Being an entrepreneur can be tough. You make critical decisions daily and at times, without a buffer to cushion any errors. Resources are limited and must be allocated not only efficiently but with effectiveness to ensure success. It is no wonder why 80% of small businesses fail in their first year. Entrepreneurship can be a ruthless endeavor.

At Silver Lining, we set out on a path to figure out why 80% of small businesses fail. We conducted four hundred interviews and working with small business owners; we discovered that small businesses fail because they neither have enough time nor money. Due to resource limitations, small businesses need more time to make money and more money to make time — this tug of war results in planning paralysis and action frenzy, ultimately leads to failure.

Before we get into the key to your success, let us take a look into Aesop’s fable of the Fox and the Cat. The fox boasts to the cat that he has hundreds of ways to escape the hounds while the cat admits he has just one. When the hounds start approaching them for capture, the cat immediately puts its escape plan into action. However, the fox, on the other hand, starts pondering which of his escape actions plans to use. While trying to figure it out, the fox, of course, gets caught by the hounds. The moral of the story is simple: Always better to have one safe way than a hundred on which you cannot reckon.”

Aesop’s fable illustrates what we believe is the biggest hurdle for most entrepreneurs, their mindset. To be successful in business, you need clarity and one action plan. Lack of focus spreads you thin, and in the end, you will hardly get anything done. Take a minute and answer the three questions below and escape the hounds of stagnation or worse, failure.

1. WHAT you do?
2. WHO you do it for?
3. At what SCALE?

What do you do? Seems like a simple question to answer, doesn’t it? However, most small business owners will react to negative external pressure on their business by quickly changing their product or service offering. Constantly changing what you do will only end up confusing your clients, diluting your brand, and will result in more harm than good. Having such a mindset that lacks clarity on what you do, will affect your long-term planning and decision making as you will blow wherever the wind takes you. Make sure you are clear on what you do and stick to it.

The next question to ask yourself is, who do you do it for? This “individual” is your ideal client, the “person” who is happy to buy from you, talks about your business positively and refers other people to your business. Once you know who matters to your business, you can easily make decisions on whether an opportunity is a right fit for you or not, and if it will help you get closer to these people. Entrepreneurs tend to take every chance they get to market their product to make sure they are not losing out on potential customers. Attracting these people towards your business will probably do more harm than good and will be a waste of resources as the effects will be limited compared to concentrating on your ideal client.

The scale you operate on is the market size your business will cover. Are you looking to reach people on a global, national, or local scale? It determines your strategy-setting process and your financial requirements, and it means you won’t waste your resources on markets that are irrelevant to your business growth.

Once you are clear on the above, it’s now time to put a plan in place that is guided by your answers. By plan, we don’t mean a business plan but an action plan. Your action plan breaks down your big vision into a one-year goal to quarterly goals to monthly action items and then finally weekly to-dos. This action plan will guide towards connecting you with your ideal client, get the sales that will allow you to hit your financial goals.

Carissa Reiniger

New York, USA
Founder and CEO, Silver Shining

Bio:
Carissa Reiniger is the Founder & CEO of Silver Lining Ltd. She started Silver Lining in 2005 and created the Silver Lining Action Plan – SLAP! – a methodology that has helped over 10,000+ small business owners in 14 countries set – and hit – their growth goals. She is on a mission to help more small business owners make money doing what they love because she genuinely believes that we CAN change the economy one small business at a time.

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I remember my favorite childhood story – Alexander and the Terrible, Horrible, No Good, Very Bad Day. Of course, many more stories have captured my attention since then. And we all like a good story.

 

Stories have now crept into marketing and advertising with increasing frequency. If you still watch television, for example, you have probably seen stories of Progressive Insurance Company’s Flo, or Afleck’s Duck, or Geico’s gecko. They even have their own social media pages.

Speaking of Social Media

 

Most of us have personal media pages with news feeds that are updated almost minute-by-minute. When you access your page, you scroll down, probably read short posts from friends and family.

 

But then come all of those ads – if you have searched for items online; if you have accessed a website looking at products or services, all of a sudden you are inundated with their marketing posts. How do you feel about that?

 

Chances are, you find them irritating and a bit intrusive. You scroll past them, often choose to hide them and check those boxes so you won’t see them again.

 

Don’t be like those advertisers. Don’t be that company that irritates its contacts.

 

You can bring something fresh to the table. You can use storytelling to engage your contacts and leads. Tell stories rather than advertise. Let your brand be the one that prefers to entertain, inspire, and occasionally educate through storytelling. You can still establish brand awareness but in an enjoyable way.

 

How-To Guide for Storytelling

 

1.   Understand the elements of a story

 

Every story you have read has certain elements. Before you craft your story, jot down the elements. This will provide an outline for what you will ultimately produce.

 

●      People in a situation of some sort. There may be a problem they need to solve, there may be a conflict of some sort, or there may simply be an experience that they are relating through some “journey” they took.

●      A plot. This is the sequence of events as they occur in that story

●      A conclusion or a resolution. The problem is solved; the conflict is resolved, or the “journey” ends with some type of comment on how that ending came to be.

 

Keep these three elements in mind as you think about the stories you have to tell that relate to your brand.

 

2.   Who are Your Characters?

 

You may have a single character like Flo from Progressive and minor characters that “support” the story.

 

The character may be you as the founder of your company, telling your story or something else about yourself.

 

The characters may be your amazing team in your work setting or involved in some event

 

The character may be a customer who is thrilled with your product or service.

 

3.   What is the Plot Line?

 

You need to have a point to the story, and that point is made through the plot. Jot down the plot sequence.

 

Suppose you are telling the story of why and how you founded your company. List the points you will include in that plot.

 

Perhaps your company has participated in an event. What was the event? How did you make the decision to participate? What was your participation from beginning to end?

 

If you are focusing on a customer, how did that customer come to you? What problem was the customer looking to solve through your product or service?

 

4.   What was the Ending?

 

Is your business successful? Did the event end well? How did your team feel about its participation? Is the customer happy with the product or service purchased?

 

Some Examples of Brand Stories

 

Headbands of Hope: A For-Profit Company with a Cause

Jessica Ekstrom, following a college internship, determined to go into a business that would in some way serve children battling cancer. She founded Headbands of Hope, a company that originally sold headbands with a one-to-one business model. 

For every headband sold, one would be donated to a child who has lost her hair as a result of cancer treatment, and $1 would be donated to children’s cancer research. The producing line has expanded, but the original mission has remained the same. The products are also now sold in retail stores. The stories of how the company was founded, of children who have been recipients of headbands,

 

A typical Facebook post:

There is a strong human need to “do good,” and any company that can support a worthy cause will have lots of stories to tell about that support.

 

Red Bull – Extreme Energy and Sports

 

Red Bull has many stories to tell, primarily because it sponsors so many extreme sporting events.

 

And this example also shows that stories are often told via video. This particular post got 48m likes:

ModCloth –
A Retro Millennial Women’s Clothing Line

Here is a site that heavily focuses on customer
stories. From this, you can see that stories need not be long – they can be
short snippets of a customer’s experience:

What stories might your customers have that you can post? Probably many.

 

Story Marketing Strategies

 

Your brand has its own stories. Start developing a list of them as well as ideas for future stories.

 

Here are the types of stories that will personalize your brand, demonstrate the value of your product or service, and build trusting relationships with consumers.

 

Your Customer Testimonials

 

No one really wants to read customer testimonials that are published on websites. Consumers are suspicious of them.

 

But they will not be suspicious of a “testimonial” that is accompanied by a photo or video of a customer telling his/her story. This is powerful social proof, especially considering that about 75% of consumers do listen to word-of-mouth recommendations.

 

Solicit stories from your customers, and provide an incentive for them doing so.

 

Featuring Your Team

 

This was mentioned above, and, again, this type of storytelling humanizes your brand. People relate to other people far more than they do to still images of products.

 

Group shots all by themselves tell a story without any words – this is why Instagram is utilized by so many brands. It is a visual platform, and consumers prefer visuals to words.

 

Featuring Yourself

 

You don’t always have to tell stories about your founding. Give followers a peek into your “other” life – hobbies, activities, your dog, etc.

 

You begin to look like everyone else, and that’s a good thing.

 

Types of Content for Social Media Storytelling

 

You have two options – text and visual.

 

Text

 

If you plan to use text in your storytelling, then you need to be a creative storyteller. It’s tough to hold engagement with words. You probably know this, at least from the boring stories and novels you may have been forced to read as a student.

 

Journalists are good storytellers. They know how to capture attention with stunning headlines and ledes, by breaking up stories into little chunks and by covering all of the above-mentioned elements.

 

Visuals

 

Here, you can tell stories in such a large number of ways.

1.   A single photo can tell a poignant story. Think of some of the artwork you have seen that impacted you. Photos can do the same.

2.   A collage of photos can tell a longer story; so can a slide show

3.   An infographic can tell a story that needs data or other factual information

4.   Videos are obviously a great way to tell a story, and consumers actually like informal ones better than those professionally produced. There are also professional videographers that can make your videos appear quite informal, featuring you, your team, or a combination of photos/videos that your customers may have submitted.

 

Become a Storyteller

 

Creating engaging stories is actually fun. And as you get more accustomed to crafting those tales, you will come to be a better storyteller and enjoy it more.

Get busy identifying those things about you, your brand, your team, your customers, and your product/service that can be woven into engaging stories.

Kristin Savage

Author

Bio:

Kristin Savage nourishes, sparks and empowers using the magic of a word. Along with pursuing her degree in Creative Writing, Kristin was gaining experience in the publishing industry, with expertise in marketing strategy for publishers and authors at StudyClerk. You can find her on Facebook.

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“Entrepreneur” as appealing as the word sounds, the journey may not be a cake walk. An entrepreneur starts and executes a plan solely and strives hard to achieve success. Today, we have successful men and women who have made a mark in the industry as promising businesspeople of this competing generation. Entrepreneurship has been specified as the ability to make decisions regarding the establishment, operation, and development of any business, and implementing the decisions. There are many factors that affect entrepreneurship as a part of a successful journey.

Attitude:

The person with high ambitions helps himself to become a big entrepreneur. Similarly, if a person has the attitude to work as an entrepreneur, only then he can achieve success. You must be patient and ready to continue even you lose the first battle. It is important because the war is still not finished. Self-confidence is a significant and key success factor for entrepreneurs.

Qualities:

The entrepreneur having qualities of immense imaginations, maturity, optimism, foresightedness, ability to bear risks, efficiency, self-confidence, leadership ability, dynamic thinking, hard work, honesty, etc. is sure to achieve success. Persistence is simply a refusal to give up for something, or ability to keep your actions against your personal feelings that you’re not ready for these actions. Feelings and motivation didn’t produce results.

Team Player:

Nobody can achieve anything alone so, this is also true for you as an entrepreneur. As an entrepreneur, you must be a team player for your own and your business success. The personal factors of an individual also influence his spirit of becoming an entrepreneur or not.

Resources:

An entrepreneurial journey starts with an investment. Be it, time, money or skills, you have to invest all that it takes. Various government policies like the Economic policy, Taxation Policy, Import Export Policy, and Licensing Policy etc. affect the development of entrepreneurship or entrepreneurial. Sometimes experience is in a category not so required as a factor, but it is something that will increase your business potential energy. As an entrepreneur, you must employ all present and previous experience you have in the business that you are building.

Willpower:

A will to succeed, a will to be an over-achiever, a will to be strong amidst failures is a strong quality of a successful entrepreneur. Being a risk taker and the ability to gauge the circumstances of risks, adds up to the attributes of an entrepreneur. Honesty is vital in every case. But sometimes honesty, being real, can be the most significant enemy of an entrepreneur in some complex conditions.

Experience:

Experience indeed is the best teacher and when you learn practical lessons from the book of life you are skilled to lead the show. Sometimes experience is in a category not so required as a factor, but it is something that will increase your business potential energy. As an entrepreneur, you must employ all present and previous experience you have in the business that you are building. Your expertise add value to the business that will stimulate the growth of your business. Experience is a distinctive factor because you are the only businessperson out there with your experience.

Entrepreneurs are setting a benchmark in the business world today with their new trends, innovation and creative ideas that are redefining the industry

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The post Entrepreneur is a Sole Road appeared first on | Beyond Exclamation.

Visualization is important to gain attention:

The past few decades have witnessed several means of customer engagement through interesting blogs and animated videos which reflect the various aspects of the product. However, times have gradually changed and in course of time, the choices and the preferences of the audience have also changed, the organizations need to keep up to their expectations so they need to analyze the changing patterns of the customers.

This is the primary reason why the live streaming videos have gained importance over the medium. Nowadays, the audience is interested towards watching the content rather than reading through it. According to resources, live videos are indeed a better option to engage the customers because it takes comparatively lesser time to watch and the product and its related features are properly explained in the short span of time. In the live videos, the customers gain a greater amount of opportunities to interact with the organizers or the authorities, thus creating a direct path towards an enhanced and smooth interaction. In such videos, there are spaces created specially to instigate conversations and through this, the customers can directly clarify their doubts by asking various types of questions.

According to resources, more than 80% of the generic audience prefers to watch a video than going through a post, and the inculcation of such videos also initiate a better image of the brand. Brand development is another major concern of most of the organizations and in this process; the live streaming videos play a pivotal role.

Most of the organizations tend to follow the trend which is popular in the recent market and with regards to this matter, the live streaming videos are a better option than any other strategies of marketing the product, this is the major reason behind its popularity.

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How is social learning outperforming remote learning:

Even when an employee is sent for a remote learning session, the entity makes sure that the particular person is connected virtually with them so that there is a proper balance with respect to the work and also to make sure that the person does not lose his or her interest while working. However, if we consider the aspect and the importance of social learning, it can be stated that this act has a prolonged effect and influence on the people. Considering social learning through the traditional way, it is obvious that this method is extremely popular as people find their comfort zone with the other co-workers and seniors; this is the main reason why they are interested to learn more and to absorb more amount of knowledge.

The effectiveness of social learning has not at all decreased in the present era. On the other hand, it has gained a new shape and form after the evolution of the renowned social media platforms. Through these virtual platforms, it is comparatively easier to engage the people and this process does not involve much complexity. This is the reason why a majority of the organizations prefer social learning over the simple remote learning; rather they are blending both methods to initiate a smooth conversation. For example, the entities are nowadays implementing the social learning in the remote learning with the involvement of the virtual groups or forums through which one can gain knowledge, being at any place at any point of time.

With the changes in the current and the upcoming trends, it is believed that these new introductions will result in a refined work environment which will lead to a desired rate of production.

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Embracing live interactions over social media:

Irrespective of the fact that the social media platforms are gaining importance each and every day, no one can replace or rule out the need for live interactions. This is because a trust factor is associated with the in-person interactions. If we consider the major strategies which rule the business world, then one should also know that these strategies are flexible as they tend to change with slight variations or manipulations in the market.

According to resources, the business-centric communities have discussed and decided on the fact that it is better to go ahead with the live conversations that depending entirely on the social-media platforms. On the other hand, there are several organizations which implement social media into their operation, the fact and the analysis depends upon how much the organization is moving towards profit by adopting a certain policy, this is how strategies change in the business world. However, a majority of the people have accepted the fact that it is a wiser decision to implement social-media in the form of a fine blend. For example, the organizations can choose to continue their live interactions with the help of social-media paths such as video conversations, live friends are other available apps.

While increasing live interactions with the help of social media, there are ways through which the balance can be maintained and both the methods can gain their importance in an equal manner. Thus communities have decided to opt for live interactions rather than entirely depending on social-media for their important interactions.

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YouTube: The Virtual Remunerator: Earning money through internet has gained huge momentum in recent years. There are so many versatile ways in which one can make money online. From getting paid through blogs to selling products through websites, from social media marketing to Cost per Click (CCP) Payments, the scope of online income is phenomenal. More and more people are looking forward to making income through web, which in turn is often yielding huge profits.

A video blog, popularly known as vlog, is a personal channel on the internet in the form of videos. Vlogs may come in the form of varied content such as vines, beauty advices, food recipes, travel and tourism, entertainment news and many more. YouTube, the most renowned video sharing website, allows video bloggers to make significant profits through impressive content creation. For every 1000 likes on a video, YouTube pays $1. In order to make money through YouTube, the video content must be spectacular enough to attract viewers in magnificent numbers, as YouTube earnings are solely dependent on views.

Some of the successful YouTube bloggers of recent times are Bhuvan Vam, Carry Minati, Sejal Kumar, Ashish Chanchlani and Prajakta Koli. Bhuvam Vam’s YouTube channel ‘BB ki vines’ has gained immense popularity with more than 8.6 million subscribers and millions of likes per video. No wonder he earns in lakhs in just a month. Sejal Kumar, with lakhs of subscribers and crores of views, is also earning stupendous. Sanam Puri and Vidya Iyer have won hearts worldwide with their voices through their YouTube channels. They are the self-made YouTube celebrities.

YouTube also gives scope to market products through videos. This provides a dual advantage of product promotion and viewership. Kids and pets are often engaged in creating outstanding video content which in turn helps to gain views. The videos of the twin baby sisters Emma and Mila are a recent example. The babies captivate the viewers with their irresistible cuteness and charm. The videos of the Boo dog can be cited as another prominent instance.

Revenues through advertisements also boost YouTube earnings, by ads being hosted on videos. Daniel Robert Middleton, better known as DanTDM, is the highest paid YouTube partner with his annual income reaching $16.5 million in 2017. Middleton’s YouTube channel covers video games, including the popular game Minecraft. The six year old kid Ryan Toys Review has made an income of $11,000,000 in 2017. Some other highest paid YouTube vloggers last year were PewDiePie, Smosh, Markiplier, Vegetta777, Holy Soy German, Lilly Singh and Tyler Oakley. Some Indian YouTube bloggers who earned highest in 2017 are Bhuvan Vam, Sandeep Maheshwari, Nisha Madhulika, Varun Pruthi, Geeky Ranjit, Puja Luthra and Carry Minati. Channels like C4etech, Technical Guruji and Kabita’s Kitchen also made noteworthy gains.

The key to successful video blogging is defined by one’s creativity, backed by utmost patience and dedication. Self-belief is also an important ingredient in the recipe of success. Self-belief yields confidence, which helps to overcome challenges with utmost zest and vigour. With millions of video bloggers trying to grow through YouTube, the best vloggers stand the crowd and keep fascinating the viewers with their enthralling performances.

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Imagine, you have a couple of offers in your hand. One from a reputed MNC with a “tasty” package. The other from a visionary startup with a lower salary but with a mission to challenge the status quo. Your left brain tells you to take up the MNC job and chuck the startup. But, your ‘guts’ tell you to take the plunge and dive into uncertainty, i.e., go ahead and work with the startup. There can be some unquestionable reasons to go for a startup job instead of a standard corporate one. Working for a startup mostly involves working with a very small team whose number would be in single digits. Each member of the small group often has unique skill-sets and expertise . This motivates each employee to perform with a feeling of responsibility and interest and be the owner of his own work, unlike a corporate job.

Besides responsibility, a startup culture is constant fun and hustle. The company can have parties for every new sale the company makes or when a new employee joins the boat. Most of all, there is a feeling of being in a family where one does not need to worry much about ‘corporate etiquettes’. It’s hard to calculate how much one learns in a startup. It’ll shape one into a business professional with varied qualities rather than a corporate professional with a limited set of skills.

If one is joining an early-stage startup, he will probably receive some ownership in the company in the form of ESOPs. This enables him to think of it as his own company which in turn gives him the drive to act towards its progress. No MNC will provide stock options to an employer unless one is hired for the C-level or V-level.

Start-ups will hear your opinion and will act on it as well. In a startup, one’s thoughts on a subject are always respected irrespective of the domain. No one is confined to his own domain. There can be better understanding of how the business works and work be aligned accordingly. Whereas in an MNC, one will have knowledge on a need-to-know basis.

Constant interactions with the top management, investors, thought-leaders, mentors and the startup community will ultimately contribute towards one’s personal growth. Needless to say, the essential part one is playing in startup will help one become a better version of himself, every day.

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An Entrepreneur is not only a founder of a company or organisation, but also a founder of exceptional beliefs, ideas, strategies, and execution plans. As an entrepreneur it’s not easy to be a founder of a company, and not only founding a company but also making a good structure of the company. Employees take inspiration from the Entrepreneurs; similarly he/she has to carry all the good abilities. An entrepreneur must have a charming personality, otherwise in the market of competition he/she might fail to exist. Founding a company is very easy nowadays but taking that company in the highest position is the cheif responsibility of an Entrepreneur. The French word “Entrepreneur” which means one who undertakes is very common word now-a-days, but before a decade it was a very rare word. So, the Entrepreneur is the captain and the main face for a company.

An inspiring Entrepreneur can easily acquire their customer over a cup of tea. The journey from a first-time Entrepreneur to a successful one would be like a long-term marathon running, but there lies a Success-Boosting Motivational Story with daily physical-mental struggles, fear of failure, rejections, searching for motivation and much more. A self-made man’s inspiration is profoundly personal and arises from what is important to you and what drives you. But no matter where you discover it, it is often an essential part of what keeps you going when times get tough.

Often, when businesspersons make the bold leap from a wage earner of a corporation to the frontrunner of their own business, one of the first challenges they face is no longer having a person or group of people above them to set his goals, deadlines and incentives. Then the burden of encouragement becomes a task of self-motivation. This can be perplexing for many, especially when the experience is new and the entrepreneur is disbursed with working in the business. But with a stern resolution of staying focused on the business and wanting to make the difference can change the thought to an achievement. It requires time, dedication and practice — just as you would expect from a business.

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LinkedIn is an extremely professional platform in which one can gain effective resources such as job offers, notices for vacancies, online endorsements, and much more. If we consider the entrepreneurial point of view, LinkedIn is indeed one of the best platforms to unleash the hidden talent. In a nutshell, every individual who has the mindset to do something productive in his or her life, this platform is undoubtedly the best opportunity for them.

How does LinkedIn work?

The concept of LinkedIn resembles the creation of a spider-web. After creating a profile on LinkedIn, one needs to identify and connect to his or her known circle and forming that boundary, his or her contacts will be spread to other people of related domains. This gradual expansion is similar to the process in which a spider forms its web by joining every bit with extreme care.

If we consider an employee’s point of view, LinkedIn is beneficial, the candidate will get ample opportunities to explore the potential recruiters through the network which is formed. Apart from this, he or she can also present their profile in such a way which will attract the recruiters.

This is a fact that this platform is solely meant to facilitate the professional world. Thus one can find that the basic requirements include an online resume, a sophisticated picture, brief details about the past as well as the on-going projects and much more. One can receive subsequent endorsements with the help of this site by forming connections with desired people. It is perhaps the best platform to enhance the process of market research with respect to job vacancies, it is a fact that the way LinkedIn operates, it influences its members to present their profile in such a way that they will have greater chances of getting recruited.

Thus, from the job seeker’s perspective, it is very important to know the proper use of LinkedIn, one should not add irrelevant information which will lead to adverse effects on their professional life. It is better to leverage out of this site in the most appropriate manner possible.

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