Three Obstacles for online Entrepreneurs in the Middle East
There is tremendous potential for online entrepreneurs to take advantage of the consumer based society that is omnipresent throughout the Middle East. Consumers would want nothing more than to receive a pristine product without moving an inch of their body. Then how come so many online entrepreneurs end up struggling in this region? Here are some typical mindsets of online business owners when it comes to running a venture in the Middle East.
1. Hoping for early results
One primary reason why majority of online entrepreneurs aren’t able to garner enough success is that they expect profitable in a very small time span. Running an online business is similar to joining a fitness club. If your primary goal is to achieve results in a single month or even six months, chances are your moral level will take a nose dive because reaching your body’s physical peak takes a lot of effort and determination. That same level of effort and determination should be present when you are running the business. Unfortunately, lots of business owners lose their spirit after witnessing unsatisfactory results. Rule of the thumb is that with the amount of overwhelming competition sprouting up in all directions, it is best to give the business a minimum of a 12 month period to actually start growing. If things still do not go according to plan, then re-strategize.
2. Exhausting funds quickly by choosing a high paying payment gateway service
Online entrepreneurs should face the fact that if they are going to start a business, their funds are going to dry up faster than water in a drought period. The only thing they can currently do is to reduce the rate at which these funds as exhausted. How are they supposed to do that? Well, they are running an online business, so one service that they must choose while running an e-commerce website is a payment gateway service. A reliable service will always allow transfer the customer’s funds to their merchants accounts and what is even more flexible is that some payment gateways also allow business owners to start selling their products on the payment gateway’s E-store. This saves a lot of money and time in choosing and constructing an actual e-commerce website.
3. Not having a backup plan
Remember the time when Dell ignored in-store retail or when FedEx introduced speed where there was no existing demand? Most online entrepreneurs do remember. Every company has made some decision or the other in the past that has ended up costing the company tons of grief. However, they were able to move on from that period of grief because they had an ace up their sleeve. Chances are that in the foreseeable future, you will make a decision that will result in dire consequences for your business. However, will you have a backup plan to turn that decision around?
Learn from online businesses that failed and get inspired from businesses that are thriving. Choosing a reliable eCommerce payment gateway service that delivers a plethora of services is crucial to end your payment facilitation woes. Always make sure that your customers are given first priority and most importantly, never give up too quickly.