Three core factors influence startup which includes product, market, and the team. However, product/market fit scenario is the most crucial element that must be considered in any business. In addition to the three essential elements, a viable business model plays an instrumental role in ensuring the success of an enterprise. In that light, the business model considers the customer acquisition cost and the client`s monetization. More so, the model must be balanced to create a profitable business. The entrepreneur`s optimism defines the success of the firm because it instills the drive to deliver the product. A startup company should have an execution plan that determines how various parameters will be handled in the lifecycle. The next generation business models are more advanced that the former, therefore, entrepreneurs must apply CAC with monetization. Conclusively, it is important to continuously raise funds for the continuity (Skok 1).
The Top 10 Marketing Trends That Will Define 2016
The present article summarizes ten entrepreneurial trends in 2016. Embracing the model of the customer`s experience is expected because of the shift of some marketing department from the standard advertising techniques to non-interactive methods of communication. The Add Blockers are also supposed to stop the annoying browsing adverts. Therefore, organizations must look for new ways of advertising. Although the 3D technology only exists in gaming and marketing, the marketers in 2016 must strive to find ways of making their activities virtual to the customer through the use of the same technology. The fourth trend is social media which firms must recognize as a proper channel for advertising rather than a strategy to gain more customers. Organization will also require adopting the Omnichannel because of its integrated client experience. The incorporation of the advertiser`s big data IS will be expected because of the existence of analysis tools. Entrepreneurs are supposed to adopt the mobile advertising through apps and browser marketing because of the increase of the gadget users. Video streaming has grown; thus, the advertisers must seek to incorporate video adverts. Focus on the marketing content will increase because the current population is very keen on such information. Lastly, data will define all operation in the business (Newman 1).
Startup: Principles, Practices, and Paradoxes
The owner`s agreement will determine the conclusion and actions taken to propel the business. The founders will identify the responsibilities, operating procedure, decision-making, and ownership. The roles and responsibility factor entails examining what each person will do in thriving the business or maintain the daily operations. The decision step will require the managers, staff, and owners to come up with solutions to various issues surrounding the business. The operating procedure will thrive from the decision-making stage where the process of handling the organization will be explained. The ownership is the definition of the founder's shares capital in the business which will also evaluate the amount of contribution to the firm. These methods of assessing share capital include rule N, efforts contribution criterion, vesting which involves buying back shares, departure from the business, and the founder`s agreement regarding the percentage share (Foxland 1).
Foxland. "Startup: Principles, Practices, and Paradoxes." 2016. Startup.com. 30 October 2016. <http://strtp.com/notes/founding/founder-agreements/>.
Newman, Daniel. "The Top 10 Marketing Trends That Will Define 2016." 2015. Forbes. 30 October 2016. <http://www.forbes.com/sites/danielnewman/2015/11/03/the-top-10-marketing-trends-that-will-define-2016/#343278b7d582>.
Skok, David. "Startup Killer: the Cost of Customer Acquisition For Entrepreneurs." 2016. 30 October 2016. <http://www.forentrepreneurs.com/startup-killer/>.
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