Social Networking - The New-Age Enabler of Entrepreneurial Success Stories

If ideas, knowledge, and capital are the key components of an entrepreneurship, it is social networking that catalyzes the symbiotic consolidation of these elements to transform an entrepreneurial venture into a successful enterprise.

Yes, social media today is not just a mere technology or tool facilitating the discovery of any business venture, but an intrinsic constituent of every entrepreneurial space. Social media is indeed fast turning out to be every aspiring entrepreneur’s best friend as new opportunities and innovative approaches of social networking are being untapped every day.

From serving as a knowledge base to facilitating marketing through digital channels, social media has become an indispensable tool enabling entrepreneurs achieve success in innumerable ways, including providing support in:

·  Identifying funding options from investors

·  Sourcing talent for your entrepreneurial journey

·  Introducing your brand to your audience

·  Unearthing expertise that you can partner with

·  Providing platforms to test effectiveness of ideas

·  Bolstering customer interaction to create dedicated communities

·  Mobilizing marketing from persona definition to targeted, personalized interaction with your target audience

Social media thus plays a crucial role in today's entrepreneurial world, increasing visibility and credibility of organizations. However, despite the innumerable benefits of incorporating the new-age social media innovations into entrepreneurial initiatives, the road is not always smooth.

A clear lack of awareness is a primary reason for entrepreneurs not taking advantage of all the potential advantages that social media can offer. Half-hearted approaches lose patience as it takes time and effort to generate a solid following and to cement your place in the social world.

The key to earning a social capital is not just in the number of contacts made but in turning these contacts into long-lasting relationships.  Commitment and patience, as well as proper planning and strategy, strengthen social media networks and their contribution to every organization. As you adopt effective and profitable approaches to fulfill your organizational goals, here are a few suggestions to optimize your social media strategy in achieving them:

·  Find the right platform – All social media platforms are not the same. You need to choose the right ones for your products or services. Each business has a varied target audience and finding the best channel to reach your audience is crucial. You must carry out two essential steps before you choose your platform - identify your target audience by defining clear-cut personas and map these personas and their online behaviors to specific channels. Your business will then benefit from concentrating on these specific networks that are aligned to your solution or product, even if they generate relatively less traffic.

·  Create a social media strategy - Blind pursuit of latest social media trends often leads to disappointing results since these approaches are not backed by solid strategy that maps the organization's brand with the target audience and the desired consequence. The who, what, when, and how of the entire approach must be clearly defined in the road map. Most important, crystal clear means of measuring performance through trusted analytics must also be available.

·  Schedule and delegate – Create a social media schedule that drills down to the minutest of details. You might also need to hire a dedicated social media manager to manage your accounts, update your profiles, stay on top of trends, post great content, interact promptly with your audience, and monitor performance. 

·  Make use of the tools – As social networking gains importance in business world, a number of tools are available in the market to aid you in managing it. There are sites and tools that help you by sending updates to multiple social networking sites, with one click, that help you reach out to specific audiences, and that deliver critical data analytics on what works and what doesn't.  

·  Build a content plan – Every successful social media strategy depends on content that targets the right people with the right messages at the right time.  You need to have a continuous, relevant presence on social media, which can only happen through meaningful content that is channel appropriate and in tune with your marketing and business strategy. Consistency and fresh content matter thus help increase the popularity of your business. 

·  Follow-up – Purposeful, personalized conversations with your target audience are crucial for maintaining relations.  Social networking is about engaging with your audience - the first step in expanding this network is to build trust. Following up on complaints, constant monitoring of social media channels, prompt interaction with your audience, and immediate initiatives to resolve any issues are key to a successful social media strategy.

·  Keep updating – Like any other marketing strategy, your social media strategy needs to be constantly updated. You need to monitor the responses and look through your analytics every week to understand your performance. You need to refine your networking ideas to meet your goals.

Connecting with the rest of the world through networking and social media tools is a priceless approach that the entrepreneurial space should leverage. Riding this wave will boost all chances of your success. No matter where you are in your entrepreneurial journey, social media has grown to such colossal dimensions that its influence on your business cannot be overlooked. With far-reaching benefits that this road holds, entrepreneurs should harness every single advantage they can gain from embarking on the social media journey.

Start networking!

Knowledge creation to speed the conversion of ideas into market ready enterprises.

Businesses of yesteryears used to be located near availability of raw materials or capital. Not any more. In today’s world they are flowing to the epicentres of knowledge. A company’s potential is assessed on their  knowledge creating capability. Capital is going to the areas where knowledge is available to create new business products and new services.

The ability to create new knowledge is often at the core of the organization's competitive advantage. Knowledge creation according to the Nonaka's SECI model is about continuous transfer, combination, and conversion of the different types of knowledge, as users practice, interact, and learn. As defined by Ikujiro Nonaka, knowledge creating process consists of socialization, externalization, combination, and internalization.

In today’s cutthroat business world, innovation is said to be the key factor that is driving an organization’s value and competition with rivals. Organizations requires input of knowledge to create new products/services, processes, technologies, and managerial systems. Knowledge management (KM) can play a huge role in producing the source of knowledge that is integral to support innovation. It is hence important that you adopt knowledge management strategies that support radical innovation giving you the added advantage.

Knowledge creation process need not limit itself to within the organization. New knowledge acquired from outside the organization about customers, their habits, needs and preferences can enable you to improve your products as well as marketing strategies. Conference and seminars help in bringing new learning to the organization and sharing the expertise with one another. It encourages partnership and collaboration with other organizations to develop new products and services. Academicians and technocrats can join hands to share knowledge to develop or improve existing or new process.

Explicit information and data can be easily understood and shared as it can be quantified and stored. There are tools and skills that manage these type of business information. However, it is not in this type of data that the advantage of an organisation lies in. An organization's true asset is in the knowledge which is found in individuals and their communities. Using the right KM strategy, practicing the relevant leadership behaviours and cultivating organizational learning culture can help you in effectively managing this intrinsic knowledge of the people.

Without a doubt, better management of knowledge within a business will lead to improved innovation and competitive advantage. Knowledge creation is today perceived as one of the major assets of an organization. New knowledge created, on its own or in combination with previously established knowledge can provide a strong foundation for continuous improvement of a your organizations’ processes, products and services.

Skills and behaviours of successful entrepreneurs.

Some have the technical brilliance, some others the vision. Some have the experience while for some others it might be their personality. What makes an entrepreneur successful? Is it just one stand out quality or a combination of skills and behaviours that they acquire during their entrepreneurial journey? What qualities create a Bill Gates or Steve Jobs or Warren Buffet? Are they born-entrepreneurs or are there specific techniques and habits that they consciously develop to better themselves?

Studies that have researched the success factors of enterprising business owners have found that though each may have their own strength, there are certain traits in common to the successful business leaders that push them to their success. Some level of talent is innate but there are many other traits that can be developed too. There are a number of skills and behaviours that many entrepreneurs have practiced and nurtured over the years to perfection to reach the pinnacle of success.

Often, successful entrepreneurs are driven by a complete vision of the future than just the immediate task at hand. A successful entrepreneur has a set of skills and talents that sets him apart from the herd. Some of the skills he/she displays are -

Personal: Drive, energy, self-confidence, creativity, passion, determination, integrity, risk-taking, engaging with criticism, willingness to listen.

Interpersonal: Leadership, communication, networking skills, delegation, respect, charisma, motivation.

Business: Business vision, venture specific knowledge, pragmatic problem solving, financial management skills, resource management, negotiating skills, optimal use of resources.

Some of the highly effective behavioural patterns of successful business owners are:

·  Finding opportunities – This ability to see unmet needs that others don’t, and finding an entrepreneurial opportunity in that need. They are always on the look out for new ideas and innovations to improve on the existing processes.

·  Clear focus – They have a clear vision about the future and the steps needed to take to reach there. They are not deterred by constraints or competitions.

·  Quick decision makers – They are ready to observe and act quickly taking the right decisions at the right time. They are ready for unexpected challenges and are ready to face them head-on.

·  Not afraid to make mistakes – The series of small errors of today  would teach them lessons that helps in avoiding catastrophic mistakes of tomorrow. Successful entrepreneurs are open to testing ideas in low-risk environments to determine whether a product or idea will take off.

·  Collaboration – They motivate a diverse group of employees to come together for the common goal. They lean on each other’s ideas and skills to overcome the challenges as well as for future innovations.

·  Building relationships – They are adept at building positive relationships with various stakeholders and understand the value of a strong peer network.

Every entrepreneur cannot have all these skills. Working on their inherent strength will compensate for the absence of others. The most successful entrepreneurs are not comfortable even in their greatest success but instead keep striving to attain new heights. They are constantly learning and improving themselves as well as their organization. It is the never ending quest for more success that makes them the most successful.

How to manage the widening gap in data skills

More data has been created in past few years than in entire history of humankind, leading to an unprecedented digital data explosion worldwide. Many of the bigger companies have already invested in or are in the process of investing in the harnessing of this big data. However, today, companies are finding it increasingly difficult to turn all that data collected into valuable and useful information that will aid them.

A key obstacle is the lack of people with the right analytics skills. To leverage big data, companies will have to overcome the skill gap existing in today’s talent market. This requires not just investment, but also co-operation and communication between various players in the big data field. You need to take steps to make sure the boundaries of your businesses aren’t limited by the widening gap in data skills.

When assessing today's widening skills gap, it all comes down to the equation between basic supply and demand. Some of the ways by which businesses can help in closing the skills gap are-

·  The collaborative partnership between companies and universities is  increasingly becoming pertinent in the current scenario. Offer to partner with colleges and work with their students to help them learn about the challenges in the field of data analytics.

·  You might already have people on your team who have the skills for big data analytics. Keep your eyes open for people who have an understanding or affinity for analyzing data results, and encourage employees who are interested in big data.

·  Invest in automation and new technologies might cost initially, but ensuring the of availability best technology to hire and train staff will serve you in the long haul. Companies should also automate most of their routine processes in data analytics to save money and effort.

·  You should offer salaries that are competitive with what they can command in other sectors. The widening gap can also be attributed to the unwillingness of employers to pay attractive price for the skills they require.

·  The business ecosystem concept is gaining renewed attention in the age of data explosion. Co-operation and co-ordination with other players in the business ecosystems can be used to facilitate innovation, and to solve wider problems in the field of big data analytics.

Big Data is big news. It is the next big thing that is set to revolutionize the way you approach and conduct business. The biggest challenge facing most organizations with big data initiatives is the skills gap. At this juncture, most businesses would probably benefit by combining several of the above approaches to solve the data skills gap. The aim of every organization should be to facilitate a fully functioning analytics program in place. By being foresighted in your policies, persistent in your approach and sensitive to the demands of the labour market, you can definitely succeed in finding the right mix of people for your data analytics team.

Supporting your communities’ small business ecosystem

The unhindered entrepreneurial spirit of small business owners and the passion of the community members must be moulded into an everlasting partnership that is beneficial for both. In their co-operation and collaboration lies the well being of a community and its people. A community should support local small businesses and recognize the role they play in strengthening its economic performance. They should connect them with resources to help them grow beyond the boundaries of the community, while keeping the jobs within it.

Exploring the entrepreneurial communities’ activities across the spectrum will provide insights into what it takes to sustain the effort of building a partnership between the both. Fortunately it doesn’t require a great deal of funding as the resources needed are already present in the community. A clear focus on funding, training, and financing for small businesses will go a long way in strengthening the collaboration. The key components to creating a successful entrepreneurial ecosystem are:

·  Creating a steady supply of skilled workers

·  Cultivating technology exchange and innovation

·  Access to funding

·  Promoting awareness and building networks

·  Optimizing the regulatory policies

It is important to work towards an inclusive ecosystem for the businesses and their owners to grow and thrive. You should provide technical assistance and skills training, increased access to affordable capital, and help to create an entrepreneurial environment that also focuses on innovative solutions to the region's problems. Universities, venture creators, supply chains and job-training programs are more likely to contribute to a regions’ prosperity when they are networked and encouraged to work in tandem.

Enhancing the collaboration among these institutions can enrich the business ecosystem, catapult ideas, create job-creating start-ups, help companies find skilled labor and nurture innovations. In order to generate a growing community, it is important that you get the leaders involved, cultivate your local and global networks, and work together. It is imperative to provide the community as well as the business owners the opportunity to get to know one another and strengthen their networks through various events.

Every community has merits that are core to its success and contributes to the economic progress. The community’s leadership must unleash this potential and connect them to their community’s growth model. Strong universities and a vibrant startup community are drivers for the growth of any community. A growing community today, should create the right support network for small businesses and entrepreneurs to flourish and  allow them to take the many steps that will ultimately create the change in their lives.

Crowdfunding: Finding the best Platform

One of the earliest instances of crowd funding of a project can be traced back to the year 1884, when the Statue of Liberty first arrived in USA. At the time, the pedestal it stands on today hadn’t been built. Entrepreneur Joe Pulitzer asked residents of New York to donate towards the cost of constructing it in exchange for a mention in his paper. Donations poured in from big business to school children and the target was met. The format, over the years, has undergone changes, spreading with the rising popularity of internet, and has moulded into a popular model which helps with the raising of funds.

Crowdfunding is the practice of funding a project or venture by raising monetary contributions from a large number of people, today often performed via internet-mediated registries. In recent years, more and more platforms and websites have been launched, all offering crowd funding in one way or another. These websites allow people to raise funds for everything from real estate, charity, schools to business. These crowd funding sites give entrepreneurs a wide choice of options on  not only for fund raising but also a platform for their campaign.

But the wide spectrum of options bring along with it the predicament of choice of which platform is best for budding entrepreneurs. To determine the most suitable crowd funding source for your idea, here are certain points you should keep in mind -

·  Type of product and its current stage

       The type of product you create will determine where you can go for funds. Another factor that will influence is what stage your project or product is currently in. Taking an unrefined concept or an unpolished idea to crowd funding sites will not give you any leads.

·  Funding history of the site

       You should see if similar products have been funded and how it successful it was. You need to be sure the platform caters to your product and target audience before starting a campaign.

·  Funding Model

       Crowdfunding sites run either rewards, donation, equity, lending or hybrid-based funding models. Having a clear idea of how each one works and how it would impact your business is of primary importance.

·  Reach of the platform

       These platforms are usually the first interface in your marketing process. The communities developed on these platforms can play an important role in the campaigning of your products

·  Cost-Benefit Analysis

       Cost-benefit analysis of each site should be done to see which platform suits you the best, your reasonable profit margins with the campaign, time frames that you can meet etc.

Crowdfunding has become the way to raise money for all kinds of projects, especially since the onset of digital era. Businesses, nonprofits, artists, and entrepreneurs in all sectors have succeeded in running startup funding campaigns on the many crowdfunding platforms available. There is no denying the huge amount of money that crowdfunding can raise, but it might not work for every project. Many entrepreneurs have failed, because they didn’t fully understand the implications, got their data wrong or didn’t chose the correct platform. You need to be well informed and well prepared. Only by diligently doing home work, gathering necessary data and proper in-depth analysis will you be able to assess the workability of using crowd funding for your business, and successfully finance your dreams into a reality.