This makes it clear that the internet is a useful tool for every business.

What does a Business mean?

A business is simply obsessed with two activities.’


1) Selling (Product or Services).

2) Buying.


A business is simply obsessed with one PURPOSE.
To make profit.


You’re not in business if you’re not obsessed with making profits from the sale of your products and services. Profit must be made under NORMAL circumstances in every business.


So, a business is an environment where products and services are exchanged for money or other exchange channels with the aim of making profits.

Now let’s bring these two words together.

What is an Online Business?


An online business is simply an online environment where goods and services are exchanged for money or other exchange channels with the sole aim of making profits.


An online business is an online environment where buying and selling takes place.

What does an Online Business mean?
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Another name for this type of Business is E-Business and it’s under the word E-Commerce.

What is E-Commerce?


Electronic commerce is the activity of electronically buying or selling of products on online services or over the internet.


This kind of business is done strictly on the INTERNET. 


So, the channels that provide the products or services ONLINE for purchase refers to the ONLINE BUSINESS or E-BUSINESS.


This is a kind of business where no physical contact is needed before transactions can be made. 


The current pandemic led to an exponential increase of these type of businesses. Even already established multinational industries started adopting the use of online businesses. 


This is the simple explanation for the less experienced person to understand.


Points to Note

  • Online Business is not a scam: One of the disadvantages of the commercial internet service is the vulnerability to fraudsters. The fact that you don’t have any physical proof or evidence of the authenticity of the vendor or seller makes it so hard to detect a fraud and also makes it so easy to fall prey.


But it does not mean Every online transaction or business is a scam or fraud. In fact, majority of online Businesses are legit. So, arm yourself with the mindset. It would help you embrace the possibilities and opportunities that lies in this form of business that’s revolutionary in our age and time.

  • Online Businesses can have a physical location, but it’s not a must: There are certain people involved in an online business called “Affiliate Marketing” who have offices and they employ people, but their products are strictly virtual and they make their money. While there are others who have counselling sessions via zoom and get paid for their services online. 


Certain people have bookstores that is strictly online and people buy from them. A company like Amazon is an example. 


So, Online business is a flexible type of business that can be designed by the owner to fit his comfort, purpose and market target.

  • Online business is easy to set up and sometimes very affordable to start.


The most beautiful thing about this is that you carry out business exactly like any other business in the world.
There is one important thing you must know about online businesses.

The online business workspace has come to stay and we would witness a revolution in the next decade that no human generation has ever witnessed or experienced.

SHARE YOUR THOUGHTS IN THE COMMENT SECTION BELOW.

2 Comments

  1. This is impressive. Your site is easy to navigate, colorful, and vibrant.

    I look forward to visiting this site often and reading the unique articles you have here. Well done Isaac.

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