As we all know, mistakes are meant for learning and not repeating. It is said wise men learn by other men’s mistakes. These sayings can be best suited to an entrepreneur’s life. When a young investor or a businessman starts a company, he is likely to make mistakes but learning from others and trying not to repeat those mistakes is what makes one stand out from the crowd.
Here, are some Startup mistakes one can not afford to repeat again.
1) Clinging To The Wrong Idea
Often people tend to enter into an unfamiliar market and tend to fall in love with their original idea and somehow fail to recognize how much it is failing. First, one must try to evaluate how your product fits into the market. For instance, if you launch a product, keep a watch of its market growth for about six to 12 months, if there are no such signs of growth, then something is really wrong. Keep a close eye on it.
2) Underestimating How Long Sales Take
Many companies run out of money because they are too aggressive in overestimating their timelines. Sales do take time. After getting through multiple levels of approvals, the implementation process starts. If your business plan doesn’t account for that, then you might be in trouble.
3) Believing That You Have Competitors
Firstly, confidently believe that there are no real competitors. Usually, no competition means no market. If the competition is minimal and the market is new, then cost of educating potential customers will surely exceed your survival time and budget.
4) Counting On Friends And Family While Starting Up A Business
Every Startup business needs real dedication, a handful of skills, and experience to survive. Counting on friends and family will not be a good idea before setting up a Startup business. It is probably because the near and dear ones usually end up saying what you wanted to hear rather than what you need to hear.
5) Fearing Failure
Winning or losing is all part of a game and so is a part of life. Failing in a business does not mean you have to discontinue the business. It just means that you ran an experiment which will improve your next business. You will surely learn something new and you can apply that lesson to move forward and make your business better.
6) Money solves everything – it is just a myth
There is a strong belief among young entrepreneurs that money solves everything. If they can raise another round of financing, their problems will be solved. But this isn’t true in most of the cases. It cannot solve a fundamental issue with a business model. You should probably fix the problem first and then raise the second round of money.
7) Failing To Delegate
This is one of the most classic problems in the management yet so far. When things fall apart, rather than give up control and take the reins, you end up doing everything yourselves and fail. So the alternative is to delegate. Start by drawing up a process and maintain a guidebook for how to do things for the way they should be done and your employees will surely have the direction they need.
Hopefully, these guidelines will help you to conquer the world!
Why Tumblr, Reddit and Quora Are Marketing Goldmines
When brands and businesses look at social media marketing, they tend to overlook these sites such as Tumblr, Reddit, and Quora that are essentially marketing goldmines. Let me tell you why.
These websites will give your brand or business exclusive access to build brand awareness; in a niche market, that is not already saturated. Unlike traditional social media outlets, that require a large amount of following to get your brand noticed. Websites like Tumblr, Reddit, and Quora let brands and businesses directly engage and connect with their audience.
Shall we take a look at the numbers? They speak for themselves.
- Tumblr has 550 million monthly users with a global rank of 50, and 22 in the US.
- Reddit posted 8 billion page views in November 2016. With over 250 million active users every month; with a ranking of 11th in the US, and 26th in the world.
- Quora generates 200 million monthly visitors. The site ranks within the top 60 websites in America, and top 100 in the world.
All three websites work differently, to make the most of each one make sure you do not post the same content on every website. Tailor it, to the needs of that particular website.
￼￼Thirty-nine % of Tumblr’s users are under the age of 25 and they are very clever, so, if your brand wants to gain their attention, the posts are required to be interesting, funny, and most importantly original. Submit a post that looks like an advertisement or a marketing ploy, you’ll find yourself losing followers.
Remember to be always consistent as 47% of Reddit users are online almost all the time, hungry for content.
To make it work on Reddit, make sure your texts posts are relevant to the subreddit where you are posting. As a brand, you should monitor those topics and have a say in your field of expertise.
On almost every other social network, the number of followers is important. People like to proudly flaunt and brag about the number of followers they have. Tumblr is different. It’s rare to find a Tumblr blog which displays the number of followers it has. Tumblr users care more about the interactions they have with other users, they want to build more meaningful relationships.
Quora is a great way to find out what issues are puzzling your current and potential user base, use this information to determine the direction of future content.
On Quora, as long as you clearly state for whom you work, you can also explain how your product can help solve someone’s problem. How’s that for direct marketing?
If you want your brand to reach this untapped demographic of the “cool kids,” then hop on these website bandwagons now!
How Online Marketing Can Be Used To Promote Your Business
First, you need an idea, then you define a target demographic and finally, you make sure your product is of selling value! Once you have all your formative ducks in a row, its time to think of a marketing strategy. In a world that is leaning towards the digital side of life, there is so much one can do to grow a new business. If you are still wondering about how to grow your business the digital way, then these strategies might just help you!
1. Social media
In this digital world, social media just cannot be ignored. This is where all the “magic” is happening. A rule of thumb to follow for social media is to be authentic and true to you as well as to your brand. Your audience can smell pretense a mile away and the moment they detect signs of false promises, your brand is negatively affected. To create a direct contact with your audience, make sure you reply to messages as often as possible. By doing this, you are building a loyal audience for yourself and letting people know that you are open to feedback! Social media is tricky and done right, it can help your business grow in leaps and bounds!
2. Leverage influencers
Influencers are the new flavour in the field of online marketing. If you are looking at a way to increase the online presence of your brand without taking years to build your audience, then influencers are the way to go! Find the right influencer in your niche so that you target the right audience. It is not just about spreading your message. It is about spreading your message to the right consumer base. If you can do this properly, then you can reach a sizable audience for not much money invested when you think about the potential profit it can return.
3. Be different
“Be you. Everyone is already taken.” How many times have you heard this and why does it ring so true? Simple answer? It is! Everyone is already taken, why do you want to sing the same old tune over and over again? With social media being social media, there us the chance of being different by being you. Be original and quirky and uniquely represent your business through advertising and marketing. Show everyone not only why your business is awesome, but why it is head-and-shoulders above everyone else.
The world is constantly growing and with change, comes innovation and creation. No matter what marketing strategy you use, if you do not have an effective sales funnel and optimize your conversions, you will just be throwing money away.
Women Entrepreneurs Who Rule With Their Crew
For generations, male dominance has overpowered every aspect of life. However, women have been working together and fighting the system. While movements like #MeToo and the Women’s March have been helping in empowering women, there is still a gap when it comes to female entrepreneurs. Women in lead roles are a rare phenomenon but when it does happen, everyone stands up to take notice. To stay sane in a forever competitive world, these five friendships are extremely crucial.
1. The Been There Done That One
When you are starting out as an entrepreneur, it is important to have a mentor by your side. When that mentor comes in the form of a close friend, it makes things all the more exciting! Since women face unique challenges in business, it is critical to have this experienced entrepreneur on your side to guide the way forward.
2. The Industrious One
There are friends who talk business and those who avoid the subject entirely. When starting out, it is important to have that one friend who knows the in and outs of the business world. Not only can you geek out together, you can also stay up to date with everything in the world of business and commerce! An added bonus? This friend can keep you sane through the tough times, especially when it seems like no one else understands what you are going through!
3. The One Who Everyone Knows
There is always that one friend who seems to know everyone or who is known by everyone. This particular social butterfly will help you expand your circle in ways you did not know was possible. A friend like this is important for every female entrepreneur to have, giving you the opportunity to grow and expand your business like never before!
When growing, it is important to surround yourself with people who have your interest at heart. Identify the females you need to add to your circle. Then start building those relationships one brunch at a time!
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