Posts Tagged ‘entrepreneurship’

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Building Blocks of Business: Getting Started

January 19, 2011

When starting an entrepreneurial venture, there are four key pillars that must exist, in order for you to create and sustain your business.

Concept: Why are you in business? What product or service do you offer, and how is it unique, desirable and/or better than what’s currently in the marketplace? What results or outcomes does your business offer, and how can you demonstrate the value of your solution?

Communication: Leveraging the value of your solution means that you have to tell the marketplace about your product or service. What is your message, from a marketing perspective (product, price, promotion and place/distribution)?

Clients: Who are your target customers? How will you communicate with them, and how will you engage those customers to buy (distribution methods)?

Cash Flow: While “cash is king”, you must first have a compelling offer, priced correctly, and presented to the right audience. What investments will you make to acquire customers? How much do you expect to spend, to attain your first customer? Are your prices both competitive, and profitable? What is your path to break even, and how will you tend to your “burn rate”, before that first customer puts their money down? Then, what will you do to maintain and expand your results, creating relationships with other customers?

Starting a business is a complex endeavor, and each business has its own unique challenges. Creating a communication plan, based on an innovative concept, is the key to creating successful relationships – and positive cash flow.

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