It is commonly quoted that up to 90 per cent of online businesses fail and the myriad reasons can be summed up by the old adage – “if you fail to plan, you plan to fail”.
People who are successful are prepared to learn – about business management, marketing, administration and importantly the internet as a place to do business. The pundits talk about the common failings of online businesses including: a lack of clear business objectives, purpose and self-discipline; and unrealistic expectations like: thinking it’s easy to make money on the internet or that you get away with little or no business management skills.
Here, Brett Stavenuiter, Manager of Business Enterprise at RMIT University shares his top 10 reasons why business education contributes to business success.
A good online business management course will provide budding online entrepreneurs with:
- Planning tools – every business needs a business plan – not a 100 page thesis but a plan that states the business purpose, its intentions and the plan of to achieve its goals.
- Customer insights – customers insights need to guide every aspect of a business.
- Competitor analysis – an understanding of competitors allows businesses to position and differentiate for success.
- Pricing strategy – the ability to search and compare online means pricing on the internet is arguably more important than pricing in bricks and mortar businesses.
- Digital marketing capability – business owners need to cut through the clutter and develop an online marketing approach that is right for them.
- Exposure to successful people – successful business people can provide insight and inspiration to budding entrepreneurs.
- People on your journey – to share experiences and learn from other students in the course.
- Access leading business management minds – learn the latest business management theories and techniques from leading educators.
- Case studies of success and importantly failure – compare and learn from real situations – the good and not so good.
- A network of alumni – develop a network of colleagues to share learnings and success stories in the future.
RMIT University is offering massive open online courses (MOOCs) through FutureLearn Programs starting:
- 8 August 2016 – Planning for Success;
- 12 September 2016 – Customer Profiling for Success;
- 17 October 2016 – Pricing for Success;
- 21 November 2016 – Digital marketing for Success.
More details available from: https://www.futurelearn.com/programs/online-business-success