Developing Effectiveness in Management and Leadership Fundamental

Welcome to our blog on "Developing Effectiveness in Management and Leadership Fundamentals for Young Entrepreneurs." This platform is dedicated to helping aspiring online business owners master essential skills and leverage digital marketing strategies effectively. The blog is a project initiated by Esoft MBA Student Batch #29 as part of the Developing Effectiveness Group Project. The team members behind this initiative are Ms. Anjali Fernando, Ms. Chathurika Dissanayake, Mr. Fazil Farook, and Mr. Danushka Rathnayake.

 

In recent years, Sri Lanka has seen a significant shift toward online business, driven by increasing internet access and the rise of e-commerce platforms. The COVID-19 pandemic further accelerated this trend, making a strong online presence essential for business success. For young entrepreneurs in Sri Lanka, the online business landscape offers numerous opportunities, including lower startup costs and access to a global market. However, to succeed, it’s crucial to master digital marketing, e-commerce operations, and effective management skills. This blog aims to equip aspiring Sri Lankan business leaders with the knowledge and tools needed to navigate and thrive in this dynamic digital environment.

Digital Marketing Fundamentals:

1. Search Engine Optimization (SEO): Enhancing your website to rank higher on search engines like       Google.

2. Content Marketing: Creating valuable content to attract and engage your audience.

3.Social Media Marketing: Using platforms like Facebook, Instagram, and LinkedIn to promote your brand

4. Email Marketing: Sending targeted emails to nurture leads and convert them into customers.

5. Pay-Per-Click (PPC) Advertising: Paying for ads to appear on search engines and other platforms.

6. Analytics: Measuring and analyzing data to improve your marketing strategies.

How to Start an Online Business: A Step-by-Step Guide

Starting an online business can be a rewarding venture. Here’s a comprehensive guide to help you get started:

1. Research and Planning

Identify Your Niche: Research market trends and identify a niche that has demand.

Business Model: Decide on your business model (e.g., drop shipping, affiliate marketing, selling digital products).

2. Legal Requirements

Register Your Business: Register your business with the Department of Registrar of Companies in Sri Lanka.

Obtain Necessary Licenses: Depending on your business type, you may need specific licenses or permits.

3. Create a Business Plan

Outline Your Goals: Define your business goals, target audience, and marketing strategies.

Financial Plan: Prepare a budget and financial projections.

4. Build Your Online Presence

Domain and Hosting: Purchase a domain name and hosting service.

Website Development: Create a professional website. You can use platforms like WordPress, Shopify, or Wix.

SEO and Content: Optimize your website for search engines and create valuable content.

5. Set Up Payment Methods

Payment Gateways: Integrate secure payment gateways like PayPal, Stripe, or local options like Sampath Vishwa.

6. Marketing and Sales

Social Media Marketing: Use social media platforms to promote your business.

Email Marketing: Build an email list and engage with your audience through newsletters.

Online Advertising: Invest in online ads (e.g., Google Ads, Facebook Ads).

7. Customer Service

Support Channels: Set up customer support channels like live chat, email, and phone support.

Feedback and Improvement: Collect customer feedback and continuously improve your services.

8. Compliance and Taxes

Tax Registration: Register for taxes with the Inland Revenue Department.

Compliance: Ensure your business complies with local laws and regulations.

Key Highlights of Success - PickMe

• Local Adaptation: PickMe tailored its services to meet the unique needs of the Sri Lankan market, including integrating tuk-tuks, a popular mode of transport.
• Technology Integration: The platform uses GPS and GIS systems for accurate tracking and fare calculation, making it user-friendly and efficient.
• Expansion: Beyond ride-hailing, PickMe has expanded to offer food delivery and courier services, diversifying its revenue streams.
• Market Penetration: PickMe has become a household name in Sri Lanka, competing effectively with global giants like Uber1.