Jan 28 2011

35 Killer Business Boosters

by Larry Dotson

Stop procrastinating and start finishing all your business tasks. Do one at a time. Do not get caught up thinking that you can never get them all done.
Organize your marketing and advertising into a plan. Create a list of daily, weekly, monthly and all other future promotional plans.
End your slow sales periods by planning ahead. Plan to add extra bonuses, hold a sale or package your product with other products.
Hire a business coach to help improve yourself and business. They could help increase your sales, motivate you, balance your workload, etc.
Improve your negotiation skills. This’ll improve your business because you’re always negotiating ad swaps, supply prices, joint ventures, wages, etc.
Attend trade shows and seminars that are related to your specific industry. Pass out business cards or brochures about your business.
Speed up your internet access. You can get your online business tasks done faster which will help you stay ahead of your competition.
Stay away from being too comfortable with your income or life. You should always be making new goals for yourself and developing new sales ideas.
Stay away from becoming a workaholic. Your mind needs time away from your business life. This will help your brain think clearly while working.
Create and follow short/long term goals for your business. The short goals can create early success and the long term goals can create future success.
Look for different ways to prove your business and products to your audience. You could collect testimonials, hold surveys, do scientific tests, etc.
Try new business ideas and strategies. Do not be afraid of changing what you’re doing. You could try out technology, advertising, marketing, etc.
Find a strategic business partner. Look for ones that have the same objective. You can trade leads, share marketing info, sell package deals, etc.
Create a “PR” web page for your business. List information that could be considered newsworthy for e-zines, newspapers, magazines, etc.
Brand your name and business. You can easily do this by just writing articles and submitting them to e-zines or web sites for republishing.
Become well known by speaking or chatting at seminars. The seminars could be held offline, in a chat room, by telephone or via e-mail.
Remember to take a little time out of your day or week to brainstorm. New ideas are usually the difference between success and failure.
Model other successful business or people. I’m not saying out right copy them, but practice some of the same habits that have made them succeed.
Get free advice from successful online business owners. Participate in business chat rooms and message boards to chat with them.
Take risks to improve your business. Sometimes businesses don’t want to advertise unless it’s free, sometimes you have to spend money to get results.
Outsource part of your workload. You’ll save on most employee costs. You could out source your secretarial work, accounting, marketing, etc.
Pick a good name for your business and product. Your names should be memorable and describe the kind of product your offering.
Use logos and slogans for your business. They make it easier for people to remember and identify your business.
Make your small business look big on the world wide web. Design your web site using professional graphics, ordering systems, organized layouts, etc.
Advertise your online business by dressing in clothes that are imprinted with your ad. It could be a T-shirt, ball cap, coat, etc.
Give a percentage of your profits to a cause your customers would like. It could be a charity, school, environmental improvements, etc.
Take harsh criticism the right way and improve your online business. Don’t get down in the dumps, improve the situation so it doesn’t happen again.
Try bartering before you buy services, supplies and equipment for your business. You can use the extra money you save on advertising your business.
Make sure you’re always creating new products and services or improving old ones. Most products or services won’t stand the test of time online.
Use free advertising as much as possible. Test a wide variety of free advertising options like banner and link exchanges, classifieds, newsgroups, etc.
Split the cost of online advertising and marketing by sharing a web site with a similar, non-competing business. You would both put up half the cost.
Compete with the highly branded businesses by practicing good customers service, strong product quality and speedy service.
Use time saving promotional software. You can automate your search engine submissions, posting to online classified sites, etc.
Invest a percentage of your profits right back into your business. Spend it on marketing, product improvement, customer service, advertising, etc.
You’ll save money buying your business supplies in bulk quantities. You could get a membership at a wholesale warehouse or buy them through a mail order wholesaler. Buy the supplies you are always running out of.

http://www.thewritemarket.com/dotson/index.php?dotson=business&title=35%20Killer%20Business%20Boosters

Jan 28 2011

3o Free Ways to Market Your Small Business Site

“Free” is a word that perks up ears and piques interest. In marketing, sometimes “free” is too good to be true, but in some instances, free is good.

How can you market your Web site on a limited budget? It can be done. Here are 30 things you can do to get started today.

1. Write a press release on a new product or offering and send it to some free press release distribution sites. Follow their guidelines for submission so you don’t waste your time editing and re-doing work.

2. Send the press release to your local media outlets, or any niche media outlets that may be interested in what you do.

3. Update your Google Maps Listing, make sure the information is accurate, and then have them verify your ownership via mail or SMS message.

4. Find a social media site that pertains to your niche, sign up, make a profile and participate. Don’t start off trying to sell your product – you’ll be tarred and feathered. Be a helpful part of the community first, mix in brand messages later.

5. Join a forum and contribute to your online community. Use indirect messages for sales such as a forum signature or your forum user name.

6. Talk to the locals or others in your business – this is a great opportunity to request and share some link love.

7. Comment on blogs that are relevant to your Web site’s topic and be sure to leave your URL. Even if a nofollow tag is attached, you could gain a bit of traffic.

8. Submit your site to DMOZ.

9. Check out your niche on Wikipedia, WikiTravel, and other wiki sites, and see if you can get a link. Don’t be “salesy” or try to game the system; the editors will just delete the information. Instead, provide appropriate information and follow the rules for linking on the site.

10. Write a “how-to” article that addresses your niche forWork.com. This is kind of fun and a good resource for getting mentions and links. Looking at your product or service in a step-by-step manner is often enlightening in several ways. It can help you better explain your products and services on your own Web site.

11. Write unique HTML page titles for all of your pages.

12. Share your photos at Flickr – get a profile, write descriptions, and link to your Web site. Don’t share photos you don’t own or have permission to use.

13. Start a blog. There’s nothing wrong with getting the basics of blogging down by using a free service from Blogger or WordPress.

14. Set up and verify a Webmaster Central Account at Google.

15. Make sure your Yahoo Local city listing is up to date.

16. Update and optimize your description and URL at Yellowpages.com. They’ll try to get you to spend money on an upgraded listing or some other search marketing options. Don’t bother with that, but make sure the information is accurate and fresh.

17. Submit a product (or 20) to GoogleBase.

18. Make a slideshow of your products into a video and upload to Youtubeor MetaCafe, making sure to optimize your title and descriptions. Once it’s uploaded, write a new page and embed the video on your own Web site.

19. Try a new free keyword tool for researching Web site optimization, then see #20.

20. Add a page to your site focused on a top keyword phrase you found in #19.

21. Build a Facebook Business Page and start a community focused on your niche.

22. Install Web analytics on your site, if you don’t already have them. Google Analytics is pretty good and it’s free. Something is better than nothing.

23. Start Twittering – it’s a great way to network with like-minded individuals.

24. Set up a MyBlogLog account for your new blog (see #13).

25. Set up a feed reader and add good marketing blogs, then skim headlines and read applicable items when you have time. Gaining and maintaining knowledge is a great way to invest in the future of your Web site.

26. Try a new way to write an ad for a struggling PPC (define) ad group or campaign.

27. Set up a CrazyEgg heat mapping test for your most important pages, then analyze where the user’s eye finds and clicks on information on your Web site. Consider moving things around accordingly.

28. Set up a map for your storefront or area at CommunityWalk.com and then embed it on your “how to get here” or “about us” page.

29. Find out who’s linking to your competitors and e-mail them asking for a similar opportunity. Be careful not to act like you’re “entitled.” Look for opportunities for a mutually beneficial partnership, and suggest some things you can do for their business in exchange for their help with yours.

30. Read the small business SEM column at Search Engine Watch – yes, I know, it’s a shameless plug.

Carrie Hill

Jan 27 2011

10 Ways to Market Your Business When You’re Broke

by SMALLBIZBEE

All right, maybe broke isn’t the right word, but safe to say we are all looking for ways to maximize our resources. The following are ten absolutely free ways to market your business, the only cost being a little bit of your time.

1. Social Media

No surprise here. Social media is a great, free way, to spread the word about you and your business. Doing social media right is a great way to make connections, gain leads, and convert customers. I won’t go into great detail here how to get your social media presence set up, but at the very least consider getting an account on Twitter, Facebook, and LinkedIn.

2. Free Classifieds

Use free classified ad services to promote your product or service. Aside from big online classified ads (Craigslist), there may be other free options specific to your geographical area, maybe even some free inclusions in local print media. Do some Google searches and see what is available in your hometown.

3. Reciprocity Advertising

Talk to local business owners and explore cross promotion you may be able to do with them. They are probably in the same boat as you, and would be willing to work out a “scratch my back and I’ll scratch yours” type of marketing campaign.

4. Barter

You may think of bartering as particularly “old school”, but there is no reason you can’t trade a product or service with another business in exchange for some marketing opportunities. Trading an hour of your consulting time, or a couple free products to a local business who is willing then to plug you in their newsletter or mailings could result in a better deal than paying out of pocket for the same marketing. Start with the barter directory, and go from there.

5. Write a Press Release

Write your own press release and submit it to the appropriate channels. If what you’re doing is particularly newsworthy, send it to local media. Also submit your press release to the free services online.

6. Article Marketing

Write an article that is related to your product or service and submit it to eZine Articles. Try to be helpful, and prove you are an expert in your field.

7. Networking

Scout out free networking events in your area, you’d be surprised how many “meet-ups” there are. Not only are they a great way to get out of the house, but think of every networking event as a mini-marketing campaign. Use MeetUp.com to scan for opportunities near you. For example, there were 51 meet up’s in the Portland, OR area that were related to entrepreneurship.

8. Provide Stellar Customer Service

Make sure your current customers know how important they are to you and your business. Make them feel goodabout what you do. They will sell for you!

9. Ask for More Business

Going along with point #8 above. Don’t be shy about asking for referrals. Happy customers are your best piece of marketing you can hope for. Word of mouth marketing is powerful, and there is nothing wrong with asking them to spread the word for you.

10. Maximize Your Mailing List

What, don’t have a mailing list? Start collecting customer information so you can get one! Use this mailing list to push out information about new products or services, give a special deal to your mailing list, share information with them, etc.

http://smallbizbee.com/index/2009/01/30/10-ways-to-market-your-business-when-broke/

Jan 26 2011

10 low-cost ways to market your business

By Joanna L. Krotz

Too many small-business owners think marketing is like a trip to the dentist — something you just gotta do every six months or so.

But when marketing is continuous and targeted rather than occasional and shotgun, business gets easier. If prospects have a positive view of your wares and reputation before you call or before they start shopping, you’re that much closer to nailing a sale.

The next news flash is that ongoing marketing isn’t tied to a price tag. It’s defined only by putting the right message in front of the right person at the right time.

Here are 10 ideas for doing that — on the cheap.

1. Take steps to make customers feel special. Customers respond to being recognized, especially in these rush-rush, get-the-lowest-price times. “Even with a Web-based business, good customer service is possible,” says Denise McMillan, co-owner of Plush Creations (www.plushcreations.com), an online retailer of handcrafted travel bags. McMillan encloses a small, rose-scented sachet in every jewelry and lingerie bag she sells and also sends a handwritten thank-you note. “The sachet and note cost pennies but add something special to the purchase,” she says.

2. Create business cards that prospects keep. Most business cards are tossed within hours of a meeting. Instead of having your card tossed, create one that recipients actually will use — say, a good-looking notepad with your contact info and tagline on every page. “The business card notepad is referred to almost daily, kept for 30 days or so and carries a high remembrance factor,” says Elliott Black, a Northbrook, Ill., marketing consultant who specializes in small businesses.

3. Stop servicing break-even customers.If this idea makes you gasp, think harder. You’re falling for the fallacy of increasing sales instead of boosting profits. If you stop marketing to unprofitable customers, you have more time and resources for customers who actually grow your business. “More than likely, 20% of your customer base is contributing 150% to 200% of total annualized profit (TAP); 70% is breaking even; and 10% is costing you 50% to 100% of TAP,” says Atlanta marketing consultant Michael King. Take a detailed look at your customer profitability data and then direct premium services and marketing to customers who count. (Microsoft Outlook 2010 with Business Contact Manager can help you analyze customer histories.)

. Develop an electronic mailing list and send old-fashioned letters. Most businesses have harnessed the power of e-newsletters — and you definitely should be sending out one, too. It’s very cost-effective. But exactly because e-mail marketing is now nearly ubiquitous, you can quickly stand out by occasionally sending personal, surface mail letters to customers and prospects. Just make sure the letter delivers something customers want to read, whether an analysis of recent events in your field, premium offers or a sweetener personalized for the recipient (a discount on his next purchase of whatever he last purchased, for instance). “This mailing has to have value to those that read it, so it reflects the value of what you offer,” says Leslie Ungar, an executive coach in Akron, Ohio. “Remember, the best way to sell is to tell.”The process is simplified by creating a letter template and envelope or customer label mailing list in Microsoft Office Word in Office 2010 , which you can print out. The mailing list is easily created in Excel and then imported into Word.

5. Boost your profile at trade shows and conferences. You can quickly create signage, glossy postcards with your contact information, product news inserts or an event mini Web site — all with Microsoft Office Publisher. Check out its versatile features.

6. Combine business with pleasure — and charity. Spearhead an event, party or conference for a cause you care about. That puts you in the position of getting to know lots of people, and shows off your small business leadership skills. “I host an annual baseball game where I take hundreds of clients to a Cubs game at Wrigley Field,” says Kate Koziol, who owns a public relations agency in Chicago. “Last year, I took 300 people and we raised $10,000 for a local children’s hospital. Few people turn down a game and it’s a great networking opportunity for guests. It lets me reconnect with current clients and impress potential clients.”

7. Create a destination. Bookstore chain Barnes & Noble has its coffee bars. Furnishings giant Ikea offers child-care centers and cafeterias. Why? So customers gravitate to the stores to enjoy an experience, to hang out for a while. Sunday morning at Barnes & Noble becomes a pleasant weekend routine, rather than a shopping errand. Steal this idea. This tip isn’t limited to offline destinations, either. Using pay-per-click advertising , you can cheaply drive traffic to a one-time news event or specialty offerings, points out Jay Lipe, a small-business marketing consultant based in Minneapolis. Lipe set up a Web site for Games by James (www.gamesbyjames.biz), a retailer of board games, and quickly attracted customers via pay-per-click ads. “The effect was overnight,” says Lipe. “Traditionally in the marketing world, it takes weeks or even months to generate acceptable awareness and traffic. Here we saw traffic spike overnight.”

8. Become an online expert. This is the “free sample” approach to bringing in business. Research active e-mail discussion lists and online bulletin boards that are relevant to your business and audience. Join several and start posting expert advice to solve problems or answer questions. You may need to keep this up for a bit. But the rewards come back in paying clients and referrals. “E-mail discussion lists have been my single largest source of clients over the last eight years,” says Shel Horowitz, asmall-business marketing consultant based in Northampton, Mass.

9. Court local media. Editorial features convey more credibility with prospective clients than paid advertising does. To get coverage from the local media, whether from

the town newspaper, from TV or radio stations, or from trade journals, you need a fresh, timely story. It’s usually worthwhile to hire an experienced publicist to position the stories, target appropriate media representative and write and send press releases. Usually, you can work on a short-term or contingency basis.

10. Finally, don’t let customers simply slip away. Make an effort to reel them back in. It costs a lot less to retain a disgruntled or inactive customer than to acquire a new one. If you haven’t heard from a customer in awhile, send a personalized e-mail (you can automate this process), inquiring whether all is well. For a customer who suffered a bad experience, pick up the phone, acknowledging the unpleasantness and ask if there’s anything you can do. A discount can’t hurt either. Being kind to customers is the smartest low-cost marketing you can do.

http://www.microsoft.com/business/en-us/resources/marketing/customer-service-acquisition/low-cost-marketing.aspx?fbid=1VHc7t3UN18#lowcostmarketing

Jan 25 2011

Should Your Small Business Have a Blog?

by J. MATTERN

Company blogs are long passed the early adopter stage of their lifecycle. But does that mean all (or even most) businesses should have a blog by now? Should your business have a blog?

Blogging has several benefits to businesses in a marketing and PR capacity, from direct sales conversions to visibility and exposure within your industry. However, it isn’t right for every business. To determine whether or not business blogging is right for you, you’ll need to evaluate those benefits along with some of the risks.

Business blogs can do a lot to help your business–to help you build an audience, grow your company, increase revenues, and more. Here are some of the specific benefits of launching a blog for your small business:

You can offer company news directly to your customers, readers, subscribers, etc.
You can provide customer support.
You can receive customer feedback (free market research).
You can network with colleagues, potential customers, and others in your niche or industry.
You can sell products (or services).
You can earn advertising revenue.
You can build brand awareness.
You can position yourself as an authority source of information.

Risks of Business Blogging

Business blogs can certainly do a lot of good for your business, but there are also risks. If you’re careless with a company blog, you can damage your professional reputation and even lose business. Here are some of the risk factors of business blogging:

You can damage your company’s credibility if false or misleading information is published in haste.
You can face legal consequences if posts are libelous or infringing on others’ rights (another risk from the ease of publishing without strict editorial control).

You can turn customers against your brand if you don’t handle two-way communication effectively (such as deleting constructive criticism or becoming rude with customers through your comments).
You can lose further credibility if you use a blog solely for SEO and not to actually educate, inform, entertain, or have conversations with your audience (publishing constant links with the same anchor text, posting keyword-stuffed garbage or content that’s practically illegible, etc.).
You can hurt your overall productivity if executives spend too much time blogging and being engaged in other social media outlets while losing some focus on the larger objectives of the company (they can be a time drain).

How to Decide if Business Blogging is Right for You

For many companies, the benefits of a business blog outweigh the risks. Whether or not that applies to your company is up to you and your staff. One of the most important considerations before jumping into business or corporate blogging is whether or not you have anyone in the company capable of carrying it out.

Blogging isn’t a one-off project. It’s a commitment. More than that, it’s a responsibility. If you don’t have dedicated staff or contractors who can keep the blog updated regularly and be present to answer reader questions and respond to comments then your business probably isn’t quite ready for blogging yet. But if you do, kick off your business blogging the right way–through proper planning, just as you would any other aspect of your business. Every blog won’t offer every benefit. Decide what your blogging goals and motivations are, and work out a plan of attack before making that first post. That’s the best way to get the most out of blogging while minimizing the risks.

Jan 23 2011

Hot Business Trends for Moms

Opportunities are abundant. Mothers are socializing, going green and even creating iPhone apps.

The new year often brings with it new hopes, wishes and goals. For an aspiring entrepreneur, it might bring a new business. Wondering what business to start? Many of the business trends you’ll see in 2011 will be a great fit for a mompreneur.

“The downturn in the economy opened the gates to a new generation of mompreneurs who are tech savvy and innovative,” says Maria Bailey, author of Trillion Dollar Moms and host of Mom Talk Radio. “Mothers have alway been the leaders when necessity appears and many moms who were in the home when their spouses lost their jobs stepped up.”

1. Still social: Social media has been hot, and I don’t expect the sizzle to die out anytime soon. Mompreneurs are coming up with online businesses that take advantage of moms doing what they already do — connect. Why is this good business for moms? It can be done from home, on your own time, with a relatively low investment. The idea is to find like-minded people who would like to connect. The business model is usually to get enough people using the site that you can charge advertisers. In fact, websites like WordPress and Ning give you the ability to put your social media website together with little expertise and a small budget.

Sample social media sites by mompreneurs:

Leah Segedie, creator of bookieboo.com, a fitness site
Kristen Munson, creator of socialmediamom.com
Heather Reinhard, creator of thetamom.com

2. Green will be great: When you become a mom, you want to make the world better. We’ve never been so receptive to new products and services that will be good for us and the environment. Nonprofits like Healthy Child Healthy World and celebs like Jamie Oliver with his Food Revolution are creating awareness about how anyone can be part of the change. Moms are realizing they can make products or start companies that will benefit their families and the world.

Sample eco-friendly companies by mompreneurs:

Kim Wall, creator of Episencial, an all-natural skin-care system
Sheil Caldwell, creator of The Baggonizer, a reusable grocery bagorganizing system
Karen Kerk Courtney, creator of Bare Organics, organic skin-care and baby-care products

3. Apps are it: That mom on the phone may be launching her business. While most mobile app developers are men, an article in the Huffington Postrevealed that many moms are joining the competitive game. A new group called Moms With Apps helps family-friendly developers who share best practices on making and marketing mobile apps.

Sample mobile apps from mompreneurs:

Jennifer Wong, creator of Baby Bump, pregnancy tracker and baby names
Gwen von Harten, creator of Roadtrip Bingo, a family travel game
Jill Seman, creator of Mom Maps, which finds kid-friendly locations on the go

4. Franchising: Within franchising, we are seeing growing interest in franchises that deal with seniors, health care and fitness. Plus, there are more and more low-cost and home-based models, which are often a great fit for moms.

Of course, it doesn’t matter what’s hot if you don’t love your business. Some may say all of the great ideas have been done, but entrepreneurs keep showing us that we’ve barely scratched the surface. I look forward to seeing new businesses from all of you “mothers of invention.”

Lisa Druxman is Entrepreneur.com’s ” Mompreneur ” columnist and the founder and CEO of fitness franchise Stroller Strides .Druxman is also a nationally recognized speaker and author, and is considered an expert in the field of fitness, particularly pre- and postnatal fitness. She hosts a free monthly webinar during which she answers questions from fellow mompreneurs. If you are interested in participating, contact her at lisa@strollerstrides.com .

Jan 21 2011

Why Businesses Succeed and Fail

Harvard researchers answer 10 perplexing questions.

How can an entrepreneur position themselves to succeed when the majority of small businesses fail?

It helps to know which odds are in your favor. Paul Gompers, Anna Kovner, Josh Lerner and David Scharfstein set out to find why some entrepreneurs are more successful than others. They put together a Harvard Business School working paper, Performance Persistence in Entrepreneurship.

In it, they answer some burning questions. Do first time entrepreneurs have it harder? Does having a renowned venture capital firm behind you help? And most importantly, is successful entrepreneurship a skill, or is it luck?After scouring the 35 page document, here are the fascinating answers to all of those questions and more.

1. Do serial entrepreneurs succeed more than first time entrepreneurs?
Answer: Yes.

If you’re a first time entrepreneur, outlook not so good.

According to the Harvard researchers, there is performance persistence in entrepreneurship.

They write, “All else equal, a venture-capital-backed entrepreneur who succeeds in a venture (by our definition, starts a company that goes public) has a 30 percent chance of succeeding in his next venture. By contrast, first-time entrepreneurs have only an 18 percent chance of succeeding and entrepreneurs who previously failed have a 20 percent chance of succeeding.”

2. Who is more likely to get funded by a VC firm, a new entrepreneur or a tried and true one?
Answer: A new entrepreneur.

Failed entrepreneurs are more likely to get funding than successful entrepreneurs from the same VC firm.

Strange but true.

3. Is entrepreneurial success a skill, or is it luck?
Answer: Starting a company at the right time in the right industry is a skill.

Here’s why: According to the Harvard paper, “The industry-year success rate in the first venture is the best predictor of success in the subsequent venture. Entrepreneurs who succeeded by investing in a good industry and year (e.g., computers in 1983) are far more likely to succeed in their subsequent ventures than those who succeeded by doing better than other firms founded in the same industry and year (e.g., succeeding in computers in 1985).

“More importantly, entrepreneurs who invest in a good industry-year are more likely to invest in a good industry-year in their next ventures, even after controlling for differences in overall success rates across industries. Thus, it appears that market timing ability is an attribute of entrepreneurs.”

Nothing indicated it has anything to do with wealth.

4. Does success breed success?
Answer: Yes.

Entrepreneurs with previous successes can get their hands on more capital and services if suppliers think they are persistent performers.

“For example, high-quality engineers or scientists may be more interested in joining a company started by an entrepreneur who previously started a company in a good industry and year if they believe (justifiably given the evidence) that this track record increases the likelihood of success,” they write.

5. Are companies that are funded by top-tier VC firms more likely to succeed?
Answer: Yes, with one exception (see next question).

The reason these companies are more successful is obvious.

It’s either because the top VCs are better at identifying potential success, or it’s because they’re able to add more value to companies they fund. The Harvard paper assumes both.

6. If a company’s founder has been successful before, how important is the VC?
Answer: If a startup is founded by previously successful entrepreneurs, then the VC firm doesn’t really matter.

Basically, since successful entrepreneurs can easily obtain services and they have a better chance at success, then they really don’t need guidance top VCs provide.

Harvard explains, “If successful entrepreneurs are better, then top-tier venture capital firms have no advantage identifying them (because success is public information) and they add little value. And, if successful entrepreneurs have an easier time attracting high-quality resources and customers, then top-tier venture capital firms add little value.

7. Where do most entrepreneurs get their ideas from?
Answer: From former employers.

Make sure employees sign those non-competes!

The Harvard paper cites a 2000 study by Bhide that finds “a substantial fraction of the Inc. 500 got their idea for their new company while working at their prior employer.”

8. Will VCs give the same entrepreneur funding on their next venture?
Answer: Not usually. The same venture capital firm that funded you before probably won’t give you money again.

You’d think successful entrepreneurs would have no problem getting funding from venture capital firms that previously backed them…but you’d be wrong.

According to a 2007 study by Bengtsson, “it’s rare for serial entrepreneurs to receive funding from the same venture capital firm across multiple ventures.”

9. Who closes VC funding quicker, serial entrepreneurs or newbies?
Answer: Serial entrepreneurs receive venture capital sooner than first-time entrepreneurs.

It makes sense. If you’re established, it’s easier to convince VCs you’re worth betting on. “While 45 percent of first-time ventures receive initial venture capital funding at an early stage, close to 60 percent of entrepreneurs receive initial venture capital funding at an early stage when it is their second or later venture.”

It takes an average of 21 months for established entrepreneurs to secure VC funding compared to 37 months for first-timers.

10. Who receives a higher initial valuation, seasoned entrepreneurs or new ones?
Answer: New entrepreneurs.

They were found to have higher initial pre-money valuations than serial entrepreneurs: $12.3 million compared to $16.0 million for first-time founders.

How can an entrepreneur position themselves to succeed when the majority of small businesses fail?

After scouring the 35 page document, here are the fascinating answers to all of those questions and more.