*SPECIAL REPORT* Part 1: Running a successful eBusiness - pt 1
Day 510, 19:26
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Published in Canada 
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by
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by AugustusV
Written by: Octavian_F, Chief Editor of eWorld Economy Magazine)
*This is a special three-part report by eWorld Economy Magazine*
This week eWorld Economy Magazine will take a look at the basic skills that every citizen of the new world should know about starting, and running, a successful eBusiness. Also please make sure to check for Part 2 of this special report: Part 2: "The most profitable eBusiness?" Part two will hit stands April 20th, and will outline in detail which business sectors (manufacturing, raw, construction) are currently the most profitable (either for the short-term, or long-term, or possibly both), depending on your country, and the current political and economical situation. The report will be highly detailed with plenty of solid sources, be sure to subscribe!
Part 3: "Strategic eBusiness Management - advanced management", will hit stands shorty after Part 2. More information on the release date, and contents, will be released in the next article. Until then, please subscribe!
eWorld Economy Magazine *special report*: Part 1: Running a successful eBusiness - pt 1
Money is what fuels the eWorld, its what most of us strive for from day one, and its what makes or breaks governments, companies, and individuals alike. Therefore it is only natural that most citizens will try to reach financial paradise by attempting to start an profitable eBusiness. However little do they know that they could be setting themselves up for financial ruin, and with the constant growth of the number of new companies emerging on the competitive national, and global markets, the game just got a little harder.
Running an eBusiness is one thing, running a successful eBusiness is a totally different thing. Even at this moment, the market is filled with companies that have gone belly-up due to poor management and bad decisions. Therefore knowing how to start, and run, an eBusiness successfully is information that every young entrepreneur should know.
To help our readers understand the content easier, the "path to success" has been separated into different sections. For those of you that have already started an eBusiness, you can skip the first part: "getting started", and you can jump straight to part two: "Running your eBusiness".
Enjoy!
Part 1: Getting Started
1) Creating and Organization
It is highly recommended that you use an organization to manage your business instead of your eRepublik citizen. Apart from the extra 5 gold that it will cost you, the benefits are numerous. First off, by having an organization mange your eBusiness(s), it allows you the freedom to either work for your own company, or for a different company in order to be able to possible support your company in case of a crisis. Secondly, you can move to any other part of the world without taking your company with you and vice-versa. Thirdly, you can use your organization to buy gifts and donate
them to yourself which can be very helpful if gifts tend to be cheaper than food, or during a war for example.
2)Buying or Creating?
You can choose to buy an existing company off the market, rather than starting your own. The benefits to this are that you could find bargains and companies selling for much lower than 20 gold. However watch out for companies with low productivity levels as they might be worth close to nothing, and you could end up being ripped off. Ultimately the choice is yours, however finding good bargains could help save some extra capital that can be used for paying salaries and/or buying materials.
3) Which sector?
Part 2 of this report will address exactly this question, until then however, we can offer some basic advice to keep in mind. First of all, if you choose to create a company in a sector you that you yourself have worked in, and have experience in, then by using an organization to create your eBusiness, you can work for your own company and always ensure that you have some sort of productivity(even if you can find any other workers). Secondly, if you choose a sector in raw materials, keep in mind what raw materials are most abundant in your area, and try to create a company in that particular sector (i.e. Ontario has a high wood productivity level, thus it would be wise to create a company that provides wood). Third, keep in mind that construction companies cost more money to start up (they require more workers, and it will take more time for your products to be finished), while manufacturing companies are the easiest to start up (require only half as many workers, and products are created way faster). These are only vague and general guidelines, however if you want an incredible in depth report regarding this subject, please subscribe and look out for Part 2 of this report!
4)Capital
Creating an organization will cost you 5 gold, while creating a company will cost you 20 gold. If you choose to do both you're looking at a fee of minimum 25 gold. However a common mistake made by young entrepreneurs is to start a company as soon as they have the bare minimum. You have to remember to take into account that you have to buy materials, and pay employees. Your company will go nowhere if you cannot hire a few starting workers (even if you hire yourself at the beginning, some countries have a minimum wage and you will be forced to pay yourself regardless. try to have a few extra gold left over to start out, otherwise you will realize you do not have enough money to start, and will have to start working again anyway, so its better to avoid this headache and make sure you have some extra cash on hand for running the actual business.
continued on next page...
YOUR AD HERE!
- If you wish to advertise in the eWorld Economy Magazine please contact Octavian_F
- You can provide both pictures and text, and our marketing team can even help you design a custom banner to display.
- We can advertise companies, organizations, and even run political campaign ads.
- All fees are negotiated
*This is a special three-part report by eWorld Economy Magazine*
This week eWorld Economy Magazine will take a look at the basic skills that every citizen of the new world should know about starting, and running, a successful eBusiness. Also please make sure to check for Part 2 of this special report: Part 2: "The most profitable eBusiness?" Part two will hit stands April 20th, and will outline in detail which business sectors (manufacturing, raw, construction) are currently the most profitable (either for the short-term, or long-term, or possibly both), depending on your country, and the current political and economical situation. The report will be highly detailed with plenty of solid sources, be sure to subscribe!
Part 3: "Strategic eBusiness Management - advanced management", will hit stands shorty after Part 2. More information on the release date, and contents, will be released in the next article. Until then, please subscribe!
eWorld Economy Magazine *special report*: Part 1: Running a successful eBusiness - pt 1
Money is what fuels the eWorld, its what most of us strive for from day one, and its what makes or breaks governments, companies, and individuals alike. Therefore it is only natural that most citizens will try to reach financial paradise by attempting to start an profitable eBusiness. However little do they know that they could be setting themselves up for financial ruin, and with the constant growth of the number of new companies emerging on the competitive national, and global markets, the game just got a little harder.
Running an eBusiness is one thing, running a successful eBusiness is a totally different thing. Even at this moment, the market is filled with companies that have gone belly-up due to poor management and bad decisions. Therefore knowing how to start, and run, an eBusiness successfully is information that every young entrepreneur should know.
To help our readers understand the content easier, the "path to success" has been separated into different sections. For those of you that have already started an eBusiness, you can skip the first part: "getting started", and you can jump straight to part two: "Running your eBusiness".
Enjoy!
Part 1: Getting Started
1) Creating and Organization
It is highly recommended that you use an organization to manage your business instead of your eRepublik citizen. Apart from the extra 5 gold that it will cost you, the benefits are numerous. First off, by having an organization mange your eBusiness(s), it allows you the freedom to either work for your own company, or for a different company in order to be able to possible support your company in case of a crisis. Secondly, you can move to any other part of the world without taking your company with you and vice-versa. Thirdly, you can use your organization to buy gifts and donate
them to yourself which can be very helpful if gifts tend to be cheaper than food, or during a war for example.
2)Buying or Creating?
You can choose to buy an existing company off the market, rather than starting your own. The benefits to this are that you could find bargains and companies selling for much lower than 20 gold. However watch out for companies with low productivity levels as they might be worth close to nothing, and you could end up being ripped off. Ultimately the choice is yours, however finding good bargains could help save some extra capital that can be used for paying salaries and/or buying materials.
3) Which sector?
Part 2 of this report will address exactly this question, until then however, we can offer some basic advice to keep in mind. First of all, if you choose to create a company in a sector you that you yourself have worked in, and have experience in, then by using an organization to create your eBusiness, you can work for your own company and always ensure that you have some sort of productivity(even if you can find any other workers). Secondly, if you choose a sector in raw materials, keep in mind what raw materials are most abundant in your area, and try to create a company in that particular sector (i.e. Ontario has a high wood productivity level, thus it would be wise to create a company that provides wood). Third, keep in mind that construction companies cost more money to start up (they require more workers, and it will take more time for your products to be finished), while manufacturing companies are the easiest to start up (require only half as many workers, and products are created way faster). These are only vague and general guidelines, however if you want an incredible in depth report regarding this subject, please subscribe and look out for Part 2 of this report!
4)Capital
Creating an organization will cost you 5 gold, while creating a company will cost you 20 gold. If you choose to do both you're looking at a fee of minimum 25 gold. However a common mistake made by young entrepreneurs is to start a company as soon as they have the bare minimum. You have to remember to take into account that you have to buy materials, and pay employees. Your company will go nowhere if you cannot hire a few starting workers (even if you hire yourself at the beginning, some countries have a minimum wage and you will be forced to pay yourself regardless. try to have a few extra gold left over to start out, otherwise you will realize you do not have enough money to start, and will have to start working again anyway, so its better to avoid this headache and make sure you have some extra cash on hand for running the actual business.
continued on next page...
YOUR AD HERE!
- If you wish to advertise in the eWorld Economy Magazine please contact Octavian_F
- You can provide both pictures and text, and our marketing team can even help you design a custom banner to display.
- We can advertise companies, organizations, and even run political campaign ads.
- All fees are negotiated
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Comments
Good tips, I would go a step further on the capital. At least 10gold extra, its a solid safety net that will let weapon, gift or ticket companies survive when demand is low.
Great information thank you for this report.
@ Roger, Im glad u enjoyed my article, be sure to subscribe and check out the other 2 parts coming out soon. 🙂
@ Rearden Industries, as for the capital, you made a very good point there, however normally I would suggest around 5 gold or so (because most people aren't patient enough for 10 gold, and although risky, if managed properly you should be able to start out ok), but having 10 gold eliminates most of the risks involved, and leaves some room for error in case you make a mistake or two. Great suggestion though.
@ Rearden Industries, oh and btw "Atlas Shrugged" was a great book. 😉
Personally, I'd rather buy a company from someone else, if for no other reason than the Gold I'm spending stays in the market, and will help out another New Worlder. Creating a company from scratch means all that hard earned gold goes back to the big bad admins. It usually requires some patience to find the right selling, at the right price, but I feel its a worthwhile endeavour.
Great stuff man, I've subscribed.
I would give ANYTHING for a guide on how to keep prices from going into a death spiral as one guy after another keeps putting their stuff up a penny cheaper then the latest market offer. Q2 diamonds are barely more profitable than Q1 thanks to this!
I've tried rallying folk and though, to their credit, most companies played along...it only takes one or two mindless twonks to come along and ruin it.
Great article.
For those looking for capital, NWC Bank might be willing to do business with you!
http://www.erepublik.com/en/article/launch-of-new-world-capital-bank--776894/1/20
@Avarice, im glad you enjoyed my article! Also I'll keep what you said in min😛 "I would give ANYTHING for a guide on how to keep prices from going into a death spiral as one guy after another keeps putting their stuff up a penny cheaper then the latest market offer." And I'll try to write an article on this subject (or recruit another journalist to cover the story). In the meantime thanks for subscribing!