importanceofmentorship

The Importance of Mentorship for Startup Founders and Entrepreneurs

Of the small businesses that started in 2014 only 56% made it to year 5 (2018). The good news is that research suggests that having a mentor can impact entrepreneurial success.

So what is the importance of mentorship and how can you benefit? Read on to learn how mentorship can help you take your company to the next level.

The Importance of Mentorship for Entrepreneurs

Mentorship is the process of gaining knowledge from a more experienced individual in a semi-formal way according to University of Cambridge. Below are just a few of the reasons why mentorship works for entrepreneurs.

Gain Real-World Experience

You can only gain so much knowledge from books, webinars, and the internet. Some knowledge comes from having done it. That is where a mentor can help you. They have been through the process of developing and growing a company.

In a mentor/mentee relationship, that knowledge is shared which allows you to take a step ahead of your competitors. 

Networking Opportunities

Your mentor can share valuable contacts with you which in turn can help your career. In addition, because your mentor believes in you and your company it lends credibility to your work. This encourages others in the field to support or invest in your ideas. 

Mentors Help to Foster EQ

Emotional intelligence (EQ) is crucial to entrepreneurial success. The adage is true, with age, and experience comes wisdom. Experienced entrepreneurs can help foster EQ in young entrepreneur minimizing emotional decisions that can have negative impacts on your company. 

Mentors Offer Encouragement

Failure is a part of building anything, but enduring that failure and overcoming it is difficult.  This is where a mentor steps in. They can help you understand mistakes and turn them into successes.

Mentors offer encouragement when things are difficult, but they also offer praise when things are done well. The later is something that is often not found in working for yourself when there is no boss to tell you “you are doing a great job”

Mentors can also help you see the long term outcomes of the short term challenges. Often entrepreneurs struggle to see the bigger picture with they are overwhelmed with the day to day of running the company. Mentors help to keep the long term goal in sight.

Running your own business can be lonely, you and you alone are making the decisions that impact your company. Having a sounding board in a mentor can help you to navigate through hard times. 

Mentorship can bring so many more benefits to new entrepreneurs and start-ups. The key is to find a mentor that has the knowledge that you need and is willing to work with you.

Do You Need a Business Mentor?

I have built businesses, moved faster and more efficiently than others, and reaped the results. I now want to share that knowledge with you. I understand the importance of mentorship and want to help others succeed. 

Contact me, and we can work together to grow your business.

businessman using laptop

Point of Difference Marketing: How to Stand out in a Crowded Niche

No matter what kind of business you’re in, you may experience a crowded field of competition. From home goods to healthcare entrepreneurship, your marketing plan is key to setting your business apart from the rest.

That’s where point of difference marketing comes in. You can use this fundamental concept to stand out from the rest of the pack. 

Are you looking to add an effective marketing tool to your toolbox? Learn more about point of difference marketing and how it can help you stand out in a crowded niche.

What is Point of Difference Marketing (POD)?

Simply put, point of difference marketing is your unique selling proposition. It’s what sets you apart from other businesses or products in your industry.

For example, if you have a plumbing business, there are undoubtedly other plumbers in your market area. What differentiates your service? It might be a price point, a guarantee on your work, or schedule flexibility.

Make Your Mark: 5 Ways to Stand Out

You can use your points of difference to market your business and generate leads. It does take work, but that hard work will pay off! Let’s take a look at five sure-fire ways to make your firm stand out in a crowded field.

1. Do a Competitive Analysis

A competitive analysis consists of comprehensively researching your competitors and breaking down their similarities, differences, and successes. Which companies have a large share of the market? How do they market themselves?

Competitive analysis is a massive task, but it is a crucial first step in positioning your brand. Seeing what works for other companies can be inspiring. It can also give you ideas for your unique marketing path.

2. Choose Your Unique Selling Proposition

Your unique selling proposition should be clear, direct, and simply state what your business stands for. Instead of trying to compete head-to-head with other companies, draw out the thread that gives your company its sparkle.

The unique selling point may be something simple, like being the only plumber in the area who provides emergency weekend services. It may be a charitable dedication that adds emotional content to your business. Either way, it’s a great way to stand out.

3. Pay Attention to Quality

Every consumer is looking to get the best quality goods for the best price. One excellent way to set your business apart is to focus on one aspect of this equation. Reaching for the top spot in customer reviews pays off in marketing, as well as the rating of your business.

4. Disrupt the Status Quo

Disruption happens when you take a straightforward part of your industry’s accepted wisdom and turn it on its head. It’s not so simple to do, but you can often find a way to bring in a new customer base or provide a service in a simpler way. Your marketing plan will write itself!

5. Remember We’re All Human

Especially in online businesses, it’s often easy to forget that there are actual human beings on the other side of the transaction. Restore humanity to your marketing.

You may use an emotional appeal or add an element of surprise or humor. These are all clear and direct ways to position your brand in the spotlight.

Need Help?

Some markets are overcrowded. It can feel like a daily uphill struggle to craft your unique selling point. Don’t get discouraged.

If you’re interested in asking me to help you understand your point of difference marketing options, please feel free to contact me today to get started.

New Product Launch Marketing Commercial Innovation Concept

Put Up or Shut Up: The No Frills Guide to Launching a Product

Once you’ve chosen a product to sell, you have to start thinking about how to launch it. While it may seem daunting, following a proven process can help.

This no-frills guide will help you follow the necessary steps to launch any product to your target audience. 

Keep reading to learn about launching a product and everything that entails so you can have a successful product launch.

1. User Testing

The first thing you have to do long before the launch is to make sure your product is ready for the general public and that it’s something people will want and be willing to pay for.

Gather a group of 20 – 30 people to test your product. Get feedback from them and use that to make any changes to your product long before the launch date.

2. Preparations

The more you prepare for the launch, the more successful it will be. Here are a few of the things you need to do to get ready for launch day.

Choose a Launch Date

Find a date that works for you and that doesn’t coincide with any other similar product launches. Stick with that date and work backward as you plan your days and weeks leading up to the launch.

Select a Platform

Another decision you need to make is what platform you’ll use to launch your product. Consider where your audience spends most of their time.

Make a Checklist

There are many things you’ll need to do before and on launch day. Keep a checklist handy and make sure anybody you have working with you knows what their roles are as well.

Set Launch Goals

Although there are many things you can’t control like how many people end up signing up for your product, there are other things you can. Focus on the things you can control when setting goals so you don’t set yourself up for disappointment.

3. Build Hype

The sooner you start getting people excited about your product, the better your launch will go. Share your story, especially if you’re a small company because people love to connect with the person behind the product.

4. Launch Day!

On launch day, there’s going to be a lot to do. Take a deep breath and pull out your launch day checklist. Focus on getting everything done and give yourself plenty of time to interact with new users as much as possible.

These new connections will help you get more valuable feedback about what additional features you may consider adding or other products you could launch in the future.

5. More Marketing

Think of your launch day as the middle point of a successful product launch. Once your product is out there, you should begin marketing it even more. Use social media and user success stories to continue widening your audience.

Need Help Launching a Product?

Now you know how to launch a new product whether you’re just starting your business or have been an entrepreneur for a while. As you can see, the more work you put in before the launch, the better it will be.

If you have questions about launching a product, contact me. I would be more than happy to guide you through the process.

Marketing business concept on the virtual screen.

6 Digital Marketing Best Practices You Should Adopt in 2020 and Beyond

Small businesses run on great digital marketing strategies.

Marketing these days is primarily performed online. If you run a small business, you need to have your ear to the ground all of the time in order to keep up with the ever-changing digital marketing landscape.

An understanding of these can help you appeal to new audiences. If you neglect digital marketing, your business can easily fade into obscurity. Today, we’re going to discuss five of the digital marketing best practices to adopt in 2020 and beyond.

1. SEO

SEO and all of its subsects remain a hugely important practice. If done correctly, you can make your business rise above the rest. Because it’s always changing, you have to pay attention to make it work.

So many things factor into SEO that it can be difficult to keep track of. Focus on a steady stream of content, promoting good reviews, and backlinks and you’ll have a jump on it.

2. Social Media Marketing

Social media is another mainstay of digital marketing. Big platforms give you access to millions of people that you can try and appeal to. It also gives you the opportunity to engage your followers to find out what they like and what they don’t.

Unlike any other form of marketing before it, this engagement allows you to adapt and develop new marketing strategies to appeal directly to your desired audience.

3. Strong Content

Before we had an understanding of SEO and what people actually get out of it, content creation had too strong a focus on appealing to search terms and not enough of a focus on the actual quality of the content. That’s all changed now.

If you’re not giving your audience informative and entertaining content, and a steady stream of it, you’re not doing it right. Not only does this affect your ranking on SERPs, but you can lose your credibility. Many companies are making content creation a priority in terms of resource allocation.

4. Voice Search

With the advent of smartphones and tablets in the last 10-12 years, we’re seeing voice search become more and more prominent. This has gotten an even bigger boost in the last few years with smart home devices like Amazon Alexa and Google Home.

The impact this has had on SEO has been immense. Before, keyword research would be restricted to terms and short phrases, but now long-tail keywords are more representative of how people actually search online.

5. Personalization

Companies have a lot more access to their customers’ data than ever before. There are good and bad sides to this. The bad is that we’ve seen an uptick in data breaches, leading to the leaking of important information.

The good is that businesses can provide more personalization in marketing strategies, which customers have responded very positively to. Being able to cater your message to not just a specific audience, but specific individuals has revolutionized digital marketing as we know it. 

Finding The Next Digital Marketing Best Practices

The next digital marketing best practices are right under our nose. What we’ve talked about in this post will continue to grow and adapt to changes in consumer behavior. Stay on top of new trends and you’ll be able to create great digital marketing strategies moving forward.

To get help with your business’s marketing practices, consult with Dr. Dan Schneider.

successful-entrepreneur

The Secret of Becoming a Successful Entrepreneur (Revealed)

What makes one entrepreneur more successful than another? That’s the million-dollar question that thousands of entrepreneurs ask every day.

After all, when you’re starting a business, you need to find a way to beat the odds and have a thriving business that lasts.

Countless studies have been done on entrepreneurship and success. It turns out there are common traits that successful entrepreneurs all share.

Keep reading to discover what they are and what it takes to be a successful entrepreneur. 

1. Growth vs. Fixed Mindset

Entrepreneurs are naturally optimistic. You have to be to believe that your business is the next big thing in your industry and you’re going to be successful. Otherwise, why bother starting a business at all?

That optimism is sometimes paired with a certain mindset. Researcher Carol Dweck called these mindsets a growth mindset and a fixed mindset.

An entrepreneur with a fixed mindset thinks that talent is a fixed trait and you’re either born with it or you’re not. A person with a growth mindset approaches business and failure as continuous learning opportunities.  

It’s those with a growth mindset that are more likely to achieve success in business because they don’t see failure as a reflection of who they are as people. It’s a way to learn and improve.

2. Be a Great Listener

Your main job isn’t to deliver a product or service. It’s actually to listen to your customers, employees, and other stakeholders.

You need to understand not just what people want now, but the emotional need that they’re trying to solve. Your business can give them safety, security, peace of mind, or status.

3. Great Entrepreneurs are Self-Aware

How well do you know yourself? That may seem like an odd question, but it’s important to ask. You have to be well-aware of your strengths and weaknesses.

When you know what your weaknesses are, you can improve those skills or hire people that are better at that particular skillset.

4. Always Seek to Learn

The internet is a wonderful place because you can learn about any topic. As a business owner, your business is only going to grow as you do.

In other words, your skills and knowledge will cause your business to hit a ceiling. You need to constantly raise that ceiling so your company can grow.

5. Empower Your Staff

The main difference between managers and leaders is that leaders trust their employees to make the best decision they can.

They may not always get it right but having that kind of empowerment sends a message. It says to your employees that they’re valued, and they are capable.

Managers, on the other hand, may scrutinize decisions or need to have final approval of every single thing.

Be a leader. Your employees will reward you for it.

Become a Successful Entrepreneur

It takes courage and belief to become an entrepreneur. You have to position yourself well to be a successful entrepreneur.

You want to have a way to listen to and empower your staff. You also have to be aware of your strengths and weaknesses.

Do you need help becoming a successful entrepreneur? Please feel free to contact me today, and let me know how I can help.