| Startup businesses should consider that a successful | | | | which will be spent because of lack of knowledge. It is |
| business marketing plan has little to do with a gut | | | | not cost effective. |
| feeling or a hunch; it is rather based on sound market | | | | A second type of response is to expect to learn |
| research. A competitive advantage will be given to | | | | every skill that is needed to be successful before |
| any small business that realizes this. This is not | | | | moving ahead. This happens for example when a |
| however, where entrepreneurs focus there attentions. | | | | startup online business, for example, tries to reinvent |
| Even though well done market research is crucial for | | | | the web development, search engine optimization |
| understanding the competition, most entrepreneur ideas | | | | (SEO), search engine marketing(SEM), social media |
| center on entrepreneur business opportunities and | | | | optimization (SMO), pay per click (PPC) and customer |
| creating successful products. If an entrepreneur | | | | relationship management (CRM) wheels. Reinvention is |
| spends time understanding competition on all levels: | | | | a time wasting and unwieldy task that is destines to |
| product competition, segment competition, demand | | | | side track the entrpreneur; sometimes indefinitely. An |
| competition, technology competition and future | | | | example of this is seen in the case of startup business |
| competition, entrepreneurs would be well equipped to | | | | owners who continue to spend time and money on |
| implement competition strategies will be highly | | | | endless seminars and products that promise to solve |
| effective. | | | | all of their problems; except they never get started. |
| Where should one start? | | | | These entrepreneurs are more correctly defined as |
| The most important decisions a small business needs | | | | opportunity seekers rather than serious business |
| to take into consideration right off the bat when | | | | owners. |
| making a competitive business plan is what needs to | | | | The third response is for the entrepreneur to gain a |
| be done and then how the business' time, energy and | | | | broad education in the business planning processes |
| money will be spent doing the tasks that need to be | | | | that will be needed to develop the business. The |
| done. Time, energy and money are the only things that | | | | business owner can determine which levels of |
| any business can spend so proper planning right at the | | | | expertise already exist and which ones need to be |
| beginning will assure the best and highest uses of | | | | bolstered. This is the entrepreneur who makes an |
| these resources. | | | | assessment of the highest and best use of time, |
| So step one is for business owners to do their market | | | | energy and money. This entrepreneur will be asking |
| research (to determine what needs to be done). Step | | | | questions such as: |
| two is to determine how to get it done in a timely | | | | - How do I get the market research analysis I need to |
| fashion and how to get it done right. | | | | create and keep a competitive edge? |
| Solo entrepreneurs who have the do it yourself (DIY) | | | | - Are adequate web development solutions available in |
| mentally must realize that the need to allocate these | | | | house? Do I need a dedicated team or should I hire a |
| resources applies to them as well. Consider this: It may | | | | professional? |
| not be in the best interest of the business to take a | | | | - How do I keep abreast of the rapidly evolving |
| significant amount of time gaining expertise; whether | | | | internet marketing landscape? How will I get the |
| that is in getting the necessary knowledge for doing | | | | specialized skills that are needed to participate in the |
| market research or for professional web development | | | | interactive world of Web 2.0? Measure and analyze |
| solutions as examples. This is true especially when | | | | results? |
| there is a limited budget. The cost of staying in the | | | | - What are best inbound marketing practices? |
| learning/development stage will ultimately take its toll. | | | | - How can I find the best ways to extend marketing |
| This will be seen when a business loses out on | | | | dollars? |
| potential revenue that would have been gained if | | | | - Will my business be better off with an in house staff |
| development had been ramped up more quickly. Not to | | | | or will virtual office management be better? |
| mention: delaying will allow the competition to get a | | | | - Do I need an extensive sales force or can web |
| lead. | | | | based CRM software automate a lot of this? |
| Market research to determine what business the | | | | - How can I make the best hiring choices and provide |
| needs are and then deciding how to allocate time, | | | | the training that is needed? |
| energy and money correctly is so crucial. The reality is | | | | Clearly, the questions that must be addressed by a |
| that it is also so often ineffectively done. Ultimately it | | | | startup business as well as an established one are |
| will determine whether entrepreneurship successfully | | | | considerable. This is why the third response is the only |
| launching an idea will ever even happen. | | | | one that makes sense. |
| Why then do entrepreneurs fail to do these two | | | | A successful business owner will wisely decide not to |
| steps? Simple and trite as it may seem, it is | | | | do it all since this is not the highest use of time, energy |
| nevertheless true. Most entrepreneurs do not know | | | | or money. By keeping educated about current trends |
| what they do not know. They do not know how to | | | | and what a successful business needs, the business |
| research their market. They do not know how to | | | | owner will be in a position to make appropriate |
| create an effective business plan, based on their time, | | | | decisions. The decision on what should be done in |
| energy and money, which will get them to where they | | | | house and what should to be outsourced needs to be |
| want to go. They don't know how to get the market | | | | made. |
| research data that they need to create a competitive | | | | Marketing research firms agree that the best business |
| marketing strategy. They don't know about the best | | | | plan for a startup or existing business is to get the help |
| practices for a real online marketing strategy and how | | | | of a marketing partner who already has the new Web |
| it will create a powerful web identity. | | | | 2.0 marketing tools and most importantly knows how |
| The following three reasons are typical ways that | | | | to effectively use them. They can help determine |
| entrepreneurs respond when they do not know. | | | | what needs to be done and the best ways to get |
| The first response is the hit or miss approach of just | | | | them done. Can a startup business afford this? Today |
| taking action. The success of this will depend on how | | | | expert outsourced services are highly affordable. The |
| adroit a business owner is at developing the | | | | real question is can your business afford not to use |
| necessary skills and making the adjustments on the fly. | | | | them? |
| This approach can lead to a lot of wasted resources | | | | |