Discover the 3 key factors that categorise a successful digital entrepreneurship journey in a dynamic, fast-paced, and challenging world.
I could mention a range of highly relevant skills as the central theme of this article, such as emotional intelligence, management, innovation, persuasion, and many others that an entrepreneur undoubtedly needs to develop. However, the focus will not be on these. In this article, I want to draw your attention, as a business owner, to eliminatory criteria! I want to wake you up so you don’t make the mistakes that can definitively take you out of the game in the coming years. So, let’s get for it!
Imagine a Formula 1 supercar speeding around the Monaco racetrack. To achieve maximum performance, it needs a chassis (suspension, steering, and brakes), power, tyres (grip), and aerodynamics. The latter represents the ingenious study of “where the wind is going.” Besides all this, of course, there must be a driver! Only then can this car exceed 300km/h, “glued” to the ground, even on the most dangerous curves. This is how your company should be. For it to “exceed 300km/h even on the sharpest curves,” instead of breaking down in the digital age, it needs three things!
The first is TRACTION! There are at least 19 traction mechanisms you can use to accelerate your business growth. Among them are viral marketing, blog posts, influencers, social media, SEO, SEM, lectures, fairs, events, social ads, communities, lead capture software, public relations, unconventional public relations, email marketing, business development, direct sales, affiliates, offline advertising, each with its specificities and ways of use and testing. The question is: how many of these mechanisms have you used for your company? Which ones have you used? The simple fact of knowing they exist should eliminate 1001 excuses for your business not to grow.
The second is DATA! It is definitely impossible to succeed in digital entrepreneuship without a good data management. Since the very early stage that you started to drive your business, you generate data. When online, data in ever greater volume. Do you know what these data are? Do you know how to analyse them? Metrics like CPR, CPM, CPC, CTR, CPL, CPA, CAC, LTV, or financial ones like ROI, EBIT, EPS, BVPS, Net Margin, Current Ratio, PSR, or productivity and satisfaction ones like NPS, Average Cycle Time, Turnover, Resolution Rate, Response Time, and so on.
Dear entrepreneur, these data are out there. If you are not aware of them, your decisions are being made based on “guesswork,” and this can lead your business to ruin.
The third is CULTURE! Starting from you, the owner and/or director of the business, because your young interns and analysts will probably find it easier to embrace these ideas and methodologies, after all, they are “learning to work.” Implementing culture requires training, coaching, and mentoring for both managers and employees at all levels of the company. Culture is the expression of the business’s purpose, the clarity of future vision, the unity towards this new world, the diligence in execution, the thirst to learn and correct mistakes as quickly as possible. Culture is wearing the brand’s shirt and defending the business’s growth wholeheartedly. It is about instilling a sense of ownership and attitude in your entire team.
There’s one thing I’m certain about, no one builds anything great alone. Be teachable, humble, and seek help. Only then will you be able to add value, energy, and knowledge to reach new heights.
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“Discovering these key factors to thrive in Digital Entrepreneurship was actually life-changing and helped me to significantly impact over 30 brands.”
Thiago Sartorelli