Staring a new business is full of uncertainties.
Although the entrepreneur may have the best new business ideas as well as plenty
of capital for business, there are still a lot of unknowns to starting a business.
However,
entrepreneurs can minimize this through meticulous market research and building
a new business to last. Entrepreneurs need to develop business plansthat will help
them ride out the storms and remain strong even after four years.
About half of companies don’t survive past four years, according to the SBA Office
of Advocacy. However,
entrepreneurs with best new business ideas and successful entrepreneur marketing
strategies should not worry about these statistics too much.
The first step to open a new business is to have an entrepreneur who is aware of
the market and its demands. Too often, new business ventures fail because the entrepreneur
does not have sufficient experience in that particular industry.
Entrepreneurs who have great business ideas but do not have knowledge of
that particular industry should get a manager with knowledge of the industry.
Entrepreneurs can also improve the chances of survival of their new business ventures
by approaching the investor for capital for business.
Venture capitalists fund just one of every 100 business plans they receive.
To improve chance of funding by
venture capitalists, entrepreneurs should pick the right VC firm. Many VC
firms specialize in supporting a particular business or technology. Entrepreneurs
stand a better chance of VC funding by applying to the appropriate one.
A lot of
new businesses also fail because entrepreneurs did not pay enough attention
to their customers. Entrepreneurs need to make sure that they are reaching the right
product to customers. Even before that they need to see that there is a need for
the new businesses.
Entrepreneur
marketing is also essential for the success of the new business. Only about
4 percent of cold sales calls are likely to turn into sales, so entrepreneurs need
to reach clients through non traditional marketing techniques.
Entrepreneurs need to convert web visitors to buyers. For every visitor who buys
from the typical e-commerce website, 40 leave without ordering. Conversion rates
for most websites are still in single digits. Entrepreneurs
of new businesses need to improve these figures.