John Lee Dumas (JLD) is the founder and host of the leading entrepreneurship podcast, Entrepreneurs on Fire, and is one of the founding fathers of this new age of entrepreneurship.
John established his podcast after finding himself unhappy with traditional 9 to 5 jobs, and frustrated with the weekly podcasts he listened to on the road because there wasn’t enough content. So he decided to create a daily podcast for entrepreneurs. It quickly became a huge success and John, along with Kate Erickson, his partner, built a successful seven figures business around the podcast.
Michael Stelzner started his business three years earlier as a writer, and in 2009, he managed to buy the domain for SocialMediaExaminer.com for 10 dollars. He contacted his writer friends and encouraged them to write for this movement that he called Social Media Examiner. Since there were not many websites giving out free information at that time, it took off, and in months, it became a thriving leading blog for social media.
Michael launched an online conference based on the blog idea, and then a physical conference, and then a podcast and live show; which all together became an unbelievably successful business.
They weren’t alone. Other successful entrepreneurs like Pat Flynn, Chris Brogan, and Joe Pulizzi, to name a few, built hugely successful businesses and together they created the foundation of the new kind of entrepreneurship that so many people take part in today.
What kind of entrepreneur am I talking about?
The new entrepreneurs are building businesses around their unique skills, and by doing so, are creating new market categories. They start from scratch, and unlike the earlier model of startup entrepreneurs, they are not looking to raise someone else’s money, instead, they build their businesses aiming to gain income and profit quickly.
A lot has changed from the first years of these new entrepreneurs to now, and the main change is that there are hundreds of thousands (or millions) entrepreneurs trying to do the same in fields like design, digital marketing, social media, blogs, books, and more.
However, doing the same and becoming a successful entrepreneur doesn’t mean using the exact same tools and tactics John, Michael, Pat, Chris, and the other pioneers used. It means finding what will work for your unique skills. Aiming to gain income and profits as fast as possible and grow your entrepreneurship quickly from a one person show to a substantial 6 or 7 figures company within a few years, requires a new kind of structure from the very beginning. You should create your own marketing and sales formation while becoming the leading brand in your (new) market category.
How would you do it?
By using the 11 Steps to your Entrepreneurial Business Success*:
Your Entrepreneurial Business’s Market Strategy
- Where is your biggest market opportunity?
Since it’s a brand new entrepreneurial business, you aren’t familiar with your customers yet or how to best define and describe your new product or service. So, we have a focused, effective way to discover the biggest market opportunity for your business.
- The 4 corner stones of your market strategy
Based on the biggest market opportunity, we will help you define the Four Corner Stones of the Entrepreneurial Business Success Model:
Customers - Who are the customers that are most likely to adopt your product or service?
Product - How to best define the product so the customers will understand what’s in it for them in using this product or service.
Category - That’s how you’re going to win the competition and build your leading brand - What (new) market category you should lead?
The Value Proposition - the trigger that will drive the customer to buy your product ASAP
- Defining your Brand
What is your brand and what does it stand for?
- Choosing the Business Model
The Monetization: How will you make money from your product or service? And in what order (from the most relevant effective channel to the least one)
- Sales & Distribution channels
Choosing or creating the sale channels means how and where the customers will pay you, and the distribution channels i.e. how the product or service will get to the customer who just bought it.
- Setting Goals
How and what objectives and measurable goals to set for a new product in an unfamiliar market?
- Marketing Collaterals
By marketing collaterals, I mean the basic marketing materials that will spread your message, drive action, and build your brand at the same time. The main ones according to the Model* are: Logo, Website, Video, and Sales support fixtures, like sales presentation, pitch, brochure, etc.
- Marketing channels & tools
Two questions need to be asked in order to choose which marketing channels and tools to use:
- Where are your customers and what do they need in regards to the problem your product or service solves?
- How would we reach these places or virtual places (we found on 1)?
Monthly half year marketing activities & sales plan
- Main activities for the coming half year
Based on the previous step (8) what will be the main activities and tools we should choose to use in order to achieve our goals (6)?
- Timeline for each target audience with each marketing channel
This is an easy one. Use Excel, Mac’s Numbers sheet, or make your own from scratch. Prepare a table, use the columns for each month, and the lines for the different activities you plan.
- Execute & Monitor
Since entrepreneurship is so challenging, how to make sure you grow? And how to monitor the results vs. the goals and boost your performances.
* All rights reserved
I hope you learned new things about the new kind of entrepreneur out there, and who the opinion leaders and successful entrepreneurs that were first to reach the top of the Entrepreneurial Business Success Mountain are.
And I hope the 11 steps above will help you to climb your mountain and establish your own successful entrepreneurial business!
Looking to learn how to build your entrepreneurial business successfully? Want to get tips on how become the leading brand in your niche? How to generate more paying customers?