Visions of entrepreneurial success and the idea of being one’s own boss are tempting for professionals tired of the 9-5 grind. But the entrepreneurial journey is laced with challenges that demand a wide-ranging skillset and seasoned problem-solving skills. Many budding business owners make haste with their startup plans, failing to prioritize research and capacity-building.
Do you know that 9 in every 10 startups fail to survive beyond their second or third years? 2019 witnessed a 90% failure rate for startups, and the pandemic toughened economic conditions resulting in aggressive market dynamics. Businesses vying to expand and grow in 2022 need to focus on creating value, credibility, and trustworthiness in the marketplace. But how?
Keep reading to discover time-tested entrepreneurial secrets to build market value.
Develop a Wide-Ranging Skillset
Gone are the days when startups were launched in garages with entrepreneurs yielding little or no business expertise. Modern-day corporate sectors are volatile and aggressive, demanding wide-ranging skills to tackle many challenges.
Technologies evolve by the second, and corporate sectors are overwhelmed by disruptive technological advancements.
Entrepreneurs combat diverse and unprecedented challenges, such as managing a remote workforce, preventing cybersecurity risks, and satisfying digitally savvy customers. Business owners need digital literacy, financial acumen, analytical reasoning capabilities, problem-solving skills, and sustainability-focused mindsets. Unless you run a large corporation with a billion-dollar payroll, you don’t have the luxury to rely on others’ expertise and skills.
Lacking financial skills makes you reliant on your accountant, setting the stage for financial fraud and embezzlement. Likewise, lacking digital literacy and expertise creates technology adoption disadvantages for your company. We advise entrepreneurs to pursue a general MBA program from a reputable business institution using e-learning platforms. Online learning offers flexibility by making higher education programs more flexible and realistically achievable.
E-learning platforms allow business owners to complete their corporate training with accredited MBA programs without demanding challenges.
The limitations and burdens of brick-and-mortar classrooms deter millions from adding an MBA to their resume. But e-learning programs combine accessibility with affordability.
Pursuing an MBA is the most straightforward route to developing wide-ranging skills and specializations that align with your company’s core interests.
MBA curriculums combine textbook learning with real-world exposure to develop core competencies to grasp global business opportunities. Students learn sustainable supply chain management, inclusive leadership styles, digital literacy, financial insight, and competitive corporate skills.
Higher education allows entrepreneurs to power their businesses with interdisciplinary skills and masterful problem-solving capabilities.
Understand & Connect with your Consumers
Consumers have the power of making or breaking a company, whether you sell products nationwide or provide services to small communities. Growth and expansion will naturally follow if consumers are happy and eager to connect with your brand. But if consumers are dissatisfied and vocal in expressing their displeasure, survival can prove challenging.
Understanding and connecting with your consumers is the most powerful secret to creating value in the marketplace. After all, businesses create value for their consumers to build lasting connections and inspire brand loyalty. Market research is of the essence in understanding consumer preferences, needs, and inclinations and personalizing buying experiences.
Modern-day consumers adore personalization and refuse to settle for brands that don’t personalize their experiences. Big tech brands like Amazon, Netflix, Google, and Meta fueled the personalization trend. These tech giants deploy artificial intelligence (AI) to identify consumer interests and personalize suggestions and experiences. It may seem like a billion-dollar investment, but AI-based personalization tools aren’t as expensive and out-of-reach as most small business owners assume.
2022 is a ground-breaking year for artificial intelligence, and entrepreneurs can explore multiple solutions to harness AI-based tools. Connecting with your consumers using automation technologies will help you generate value and build personal connections.
Humanize your Brand
Does your brand attract its audience with the human touch? If not, your brand will fade away when a more formidable, trendier, and appealing competitor comes along. Why do we have such profound and memorable connections with iconic brands like McDonald’s, Nike, Gucci, or Starbucks? Aside from their product offerings and rich consumer histories, these brands have powerful human elements to engage their audience.
Social media platforms offer multiple avenues to humanize your brand and inspire your audience with your entrepreneurial journey. Many millennial business owners use Instagram stories and live sessions to share their accomplishments and maintain candid transparency around their failures.
Modern-day consumers are sensitive, conscious, and willing to support brands that uphold social and ethical values.
Humanizing your brand and sharing behind-the-scenes operations will help you build credibility and inspire consumers to develop long-lasting connections.
Word-of-Mouth Advertising
The age-old tradition of word-of-mouth advertising is just as effective today as hundreds of years ago! Consumers trust consumers more than they trust marketers, advertisers, and brands. In fact, modern-day consumers are increasingly skeptical of branding and promotional efforts, demanding transparency through customer reviews. A customer’s negative review can result in thousands of dollars worth of lost sales and customers. In contrast, a positive review on a social media forum can result in thousands of dollars worth of revenue and new customers.
It’s a straightforward dynamic, and entrepreneurs must learn to leverage its power to generate value and credibility. Consider incentivizing customers with discount vouchers and loyalty programs in exchange for reviews and referrals.
Final Thoughts
Generating market value and credibility demands ensuring customer satisfaction and combatting corporate challenges with interdisciplinary skills. Entrepreneurs must develop wide-ranging expertise in digital marketing and social media advertising to stay connected with their audience.
