Business lessons that are not taught in business schools

I have huge respect for these smart and suave MBA guys and believe me that they are the smartest people I have ever met in my life. But I hate when I am being told that you need to have an MBA degree in marketing to be able to be a successful entrepreneur. Yes, the MBA course does include some topics on how to build a profitable brand, what mistakes that you should be avoiding while promoting a brand and others interesting things but what I still believe is that these are not just enough. Theoretical knowledge can help you land on a good paying job but running a business is a different ball of wax altogether. You need to have practical experience and you need to make mistakes just to learn from it. This is the kind of knowledge that you may not find in your MBA syllabus. Here in this article, we are going to share the business lessons that many business owners have learnt the hard way:

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Do not stick to a single business plan always: Since we are living in a society where the perceptions of people are changing faster than the speed of light, you should embrace agile marketing. Your marketing plan should be as flexible as possible. If you stick to your business plan just because you have some emotional attachment with it, you are making a great mistake. I have seen innumerable companies that started as something but eventually emerged as something else. Now, would they be able to make it that large had they stuck to their business plan? I had great doubts on it. So, you need to change with the changes of the market in order to survive.

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Create your niche: I know how tough it is for you to make your mark felt as a newcomer when the market is already overcrowded. Since we are still in a recession, it is all the more difficult for a business owner to make his place secured. So, the only way out is to create your own market. Remember how amazon.com took a huge risk when they launched Kindle. There were not many takers in its early days as people were new to this concept. They educated people, taught them how to use it and now they are the market leader in the ebook reader niche.

Rebrand to Explore More: It is really tough for a company to launch and market a product which is not directly aligned with their existing brand image. This will lead to unnecessary confusion and therefore, it makes sense if you split your brand and create two different brands so that people can relate to the product and the company easily. But this is by far the most difficult part. As you are going to split the company, you are going to need double manpower, and have to invest double amount for marketing purpose.

Do not take your customers for Granted: This is another common misconception that is ruling the minds of marketers. They believe that they know everything about the market and their targeted audience. And they launch the product without doing any kind of market survey and eventually found that either there is no such demand of their service or the demand is far beyond their expectation.

It is not just big, it is all about the Brand: Just having large number of employees working under your banner does not necessarily qualify you as a big company. You are here to build a big brand and not a big company. Google does not have a large number of employees; rather they have a comparatively small team of highly efficient and motivated people. So, focus on creating a big brand rather than creating a body shop.

Author Bio: Michael Evans is a passionate writer and he is currently associated with http://www.insidershostreview.com/.

How to Use Twitter Hashtags – 4 Simple Tips

You might think that businesses are so ‘au fait’ with Twitter as part of their marketing strategy that they’ve got nothing new to learn – right?

Wrong.

The fact of the matter is, they still aren’t maximising the potential of their tweets. You know why? Because they don’t get #hashtags.

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A Twitter hashtag is essentially a keyword phrase or topic with a hash sign in front of it to identify it, and it works by connecting users who are talking about the same topic so their tweets appear in the same stream. Hashtags are searchable in Twitter search so users can easily find the topic they’re interested in – if it’s popular enough it will be deemed ‘trending’.

But what you really need to know is how you can use them to boost your Twitter profile.

So here are some simple, actionable ways you can use hashtags to your advantage and move your Twitter marketing forward:

Be Original

When creating your hashtag you’ve got to be original both to stand out and to ensure your chosen hashtag hasn’t already got a lot of activity around it. The easy way to do this is by using the Twitter search engine to check out the number of hits your hashtag gets. If it gets too many you’re better off selecting something different – it will mean less competition and you will run a lower risk of people outside your target market detracting from the conversation.

Don’t Saturate

Pace yourself! It’s important to tweet your hashtag regularly, but don’t swamp your followers with it -people will start to ignore it and it could be perceived as spam which is totally the opposite of the desired effect.

Put it into Context

This might sound obvious, but let your audience know exactly what your hashtag means. You could choose to create a hashtag with a self-explanatory name, explain what it means in a tweet, or provide a link to a page with a more detailed article or description – particularly good for events and products.

Add value

Ideally you want to give your followers something valuable with your hashtags. This most often applies to when you are using hashtags to advertise an event like a webinar, competition or product release. Make sure you decide on a single hashtag to represent your event early on so you can use it throughout the event promotion. Choose a hashtag that’s got a bit of pizzazz to grab attention – keep it short and snappy.

Remind your followers of the event regularly – and by that I mean several times daily. However mix it up with tweets on other topics and keep it light-hearted not pushy. Make sure people are aware that using your chosen hashtag will mean everyone can track anything related to that event easily – demonstrate its value.

So if you’re one of the many entrepreneurs who aren’t sure how hashtags can help their marketing campaigns – these tips are a sound starting point for you. Get to grips with these simple basics and you’ll be well on your way to being a hit hashtag success!

About James T Noble: James makes small businesses bigger. He’s worked with some of the world’s largest brands and companies to market their products and services online – including Disney, Microsoft, 20th Century Fox, Virgin, Coca Cola, MTV and many others. Find out more and read business growth tips at http://www.JamesTNoble.com

Increasing Your Return on Investment Via Advertising

Advertising is one of the only ways to let customers know about new products and special sales. Since marketing managers want to reach customers who are most interested in buying their products, they are willing to pay more for targeted groups. Most advertisers are aware that online advertising reaches more customers, but only those who are Internet-savvy know that targeted groups may be found on the Internet.

An increasing number of companies use a technology that tracks websites that Internet users visit. The website is recorded, and interest content is accumulated. Knowing the subjects that interest the user is beneficial to both the user and advertisers. Subjects that interest the user are made available to him or her in additional information, then so are recommendations on finding information that would otherwise be missed. For example, when the user makes a search about baseball, he may be given an opportunity to access the latest information from news sources, blogs and videos.

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Advertisers are guaranteed a targeted customer because the user has already been verified to share an interest in a specific niche. Knowing that the customer is interested, the advertiser can make specific offers, and tailor the ad to be more personal and relevant.

The service is contracted through ISPs and may not be available in some areas. Although the service is free, the user must subscribe to it through the ISP. Since random numbers are assigned to browsers, the user’s identity is always protected. In addition, no records are kept, so the user’s privacy is always protected as well.

If concerns over privacy persist one might consider learning about PhormDiscover, which is at the forefront of the targeted advertising industry. Companies of this caliber will always give you access to the latest information, though some topics–politics, gambling, religion, race and ethnicity, use of drugs, psychological conditions and others– are considered too sensitive and are excluded. Most customized ad developers strive to provide the best environment for possible for those who practice good business. Everyone in the industry has an invested interest in maintaining a stellar reputation among consumers.

In another example of industry innovation, the Open Internet Exchange has made it possible for advertisers to target audiences with greater precision in larger numbers than ever before. By suggesting websites to users, this service draws them to the advertiser’s website, resulting in more profits and greater returns on advertising investments.

Once the user is drawn to the advertiser’s website, the advertiser’s imagination must convince the buyer to buy the product. Naturally, good products sell themselves, but the advertiser has limitless possibilities. Those possibilities exist because the advertiser knows about targeted advertising, and the potential to customize advertising campaigns based on niche demographics and individual tastes.

Starting a Small Business Using Minimum Investment

Starting a business is always a daunting exercise that needs a lot of strategizing and planning to execute. This exercise becomes more challenging when it comes to starting large enterprises. This is why most business gurus of this world start out small before graduating into acclaimed entrepreneurs. There are numerous advantages associated with starting a small business company.

Small enterprises are beneficial since they are easy to operate especially for business upstarts. For example, they can easily record transactions and monitor the progress of the business. Owners of small businesses are also spared from the hassles associated with management of liabilities and assets. Investments are the other reason that makes small businesses an appealing prospect for many people. These enterprises do not require humongous amounts of money to start.

Starting a small enterprise using low investments

Even though small business can do with minimal investments, some people do not how to make these investments. This is quite worrying because these investments will be influential in the success of the business. Those who know how to invest in small businesses will therefore be able to profit greatly from their enterprises. The following steps could be helpful for those grappling with how to make the perfect investment:

Arrangement of relevant skills

Before thinking of an investment, it is important to list the important skills that might benefit the business. Business upstarts must think about the relevant skills that would be in great demand among the residents in their areas of operation.

Think about the business type

The next step is to consider the type of small enterprise to start. Generally, people can create separate entities from their enterprises or start as sole proprietors. In the latter’s case, such individuals need not undertake any tedious paperwork. In most states, they can use their legal names as their basis for their business operations. The main problem is that they cannot protect their personal assets from the enterprise—this would be a major problem in case of bankruptcy.

Creation of portfolio

After establishing the business, the new entrepreneurs would have to start looking for prospective customers. In this regard, a website or portfolio would be helpful in reaching out to customers. Alternatively, they can make use of testimonials from people who have previously sampled these services or products. Since the business is still on its feet, entrepreneurs can provide part of their services at no fee or slash their prices considerably. This would have the desired effect of attracting customers.

Advertising campaign

This is arguably one of the most difficult tasks that await business people after forming their enterprises. However, it is a necessary exercise for those who want to create publicity for their products or services. Fortunately, there are many advertising strategies that can work wonders for small businesses. By researching the Internet, owners of small businesses can discover these affordable ways of publicizing themselves among their target markets. Such helpful methods include word-of-mouth, mail campaigns and flyers.

Business entrepreneurs must be wise enough to make wise investments in their small business. They should ensure that these minimum investments multiply into high profit margins. Granted, the infancy stage of all businesses is usually rough. However, the fruits of wise investments in small businesses will eventually come to fruition.

About the Author: Tom Clark is a freelance writer, professional blogger, and social media enthusiast. His blog Insurancecompanies.org  focuses on insurance. You can follow him on Google+

How to Get Your E-commerce Business Idea Funded

Introduction

As technology has taken over the marketplace with ecommerce many entrepreneurs decide to begin there journey with an online business. It makes sense; online businesses are attractive options due to the gaining popularity of ecommerce among consumers across the globe. And, in most cases, online businesses require less capital investment as compared to traditional models, especially stores selling goods. However, it is not without a justifiable amount of seed money that you can start and online business, it does require its share of capital. This article discusses how to understand you’re the financial requirements of your online business idea and subsequently raise the funds needed.

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Image from http://www.flickr.com/photos/30360780@N02/3328400343/

The business plan

The entire saga begins on paper with a watertight business plan. A well researched and carefully drafted business plan will help you understand the real requirements of your online business. Once you start penning down the details, you will be surprised at the number of revelations a business plan surfaces. Many new factors will come forward and you will become better prepared to take on the challenge.

You must include every facet of your business in the plan and take the pain to make each sectioned meticulously detailed. Special focus must be given to the financial section for that is where you will determine how much money you plan to invest and what are the revenues you are aiming at. This section will also be the first one your potential investors will scrutinize.

Roping in the Investors

Unless you have existing sources of steady incomes that generate extra cash, you will need to approach funding sources or lenders in the market. Banks are usually more interested in funding traditional businesses over virtual ventures. However, this trend is slowly changing and some banks are considering online businesses for loans. It is a difficult option but also one which shouldn’t be ignored.

Your friends and family can be a great source of funding if they are willing to show confidence in your ecommerce plan and back it up with their money. Don’t for a moment think that a smile and familiarity will get you through to their bank accounts; the only way is to present a solid business pan with exact future projections.

Other more professional lenders include angel investors, venture capitalists, peer and peer lenders. These lenders can we found through the internet and funding is again based on the promise that you business plan brings to the table. These types of investors are usually fully involved in the business they invest in, as a result, their levels of interest in you plan and projections will be much higher than your acquaintances. Some might loan the money to you on interest while most will be looking for a stake in the business.

Whoever you approach you will need to be presentable and show credibility. Any financial source who will bet his money on you and your business plan will need to know that they are going ahead with a trustworthy person and a feasible business plan. It is your job to portray these requisites and get your funds releases.

About the Author: Penny, the author, is an expert associated with Ezbob.com, an online financial solution for that provides instant business loan to e-commerce and other online traders for their working capital and operational expansion requirements.