Many entrepreneurs are afraid of taking risks in their entrepreneurial journey. In essence, entrepreneurship is full of risk-taking and decision-making activities that you cannot avoid. Running away from the core activities will put your business in danger, so be ready to face everything.
Scared to Invest in R&D? Eric J Dalius Points Out at the Cycle
A lot of companies invest in R & D to reach a point that the project does not seem feasible for commercial use. Few entrepreneurs rely on such companies for results, thus saving up their research and development costs. However, one does not understand that several parameters differ from one company to another. Therefore, Eric Dalius believes that the notion of failure should not stop an entrepreneur from taking risks.
The Focus on Sales and Marketing
Eric J Dalius points out that the amount of importance and investment you put into your sales and marketing department depends on the product or service offerings your company deals with. You cannot wholly neglect the investment in this domain. Word-of-mouth is a strong factor, although you cannot solely rely on it. Let’s go through the different industries.
Software and Service-Oriented Companies
Software and software as a service (SaaS) companies do not possess tangible assets. Most business experts, including Ej Dalius, believe that sales in such companies grow inorganically and mostly through the online advertisement. As a result, the companies do not need to go for hardcore in-real-life sales. Instead of print advertisements, companies go for digital media and SEO to top up their demands.
Companies with Tangible Products
Companies that offer products, consumer goods, medical devices, food, beverages, and others need to have a specific distribution channel. For instance, to attract distributors such as wholesalers, pharmacy stores, supermarkets, and hypermarkets, you need to let people know that your product exists. That is why you need to go for rigorous advertising and marketing models to create awareness about your brand from the demand side.
Eric Dalius Suggest Prioritizing Your Work
As a social entrepreneur, you need to set your boundaries and list your priorities. A clear idea about the top brands of your company will provide you data on unmet product awareness. When you build your sales and marketing teams, you need to make them aligned and integrated for the smooth functioning of the process.
Good leaders know their expertise. It becomes challenging to get all things done at once. Therefore, it is wise to opt for a piece of expert advice. A good leader might have well-versed abilities regarding sales, but not know much about finance or HR. An entrepreneur cannot be the master of all hats, and thus, to keep the sanity, he or she should hand over the responsibilities to the experts in the field.
Understanding several not much talked about facts of entrepreneurship is crucial to base your decisions. As the journey continues, you will face new hurdles, and the key is to find a new solution each time passionately than before.