Dr. Boyce Watkins is a Black business advocate and educator who has started his own online school that focuses on teaching skills to those who wish to develop their own businesses.
He has released a video on his YouTube page that depicts a typical interaction between a Black person and their family when they announce that they are starting their own business.
The video has been received with mixed reviews when reviewing the comments posted on the YouTube page.
In my opinion, it shows how it's common for people to not do their proper homework and preparation before asking family members to invest in their business ideas. It's really insulting when you think about it. Your family member works hard to accumulate capital and assets and you ask them to depart with those funds just because you "have an idea." If you're truly serious about your idea, you'll do what it takes to have a proper business plan and presentation. Only then should you be taken seriously. If you don't know how to set up a business plan, then get help ASAP.
Yes. There is money available in the Black community for people to invest in your ideas. But only AFTER, you've done the work of getting your idea professionally packaged so that you can present it properly.
I'll let you decide what you think.
Watch the video.
by Joseph Onyango
Why Should You Care About Marketing?
Unless your business is well known in the area you live in, certain marketing strategies must be implemented along with product creation or the types of services that you offer. Without the marketing portion of a business plan, it will be very much like talking to a brick wall. No one can benefit from the amazing products and services that you offer if they have no idea you exist.
How Can I Benefit From Marketing?
Once a system has been put into place for your marketing, people will be able to see exactly what you are offering. It will increase your chances of customer retention as well as referrals. When a business first begins, it is important to enable these techniques in order to generate higher sales and show the world what you're capable of doing. Without a steady source of income, a business is doomed to fail because they will have no means of maintaining the daily operations.
Is A Good Reputation Necessary?
The idea and vision that you want to convey should be represented in the manner that company is seen to the public. The act of branding your company as a place that stands behind their products, services, and customers will show that you are a trusted source.
Trust and building an outstanding reputation with the public sector is important. Many times, a company is never even known to have existed because their unique ideas and dreams never made it to their marketing plans. If the marketing plan isn't in the equation, the customers and clients will not be there either.
The way business owners and marketers show how the culture of their company operates goes a long way. Setting forth mission plans and objectives to target those that you'd like to visit your establishment.
Once a strong focus on your business' reputation is realized and acted upon, you will see a dramatic change in the ability to generate sales.
Business owners and entrepreneurs with a complete understanding of the importance of marketing are destined to succeed in their vision. Over half of the businesses created daily neglect to formulate the proper marketing plan into their business plan. Sadly, this often leads to failure.
However, with a strong vision and understanding of what it takes to get your business' name out into the public eye, you will be able to show customers that you are a reputable company and dedicated to the service of the public. It is important to note that when forming a marketing plan to always use reputable marketing companies and strategies. By doing so, you will be able to effectively reach the right customers.
The time to begin forming your marketing plan has arrived and that means you will be able to elevate your company to higher levels. The right marketing plan is a wonderful way to promote a positive public image and generate, as well as retain, customer sales and interactions.
Author: Joseph Onyango
Being an entrepreneur or high powered career person can be very demanding on your home life. It's very important to understand that you will have incredible pressures to deal with.
Being an entrepreneur is one of the most demanding endeavors that a person can embark upon, and having spousal support can really make the difference in a business person's life.
Many times,there is only one spouse that is involved with building a business while the other has very little to do with it. We have found that there are a few important things that you can do to prepare your significant other and your family for the rigors of entrepreneurship.
These are just a few tips. I sincerely hope that no matter what, you have fun while building your business. It can be a very educational and rewarding experience. Just make sure that you honor and respect your loved ones in the process. Now, GET BACK TO WORK!
Stephen Wicks, Founder
So the question of whether a business person should strive for perfection or completion is an interesting one. I'm taking a look at this from the unique perspective I have as being a full time entrepreneur for the last 2 years. I will use my personal experiences to help support my theory that simply getting started and completing a product or project is more important than achieving perfection.
Let's look at the fact that many people have good ideas. Great ideas are a dime a dozen. A lot of people come up with great ideas that could make a huge impact on the world. That's not a problem. The problem is that most people never follow through and make those ideas manifest in the real world. The ability to come up with an idea, concept, or product and see it through all the way to completion is rare. This is why so few people actually make it in business. Most people don't possess the discipline that it takes to conceptualize something and then make it happen.
Now you may say that people may not want to conceptualize something and then release it to the outside world until it's perfected. The problem with that is, that usually the amount of time that it takes to make something "perfect" is too long. It may be that you've taken so long to "perfect" something that the idea is no longer valid. If you wait too long, someone else may come along and do what you wanted to do, but they did it first. You were waiting to perfect something while they went out and made it a reality.
You can always "improve" an idea, concept, or product AFTER it's been released. That happens all the time in business. Simply take a trip down the aisle of your local grocery store and you'll see plenty of "New and Improved" items on the shelf. There is absolutely nothing wrong with improving your ideas. Just get started! Don't wait. Trying to perfect something before you release it doesn't make the best business sense. Releasing the product or concept will allow you to get critical information from others. You may even find out that something that you wanted to perfect is not what the marketplace wants at all. Maybe you would work tirelessly to perfect something that will never be successful.
I started many businesses that I'm sure that many people would have never started. I didn't have the start up funds, didn't have the market research, etc. But, I started them, and I was in business. My good ideas have a chance because I made it happen. Today and right now is all you have. Tomorrow is never promised. I'm not saying start a business without proper planning and funding, but I am saying that you should get it started sooner rather than later. Don't waste time trying to perfect something that can simply be improved upon after it's started. Your thoughts?
Stephen Wicks, Founder
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