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How To Grow A Small Business

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How To Grow A Small Business

  1. 1. Integrated Corporate Services Limited Oyakhilome
  2. 2. Deciding on a ?
  3. 3. • Characteristics of a Successful Entrepreneur • Step-by-Step Approach – Decide if you really want to be in business – Decide what business and where – Decide whether to start full-time or moonlight • Selection Strategy • Things to Watch Out For • Required Activities – Comparative Evaluation – How to Evaluate a Specific Business you have in Mind – "For" and "Against" List – Get Completely Qualified • Decision Time
  4. 4. Characteristics of a Successful Entrepreneur. • Guts: o you must have an entrepreneurial instinct. o You must have an overwhelming desire to have your own business. o You must have the guts and dedication to be completely devoted to your goal. "Be able to sustain a financial commitment to whatever business you start."
  5. 5. • Brains: o Plan to start before you start it – Common sense combined with appropriate experience is the necessary brainpower.
  6. 6. • Capital: o You will need seed money of your own plus sufficient cash to maintain a positive cash flow for at least One year. (In some cases you don't need starting capital to hire other people because you might start by doing everything yourself)
  7. 7. Step-by-Step Approach Decide if you really want to be in business: You will be putting some (not all, hopefully) of your net worth at risk. You will run the risk of becoming eccentric, meaning creating a life that is out of balance, with working hours taking away from other pleasurable activities. There may be levels of stress you have not experienced as an employee/employer. Decide what business and where: Once you have decided you have the characteristics of a successful entrepreneur and that you definitely want to be in business, then you must decide which business is best for you and where to locate that business. Selection strategy is covered later on in this Session.
  8. 8. Selection Strategy Selecting the wrong business is the most frequent mistake that start-up entrepreneurs make. Here is a checklist to help you select a successful one:
  9. 9. Things to Watch Out For: • Impatience • Do not let overconfidence short- circuit you from analyzing your selection of businesses carefully. You must not fear of hearing the negative aspects; it is much better to be aware of them and face them early on. • Be realistic. Do not become lured by high rewards. They will come if you choose the right business and if you understand every aspect of the business before you open its doors. "To get ahead in this business you do everything to get the job done."
  10. 10. Required Activities The most common mistake and the most costly one is not picking the right business to begin with. This is the time for soul searching. IF YOU HAVE NOT DECIDED ON A BUSINESS, DO THIS: •On the top of a blank sheet of paper, write an activity you like to do (make this the heading). Do a separate page for each activity or interest you have. •On those same sheets list as many businesses you can think of that are related to that activity. •On the same sheets list all the products or services you can think of that are related to that activity. Use your imagination and think of every possible product or service you could do. •Make a list of businesses that do better in bad times (one may be appropriate for you). Some examples might be pawnshops, auto repairs and fabric stores.
  11. 11. HOW a FAST
  12. 12. Content 1. Startup Marketing 2. Developing Structure for your Business 3. 4 ways to Grow your Business 4. Managing Difficult Employees
  13. 13. Startup Marketing Getting off the ground floor
  14. 14. You have a new product
  15. 15. You want it to go viral
  16. 16. But traditional marketing doesn’t work
  17. 17. 1. Buy Ads Traditional 4. Make a 2. Get More Profit marketing Distribution machine 3. Sell More Buy Products
  18. 18. It doesn’t work because consumers have more choice and less time
  19. 19. It doesn’t work because startups don’t have the money
  20. 20. You need a marketing elevator to get your startup off the ground Push Button to: acquire users build a brand get recommended
  21. 21. 1. Build a remarkable product 2. Market to passionate influencers 3. Build loyalty through community management
  22. 22. 1. Build a remarkable product
  23. 23. “Something remarkable is worth talking about...It’s a Purple Cow… Remarkable marketing is the art of building things worth noticing right into your product or service.” Seth Godin
  24. 24. APPLE IPHONE
  25. 25. Remarkable is hard It takes time to Build
  26. 26. “A lot of times, people don't know what they want until you show it to them.” Steve Jobs
  27. 27. Let’s say you build a remarkable product so influential people can’t help but talk about it
  28. 28. The product is the marketing
  29. 29. But what if my product isn’t Google?
  30. 30. Watch, Listen and Iterate
  31. 31. methods Traditional methods + R.P.L
  32. 32. Emerging Methods...Social media Surveys + Usability testing Buy Ads Focus groups Get More Distribution Sell More Products Make a Profit Interviews
  33. 33. 2. Market to the passionate Influencers
  34. 34. 10% influence the purchasing behavior of the other 90% Malcolm Gladwell The Tipping Point
  35. 35. Where do you find the influencers?
  36. 36. Ask the question... Who do my customers listen to?
  37. 37. Hello, I’m GTBank And I bank with GTBank Reach the GTBank user... ...not the “I bank with GTBank user
  38. 38. Methods
  39. 39. Word of Mouth Marketing Evangelist Marketing Brand Blogging Viral Marketing Buzz Marketing Grassroots Marketing Product Seeding Evangelist Marketing Referral Programs Cause Marketing Community Mktg
  40. 40. 3. Build loyalty through Community Management
  41. 41. A happy customer is the greatest endorsement
  42. 42. Basically, it comes down to treat me well and I’ll return the favor
  43. 43. Be a talk show host... not a preacher
  44. 44. Methods
  45. 45. Give a great Give customers a voice experience Listen Foster customer reputations Engage the community
  46. 46. If you remember anything... Most successful marketing elevators are about making lives better
  47. 47. Developing Structure for your Business

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