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How to be an Entrepreneur

3/7/2012

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Entrepreneur… how cool it is to be called an entrepreneur. But how can one really become a true entrepreneur? A person is not what he calls himself. He’s not even what people call him. A person becomes what he does and what he keeps on doing. We cannot just call ourselves entrepreneurs by merely starting a business or even by just owning a profitable business.

Entrepreneurship is not only about freedom from the cubicle of employment and about being your own boss.  It doesn’t only mean self-employment, business start-up or an ownership of a business. Entrepreneurship is cool and honorable, but it’s also tough – tough enough that only few business people evolved as entrepreneurs. Yes, it takes a challenging process of evolution; it takes a lot of sacrifices to reach the point of entrepreneurship. 


In the following weeks we will delve into the topics of entrepreneurship, we will also be answering questions on the topics. Email or tweet your questions to us and remember we also offer free consultation. 
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Whats Positioning?

3/7/2012

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Positioning is defined as the way by which the marketers creates impression in the customer's mind. An easier way to clarify the definition and importance of positioning is to think of Apple. Just say the word Apple to anyone under 35 and I bet they think of the company and not the fruit. And when you think Apple you probably think cool and sleek design, that's called positioning.  

When you hear Rolls Royce you automatically think about the more affluent luxury customer, which is directly opposite of Kia's positioning. You have to be strategic to fight for that position/space in your consumers' mind.  

  1. How will you position your company/product? 
  2. What will the customers think will someone says your company name or product's name? 


  
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Branding 101

3/6/2012

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All marketing strategy is built on STP: Segmentation, Targeting, and Positioning.

A company discovers different needs and groups in the marketplace, targets those needs and groups that it can satisfy in a superior way, and then positions its offering so that the target market recognizes the company's distinctive offering and image. As companies increase the number of claimed benefits for their brand, they risk disbelief and a loss of clear positioning. In general, a company must avoid four major errors:  
  1. Under positioning: Some companies discover that buyers have only a vague idea of the brand. The brand is seen as just another entry in a crowded marketplace. When Pepsi introduced its clear Crystal Pepsi in 1993, customers were distinctly unimpressed. They didn't see "clarity" as an important benefit in a soft drink. 
  2. Over positioning: Buyers may have too narrow an image of the brand. Thus a consumer might think that diamond rings at Tiffany start at $5,000 when in fact Tiffany now offers affordable diamond rings starting at $1,000. 
  3. Confused positioning: Buyers might have a confused image of the brand resulting from the company's making too many claims or changing the brand's positioning too frequently. This was the case with Stephen Job’s sleek and powerful NeXT desktop computer, which was positioned first for students, then for engineers, and then for businesspeople, all unsuccessfully. 
  4. Doubtful positioning: Buyers may find it hard to believe the brand claims in view of the product's features, price, or manufacturer. When GM's Cadillac division introduced the Cimarron, it positioned the car as a luxury competitor with BMW, Mercedes, and Audi. Although the car featured leather seats, a luggage rack, lots of chrome, and a Cadillac logo stamped on the chassis, customers saw it as a dolled-up version of Chevy's Cavalier and Oldsmobile's Firenze. The car was positioned as "more for more": customers saw it as "less for more." 
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How to Benefit from a Marketing Strategy/Plan

3/5/2012

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The benefits of a planned marketing strategy are numerous. Business owners often rely solely on their intuition to make business decisions. While this informal knowledge is important in the decision making process, it may not provide you with all the facts you need to achieve marketing results. A marketing strategy will help you in defining business goals and develop activities to achieve them. 


Here's How: 

  1. Describe your company's unique selling proposition (USP) 
  2. Define your target market
  3. Write down the benefits of your products or services 
  4. Describe how you will position your products or services 
  5. Define your marketing methods (Will you advertise, use internet marketing, direct marketing, or public relations)

Tips:

  1. Your Unique Selling Proposition sets you out from the rest, don't try to develop a marketing plan without one. 
  2. It's important that you have a budget developed for your marketing plan. Marketing is an investment.
  3. Revisit your marketing plan at least once every quarter. Are you on target? Do you need to revise it?  
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How do I get more customers?

3/5/2012

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This week we will be focusing on Marketing and Branding. So we started this week with the number one asked question when it comes to marketing; how do I get more customers?
In order to get more customers you need to determine:

  1. Who are the right people to target.  
  2. What is the right message to communicate to them that will convince them to purchase from you.
  3. What are the most economical and effective marketing vehicles to communicate your message. 
  4. Test and track.   


These questions should be answered with clarity and relevant to your industry/service/product. If you need any help or suggestions we offer Free Consultation. 
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Birmingham Business Success

2/21/2012

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You know how to start a business concept that you're sure will engage customers and drive profits. So you copy a business plan template out of a book, withdraw some of your savings, and fail within a year. The Small Business Administration reports that half of new businesses fail. In Alabama, over 10,000 businesses bit the dust in 2004 alone.

If you want your business to succeed then you need something to set you apart. You need a strategy. Many businesses fail because their owners were “too good” -- too good at making and serving food, too good at offering financial services, too good at fashion or home health care. They were so good at what they did that they didn't have time to be good at business. They didn't have time to think about the bottom line as much as they should have, to consult with a financial expert as much as they should have, to really put time and thought into a new professionally designed logo.

Sound familiar? To have a successful Birmingham business, you need help from someone who knows Birmingham business. At MILBO LLC, we're good at business, we know why businesses fail, and most importantly, we know how to give you the solid ground you need to be a business, not a statistic. And we're willing to show you what we can do for free. Call today for a free consultation, and make a move toward setting yourself apart.

Whether you're an established business or want to launch a brand new one in Birmingham or anywhere else in Alabama, contact the experienced professionals at MILBO.

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Benefits of a Business Plan

2/21/2012

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Whether you're an aspiring entrepreneur or an established company, you need a great business plan. Having a well thought-out and organized business plan dramatically increases your odds of succeeding as an entrepreneur.

There are two main purposes for having a great business plan:
  1. To serve as a guide during the lifetime of the business. Just as a builder uses a blueprint to ensure that a building will be structurally sound, a great business plan is a blueprint to your business and will provide you with tools to build a strong viable company.
  2. A business plan is a Requirement if you are planning to seek funding from either banks, financial institutions or investors. It will provide potential lenders or investors with detailed information on all aspects of your company's past, current and future projections. 
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5 Steps for Business Success

2/8/2012

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  1. Take Inventory - How can you profit from your life experiences, resources and relationships? Seek clarity on the tangible and intangible assets that you can turn into a profitable business.
  2. Listen for Opportunity - The best business opportunities are often disguised as problems. Learn how to conduct primary market research and uncover the "hidden" wealth that's all around you.
  3. Develop a Business Model - Once an opportunity is discovered, how do you best bring it to market? Some models are not sustainable or suffer low-profit margins. Make a careful examination of the revenue and cost drivers for various business models.
  4. Build a Team - You are only as good as your team. Why spend years learning things on your own when you can access the collective wisdom of others? Learn the "do's" and "don'ts" of attracting and retaining a high performance team.
  5. Have a Great Business Plan - Having a well thought-out and organized business plan dramatically increases your odds of succeeding as an entrepreneur.
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