There are three types of Entrepreneurs:
Things just don't work out for the Unsuccessful Entrepreneur. More often than not, they keep on trying, and get it a little more right next time. Eventually, some become successful. Often, they give up and return to the safety net of a 40 hour per week job. Their idea, product, or service just does not solve anyone’s problem, but their own.
I have a lot of respect for people that venture out into their own or try to turn an idea into action. These are people that generally don’t fit into the corporate structure, are generally liberal minded, having the audacity to question how things are being done and suggest there is a better way to do it.
Start-ups can end up in a common pattern: the 'New Entrepreneur' is excited about their great idea, yet they cannot really articulate how to make money with it. Their assumptions about their market are not well defined and they do not really understand what it takes to get a business going. They don’t understand why no one will invest in their business. They are passionate about the idea and their ego loves the fact that they can now put President on their business card.
So what is important for new Entrepreneurs? It is all about sales.
As a New Entrepreneur is weighing the idea, the emphasis needs to be on sales and marketing. Get the idea, product, or service out there and see if someone will pay you for it. Do you need an infrastructure to support it? Yes. Do you need to be able to deliver it? Yes. But figure out what kind of expectations you can put out there and manage. As another successful Entrepreneur told me, don’t be afraid of success. You can always find money, if you have a book of business to show an investor. You can always find ways to deliver.
The reality is New Entrepreneurs need to focus on results. In business, results equal sales and profits. Logos, names, and images can have value only if people buy because of the name, logo and image.
Get centered answering the questions of your buyers:
With limited resources and limited time, investment needs to be on finding the market, bringing them to you, engaging the market, and closing some deals or selling product.
The question to always ask:
Is what I am doing or spending money going to help me generate more sales?
2. Before you spend money on an expensive website, can you answer these questions:
a. How big is the market?
b. What words do people use to search for your product?
c. How much to advertise?
d. Who are your competitors?
e. What are they doing?
f. What are they not doing?
g. Who are the top ranked sites?
3. Have you budgeted for web marketing?
4. You are a new business, people don’t know you. And until you spend millions drilling your brand into their psyche, they aren't going to know your brand from a hole in the ground. Use what you do, or what your customers call your product as your name. This strategy worked fine in the past and still works fine today. Evidence: International Business Machines, Advanced Micro Devices, American Telephone and Telegraph, General Motors, General Electric, National Cash Register, American Airlines and Budget Rent-a-Car. Not an obscure latin name with an interesting meaning only to you.
There is really nothing sexy about Internet marketing. It's about execution and results. It's NOT about corporate ego. It is about what your product or service does for the buyer and the investor.
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