The information and communication technology (ICT) industry is one of the most capital intensive among the high-technology industries. ICT business analysis, especially after the industry deregulation, has become a difficult task. This study integrates Real Options and Game Theory perspectives and examines multi-period price competition in order to find the optimal ICT business strategy in terms of the time entry in the market and the service price. The analysis focuses on e-learning business activities showing how it can be formulated in the specific field.