Business Intelligence: Tips, Trends and Resources for Entrepreneurs

By at 25 June, 2022, 11:17 am

By Karen Kerrigan –

Starting a business? Or looking to run it better? This week’s Business Intelligence roundup includes practical advice and information that can help.

How to Start a Small Business, U.S. News and World Report

“Starting a business can be an exciting time for entrepreneurs – one full of big dreams for the future. But starting a business also carries significant risk and requires a big commitment (of both money and time) to succeed…While starting a business can feel overwhelming, following these steps can put you on the path to success.”

According to SBE Council president & CEO Karen Kerrigan: “To really understand the market and needs in the marketplace, you need to ask yourself a set of ‘Why’ and ‘What’ questions,” says Karen Kerrigan, CEO of the Small Business & Entrepreneurship Council. “Why are you launching the business? What is the problem you are going to solve in the marketplace?”

Read the full article here.

10 Questions to Ask Yourself Before Every New Venture, Startup Professionals

“Deciding to be an entrepreneur is a lifestyle move, and should be part of a long-term strategic plan. You shouldn’t be making this decision just because you are mad at your boss, or you would like to be rich, or someone else thinks you have a good idea. In these changing times, if you already have a startup, with no plan, maybe it’s time to think ahead for a change.” Consider asking yourself these key questions.

The 15 Most Common Reasons Small Businesses and Startups Fail, Crowdspring

“Did you know that over 50% of startup businesses fail in the first four years?

“It’s a sobering statistic. But, there are also many success stories. About 30% of businesses make it to the 15-year mark.

“How can you ensure that your business survives and grows?

“To help you avoid failure and achieve success with your business, we look at why small businesses and startups fail and ways you can avoid the same fate.”

STARTUP IDEAS FOR SUCCESS: Understanding Your IP Holdings, Big Ideas for Small Business/SBE Council

“Unfortunately, there’s a great deal of theft of U.S. intellectual property, which was estimated to be $822.3 billion in 2021. This can be stealing trade secrets, counterfeiting goods, and pirating software and video games. While there may be no way to fully protect your IP, there are steps you can take to heighten its protection.”

Take the time to explore what IP your company may have and what you can do to protect it,and consider these tips.

Amazon Prime Day is Coming July 12 and 13: What You Need to Know About the Two-Day Sale, Inc.

“Small businesses can now opt to have a ‘Small Business Badge’ displayed on their storefronts and listings, a new feature that Amazon began testing in April. Amazon says the feature ‘makes it easier for members to identify products from small business brands and artisans.’ Businesses on Amazon that are registered via Amazon’s brand registry or Amazon Handmade are eligible to use the badge for free. They must apply to become verified as a small business through Amazon’s selling partner support hub; within 10 business days of applying, companies will either be approved or denied, according to criteria that Amazon has not made public (so, to make it in time for Prime Day, apply now).Learn more here.

This Week’s SCORE Webinar: Basics of TikTok Marketing – June 30

TikTok is just one tool in every smart marketer’s arsenal, but to begin your TikTok journey on the right foot you need to understand TikTok SEO, hashtags, influencers, and how to optimize your profile.

During this webinar, Mike Corso, founder of Roovio, will walk you through his proprietary 8 Step TikTok Domination Method. Do not waste another minute trying to promote your business on TikTok until you join Score on this June 30 webinar.

During this one-of-a-kind webinar you will learn:

● How to master TikTok SEO

● How the TikTok algorithm works

● Everything you need to know about TikTok ads

● What kind of videos to post

● How to optimize your profile and why it is SO important

For more information or to register (for free) click here.

7 Strategies to Help You Build a Strong Retail Brand, Crowdspring

“Successful retailers know that to stand out, retail businesses must build a strong brand, be trustworthy, and provide an excellent customer experience…So, whether you’re launching a new retail business or trying to grow an existing business, you must develop a strategy that helps you create a successful and sustainable business that people recognize and trust.” Check out important strategies here.

10 Best Practices for Small Businesses to Optimize Their Checkout Experience, Small Business Currents

“A potential customer could bail on the purchase for a myriad of reasons, such as a complicated checkout process, surprise fees, security concerns, or something else. The hard truth is that if a buyer doesn’t purchase what they have in their cart, all efforts, including marketing and sales to get the buyer to this point go unrewarded. This is why for all businesses, the checkout process is so important and checkout optimization is a critical strategy for the purchase funnel.” Review the best practices here.

Retaining Employees: A Good “Golden Handcuffs” Strategy, Big Ideas for Small Business/SBE Council

“Golden handcuffs are benefits provided by an employer to discourage an employee from leaving the company to take another job. Golden handcuffs have a bad connotation; it’s implied that they unhappily tie an employee to a job. But golden handcuffs may be a good strategy during this period of the Great Resignation and can be done in such a way that benefits both the employee and the company.”

Develop a strategy that benefits both the employee and the company,and consider these ideas.

8 Signals That’s It’s Time for Change in Your Business, Startup Professionals

“No business or startup wants to be the next Myspace, or even the next RIM (BlackBerry), where changes in the marketplace were subtle. Recognizing and interpreting weak signals into timely decision making is critical to your business, and it takes skill and focus…The challenge is knowing what to look for, and how to react.” Learn how to spot and react to the “weak signals” here.

THE EXPERTS: Who Has the Best Advice and Tips to Help Your Startup or Small Biz Succeed, SMALL BUSINESS INSIDER-SBE Council

“Given the surge of new business applications filed over the past two years, SBE Council is often asked about who entrepreneurs should turn to for guidance and support. Here is my [Karen Kerrigan’s] list of ‘go to’ small business experts who provide practical advice and actionable ideas for startup entrepreneurs and business owners who have been grinding it out for years.”  Follow the experts here.

Karen Kerrigan is president & CEO of the Small Business & Entrepreneurship Council.


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