I am proud to say that I am an entrepreneur and have been one all of my life. I am also proud to say that my business has been thriving for more than sixteen years and has grown every year, in spite of economic lows and the ever-changing consumer and competitive landscapes.
Since the recession of 2007, business schools and economic development agencies have put an emphasis on entrepreneurship and building new ideas and innovations into big, successful businesses. Unfortunately, Gallup Polls continue to show that more than 50% of new businesses fail in their first five years. Compare this to established franchises, where 95% of new franchises survive at least that long. What are the differences? How did a company like King Media grow as an entrepreneur-driven company and survive the test of time?
The first thing an entrepreneur needs to have is a viable, well-researched and research-backed idea. Since I do not believe there are truly “new” ideas, but new and better ways to do things that are already being done, I suggest that research be conducted to determine the WHAT: if the new product or service is attractive enough for existing customers to change what they are currently doing, and if there is a premium cost attached to this change in behavior, will they purchase the new product/service as often as the old one? A completely different set is the HOW: will customers be asked to purchase the new product in the same way as the old one? Or, will they have to go to a different location (shop, website, etc.)? Finally, we need to know the WHERE: does the new product sell better in certain areas or types of locations than others? Is the new concept expandable to different types of social, geographic, and ethnic areas?
If you are starting to get the idea that being a successful entrepreneur requires more than just a unique idea for a product or service, you would be right! One thing that addresses all these issues I’ve outlined is finding the right group of partners, consultants, and team members that help take your idea and make it successful. Partnering with King Media gives you instant insight, understanding, and experience in knowing how to take a single “new” idea and make it a successful and thriving enterprise. We’re in our sixteenth year of making that happen for our clients as well as ourselves. The best example of how we’ve grown entrepreneurs successfully is to use King Media as an example. Let’s talk about your great idea and how we can help you stand the test of time.