Finweek English Edition - - BUSINESS - Marc Ash­ton

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.

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