In the modern world, where a greater emphasis is being laid on work culture and professional growth, more and more individuals are embracing entrepreneurship for the endless possibilities it presents. While many entrepreneurs often claim that they were destined to start their respective businesses, not all actually set out with the goal of running a large company or employing scores of people.
Acting on the idea of taking control by eventually deciding to work for themselves, these individuals, often labeled as accidental entrepreneurs, foray into the business world simply motivated to develop solutions to a problem they’re facing. By doing so, accidental entrepreneurs then discover that they’re not the only ones with that need and just like that, a successful business is born.
The rising profile of entrepreneurs is one of the contributing factors towards motivating more people to join the ranks as ‘accidental entrepreneurs’ but it doesn’t always fare well. While finding a solution to the problem is one thing, starting a business solemnly based on that is altogether a different ballgame.
Emphasizing on product marketing
Accidental entrepreneurs often pay dearly for focusing on developing the product alone, with little emphasis on how to market it. Fuelled by the desire to cater to the changing preferences of the customers, early-stage founders’ efforts to improve the product or service often translates to high investment, more time and labour—all of which can go in vain sans impactful product marketing.
On the other hand, thoughtful entrepreneurs, on the back of their extensive market research and planning, don’t just effectively utilize the resources in developing the product, but also how to efficiently market it. Regardless of the great idea, unique selling point or state-of-the-art technology used in the development stage, no product will ever reach its true potential if not marketed well.
Thinking beyond free organic marketing
Most of the accidental entrepreneurs pay dearly for acting out on impulse and instinct. For many, having direct access to the right target market for the products or services they are peddling is almost a luxury. But, while amassing word-of-mouth sales through friends and family without spending a dime might sound lucrative, it can also make a business susceptible to an unexpected drought.
Rather than focussing on free organic marketing alone, thoughtful entrepreneurs, unlike accidental ones, emphasize on generating leads via multiple sources or platforms. This, in turn, doesn’t just allow them to keep progressing despite their free network drying up, but also ensures the revenue stream isn’t affected.
Building on publicity with a post-viral conversion strategy
No matter how good the product or service is, if not marketed well and with a concise plan, it wouldn’t mean anything for the business. That’s why marketing strategies hold such vital importance, especially for early-stage businesses.
From media outreach to social campaigns, publicizing a product is imperative for brands to stay relevant and competitive. But, while everyone chases publicity, few realize the critical nature of formulating a strategy after their product or service has grabbed the limelight. This is where thoughtful entrepreneurs stand apart. Having successfully publicized the product, their meticulous planning doesn’t just stop there; rather, it also includes devising a post-viral conversion strategy for further impact.
Failing to prepare for seasonality’s ebb and flow
In addition to seasonality, current affairs, timing, and luck, marketing brilliance can also play a role in unexpected sales increases. If an entrepreneur recently launched a business to a resoundingly great response, it is important to critically and unbiasedly evaluate the success factors and determine whether any of them might have a limited lifespan.
A significant acceleration in outcome can occur if a firm is launched during a perfect storm of seasonality, global events, and industry favouritism. However, it is unlikely that the same marketing approach will last indefinitely after a few months. The entrepreneur will eventually tend to give up as they won’t be able to predict the drastic decline that a change in the weather, the season, or the economy will have on the firm.
Entrepreneurship entails during both the high peaks and the ensuing dismal troughs. Ride the seasonal waves, but carefully consider which results can be attributable to your own actions and which ones can be attributed to external factors that you cannot repeat or control.
Final thoughts
As more and more people seek to work for themselves, a new-found entrepreneurial culture is creating a favourable ecosystem of service and resource providers which, in turn, has made the transition more seamless. Besides government programs and agencies, the entrepreneur ecosystem is further bolstered by the growing number of private funders, mentors, and solution providers.
But, despite the surge in entrepreneurs in India and overseas, the entrepreneurial landscape still has a long way to go in terms of maturity. That’s largely due to the growing misconceptions and stereotypes pertaining to entrepreneurship. Starting a business surely requires a great idea, but to foster sustainability and derive long-term success, an entrepreneur must put clear vision, systematic planning and extensive market research at the forefront to devise marketing strategies that are impactful enough to contribute to the firm’s growth trajectory—something accidental entrepreneurs often struggle to do.
Views expressed are personal.
