The Modern Entrepreneur

Being a good entrepreneur and building a successful business often start with a good idea and little bit of luck, however as i have discussed it takes much more. Building a successful business takes a lot of hard work, determination, and vision which sets you apart from others trying to accomplish similar solutions. I follow and study many great entrepreneurs and while many of them accomplish things in different ways, and follow their own path to get where they have gotten, some of their insights, experiences, values, and strategies are remarkably similar. Mark Cuban, Richard Branson, and Steve Jobs have all built multibillion dollar empires very different backgrounds and mindsets.

All Entrepreneurs are different and have different ways of accomplishing their task, no entrepreneur tries to mimic another, otherwise they would be a follower and not leader. However there are things we can take from successful entrepreneurs that can be applied to building new businesses.

As i had mentioned before, vision is one of the most significant elements possessed by successful entreprenuers, and Steve Jobs most important element. Jobs believed vision could be applied to all aspects of driving a companies growth and spawning the product synthesis and value propositions we have come to expect from high quality apple products.

Richard Branson believes in sound fundamentals combined with creativity and risk taking can lead to major success. Branson’s Virgin empire is very fundamental when it comes emphasis on branding, customer experience, and communication. Branson does take risks and steps outside the box, but does so with great calculation and thought. He expresses great importance on having quality employees his mangers can delegate too, and providing those employees with a quality experience to promote loyalty within the company. Branson also believes in the proper selection of investors and finding investors for each particular business that are strategically compatible and can be used as an additional asset aside from just the capital provided.

Mark Cuban is another entrepreneur whose cutthroat mentality has made him successful. It has also made him despised by some and revered by others. Regardless he has built and managed many startups generating serious personal wealth. His first real message is Passion, do not start up a business unless you are truly passionate about it, and do not let passion cloud your need for a quality exit strategy. Cuban also agrees that hiring passionate people crucial. He also pushes each of his businesses to focus on their core strengths and exploit them, do not be to broad. Cuban also believes that when starting up a business, there should be complete transparency amongst management and all employees so there are no surprises and all issues are solved collectively which is very important to getting a business up and running.

There are no defining qualities that ensure success in building businesses, however there are certain qualities and experiences which almost all entrepreneur will encounter and each one can learn from.

In These increasingly difficult economic times it has been harder and harder for entrepreneurs to find financing for their business or startup. This is because banks and lenders have become more stringent on their loans often requiring guarantees, and a established track record. This type of environment is tough for the growing number of Entrepreneurs out there because it means fewer and fewer business plans are being accepted for funding. This is where Entrepreneurs must get creative and search out new sources of funding and alternative routes, aside from traditional bank loans.
In these times of uncertainty, comes real opportunity through modern technology and the growth of social media. Reaching out to investors has never been easier. While fewer Ideas may be funded as a whole, the availability and willingness of investors to put money to work has never been higher. With interest rates low and the emergence of new technologies, many professional investors are eager to fund businesses that are viable, leaving out many business plans which are undeveloped or considered very high risk.
When seeking funding in this current economic environment it is very important to assess your idea, strategy, and business plan carefully before approaching investors or crowdsources, so that risk appears to be minimized and investors feel comfortable with the thoughtfulness and viability that went in to an individual project. It is important to identify investors who have similar interests and find passion in what you are trying to accomplish, whether it’s a friendly investor (family and friends), an Angel investor , crowdsourced funding, or a professional investor who will scrutinize your numbers heavily. Regardless of the source of funding, an entrepreneur has the best chances of reaching their goal if they can, identify the type of investor, play to their heart and their interests, and outline their role. Thus it is important to identify this early on and list off potential funding sources starting with the most likely and most interested.
In todays social society, the most interested and passionate investors in your specific project may not be anyone close to you, or a professional investor. It may be everyone else in your position who is looking for that small everyday problem to be solved, which is why crowdfunding is so important.
Regardless of your venture, it is important to identify your investors and make sure you understand their wants and desires, because this will make them more likely to be effectively engaged not just in financing and the numbers, but the overall success of you endeavor.

Many Entrepreneurs have tons of ideas and broad thoughts making it hard to focus on that one singular idea that will transform their lives. In order for any business ideaor business plan to come to fruition, one must focus on the specifics and details that differentiate your ideas and gives successful ventures an edge by creating a positive atmosphere seen around successful brands. Secondly serious focus must be done within the business plans market research to continue that differentiation, setting your business and brand apart from your competitors.

The need for specialized focus while planning and mapping out a business plan has never been more evident than in todays fast paced business environment; where everything is very defined, customized and specified for each customer. While mapping out a new venture all elements from traditional marketing and branding to new age social aspects must be considered! Fine tuning that focus and executing your game plan is crucial, and must be clearly defined and thought through beforehand.

Over the past decade with the evolution of the search engine and digital marketing, one this is very evident. Search Engine Optimization (SEO) and web presence or web perception are hugely important to large and small businesses alike. The ability to put your product and information in front of consumers who are either looking for you product or are interested in things related to your product or service has opened up a new ballgame for young entrepreneurs and their marketing strategies. Utilizing the proper techniques and strategies by promoting a multi-channel marketing plan, utilizing both Organic (natural, unpaid, presence) as well a paid presence can make all the difference in the world.
Both methods have proven effective as a marketing tool, however as a young entrepreneur you must balance a budget, public perception, and utilize free marketing as much as possible. As a young entrepreneur you must do your due diligence on your target market and the demographics you are targeting, whether they respond to banner ad, or whether they prefer organic natural content that they can view objectively. Many people don not like paid ads or banner ads because they do not like to be sold on something, rather they like to form their own opinion and research on a product or service.
Utilizing Organic search is crucial, especially for a young entrepreneur on a small budget. You need to utilize tools Google analytics and other free resources to optimize your online presence and gain feedback. One main difference between Organic SEO and paid search engine marketing is the longevity. Pay per click and social media marketing are targeted and focused and can lead to positive results in the short term base on utilizing certain keywords and popular adwords. Organic SEO is the most effective if done correctly, for the long term, because it sets the tone for you companies brand and presence on the Internet forever, and provides the consumers the most realistic view of a company, and in their minds, the most honest view of a product or services. It is important to utilize strong keywords for the search of your company’s website, press releases, and positive reviews, to give your presence the most Organic feel.
Both pay per click and Organic SEO are vitally important to marketing plans and campaigns now and in the future. Each entrepreneur must study their budget and the ecosystem surrounding their product, its buzz, and the demographics it targets to decide the best course of action. Some demographics, like new moms may be more susceptible to banner ads and click ads as they browse the internet, while other users may be more inclined to research and find the real information on a product, resulting in very different shopping experiences and conversion outcomes.
Regardless of the emphasis you put on Paid search in a marketing plan, it is always important to make sure your organic presence and your online perception are positive and directed toward the view you wish people to have of your product or service, and whether you have a large or small budget, there are free tools and programs available for everyone.

Marketing has undergone a major shift in the last five years with the explosion of the digital age and the significantly increased access that consumers have to Internet, with smart phones, tablets, and the advancements in wireless networks. This new technology and the new found love for social networking has led to marketing revolution and a seismic shift in corporate marketing budgets, but also has led to many opportunities for small businesses and young entrepreneurs alike. Many young entrepreneurs have seen this trend grown, watching the shift importance to digital and internet marketing from traditional television, print, and radio advertising. Such modern technologies and tools such as Search Engine Optimization (SEO), Pay Per Click (PPC) , and paid Banner Ads, marketing techniques have improved demographic targeting and customer focus, allowing businesses to engage customers who are in search of their product already, in a more cost effective and efficient manner. The development of social media from, Twitter to Facebook, has improved this technology and has allowed for small businesses and major corporations, to be competitive and have access to similar marketing channels.
The best part about this new technology for young entrepreneurs is that much of it is cheap in comparison to older models of developing an entire print or television ad campaign which would be costly and consume many more resources and time. Today many entrepreneurs can do things are their own, by optimizing there companies websites, products, and services on all search engines. You can run ads on Facebook and twitter to focused demographics. There are many free tools that can help any entrepreneur analyze and boost your company’s performance online. You can utilize tools such as Google analytics, Site-Perf, Crazy Egg, and many more which can help you with the optimization and market research to better understand not just consumers, but also competitors. Another huge trend that entrepreneurs should take advantage of is the Q/R code generators and the ability to connect with users in person as well as digitally. Websites like QRStuff.com among many others can provide you with barcodes which can be distributed physically and strategically to provide a physical medium between customers and the digital world. These can provide business owners and customers with a medium to share, connect, provide information, deals, and interaction on a whole new level.
Many young entrepreneurs have watched these trends develop and will be able to maximize their growth and impact on their market space with the utilization and efficient application of these tools which are available. Every entrepreneur should carefully examine the many options available and not leave any on the table which could give your business an edge in the increasingly competitive landscape of digital commerce.

As a young Entrepreneur you should look to do things effectively and efficiently, two areas where both Apple and Amazon excel as far as distributing, marketing, and monetizing content. As I talked about previously, there are many platforms for content providers to distribute their material both free , with a fee, and some with deals along the lines of traditional publishing deals. Obviously products and services vary among all of these, whether it is from Apple and Amazon, or Hulu and You Tube, or something else.
Apple and Amazon have set themselves apart, being the largest and most popular digital publishers and distributors in the World today. They can provide a platform which is easy to access, distribute and market through. Through each avenue of entertainment whether, print, music, video, or applications ( Apple: iphone / Ipad) ( Amazon: Android, kindle, etc.) these platforms can generate content for almost anyone. What sets these two apart is the fact that you can market and distribute content in a cost effective manner, and you can pinpoint consumers much more efficiently by understanding consumers preferences and desires. Another major advantage is the ability to directly monetize your content! Apple and Amazon offer songs in the range of .99 cents to $1.29, they have e-books available at a variety of prices generally cheaper than the physical copy, and movies available for rent at $5.00 or Digitally in HD or standard definition for a price also less expensive than physical copies. This is a benefit that other mediums such as YouTube and Hulu have yet to perfect, trying to properly gauge ad revenue, or monthly fees, it is possible for these to be successful, but is much more difficult to specifically monetize.
Even though Apple and Amazon are technically two very different companies, one being a technology / computer company, and one being a pure online retailer who specialized in selling all products from music, to food, to clothes, and more. Besides the fundamental differences of the company, their futures are very closely related in the digital content arena. As young entrepreneurs it is important to take advantage of these distribution mediums and conduct their businesses as effectively as possible. A hybrid strategy utilizing multiple platforms may be the answer, but it will depend on the specific product and opportunity, and each entrepreneur will have to make that determination on their own understanding the benefits, and the dynamics of their consumers and target demographics.

The Relationship between Content providers and publishers used to a lot more one-sided. Publishers and Distributors have traditionally always had the leverage on new content providers and writers who don’t have a proven track record. Many writers, musicians, and artists in general would have to give up the majority of their financial stake in their product just to insure it would enter the proper traditional distribution channels, because of the investments required to have products physically produced, and distributed to brick and mortar establishments which would also then take a cut of the bottom line.
As a young entrepreneur the digital age is a tremendous benefit to young writers, musicians, game developers, film producers, and any artist in general. The digital age has a given the content providers and creators the power to monetize and produce their products on a variety of digital mediums which have proven quite effective with consumers even preferring digital content on the many devices they utilize daily from smartphones, to tablets, to e-readers, to their computers, and even new smart televisions, and gaming consoles. The possibilities are now not just endless, but expanding every day. Entrepreneurs and Artists alike now can just as effectively if not more effectively market and distribute their products through the likes of Itunes / Apple TV, Amazon (create space), You Tube, Pandora, Bit Torrents, just to name a few. These channels can market and distribute content efficiently maximizing profits and allowing to even offer lower prices, because there are no added costs of production, materials, and companies taking a cut at each level of the supply chain.
Entrepreneurs now only need to worry about small fees for certain channels like Amazon and Itunes, or they can utilize free channels like Vimeo, Youtube, Film Buff, Hulu, Meta Café, and Pandora, and can even generate additional ad revenue through such mediums, as well as create a greater presence for you personal brand.
The digital age is creating many opportunities for young creators and entrepreneurs and will continue to become a greater opportunity as long as you know how to monetize such content and manage consumers expectations.