Capital job
In the same mode, enterprisers might confront the capital job when they start up their concern. Martin Symes has mentioned that support is an of import component when get downing up the Wego concern. Martin Symes has to believe how to funding and be after good as there is deficient capital for him to run their concern. While get downing up the concern, the money spend in the concern was exceeded what they had expected. As an enterpriser, they have to raise fund in order to get downing up the concern. At the really first clip, they have no adequate money and the installations to run the travel hunt engine. It is besides need to take a longer clip to get downing up and happen out the information such as airfare, hotel, auto lease, activities involved at certain topographic points and so on.
This job can be solved by program smart and command the capital used. Entrepreneur must be program before making something and how they traveling use the limited sum of capital. The location is really of import because some of the location is more expensive when get downing up the concern. While some of the topographic points are inexpensive. Apart from that, Martin Symes can collaborate with the travel bureaus in the certain states. In the states like US and Europe, Martin Symes are able to acquire benefit from the authorities grants. As if Singapore is promoting the travel traffic so that Martin Symes can catch up the chances to spread out his concern and cooperate with the travel bureaus.
On the other manus, we can acquire the information from the cyberspace or can acquire it from travel bureaus. Or else, we can happen some companies to patronize financess for Martin Symes to run his concern. When he got the patron and he can utilize that money to run and spread out his concern. Martin Symes can cut down the unneeded operating cost.
How to make the value on Wego trade name name
Another job that faced by Martin Symes is how to do the Wego web site become popular and celebrated. For Martin Symes, value accomplishment over the money is of import for them. After Martin Symes realize that there is deficiency of readily-accessible information about the airfare and related information, Martin Symes make up one’s mind to get downing up the Wego concern and make the value on the Wego company. Wego was freshly established that clip in order to carry through the demands in the possible market. But, Martin Symes has to convert the possible client to believe otherwise in order to travel in the market and allow more people knows about Wego company. But Wego is non good known at that clip. Therefore, Martin Symes have to come out with better solution to get the better of this job.
In our sentiment, Wego web site is a travel hunt engine that gives those people who love to go but do non desire to pass excessively much money. And so they will come to the Wego web site to happen out the inexpensive hotel on the holiday they want to travel. But the Wego web site is non really celebrated, and many people do non cognize this web site. They can merely happen it on cyberspace seeking engine such as Google, Yahoo and Bing or heard it from their friend. To do the Wego website become celebrated. We have to take action in advertizement. For illustration, we can do advertise on newspaper, wireless, Television show and other ways to do it celebrated. Make advertise on newspaper can be pull more people to cognize the web site and besides can salvage batch of cost of advertizement. Despite it, we besides can do advertise on wireless, Television show, it are besides effectual to give people to retrieve of the Wego web site. But it will be dearly-won. On the other manus, Wego can besides be partnership with celebrated travel bureaus or international air passage. It can be benefit to both companies.
Hazard
When enterprisers want to get down up the concern, they might confront some hazard on the concern. When Martin Symes come out his ain new thought and established Wego company, is that every client will believe different and accept his concern construct. If their new thought is unable to pull people, their concern can be failed at the same clip. They might confront some pull offing hazard such as strategic hazard, fiscal hazard and operational hazard.
Strategic hazard
When Wego company is steady growing and their travel hunt engine traffic is up to 200 % twelvemonth per twelvemonth, the rivals are coming into the market in order to vie with Wego. These rivals may come out superior service that better than Wego. This can be a menace to the Wego company. As the demand of the market is keep on altering.
Martin Symes has to protect his ain thought by utilizing servicemark which same as the hallmark. Servicemark is a type of protection that cover the Son, name, and the service itself. So that the rivals would non be copy the singularity concern theoretical account of the Wego company.
Fiscal hazard
As the method of generate income is similar as the Google & A ; acirc ; ˆ™s hunt concern which through Cost-per-Click by the travel providers that Wego company refer users to. Apart from that, Wego company is besides sell the advertizement show on the Wego web site to the larger travel trade name in order to bring forth grosss to prolong Wego itself. Wego company besides acquire paid by licensing and integrating fees who license on the Wego travel hunt platform.
However, after the travel bureaus established their advertizement on the Wego web site and did non pay for the advertisement fee or the licensing and integrating fees so Wego company might confronting lost.
In the sentiment of our group, Martin Symes has to acquire trust and hold a good relationship with the travel providers. Creditable is really of import between the travel providers and Wego company. On the other manus, Martin Symes can place the fiscal statement of the travel providers before they accept the concern.
Operational hazard
As Wego is the on-line travel hunt engine, Wego have to confront the hazard such as the hackers break into the systems and steal the valuable informations and the dealing information every bit good as bank history. They have to believe out a solution in order to forestall the hacker affairs happen.
A secure IT system is really of import when Wego operate their concern. Martin Symes has to happen out a trustable security IT system in order to protect the Wego website itself. Although it is need the wage for the Security system, but it is deserving as the repute can be maintain and trustable.
Competition
Wego has two rivals which are Qunar in China and Ixigo in India. Martin Symes think that India will be their biggest beginning market and it had more possible market than the China market for the Wego traffic itself. The linguistic communication job they are besides need to see when they expand their concern at different state. As there are two rivals in the possible market in the China and India, Martin Symes has to come out an thought to get the better of this job and extent their Wego concern into oversea market.
In the sentiment of the enterpriser Martin Symes, he has planned that they will establish a few more linguistic communications such as Chinese linguistic communication sites, Tamil linguistic communication site and many different linguistic communications as they can in order to vie with Qunar and Ixigo.
Based on the Porter Generic Strategies, cost leading, distinction and focal point is used to accomplish every bit good as maintain the competitory advantages of the concern.
Cost leading can be said as how low can you maintain your cost and sell it in higher monetary value. When the cost leading addition, the cost besides will increase. Now, Martin Symes is able to command and understand the concern to command the overall state of affairs.
For distinction, if the same type service come out in the market place, clients are prefer to the different things. That is why Martin Symes can believe otherwise from the others and come out the Wego to allow the travellers able to compare the monetary value and handiness of the hotels and flights in the current clip. Although Wego have the similarities with the Google & A ; acirc ; ˆ™s hunt concern in the & A ; acirc ; ˆ?Cost-per-Click & A ; acirc ; ˆ™ concern but Wego still can hold their ain potency to separate themselves from others.
Martin Symes has combined his ain thoughts into the specific service like the travel hunt engine and they had successful focal point in their concern. Martin Symes is keeps on descrying the spread in the airfare markets and update the latest monetary value or comparative information so that they are able to derive the competitory advantage in market place.
3.0 Decision
Martin Symes is a really successful enterpriser which starts up the concern of Wego. He has the desire to transform his ain thought into the world. There are many features possessed by Martin Symes which are assurance in their ability to win, high degree of energy, clear about the mission and vision, diverseness, passion on the occupation, value accomplishment over money, skilled at forming and desire.
Apart from that, those failed enterprisers have no creativeness and invention on how they traveling to pull people and besides non meets the demands and wants of the client in the market. Self motive is besides the feature of the enterprisers.
In the concern universe, enterprisers are difficult to last in concern when they facing jobs. Although there are so many of jobs occurred, Martin Symes still can able to work out and his concern is steadily turning. The jobs Martin Symes faced are capital job, on how to make the value on Wego trade name name, hazard, competitions and other unpredictable jobs.
