This Risky Mistake Costs Most First Generation Entrepreneurs Their Business
Do you think investing in marketing and advertising is an unnecessary cost for a new business?
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Introduction
One of the most uninformed categories of people on the planet have to be first time business owners.
Most people who start their business fall into one of the two categories:
01 - Passionate souls who want to convert their passion into a business, or
02 - Working professionals who give up on their jobs/ toxic work culture and start their business.
If you look closely, both of these categories do not have the characteristics of being successful at business right from the word go.
Which is precisely the reason why more than 90% of businesses that start get shut in the first few years (if not months of starting out.
Let’s double click on the one idea that can help reverse the statistics and get maximum businesses to survive, should the business owner learn the importance of just one aspect of business.
Perspective
EVERY business needs marketing and advertising.
I repeat. EVERY business needs marketing and advertising.
We are living in a world where the prospect is making the decision to make any purchase even before they have entered the store/ visited the website of the business.
Today, buying decisions are made on social media and the purchase formality is completed in the store, or on the website.
In this situation, I feel sorry at some level for the uninformed dreamers who end up starting a business and hope that the customers will start flowing in through word of mouth or miracle.
That happens in rare situations/ magical circumstances and placing your bets on that strategy is similar to playing with a matchbox in a fuel station.
You need to build a great product, for a very specific and well defined target market, start creating traction of enquiries on the basis of social media content and the moment you start getting predictable traffic and results, you need to invest your money on ads.
Content gets your product to reach the right audience and ads allow your brand to reach the masses (which would take social media content a decade).
Conclusion
If you’re starting a business, make sure you factor in the budget for marketing and advertisements.
If you don’t want to/ believe in the concept of marketing or advertising, you’re better off not starting a business in this digital world.
Are you a first generation business owner who’s lost about how to build a brand for your business, how to decide a marketing/ content plan for your business, you can consult with me for the same, feel free to reach out to me and let’s connect.Your Thoughts!
Considering you’ve reached till this point of the post, I’m sure you must have some thoughts/ feelings/ opinions about what you’ve just read.
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Tell me how you are processing the information that you’ve just read?
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Prompt used to create the image for the note
P.S.: Image made on Meta AI using the prompt, “imagine a business owner with tears rolling on their cheeks with a big box in their hand because they just shut their first business”