Entrepreneur success depends on many different factors including your industry, your product or service, your entrepreneur IQ, and more. But there is one piece of advice all entrepreneurs should follow to help ensure their success for 2023 and beyond.
Join Jay on today’s Black Entrepreneur Blueprint podcast episode # 446 as he gives you the one piece of advice all entrepreneurs need in 2023.
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BLACK ENTREPRENEUR BLUEPRINT SHOW NOTES – EPISODE # 446
THE NUMBER ONE PIECE OF ADVICE FOR ENTREPRENEURS IN 2023 IS…
Own & Control Everything You Can About Your Business
Why you want to own and control everything about your business – control equals protection and stability. It protects your business, it protects, your current and future income, it protects your intellectual property, it protects what you built.
You must build a strong foundation for your business in order to have and keep control of your business. Many entrepreneurs neglect to build a strong foundation and to build high, you must have the foundation in place to do so.
There are several components to CONTROL that must be built into your business.
1 Control Your Platform – If you don’t control your platform, you don’t have control of your business. A platform is a medium where you communicate with your audience. Social media is not a platform you control. You can be kicked off of FB, IG, Twitter, TikTok, etc – other platforms include a newsletter, podcasts, video (not hosted on YouTube but your own site or sites like Vimeo or Wistia), or a blog. Anything that you have complete control over.
2 Control Your Content – content is king. Make sure that you have control over the content you create unless you decide to license it or sell it or share it for free. For example, your written books need to be protected, your videos need to be protected, and every other piece of content you don’t want to share for free. Use copyrights for written materials.
3 Control Vertical Integration – this is a form of business organization in which all stages of production of a good, from the acquisition of raw materials to the retailing of the final product, are controlled by one company. If you sell a physical product, this is paramount in terms of control. Example: My Hell Yeah Hot Sauce’s objectives include sourcing, manufacturing, distribution, and sales.
4 Control Your Database – your database is the most valuable component of your business. You must have a database for your audience, preferably an email database (or text database). With your database, you can connect with your audience at any time without fear of being restricted or shut down.