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5 THINGS BLACK ENTREPRENEURS GET WRONG ABOUT GROWTH MARKETING

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If you hope to avoid the fate of failed entrepreneurs who have gone before you, it’s time you heard a few hard truths about startup marketing. While thousands of entrepreneurs around the globe are using the same fruitless marketing methods, street-smart entrepreneurs are pursuing lucrative customer-acquisition methods the wannabes fear to try. You can get a growth hacker to tell you that you ought to be on Snapchat, Instagram, Twitter, Reddit, and Hacker News, but they won’t tell you the actual cost of all your wasted outreach efforts. If you want to know what it takes to build a company that survives (and maybe even flourishes), you need to wake up to the realities of growth marketing. Buckle up, baby; you’re in for a bumpy ride.

1. STARTUP MARKETING ISN’T GLAMOROUS

Getting on the front page of YCombinator’s Hacker News or Reddit’s r/startups won’t add a whole lot of paying customers to your client roster. Sure, your site visit numbers will spike for a day or two, but the majority of those visitors are tire-kickers and not your target market. It would be best if you were where your customers are and feed them valuable information over an extended period. Business blogging takes time, and SEO is a long-term endeavor, but the results speak for themselves. Convincing customers of your company’s value won’t happen in a Snapchat post or a cool picture on Instagram; prepare yourself for the long haul if you hope to succeed.2.

2. NO ONE CARES ABOUT HOW MUCH MONEY YOU’VE RAISED

Customers don’t care one iota how much funding you have raised from investors. Seriously. Stop promoting your latest seed raise or flaunting your funding on TechCrunch. The only people who care about your seed/Series A funding are your investors (which gives them something to brag about on Twitter), your competitors, and your mama.

3. YOU DON’T NEED ANOTHER INTERN

If you’ve accepted investor cash and your runway is shrinking by the minute, skimping on marketing is akin to taking your startup behind the barn and shooting it while it’s still moving. That marketing intern you’re thinking of hiring isn’t invested in the success of your company. Your marketing-wannabe cousin isn’t going to send droves of paying customers your way. Without a clear understanding of your preferred customer and their online/offline hangout preferences, your marketing efforts are all likely going to be for naught. If you do only one thing to improve the viability of your startup, dive into the data on your target customer. Don’t have detailed data? Oops. It would be best if you had thought about customer analysis before you launched your startup.

4. YOU NEED MORE THAN PRESS AND MENTIONS

Read full article HERE at #Blackenterprise

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Entrepreneurship

Youth Entrepreneurs: Teaching students about business, with a local focus

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The phrase “youth entrepreneurs” often brings to mind technologically savvy young people in hoodies looking for investors for their app or startup. But the organization Youth Entrepreneurs is changing that perception, and bringing it from Silicon Valley just a little closer to home.

“We are really helping students look internally, helping them develop their innate skills, so that they can build upon those passions and contribute to society. So it’s a little bit different of a definition,” said Kylie Stupka, president of Youth Entrepreneurs. “We’re trying to help them determine where it is they see their unique fit in life and how it is they can use entrepreneurial thinking to solve problems. So we like to define entrepreneurship is solving problems for profit, and we’re doing that through and with students, traditionally in the high school and middle school education space.”

The program promotes entrepreneurial values, like responsibility, principles and sound judgement, among others, while educating students about economic and sociological concepts that can help them become more productive members of their communities. These can range from ideas like opportunity costs to theories of human action.

“it’s not just your traditional ‘here’s how you start a business and here’s the practical skills and tools that you need to do so,’ although those are intertwined,” Stupka said. “It’s very much about the theory and the mindset and how it is you can approach any type of opportunity through this lens, whether it be just in decision making at home or decision making within whatever type of situation or institution you find yourself in at that moment.”

Read more @ WTOP

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Entrepreneurship

Essence magazine names Cincinnati as top destination for black entreprenuers

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Wells Fargo donates additional $1 million for small business growth in Minnesota: Diverse Community Capital program funds will help remove barriers and put more small businesses on a path to financial success

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Wells Fargo announced another boost to Minnesota diverse small businesses recently with $1 million in grants from its Diverse Community Capital program, which offers capital and technical assistance to minority-owned small businesses through Community Development Financial Institutions (CDFIs). To date, the program has generated more than 103,000 jobs across the U.S.

“Small businesses are experiencing a time of rapid growth, but entrepreneurs are still struggling to reach their full potential,” said Jon R. Campbell, President of the Wells Fargo Foundation. “By working with CDFIs, we can fund efforts on the ground that remove barriers, expand highly personalized coaching and put more small businesses on a path to succeed, especially in underserved communities. Every community needs small businesses to create jobs and financial stability.”

As part of its new philanthropic strategy announced in June, Wells Fargo is focusing on three societal challenges: housing affordability, small business growth and financial health. Wells Fargo’s Diverse Community Capital (DCC) program is a critical component of the small business strategy and supports business owners who are African-American, Hispanic, American Indian/Pacific Islander, Asian-American, women, veterans, LGBTQ, people with disabilities, and other underrepresented groups.

Read more HERE

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