Lesson number 6. People do business with people. When you are setting up a business – irrespective of whether it is an established brand or a new one – you are going to need to work your networks incredibly hard in the first six months. If you are not prepared to do this, chances are that your business will die.
Ladbrokes SA had a big trusted brand behind it and still bombed out in less than two years. As an aspirant entrepreneur, learn from these actions so that you can at least get yourself in the game. Entrepreneurship is a big enough gamble even when the stars are aligned and the economy is favourable – don’t go in without a plan.
Your business channels – including your off ices and website – need to be a destination of choice. If I walk into your store or land up on your website, am I going to be educated about the market or learn about a new opportunity? It is a powerful question – “Is my business a destination of choice?” .
Last, nothing beats good old-fashioned “people power”. Those who come from a digital marketing environment will talk up how social media and websites give you access to an enormous potential customer base. While this may be true, getting somebody to interact with your business takes a lot of hard work and they will more likely prefer to do business with people they know and trust.