October 2013 Entrepreneur E-News: Main Reasons Why a Business Plan Fails


 
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ENTREPRENEUR E-NEWS: OCTOBER 2013
 
Article: Stop Worrying About Sales and Build Relationships
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Article Written By: Tukan Das
When was the last time you saw a billboard, TV or a print ad and said to yourself, "Wow that brand really cares about me and I am going to buy that product?" Let me guess: Never. What is stopping brands from reaching out to consumers personally and actually helping them out?
Most big corporations are generally risk-averse and like to play it safe, when it comes to engaging with customers in public. Giant billboards, TV/radio ads or print ads on newspapers/magazines are all safe ways to market to people. It does not involve any direct interaction with customers and hence very little chance of a negative reaction, but the problem is consumers of 2013 are all blinded by traditional ads. Revenue from traditional advertisement channels are at an all time low.
It's important to not only look at social media as a channel to get your message out there but also as a way to truly build meaningful relationships with potential and existing customers. Here are two ways that your company can make the most of your social media marketing efforts.
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More Canadian Entrepreneurs Turning to Crowdfunding
It hasn't been an easy ride for April Defalco and Stacey Bebbington since opening their kid-friendly cafe in 2010. Six months after launching, La Tasse Gamine suffered flooding damage from a broken water main in front of their shop. They were forced to close for six weeks of repairs. Then, last summer, after the business above their own was the target of an arson attack, the cafe was once again forced to shut its doors. The renovations -- and some insurance wrangling --took eight months. READ MORE
Female Entrepreneurs an "Untapped Resource"
The number of female entrepreneurs is growing slowly in Canada, but still accounts for just a small proportion of all small-business owners and remains an “untapped resource.” A new study by Royal Bank of Canada economist Laura Cooper shows women were majority owners of only 15.6 per cent of all small and medium-sized businesses in Canada as of 2011, an increase from 14.9 per cent in 2007 and 13.7 per cent in 2004. READ MORE
 
 

 

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Article: Main Reasons Why a Business Plan Fails
 
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Article Written By: Tracey Fieber
Having a business plan is an important part of starting a new company that you cannot afford to skip. Regretfully though, simply having an established plan is not enough to guarantee success. Here are seven different areas that your business plan may be lacking in, and why those mistakes could be very costly to your company:
Not Enough Research
Diving into a new marketplace is a challenging endeavor. Doing so without the proper amount of research is suicidal. Make sure that you thoroughly understand your field before investing in your new business.
No Distinct Focus

You may have constructed a pretty comprehensive business plan outlining your business idea, but no specific goals or ways to achieve them. This can leave you spinning your wheels but not going anywhere.
 
 
 

 

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