Characteristics of an Entrepreneur Mindset
An entrepreneurial mindset is determined, creative, resourceful, and resilient in the most adverse circumstances. An entrepreneur mindset is often positive thinking and comfortable with discomfort.
By: Brad Nakase, Attorney
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Tommy has always had a passion for vintage cars. When he was a kid, his father would show him how to restore old models to make them look brand new. Then his dad would sell them to a lucky new owner. Now that Tommy is grown up and has more experience fixing cars, he would like to start his own business restoring and selling vintage vehicles. Tommy understands that to be successful in business in the modern age, it is essential to have a string online business. Tommy, however, was born before Internet was a thing, and he doesn’t know how to grow a business online. His daughter Tiffany, however, was raised in the digital age. In between filming TikTok dancing videos, she gives her dad advice on how to grow his online business.
The modern age has seen the growth of a worldwide online marketplace, and people have found ways to earn their income through digital marketing. Ironically, people used to be concerned about technology getting rid of jobs. As it turns out, the internet has created tons of business opportunities for those who learn how to use it.
To start or grow an online business, people will need to gather some knowledge of how the internet works and how to build digital sales. One will need to learn about e-commerce, affiliate marketing, and digital influencing, all of which can help grow an online business.
For those who want to succeed in digital marketing and watch their online business flourish, the following tips may prove helpful.
7. Find a Niche and Create a Brand
Do you have one specific skill or product that nobody else has? That’s great! The more specific your niche is, the better it is for your business. A niche comes with a target market. You are catering to a specific group of people who need what your business provides.
By having a unique brand, you can stand out in the online market and gain popularity. That said, sometimes a niche can be too specific, and the target market may be too small. The service or product should be something with enough demand to allow the business to grow and attract more customers.
To become a successful brand, an online business should have a reason for existing, be innovative, and offer a good value.
Example: Tommy has found a good niche with his vintage car business. While many people sell vintage cars, not all offer restoration as well. And because collecting vintage cars is a popular hobby, Tommy is sure to have a customer base.
6. Know Your Customer Base
A successful entrepreneur knows that to grow a business online, one must know everything about one’s target audience. The more a business owner knows about his clients, the better he can cater to them, and they more they will return to him. By understanding the customer, knowing what they like and don’t like, the owner can structure his business to better suit them or come up with other innovations to boost sales.
The key is to learn about trends and find what speaks to a customer base.
Example: Tommy knows that his clients often want special decals applied on their cars. Therefore, he advertises special decal deals and is sure to advertise new types. His customers are happy and always come to him for decals rather than search for them somewhere else.
5. Content Marketing
In order to grow a successful online business, owners should pay special attention to creating high-quality content. Content, combined with digital marketing, can add to a business’ legitimacy and spread general awareness. And it pays. Unlike marketing, content creation often requires little investment and can have huge returns.
What are some ways to create content?
Blogs
A blog is a great way to attract new customers to your online business, and it is easy to get started. A blog may be created using social media platforms or a simple website. Because blogs are normally specific in subject, anyone who searches for something related to your business might come across it. Voila! A new customer.
Social Media
Social media is a valuable tool for growing an online business. Not only does it allow for marketing, but it allows the business owner to interact with customers. Consistent posting leads to brand loyalty and customer engagement.
Email Marketing
Email marketing is a way of attracting new customers and engaging with regular ones. Using this strategy, both prospective and existing customers receive targeted emails. By engaging customers in this way, one is more likely to convert new customers into regulars.
Example: Tommy’s daughter Tiffany helps her dad set up a TikTok account. Now he posts videos of himself restoring old cars. One of his videos shows him applying red paint to an old Corvette, and the clip gets 1.5 million views. His online business spikes.
4. Video Marketing
In the age of Youtube, video marketing is a powerful way of growing an online business. Through webinars, business owners can post lectures, workshops, or tutorials. YouTube offers the opportunity to develop a regular audience. By having a channel on YouTube, an owner can maintain a fanbase by providing consistent video content. Sometimes, a video might go viral, leading to a substantial increase in online business.
Example: Tommy sets up a YouTube channel and quickly amasses fifty thousand followers, all of whom love old cars. On his channel, he posts videos of himself doing different types of restorations. He also posts videos advertising certain cars he has on sale on his website.
3. Paid Media
Sometimes, paying for media exposure can be an excellent method of growing your business. A small expenditure can lead to a large number of new customers. Paid media includes Facebook and Instagram ads. If one is paying to put out an ad, it helps to have high-quality, creative content to catch people’s attention. But even if the quality of content isn’t the best, simply getting the word out about your business should grow your client base.
Example: With Tiffany’s input, Tommy decides to buy ads on Facebook advertising his vintage car business. He’s not happy about shelling out money, but he sees quick results. Within a week, he has hundreds of Facebook messages asking about his business, as well as more followers on his other social media platforms. Three of his cars are sold in a day, and two people ask for his restoration service.
2. Partnerships
When two related businesses join forces to create content and market, both parties may see a growth in online sales. For such a relationship to be successful, both partners should benefit from working with the other. If it works, each business doubles its customer outreach. Partnerships may include collaborative content, joint webinars, or events advertised online.
Example: Through his work, Tommy has gotten to know another business owner, Hardy, who specializes in applying car wraps. Tommy and Hardy decide that working together will give them access to each other’s customer base. Their businesses relate to one another, so their customers will be interested in a collaborative YouTube video. With Tiffany’s help, Tommy films a YouTube video in which he and Hardy work together on a vintage car. Tommy restores it to working order, and Hardy applies a modern matte wrap. The video racks up hundreds of thousands of views, and both business owners see a spike in sales and new customers.
1. Online Solutions
There are many tools available online to help business owners monitor their business growth. A lot of these tools are automated, so one does not require a lot of skill to use them. By using marketing software and spreadsheets, a business owner can keep track of their results and make necessary improvements. Through diligence and fine-tuning, any entrepreneur can create and grow a successful online business!
