E-business

After reading this article, I was surprised and yet amazed on how much work is associated with online business. An e-business which is also known as an electronic or internet business is a type of business where they process orders, handle customer service, and cooperate with other business partners online.

Like most things in life, e-business has it's pros and cons too.

Some of the PROS are that:
- starting an e-business has a low start up cost (does not require renting a store, equipment expense, maintenance, etc ).
- no employees needed meaning no wages expense
- you can easily access the business at home
- it'll be running 24/7 with no need to close it down
- will save you expenses for commute and transportation

Some of the CONS are that:
- there are hidden costs such as security, testing order process, updating anti-virus,  remaining informed about scams/frauds
- time consuming (customer service, coordinating returns, processing refunds, answering questions/concerns, arranging special requests)
- need to be involved in many non-revenue generating activities (updating website, product reviews, forums, bulletin boards, social networking)
- you’re not able to build direct customer relation by physically being in contact with them. Less social activities.

Minimum Wage Increase

On May,1,2011 the minimum wage increase from $8/hour to $8.75 was placed in effect. Now this is ofcourse an outstanding news for employees, however not so much for the employers. The $0.75 raise will make a significant difference to the employees as they'll be getting rewarded by a rate of an extra 75c in their paycheck. This will most probably imrpove the quality of their work as well as they'll be more motivated to work longer hours with that little bit of extra pay. Initially, employers may not look at this as an advantage for themselves, but ultimately, the raise will also be beneficial to them since employees will be more pumped up and rewarded by the raise, resulting in a greater, quality performance.
The minimum wage raise is an excellent start and I hope to see it increase in the near future , providing the lower income families with an aid to their struggles.