Workshop# 1 – Business Development:

The purpose of this workshop was to educate, elaborate, and engage future entrepreneurs in some key principles and strategies that can be applied to online businesses. The workshop consisted of two parts, an information session and a group engagement towards the end. In the discussion, Dr. JC Shen emphasized on principles of online business such as searching, matching, and network externality. In network externality, he mentioned that the utility of any products depends on how many users are using the same standard. In other words, the more people there are who share the same standard, the higher the utility for your product. In addition to the principles, he highlighted how critical it is to strategize your business plan towards the digital market by increasing subscription, brokerage fees, and advertisement. Furthermore, he proceeded by explaining how online to offline business are emerging and succeeding. For instance, Uber and Airbnb are expanding by the used of shared economy. Despite the many advantages of using shared economy, the issue of trust still raised a significant concern for businesses. Nevertheless, many companies are integrating online to offline business in today's economy.

 

Facts:

• 75 Attendance

• Over 20 diverse majors

• 3 hours workshop