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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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HOW TO NEGOTIATE FEARLESSLY—EVEN IN TOUGH TIMES

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In her first book, negotiation guru Mori Taheripour offers readers more than a decade of expertise honed as both a faculty member at the Wharton School of Business and adviser to organizations such as the NFL and Goldman Sachs 10,000 Small Businesses program. Even in the midst of economic crisis, she insists, it’s important to negotiate—and to get creative about how.

Negotiations become more, not less, critical at times like these, when the economy is struggling and unemployment is running high. Whether you’re setting a price for your side hustle, or bargaining with clients or an employer seeking to downsize your regular pay, while you may not have much leverage in the moment, setting the stage for the comeback is key.

“It’s important to make sure that your clients don’t expect deep discounts to continue,” she says.

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The Black Tax: Why African Americans Must Work Harder to Build Wealth

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After 400 years in this country, black families hold a fraction of the wealth of white families. And that is due, in part, to what is referred to as the “black tax.”

The term “black tax” is commonly used in South Africa, where it refers to the financial support that black professionals are expected to give their extended families. In the U.S. it also describes the racial dimensions that perpetuate a cycle of inequality such as lower pay and a lower standard of education.e

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US lenders overlook minority-owned businesses in allocating covid-19 aid

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As US lenders strive to divvy up the government’s $349bn aid package, Black-owned and other minority-owned businesses are struggling to meet the banks’ requirements.

Thousands of minority-owned businesses—which have traditionally been less likely to secure bank loans—are at risk of being shut out of the government rescue package, as banks favour existing customers.

The aid package, known as the Paycheck Protection Program, could be a lifeline, especially for minority-owned businesses, whose limited resources are quickly depleted as a result of the government-mandated lockdown.

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