Brand Identity

Who Is An Entrepreneur Really?

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It turns out that there are four distinct types of entrepreneurial organizations; small businesses, scalable startups, large companiesand social entrepreneurs. 1. Small Business Entrepreneurship These are classified as your local grocery store, butcher, hairdresser. The only capital available to them was their own savings and what they could borrow from relatives. When a profit is made, the cash flows to feed their family. When business was bad they figured out why, adapted and worked harder still. 2. Scalable Startup Entrepreneurship Founded in small home offices, made personalized products assembled in a just-in-time factory that today delivers a customized gift each second. Once they found a profitable business model they realized that scale required external venture capital to fuel rapid expansion. With venture capital came accountability to board members, forecasts, and other people’s agendas. Success for a scalable startup is a three-times (or more) return on the investor’s money – either by a public offering of stock or by selling the company. 3. Large Company Entrepreneurship At the end of 1980, IBM decided to compete in the rapidly growing personal computer market. They were smart enough to realize that IBM’s existing processes and procedures wouldn’t be agile enough to innovate in this new market. The company established their new PC division (called Entry Systems). Success for this new division meant generating substantial...

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Customer Development and Business Model Relationship

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One of the confusing things to entrepreneurs, investors and educators is the relationship between customer development and business model design and business planning and execution. When does a new venture focus on customer development and business models? And when do business planning and execution come into play? First, define your business marketing model (market, customers, features, channels, pricing, Get/Keep/Grow strategy, etc.). Second, develop a strategy and move into execution mode. It’s at this point the business needs an operating plan, financial forecasts and other well-understood management tools. The processes used to organise and implement the business model are Customer Development. Startups with Customer Development Teams have a “learning and discovery” culture for search. The fear of making a move before the last detail is nailed down in one of the biggest problems existing companies have when they need to learn how to search. If you are looking for complete marketing solutions or IT strategy Melbourne, contact us for a FREE no obligation...

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Free Benchmarking Services For Start-ups

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Systematic data analysis has changed the business of scouting for baseball talent, “Moneyball” style. Small-business owners now looking for marketing consultants in Melbourne to sign up for free “benchmarking” services to assess their young companies, based on an analysis of comparable data from their peers. Analytical rigour can help entrepreneurs make better decisions about how to manage their start-ups. Revenue often isn’t a good benchmark for early stage companies. A more crucial indicator may be how customers interact with their product. Startup Compass, a benchmarking service started last August, lets fledgling businesses submit information anonymously. The service responds with an automated report, including graphs and other explanatory material, that shows how they stand up against other start-ups that have taken the test. G-Score, another benchmarking service, uses a questionnaire that covers topics such as the start-up’s business concept, management and rivals. Based on their responses, entrepreneurs can see how their businesses rank on a scale of one to four in each of seven categories, compared with others in the same industry. CompStudy,  another benchmarking service, has collected data for 12 years on cash and equity compensation at private companies. Since 2008, the data have been freely available online to those who fill out CompStudy’s survey, allowing entrepreneurs to see how a company’s...

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Why Do People Feel The Need To Check In

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With the launch of Facebook Check-In Deals in Australia last year, and with Foursquare already delivering this mechanism, there will soon be a rush for businesses to embrace the ability for their clients to check-in at their location and reward them appropriately. But even without rewards, why do people want to keep telling us where they are? A few ideas come to mind. The first is that our our human psyche tells us to relate our movements. The first thing any human has done when discovering a new world– from Columbus to Armstrong – is to plant a flag. These grand acts are mirrored by the average person’s actions, symbolic gestures to indicate where we are, or where we’ve been. Whether we’re looking at cave paintings, sophisticated hieroglyphics or even carving on a park bench, it is human nature is to mark our territory with our own communication. This has continued through modern ages. People who founded towns or built houses often named them after themselves. But what is the point? Satisfaction. And many years later, people will still know you were there. So marketers, if you haven’t sunk your teeth into Facebook Check-In Deals, get on the band wagon. If you are seeking IT project management or similar...

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Nostalgia Is A Growing Trend

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Nostalgia can be a powerful tool for most brands that have a proud history to look back on. Many consumers have a strong association with iconic brands with an established history. These brands can drive an emotional connection with consumers. When reminiscing, most people remember the past with rose- coloured glasses. For this reason, marketers need to remind consumers about an important time in a brand’s history, as this invokes positive memories. For newer brands, however, tugging at the heartstrings through nostalgia can lead to cynicism from consumers, as newer brands attempt to emphasise their point of difference in an ever expanding market. It’s very hard to sell an historic brand story based on a brand history that never existed. If you are seeking IT project management or similar marketing strategy, contact us for a FREE no obligation...

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How To Craft The Perfect Pitch

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No matter how great your idea, without sufficient capital, it’s unlikely your product or service is going to reach its potential. The below steps could help you craft the perfect pitch and enable capital growth. What is the problem and how is it solved? Any good pitch should be able to clearly define the business idea and how it is going to solve someone’s problems. How is the concept going to make money? It’s important to remember that each and every investment comes down to money, and how your business is going to earn venture capitalists or angel investors a profit. For this reason, before you begin the pitching process, you need to have consulted with a business advisor and accountant to draw up a viable business model. A business model also needs to outline how the funding will be used once they’ve won the pitch. If you need half a million dollars, what are you going to use it for and what is the return? What is the concept worth? Once your basic proposition has been outlined, you need to show what the business is currently worth, and how that value is likely to grow over the next two to five years. What is the exit strategy? The pitch needs to...

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