It takes a lot to start a business and grow it to profitability, especially if you are a small business. Large organizations can easily outspend you in terms of PPC, SEO, SEM, and other digital marketing activities. And yet, look at the World Wide Web. It is filled with services offered by small businesses.
The reason being, it takes a lot more than
just a big budget to succeed online. Some of the basic tips include:
Having a functional website
Sharing regular industry updates and useful information through blog posts
Engaging with your users and having an active conversation through social media
A business school teaches you many critical
skills: broader worldview, strategic thinking, better time management,
self-discipline, problem-solving, amongst many others. It trains you to
understand theories and models and how to apply them to real-life problems. But
no matter how expansive your curriculum, it does not teach you much about
entrepreneurial success. When it comes to entrepreneurship, it is better
learned than taught. Perhaps this is why we have self-made billionaires who
dropped out of college.
While we all learn our own lessons through our
own experiences, here are 5 important lessons that no business school will
You took your idea and put it together in a
business plan. After long, grueling hours or market research, analyzing your
competition, coming up with prototypes, you’re finally ready to put this plan
into profitable business action.
You even have a plan to raise funds to get
your idea off the ground. But… before you proceed any further, you need a name
for your startup. Sure, you may have an idea or two but how do you know it’ll
Most entrepreneurs consider naming their
startup as the most undervalued aspect of their business. On the contrary, this
name is going to stick with your business for its whole life. It’s the most
valued aspects of your business. You need to get it right from the beginning.
Being ambitious is rewarding and challenging.
When you start small, it’s difficult to imagine the path that leads to becoming
the next Apple or Amazon. But you try. Being a small business owner isn’t easy.
You get too caught up in the daily battles, budget sheets, and market research
to take time out and think about the bigger picture. Peter Thiel’s must-read
book Zero to One addresses this concept in detail.
Peter Thiel argues that to change the world
and to shape the future, we need to think bigger. We need to go from nothing to
something, from zero to one. This is
where disruptive innovation happens. We need ideas that disrupt industries,
create new possibilities and change behavior.
All this sounds motivating, but where do you start?
Because of their size, small businesses are primed for growth. They are not too big for bureaucracy but are big enough to experiment, break rules and innovate.
So, how do you do that? These five steps can
Before you begin your business’ relationship with social media, you need a strategy—a plan of what you intend to do and achieve on social media. This plan guides your actions and helps you gauge whether you are winning or losing the social media battle. Every piece of communication you put out there and the engagement you get on it must serve a purpose. Continue reading →