Seite - 288 - in Digital Entrepreneurship - Impact on Business and Society
Bild der Seite - 288 -
Text der Seite - 288 -
her judgment. She tries to avoid disappointing peopleâs expectations of anything
shepromotes and sells for thiswould affect her self-esteemas an entrepreneur. She
says, âthatâs why I took the time to reallywork on this brand.â
During theprocessofbuildingcustomer-brand trust, acrucial step is tobeable to
experience aproduct âhandsonâ; thus, customers use their senses to assess quality.
Lynn says, âin the onlineworld, and especially in themakeupbusiness, customers
want to see, smell, and touch the product for themselves.âAnother challenge for
Lynnhasbeen thewillingnessof customers topaydelivery fees.Sheexpresses that
duetoLebanonâsunemploymentcrisis,weakeconomy,andcorruption,citizens tend
toïŹnddelivery charges inconvenient (Shecharges$5 fordelivery and freedelivery
if apurchaseexceeds$75).Lynnmentions thatachallengeshe facedat thestartwas
her lack of contacts and know-how to go about things.
4. Role ofWeakDigital Infrastructure andRisk:
According toLynn, thepaymentprocesshascausedher somehurdles:âinLebanon,
itâs very difïŹcult to have online money transactions like PayPal; so, Iâm using a
cash-on delivery system,which slows the process.â
Lynnalso expresses that as someparts of her entrepreneurial journeygot easier,
such as getting accustomed to the process of it all (logistics, new-itemnegotiation,
delivery, relationshipwith supplier, etc.), other areas like customer satisfaction got
more challenging, for she had to perform analysis on customer demand.
When it comes to riskmanagement, Lynn says that atïŹrst, the risks facing the
success of her business were high, but they decreased since she started selling in
small quantities,which comewith lowcost of loss.Moreover,Lebanonhas aweak
infrastructure and is continuously hurdled with uncertainty and disruption. All of
theseareobstacles toLebanesecitizensâcreativitybecause theyare toopreoccupied
with suchproblems that restrict themfromdevoting theirmental energy to innovate
ideas and from tackling their creative sides. As Lynn further explains, âan obser-
vation for this could be that that Lebanese citizens who immigrate to another
country end up being entrepreneurs or innovators and excel in their ïŹelds.â
Moreover, there arenât anybank-loanoffers for entrepreneurs to start their business
and borrow money from banks as their initial capital. Lynn says, âbanks donât
support entrepreneurs or digital entrepreneurs. And even if some do, they have
really high interest rates. So, itâs basically just advertising. Nothingmore.â
Despite thementioned impedances, Lynn states that an online business is por-
table: âthe advantage of having an online business is that it can be run from
anywhere around theworld; so, when I travel, I can take theWeb site and online
shopwithme and simply changemy target market and/or language.â
5. Role of Financial Capital:
Lynn said that she saved up a bit to gather the necessary ïŹnancial capital. Fur-
thermore, she states that shedidnât needa lot ofmoneyas investment for she found
that with her digital business, the majority of her costs werenât monetary, rather,
Challenges andOpportunities for Digital Entrepreneurship⊠297
Digital Entrepreneurship
Impact on Business and Society
- Titel
- Digital Entrepreneurship
- Untertitel
- Impact on Business and Society
- Autoren
- Mariusz Soltanifar
- Mathew Hughes
- Lutz Göcke
- Verlag
- Springer Verlag
- Ort
- Cham
- Datum
- 2021
- Sprache
- englisch
- Lizenz
- CC BY 4.0
- ISBN
- 978-3-030-53914-6
- Abmessungen
- 16.0 x 24.0 cm
- Seiten
- 340
- Schlagwörter
- Entrepreneurship, IT in Business, Innovation/Technology Management, Business and Management, Open Access, Digital transformation and entrepreneurship, ICT based business models
- Kategorie
- International