LIFE IN THE FAST LANE HAS IT’S CHALLENGES
“We have technology, finally, that for the first time in human history allows people to really maintain rich connections with much larger numbers of people.” –
Pierre Omidyar, founder of eBay
On researching the 4 biggest problems facing entrepreneurs in 2018, I was surprised to discover that they all felt very personal as well as business orientated.
It goes without saying that the recent explosion in an entrepreneurial life style has been led by an huge increase in the success of entrepreneurial led online businesses making it look as easy as applying a few funnels then you are earning 6 figures in no time.
Also, the fact that a recent study said about 70% of employees in the United States hate their jobs and only go to work because they have to pay their bills and support their family.
The reality or belief that a long term job for a successful company will support your lifelong career is dying if not dead already.
So an entrepreneurial lifestyle is suddenly all the rage with the promise of financial freedom, huge potential riches and being one’s own boss forever.
However, the reality as always is somewhat less straight forward and is much more challenging.
The majority of entrepreneurs don’t like to share their problems or daily challenges on social media and prefer to show a tough and fearless exterior ready to do creative battle with anything.
But, entrepreneurship is still a pretty tough market and 80% of businesses don’t survive past their first year of operation, according to the U.S. Small Business Administration.
For every Tony Robbins there are thousands of tiny entrepreneurs struggling daily to create their own brand of Creative Power to succeed in a demanding market place.
So let’s look at what the 4 Biggest Problems are facing entrepreneurs in 2018 to get better perspective on the landscape.
And, don’t stress, I will be offering a solution at the end to deal with these issues.
MARKETING & STRATEGY
“Stop advertising to save money is like stopping your watch to save time”.
– Henry Ford
An entrepreneur today has to realise that marketing and strategy combined in a simple, original and cost effective way is one of the best Creative Power solutions to boost your business and growth.
Marketing alone is an essential component for any entrepreneur in business.
And, marketing with the right strategy behind it can create an evolving, thriving and ever pivoting business.
So what creative marketing content does the most effective job for entrepreneurial businesses?
With so many options available today it can become a digital minefield of choices all with a time and cost attached to them.
Whether the entrepreneur is just starting out or they are an established business who need to keep growing and innovating, the requirement to have it deliver remains the same.
Attention span online has been reduced to mere seconds of clickbait to engage consumers and traditional (ATL) above the line and (BTL) below the line marketing have been disrupted radically by (TTL) through the line.
The advent of social media has blurred the ‘line’ segregating the marketing techniques.
These days, companies use an integrated approach involving both ATL and BTL and it is called Through The Line (TTL) approach.
This approach allows brands to engage with their customers at multiple points and generate a solid perception regarding the company and the product, the main aim of Marketing!
Consumer engagement TLK the -Trust Life and Know factor has a become a gold standard requirement for the majority of the best marketing.
And, anyone with a smart phone today is filming and uploading marketing content every single second.
The number of mobile phone users in the world is expected to pass the five billion mark by 2019.
So how does a successful entrepreneur navigate this NOISE to create marketing with no brand recognition and a limited budget?
It is possible and it requires getting expert advice to get creative with your accessible resources to develop marketing and advertising strategies that work with your budget.
Whatever the best marketing strategy is for you depends on your business and there are plenty of options to choose from including; organic social media marketing, viral marketing, webinars, funnels, video marketing, and joint ventures with other businesses.
The real Creative Power key and main asset an entrepreneur and business has is to focus on it’s (USP) unique selling point or proposition.
This is as unique to you as is your own life experience.
It’s very personal as well as business orientated and can help you get clients and consumers regardless of the competition and how much you charge for your goods and services.
Your (USP) is where you add unique value and it’s your secret weapon against all competitors.
The main purpose of the best entrepreneurs and businesses is to refine this into all your marketing and strategy.
This is also where the best solution exist and the real Creative Power fun can begin.
There a many ways to improve productivity and delegation is one of the best solutions used wisely.
Ask any entrepreneur about productivity and it’s their oxygen, life blood and one of the main focuses of their daily energy and expenditure.
It is measured on how many important tasks you get done each day for the soul purpose of making the business grow.
In reality, it is one of the most demanding of tasks to manage successfully and to find the right balance and focus on the most productive activities to benefit the business.
How does an entrepreneur decide on what task, product or service is more important productivity than another?
The ones who have this sussed this are the ones crushing it daily and getting the balance right.
There a many ways to improve productivity and delegation is one of the best solutions used wisely.
TIME OR LACK OF
There is an entrepreneurial epidemic of impatience for speed when in fact time is the one constant they can’t control.
Not really a surprise this one with the never-ending demands on everyone’s time these days but for an entrepreneur whose biggest asset is time – there never seems to be enough of it.
The traditional sense of an 8 hour working day was shattered when the internet and smart phones began to dominate our lives and in reality they never sleep, turn off, want a holiday or are out-to-lunch. So entrepreneurs have adopted the belief that they have to behave in the same way.
If they don’t then it feels like precious time wasted or another opportunity to reach out to a client is missed.
For any idea to be innovative, gain a proof of concept and became a success in the market place it takes time but there is an entrepreneurial epidemic of impatience for speed when in fact time is the one constant they can’t control.
There are also countless distractions to occupy the entrepreneur’s mind and more learning to be done continuously to stay ahead and predict market trends.
However, entrepreneurs who get the best support and use automation and don’t try to do it all themselves do manage use time well and get their work done and enjoy life.
MONEY, MONEY, MONEY
The majority of entrepreneurs have false predictions and expectations that their business will generate profits as soon as their products or services hit the market, and this is usually not the reality.
Some online entrepreneurs like Sam Ovens CEO of Consulting.com start out with no money at all and build a thriving business with blood, sweat, tears and eventual riches.
Others are lucky enough to have an early injection of capital to get them launched.
However, it’s usually the case that money initially is in short supply so funding and having access to a sufficient amount of start-up capital is desirable.
Most entrepreneurs will agree their main issue when starting out is money, money, money.
Gotta have it to make it, and make it to have more of it.
We all know how hard it is to pay off the mortgage or student or credit card debt and the majority of businesses fail to survive past their first year of activity because they ran out of money.
In my experience having co-owned a film marketing company for 20 years that started from scratch, our main problem was underestimating the cost of running the business. This coupled with clients paying late was always a stretch on financial resources.
And, new entrepreneurs and even established CEOs can also underestimate how much money it will really take to create the vision of their business.
It can also be a perception and marketing problem, as the majority of entrepreneurs have false predictions and expectations that their business will generate profits as soon as their products or services hit the market, and this is usually not the reality.
Creating realistic and rock solid budgets and target predictions can take a huge amount of the stress from money worries but more importantly give one a clear picture of where the business it at financially in any given moment.
Sounds simple buy ask yourself honestly, how effective are you accounts, budgets and predicted targets?
“The true entrepreneur is a doer not a dreamer”
– Nolan Bushnall
For all the pain, challenges and sleepless nights the majority of entrepreneurs I have met told me it’s all worthwhile in the end. And, there is no such thing as failure just another result from action taken.
Inaction is the death of any entrepreneur and their business and I feel grateful to be in the same exclusive club taking risks and sharing the rewards daily.
“Everyone can tell you the RISK. An entrepreneur can see the REWARD”
– Robert Kiyosaki
I am looking forward to helping and supporting more clients than ever before with CREATIVE POWER Coaching and Consulting.
Film Director Coach and Consultant: Darren Cavanagh helps people unlock and unleash their unique creativity to attract more clients to boost business.
He is an expert at helping time-crunched Filmmakers and Creative professionals create their best marketing content with a 6 week one-on-one program that has proven processes and achieves results fast.
Book a FREE marketing strategy session today go to https://www.creativepowercc.com/case-study
I hope your found this blog of interest and please list any other daily problems your have faced on entrepreneurial journey in the comments below.