In the same manner, business owners might face the administrative centre problem when they start up their business. Martin Symes has pointed out that funding is an important aspect when setting up the Wego business. Martin Symes has to think how to money and plan well as there may be insufficient capital for him to operate their business. While setting up the business, the money spend available was exceeded what they had expected. As a business owner, they have to raise fund in order to setting up the business. At the beginning time, they have no enough money and the facilities to operate the travel search engine. It is also need to have a longer the perfect time to starting up and discover the information such as airfare, hotel, car lease, activities included at certain places and so forth.
This problem can be fixed by plan smart and control the capital used. Businessman must be plan before doing something and exactly how they going use the limited amount of capital. The location is very important because some of the location is more expensive when starting up the business. Although some of the places are cheap. Apart from that, Martin Symes can cooperate with the travel organizations in the certain countries. In the countries like US and Europe, Martin Symes can get benefit from the government grants. As though Singapore is stimulating the travel traffic so that Martin Symes can capture up the opportunities to expand his business and cooperate with the travel agencies.
On the other hands, we can get the information from the internet or can get it from travel firms. Or else, we can find some companies to sponsor funds for Martin Symes to operate his business. When he acquired the sponsor and he can use that money to operate and expand his business. Martin Symes can cut down the unneeded operating cost.
How to create the value on Wego brand name
Another problem that faced by Martin Symes is steps to make the Wego website become popular and famous. For Martin Symes, value achievement over the money is very important to them. After Martin Symes recognize that there is insufficient readily-accessible information about the airfare and related information, Martin Symes opt to setting up the Wego business and create the worthiness on the Wego company. Wego was recently established that time in order to fulfill the needs in the actual market. But, Martin Symes has to convinced the potential customer to think in a different way in order to visit on the market and let more people knows about Wego company. But Wego is not popular in those days. Therefore, Martin Symes have to come out with better way to overcome this issue.
In our view, Wego website is a travel search engine that gives those people who wish to travel but do not want to spend excess amount. And then they will come to the Wego website to learn the cheap hotel on the getaway they would like to go. But the Wego website is not very famous, and many people have no idea this website. They are able to only find it on internet searching engine motor such as Yahoo, Yahoo and Bing or observed it from their friend. To help make the Wego website become famous. We have to do something in advertisement. For example, we can make advertise on papers, radio, TV show and different ways to make it famous. Make advertise on newspapers can be entice more people to recognise the web site and can also save whole lot of cost of ad. Despite it, we can also make advertise on radio, TV show, it are also effective to provide people to bear in mind of the Wego website. Nonetheless it will be costly. Alternatively, Wego can be collaboration with famous travel businesses or international airway. It can be profit to both companies.
When entrepreneurs want to start up the business, they could face some risk on the business. When Martin Symes turn out his own new idea and established Wego company, is that each customer will think different and recognize his business idea. If their new idea is unable to catch the attention of people, their business can be failed at exactly the same time. They could face some controlling risk such as tactical risk, financial risk and functional risk.
When Wego company is stable growth and their travel internet search engine traffic is up to 200% 12 months per 12 months, the rivals are coming into the market to be able to contend with Wego. These competitors will come out superior service that better than Wego. This is often a hazard to the Wego company. As the demand of the market is continue changing.
Martin Symes must protect his own idea by using servicemark which same as the hallmark. Servicemark is a type of safeguard that cover the logos, name, and the service itself. So that the competitors wouldn't normally be copy the uniqueness business design of the Wego company.
As the technique of generate income is similar as the Yahoos search business which through Cost-per-Click by the travel suppliers that Wego company refer users to. Apart from that, Wego company is also sell the ad display on the Wego website to the bigger travel brand in order to generate income to maintain Wego itself. Wego company also get paid by licensing and integration fees who permit on the Wego travel search program.
However, following the travel agencies proven their advert on the Wego website and did not pay for the advertisement cost or the licensing and integration fees then Wego company might facing lost.
In the thoughts and opinions of our group, Martin Symes must get trust and have a good romantic relationship with the travel suppliers. Creditable is vital between the travel suppliers and Wego company. Alternatively, Martin Symes can identify the financial record of the travel suppliers before they admit the business.
As Wego is the web travel internet search engine, Wego have to face the risk such as the hackers break right into the systems and grab the valuable data and the transfer information as well as bank-account. They have to think out a solution in order to avoid the hacker issues happen.
A secure IT system is very important when Wego operate their business. Martin Symes has to discover a trustable security IT system to be able to protect the Wego website itself. Though it is need the purchase the Security system, but it is worth as the reputation can be maintain and trustable.
Wego has two rivals which are Qunar in China and Ixigo in India. Martin Symes think that India will be their biggest source market and it possessed more potential market than the China market for the Wego traffic itself. The dialect problem also, they are need to consider when they grow their business at different country. As there are two rivals in the actual market in the China and India, Martin Symes must come out an idea to overcome this issue and extent their Wego business into oversea market.
In the judgment of the business owner Martin Symes, he has prepared that they will launch a few more languages such as Oriental sites, Tamil terminology site and numerous dialects as they can in order to compete with Qunar and Ixigo.
Based on the Porter Universal Strategies, cost leadership, differentiation and focus is used to attain as well as maintain the competitive advantages of the business enterprise.
Cost management can be said as how low can you maintain your cost and sell it in higher price. When the price leadership increase, the price also will increase. Now, Martin Symes is able to control and understand the business to control the entire situation.
For differentiation, if the same type service come out available on the market, customers are would rather different things. That's the reason Martin Symes can think in a different way from others and turn out the Wego to let the travelers able to compare the purchase price and option of the hotels and flights in the current time. Although Wego hold the similarities with the Googles search business in the ЛCost-per-Click business but Wego still can have their own probable to distinguish themselves from others.
Martin Symes has blended his own ideas into the specific service like the travel internet search engine and they had successful focus in their business. Martin Symes is helps to keep on spotting the distance in the airfare market segments and upgrade the latest price or relative information so that they have the ability to gain the competitive gain in market place.
3. 0 Conclusion
Martin Symes is a very successful businessperson which begins the business of Wego. He gets the desire to change his own idea into the reality. There are many characteristics possessed by Martin Symes that happen to be self-assurance in their ability to succeed, higher level of energy, clear about the objective and vision, diversity, passion face to face, value success over money, skilled at organizing and desire.
Apart from that, those failed enterprisers have no creativity and innovation about how they heading to catch the attention of people and also not fulfills the needs and wants of the client on the market. Self motivation is also the feature of the internet marketers.
In the business world, internet marketers are hard to endure running a business when they facing problems. Although there are so a lot of problems occurred, Martin Symes still can in a position to solve and his business is steadily growing. The problems Martin Symes faced are capital problem, about how to create the worthiness on Wego brand, risk, tournaments and other unpredictable problems.
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