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Monday, May 23, 2022

The Shifting Tides of Global Entrepreneurship

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Dare to take the challenge or ready to settle for a monthly tranquillizer (the paycheck most people long wait for). Most people, even with their innovative ideas settle for the latter. They tend to accommodate the reasons and limit their ideas potential to grow. Way before the idea could see a shed of light. To sprout into the real world and envisage in the physical realm. And, there is a good percentage who falls for the lame fallacy of risk and uncertainty.  

With increasing digital technologies bombarding the consumer market every day and revolutionizing the business landscape, there seems to be a global shift toward entrepreneurship. For most entrepreneurs, the business entity is no more an establishment of commercial value. The contemporary business model demand entrepreneurs to look into the emotional aspect as well. A brand that encapsulates humanity, accommodates societal values, uplift the ignored and impecunious, and addresses the prevailing economic issues tend to appeal well in the global market.

A Demanding Journey, But the Risk is Worth the Investment

Ordinary life will only yield ordinary results. It’s not that you need to be exceptional to dare challenge the adversity. It’s just that you need to be capable enough to take that extra step. Huzzle till you make sure that the gusty winds and the intimidating currents are not going to dissipate your determination to triumph.

It’s compelling to kick start a business. The initial rush could float you and carry to distant places. To fairyland full of pixie dust were all is done with a “tap and a swing”. WoW! Such a  magical world.

Tap.. Tap..

With all my regards to your dream. Let me wish you a happy ending.

In reality, you should create your own world. Not so easy as said. Instead of chasing all the unicorns soaring through the wind, you usually end up trailing sharks for outstanding payment. Instead of those elves dangling down and helping you with tinkering, you will be exhausted fixing all by yourself. The entrepreneurial world comes with its own challenges. The expedition seeks a hell lot of hard work, patience, and perseverance to succeed. The GBF “Grow Big Fast” strategy may not be the right fit for you.

Even though luck plays an important factor it’s better you not long for it to happen. Instead, make sure that you take the initiative to start your business. Invest your effort in activities that yield productivity and slowly build the venture. Work as if your life depends on it.

Make calculated risks. The wise invest in markets that yields the most. Make sure that you have considered all the possible outcomes while deciding to head on with the risk. Most people fail to put the facts together and make judgements based on it. As entrepreneurs, you need to be ready to face and manage any situation. Relying just on your gut feeling may not be the best, you need to make sure that the decision you make can be justified.

Dream, but not make dreams your master (Rudyard Kipling). Start investing in your dream and build an empire that’s worth the effort.

Accommodate the Change Or Let the Change Force you to Do So

Modern entrepreneurs needs to be versatile.

The dynamic world desires compelling and sporadic strategies to keep the customers at toe. An ordinary initiative will never result in extraordinary results. As an entrepreneur who wrestles with the dynamic changes in a radicalized business world, it’s important that you make sure that you have an open mindset to extend your hand and accommodate change.

As each day pass by, the world is changing, people around you are enticed with the technological outburst. Every stage of your customer journey is getting complex. People are getting complex. As an entrepreneur, you are selling a solution to your customers. Solution to people’s concerns. When your customers are readily influenced by chance, why not have a strategy set in place to accommodate the change. A decade back people solely relayed on word of mouth, with digital technologies the power has been vested on people. The post purchase decision is influenced by multiple factors like reviews, brands digital presence, online ratings, comparison and alternate solutions, so on goes the list.   

Digital Transformation – Transform Bytes To Buyers

Digital transformation, a new wave for entrepreneurs to position the business in the virtual space. Gone are the days for local vendors to manually tag their customers and maintain the tedious task to following up with their customers. The digital wave has way deduced the task. You could stay connected with all your customers through a single platform. There are a plethora of tools that makes your life as an entrepreneur much easier, better you look into it.

Be there on Virtual Groups – Not for the Show-Off

Social channels like Facebook, Whatsapp, etc allows people to stay connected and has also given entrepreneurs an opportunity to reach out to volumes. These virtual platforms have gained a lot of significance among online dwellers. The digital penetration is too strong that stats published on statista.com evidently states that the social media usage of global internet users amounts to 135 minutes a day.

As an entrepreneur, you could leverage this opportunity and build a strong foot on social networks. Your business is on platforms where people engage the most. 

Embrace A Data Driven Strategy

Not every activity that you do is done with an intent to sell products. The digital technology enables you to quantify the interaction customers have with your online business. Data, when structured and measured, will help gain quality insights about your customers. Insights that can be used as an investment which in turn can be used to bring customers back to your business.   

Every time when a customer interacts with your digital presence he/ she leaves behind bits and bytes of data. As a digital entrepreneur, you need to utilize this data to remind the customer and nurture them to convert into paying customers.

In a Fast Pace Consumer World – Online is Where it All Starts

A spiffy online reputation is essential if you are planning to venture into the virtual world. Your digital presence in the global market could help make or break your business. What better way than to root your identity in the digital space. Get active in the virtual world, build a relationship that lasts long.

Your online presence means a lot, imagine this way. Where do you reach out to when you want something the most. Exactly! Your search for your smartphone. A storehouse of information. With a single search, you are opened to a world full of solutions.

In a world dominated with micro-moments were digital nomads are on a spree for instant gratitude, positioning your business entity as a legitimate source could add immense value among target customers.

With increasing propensity towards digital technologies why not reflect your presence on platforms that bring in revenue.

Don’t Just Narrow Down to Individual Channels – Go For A Holistic Approach

It’s not about Offline Vs Online, it is a combination of both. Business needs to consider all factors and make sure that a holistic strategy is designed to meet the demands of the existing market. Treating Offline and Online channels as two different channels is not a wise decision. The brand needs to be consistent with what the offer and readily make sure that both the channels are widely used to position the brand proposition among customers.

The message sent across multiple channels needs to be well gauged to meet the expectation of customers. The brand personality and brand voice need to be well curated and streamlined to resonate with the target customers. Invest in technologies that deliver the best possible user experience.

In a highly optimized consumer oriented world, a business should look for a holistic strategy. Be there on channels, educate the customer, add value at every stage on the buyer’s journey.

Parting Note:-

The determination to achieve great success and the courage to dream big will definitely conjure the external force to aid you in your entrepreneurial journey. Most entrepreneurs fall for the easy hacks, they let their vicious dreams to become their master. Stay vigilant! Not so many businesses have turned success overnight. One should strive relentlessly to make it happen.

Build a business that the customers are happy to come back.

Nishant Maliakel Oommen
Nishant is a digital marketer by profession and blogger by passion. Nishant takes pride when it appears, that his online expeditions are adding value to people, and delighted when it touches people's lives and help them build a career. Nishant thrives to stay update on topics related to digital marketing, and technologies that are revolutionizing the world. Inbound marketing is one of Nishant's forte. Nishant is currently working as a digital marketer at Shopnix.

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