Successful Strategies for a Young Entrepreneur

1) Becoming a Business Owner

To be a successful entrepreneur, you need innovative ideas, a little luck, capital, and a great deal of effort. 90% of successful individuals fail, indicating that in order to gain something (earnings, equity, etc.), you must first lose something (failure) (your initial investment). Russell Simmons, the owner of the multimillion-dollar enterprise Phat-farm, lost ten million dollars in the first five years of operation.

To become a great entrepreneur, you don't need a lot of expertise or resources, but you do need passion and determination.

Putting ordinary ideas into practice is what makes an entrepreneur remarkable. This ability or gift is what sets them apart from others. Most begin with really low resources and surpass their rivals via personal effort. To acquire market share and advance against larger rivals, swift action and sound decision-making are required.

They vary in age, gender, and ethnicity, yet entrepreneurs and their businesses are simple to identify. They may become more prosperous as a result of their ideas, but the starting point is to identify underserved regions and alter the way things are done. A excellent concept differs from a perfect opportunity. Knowing the difference will save you time, energy, and money.

The entrepreneur establishes a vision and steers the business through ups and downs in order to realize it. Becoming an entrepreneur is a terrifying, exhilarating, anxious, but thrilling experience. But before you can become one, you must first comprehend the notion of entrepreneurship. There are several varieties of entrepreneurs, including social, home-based, virtual, and conventional sorts.

The commonly recognized definition of entrepreneurship is the act of establishing a new business or acquiring an existing one in response to identified possibilities. You must be informed that the majority of new enterprises fail. The most successful individuals are those that are unafraid to experiment, learn from their previous failures, and make the necessary adjustments to achieve success.

The distinction between an entrepreneur and a small company owner is the strategy or approach they intend to use for the firm's growth. Tiny company owners would prefer their businesses to be similar to themselves, i.e., small, geographically constrained, and earning just a few million dollars over their whole lifetime.

Entrepreneurial endeavors aim to make millions during the first three to five years and grow worldwide by using all available prospects. Other traits might include being focused, innovative, and able to generate new market-shaking values. Small companies supply the most employment in America, while entrepreneurs create the majority of new jobs.

2) Make the Most of Your Young Age

You are still a child; focus on your education. Business requires experience. Blah blah blah… People will have countless, well-intentioned arguments for why you shouldn't start a company.

Think about Bill Gates, who left Harvard to start Microsoft, Michael Dell, who left the University of Texas to start Dell, Milton Hershey, who opened his first candy store at age 18, Fred Smith, who, while attending Yale, received a "C" on his FedEx business plan and decided to start his business anyway, Steve Jobs, who left Reed University to start Apple, William Hewlett and David Packard, who started HP out of a garage after dropping out of college, and Steve Jobs, who left Reed University to

What would have occurred if they had been persuaded by these weak reasons and abandoned their business plan? We shall be forced to live without a Dell, Microsoft, HP, Hersheys, FedEx, or Apple... oh! Oh, the horror!

Best strategies to improve your odds:

Use the fact that adults have lower expectations of young people to your advantage. It is OK to not be precisely polished. Less work will be required to satisfy customers and establish a reputation for yourself in the media.

There is limited competition from other students, which increases the press value, scholarship value, competition value, client value, and award value of your tale.

There are several charitable organizations and individuals who encourage the initiatives of young people. This list begins with your school, which likely includes instructors with connections in the business world who may assist you.

Students often get financial support from their parents. Even if it is not constant, it is something you can always count on finding. If you are young and your business fails, you will not starve or lose your home.

The business management skills you acquire may be applied to your academic studies, and vice versa. Some colleges may provide academic credit for business-related independent study. Additionally, class projects might be based on your company.

Young individuals have a novel view of the world. This viewpoint enables them to see numerous previously untapped prospects. You have the support of the founders of Microsoft, Dell, HP, Hershey's, Apple, and Forex.

3) Thinking Strategically for Young Businessmen

Strategic thinking is as much science as art form. To genuinely thrive, you must use both the right and left sides of your brain, which requires both confidence and practice.

The following are everyday talents possessed by outstanding strategists:

They conceive big ideas and then implement them through strategic thinking. Possessing both of these skills enables them to envision a desired future and develop a plan that focuses on both the details and the big picture in order to realize it.

Take a break from the stresses of your 9-to-5 work. All excellent strategists practice this. Simply go to a peaceful spot — a weekend retreat is ideal, but a day or even an afternoon would do — and sit with your thinking cap on. Try it.

As its name suggests, strategic thinking is not about earning fast cash; rather, it is about understanding the big picture and preparing for the next years. The initial results may not be stunning, but strategic thinking pays off in the long term. It takes time to establish, refine, and rewrite strategies, just as it takes time to produce, refine, and revise masterpieces.

True strategists are aware of everything occurring in their environment. There are certain to be hints, subtle or otherwise, in all business issues that alert people who observe them to the potential routes the concern might go. As excellent strategists assimilate this knowledge, they are better able to construct their ideas whenever inspiration strikes, whether it is during a vacation, a morning stroll, or after their first cup of coffee. Their capacity to identify and make connections serves them well.

Ensure that your brilliant concept is not a pipe dream. All great thinkers must ensure that their ideas are sound and can withstand the world's issues and changes. Your strategies must be regularly revised and refined.

Utilize past experiences to inform your future decisions. If a shortcut has previously worked and saved you a great deal of time and effort, don't be afraid to include it in a new strategy.

No matter how wonderful you see and/or know yourself to be, do not rely only on yourself. Use reputable people as sounding boards for your ideas. "Two heads are better than one" is more applicable to strategic thinking than "too many cooks ruin the soup."

4) Seven Simple Steps to Creating a Successful Small Business Marketing Plan

Before launching a small company, it is essential to first identify the needs of the target market and then to create a solution that meets those needs.

Entrepreneurs who wish to establish a new business or build a marketing strategy for an already successful organization should follow these seven stages. Most individuals discuss the superiority of their goods or services. Instead, you should consistently educate the target audience and establish a relationship of trust and reliability.

"Think marketing" is the mentality you should cultivate for your goods and services. You must advertise continuously. Do not pray for stop-and-go marketing techniques. Some small company owners only engage in marketing during slow periods.

An effective marketing strategy is vital for the company. Profits and expansion are directly related to marketing effectiveness.

If you are unsure of where to begin, this seven-step method will assist you comprehend the industry and company.

Let's respond to the following queries:

1. Who—- Who is your intended audience? Who is your perfect customer? What research must be conducted to learn more about the target market?

2. What—- What are the needs of your ideal client? What are the benefits of your goods and services? What challenges does your product answer for your customers? What solutions does your customer require? What is your USP that makes you unique? What industry trends exist? What will provoke your client's response? What products do you sell? (For instance, do you sell eyeglasses or vision?) What is your product and service brand? What would the cost be?

3. Where—- Where are your ideal customers? Where are they physically located? Where would you position yourself to be easily accessible to them? Where will they get your marketing communications? Will you engage in personal chats, provide seminars, or publish a blog, newsletter, or article?

4. When—- How often will you send marketing communications? When are your customers most likely to buy?

5. Why—- Why do you operate a business? Why will clients visit your business? Why should people pick your goods over those of your competitors?

6. How—- How do your clients make purchases? How will you communicate with prospective clients? How will you disseminate your marketing strategies? How will you offer your consumers the information they need to make a purchasing decision?

7. Marketing mindset—- Your small company will be more profitable and successful if you can develop a marketing mentality.

5) The Primary Elements of a Successful Enterprise

Significant changes occur in the life of the business owner as a result of launching a company:

1) permanent financial independence, 2) schedule flexibility, and 3) the pleasure of a well-lived life, regardless of whether the firm grows into a massive structure or one continues to do what they like for a livelihood.

Alongside the thrill of new companies comes the difficulty of wearing too many hats: strategic planning, marketing, sales, manufacturing, customer service, accounting, and finance. Even if the firm is modest, the workload is enormous.

Regardless of the industry, the key elements of a successful endeavor remain the same:

1) a sound concept, 2) a cost-effective marketing strategy, and 3) efficient operations.

Ideas

A viable business concept is essential to the enterprise's success. Initially, you must be enthusiastic in the field of employment. Second, you must possess sufficient information, skill, and expertise. Choose a company that will provide a little and regular income without requiring significant investment. This will ultimately provide for you and your family. Consider freelance writing, internet marketing, web design, and accounting, among other options.

Promotion

The distribution of business cards would be a fundamental marketing strategy for your product or service. You may create the card on your own by utilizing several business cards templates, but it would be more prudent to pay a professional to accomplish it. Less than twenty dollars will purchase 500 cards.

Color cards are somewhat more costly. The next stage is to create a website that would enable prospects to examine the content 24/7/365. The cost of site hosting each year is around $50. An additional $80 would get you two basic web pages. If the internet prospects are favorable, invest $50 in pay-per-click (PPC) advertisements. Spending $50 on PPC will produce more clients and money.

Operational effectiveness

For small company owners, running the business (marketing, sales, production, etc.) consumes all of their time. They lack the time (and/or expertise) to strategize the growth of the company. Consequently, they either stay a tiny business or fail if the market undergoes a radical shift.

Smaller operations are much more reliant on operation efficiency than larger ones.

Some ways for enhancing operating efficiency include:

1) simplify corporate processes; 2) use productivity software; 3) outsource; etc.

It is necessary to perform things such as hiring an accountant for tax returns and accounting and a collection agency for debt collection. Always invest time in company expansion.

6) Mistakes in Starting a Business

Producers and consumers make up the majority of an economy, and they carry out transactions. The transfer of products and services from producers to consumers in return for cash would be considered an economic transaction.

Several actions go into the production of commodities. A company or firm is the aggregate term for these endeavors. A company cannot be started quickly or easily. Here are some necessities needed to do the same.

What should be done?

An economy comprises of a wide variety of things. As a result, the producer has to choose which of these to make. The pursuit of one's personal financial gain cannot be the primary standard. Resources should be utilized wisely and for the benefit of society since they are limited.

How do you make it?

A single commodity may be produced via a variety of techniques. Therefore, the producer should choose the method that uses the resources as thoroughly and cheaply as possible.

How much should we make?

The price will drop if there is an excess of supply, and the producers will ultimately suffer a loss. Produce accordingly to meet market demand.

Capital

One has to have adequate investment power to launch a firm. If a producer lacks the necessary cash, he may combine with other investors to get help from collective investment, or he can take out loans from banking organizations.

Market Research

To start a firm, money alone is insufficient. One must comprehend the market's consumption patterns. Even if a product has a good chance of selling, it should still be promoted so that it catches the buyer's eye. Consumers may not completely understand the product information if this were not the case.

Quantity produced

In most cases, a company cannot produce at the optimum level in the near term. This is because manufacturing inputs are set and cannot be altered to meet changing demands. These inputs result in fixed expenses that reduce the producer's income. But over time, as the company grows to a sizeable size, these constant inputs vanish and just the variable ones are left, thus the producer only has to deal with variable costs.

Activity delegation

No company can survive on a single act of showmanship. There are too many different things to do. Therefore, assigning tasks to persons with expertise in those areas is more practical, less expensive, and essential.

Therefore, breaking any of the aforementioned rules results in a mistake that costs the company money.

7) Myths Regarding Entrepreneurship

There are several fallacies surrounding entrepreneurship, most of them are propagated by the media. Some of these are true, while others are demonstrably incorrect. Following are the five most prevalent myths:

Myth 1: Entrepreneurs want wealth. Period.

Many individuals believe entrepreneurs are motivated purely by financial gain. This is true to a certain degree; fear of poverty or simple financial uncertainty might certainly motivate anybody to achieve higher heights, and there are some who do it for the money, but for the vast majority of individuals, money is not the ultimate goal.

Many entrepreneurs are motivated by ego and/or emotion, many do not live the opulent lives expected of them, and the majority see money as a means of keeping score.

Myth #2: My gain, your loss.

People often allude to corporate success at the expense of others. Clearly, they imply that if an entrepreneur is successful, someone somewhere has paid the price. This implies that there must be a winner and a loser in every commercial transaction. The term for this is occasionally "zero-sum game."

Entrepreneurs are innovative thinkers in reality. Instead of seeking a "zero-sum" outcome, and contrary to common belief, they often attempt to reach a compromise that leaves everyone pleased.

The third fallacy is that the bigger the risk, the greater the gain.

After hearing this, many new entrepreneurs believe it as gospel truth.

Risk and reward have a complex connection that cannot be reduced to a simple statement.

Knowledge, experience, wisdom, hard effort, and tenacity affect both 'risk' and'reward' in business.

Myth 4: Entrepreneurs get wealthy quickly.

The growth of 'dotcom millionaires' may give the impression that entrepreneurship is straightforward, but remember that nothing is as simple as it seems.

You may believe that entrepreneurs become tremendously wealthy very quickly, however a great deal of effort goes into producing the ideas/products that make them wealthy.

Myth #5: A solid business strategy is the crucial road map to success for an entrepreneur.

This is more accurate than the majority of other misconceptions, since it is rare that you would be granted a loan without a good business plan. However, a loan is in no way equivalent to good money.

Yes, business plans are guides, but they are not sufficient for success.

8) The Business Ethics

The adage "honesty is the best policy" applies not just to everyday life, but also to corporate ethics.

Ethics are crucial for all business professionals. However, many disregard ethics as an essential notion that has a significant influence on an individual's performance as an entrepreneur and investor. Ultimately, business requires dealing with one's own or borrowed funds.

It also includes establishing profitable financial ties with clients and consumers. Such interactions must be based on trust, and ethical underpinnings are essential for establishing trust. Therefore, corporate ethics are the foundation of success.

Regardless of the size of a company, it is essential to recognize the importance of ethics. Regardless of the size of your company or the number of your customers, the need to adhere to strong ethical standards remains the same.

In this way, corporate ethics is intrinsically tied to the moral value chain that permeates all of its activities. Each and every client is affected by morality. No exceptions may be made, regardless matter whether your client's number 10 or 10,000 or more. Ethics are applicable to each of them.

As a field of study, business ethics may be practical or theoretical. Or, to put it another way, it might be pragmatic or philosophical. The former often turns into the dos and don'ts that serve as ethical conduct rules. These latter works investigate the whys and how's of corporate ethics. It also investigates the question of defining ethics.

It encourages high standards, establishes a code of conduct, and assists the entrepreneur in evaluating his own ethical standards. In turn, this standard assists the firm in articulating the ethical conduct expectations for its personnel. A trustworthy organization only hires trustworthy experts. This must be known properly in the future.

In the majority of successful businesses, strict ethical standards are required. A worker who bribes someone, even to further his employer's interests, is likely to be terminated. Many international corporations refuse to do business in nations where bribery is widespread. These are instances of the application of business ethics.

A final point. Regarding some variables, ethics cannot be compromised regardless of profit or loss concerns. A firm should never violate the laws of the nation in which it operates, regardless of whether it agrees with them or not.

9) Communication Advice for Business Administration

Even if you have amazing ideas, they are useless if you do not share them with others. Therefore, the ability to communicate effectively is as crucial as the ability to generate excellent ideas. However, not everyone is adept in communication, and practice is required for them to be able to do so.

Suppose that, for external reasons, you need to instantly increase the production of your business. However, your management are unable to get the task done since your staff are hesitant to go the additional mile for the business. This causes monetary and reputational harm for the firm.

So, what is the issue? It is not that the workers are not paid, nor are they deprived of other perks. Therefore, the underlying issue is a lack of communication between employer and employee.

Internal communication is sometimes overlooked as a vital component of organizational communication strategy. Focusing only on external communication, the company and its management construct a bright image for clients. Certainly, this strengthens the marketing plan, but it hurts the operational strategy.

Another issue caused by misunderstanding and/or a lack of communication is the spread of negativity. This unauthorized route of communication may lead to discontent, resulting in a decline in revenues.

To guarantee development, you must have both internal and external communication channels. The whole communication system should be unified in design and function. No idle chatter is tolerated. Whatever is conveyed, whether to clients or staff, must be worded properly in order to achieve the intended objectives.

If you concentrate on the requirements of your target group, you will likely be able to develop a successful communication plan. They simply care about your ambitions to the extent that it benefits them. Therefore, sympathies with their requirements and convey your objectives in a language they can understand.

If you promote feedback and are receptive to recommendations, your workers will have the opportunity to make comments in a constructive manner, and they will also feel more engaged.

When you get comments or ideas, you should respond positively. Assure your staff that their concerns will be taken into account and acted upon.

Ensure that your message is not obscured by jargon and can be comprehended by your intended audience.

To attain your objectives, you must effectively express your thoughts.

10) Time Management for Entrepreneurs

People think of time management as an art because it teaches you different ways to be more productive and finish work that needs to be done. In your personal life, it's important to be able to control and manage your time. In your business, it's a must if you want to be successful.

By using electronic calendars and planners, time management software helps small business owners keep track of and manage their time well. The "to do list" has been shown to be a good way to keep track of time. Scheduling actions, on the other hand, takes a lot of time, so you have to use software.

Planning your goals and your time, making routines, and scheduling tasks will help you reach your goals. Using written or electronic reminders or the "to do list" software, time management software can make sure that employees stay on track with their work and production.

Small business owners must plan, prepare, set priorities, and keep track of their own activities as well as those of their team members. They must also set goals for the success of the business.

Getting this done is easy if you have the right time management software. Many of these programmers can help you set short-term and long-term goals, analyze data, predict the future, and make performance graphs. These are things that the basic software for making to-do lists doesn't have. Don't underestimate how important the "to do list" software is when planning your business activities or setting your goals.

A small business needs to be very good at managing its time. So, these days there are a lot of people who call themselves "time management gurus" and tell you how to organize your time. They are best known for being good at managing time. After reading your business plan, they will prioritize tasks for the work teams every day.

With the help of time management software, they can give business owners detailed reports of how their daily activities are trending. This lets the business owners change their values, activities, and priorities.

Time managers are also the name for time management software and other time management tools for small businesses that are available on the market today. These include things like paper books, "to do" list software, organizers, reminders, calendars, planners, and many more.

11) How to be a Good Leader for Business Success

Leadership skills are not something you are born with, so if you want to be in business, you need to learn them. You can easily get the skills if you remember a few things that are important for any kind of leadership, whether in business or elsewhere. The success of any business depends on how well the manager or owner creates a healthy and productive work environment.

Any person in charge of a job should have a plan for how it should be done. It's important to have the right kind of vision, as this is very important for keeping all the parts of the job together. A wrong goal will not only lead the employees astray, but it will also ruin the business as a whole. Having a clear plan will help you get started and also help you finish the job well.

A company's vision is what everyone works toward, and it keeps everyone going until the goal is reached.

The manager and his employees will be able to realise this vision with the help of good entrepreneurship. All sides should share their ideas and thoughts. Everyone would feel like they were a part of the whole thing. The manager should make sure that his workers aren't just skilled workers who are there to make money but don't care about the company's goals.

The boss should encourage and inspire the workers to work toward a common goal. So, the business would be a way to get to these goals. This doesn't mean that the work itself should be ignored and only the results should be looked at. Every step the employees take should be carefully looked at, and the employees should be told how the work is coming along.

This would make sure that the work was done by experts and that the company got good results. The leader should set up a healthy environment at work that gives workers the space and freedom to think freely and use their imaginations to get the job done. A strict way of doing things at work would make it hard for people to get along with each other and with the boss. This would put the whole system at risk and hurt the company's goals.

Any business has a target audience, which is the people who buy from the business. The leader should also pay attention to the customers by putting out results that can be seen by more people.

12) Compute an estimate of your first startup costs

We all have issues with start-up expenses. Measurement of stakes is crucial since they are crucial in getting one into a fix. So, here are some useful suggestions for estimating your startup expenses for a firm.

1. Before anything else, you must carefully consider your needs and include their expenditures in the expected start-up costs for your organization. Always keep in mind that this sum is distinct from the minimal expenditures necessary for your firm to survive the year. In addition to this, a number of additional expenses such as marketing, seats and office supplies, inventory, cash registers, and service supplies need funding. There must be room in the start-up costs for any additional expenses you may have overlooked.

2. Only borrow money from the bank if it is really essential. And even if you do, be sure you have the means to pay the interest the bank will demand. Ask about the interest rates as well; you don't want them to be too expensive.

3. Consider your home spending throughout the time when your firm is starting off. Make sure you have enough money on hand to meet the expense or that you are qualified to apply for a loan to do so.

4. You must be able to estimate how much money your company needs to make it through the first year of operation. Additionally, you must be ready for any additional random costs that can appear sometimes during that year.

5. Set yourself up so that you are prepared for any unforeseen charges that may arise periodically during the year.

6. You must account for the cost of food over the course of the whole year. You should include enough money in your budget for meals and other essential costs. You will be protected against dangers throughout the first year of operation.

7. Your business needs credentials that will guarantee a loan in the event that your funds run out at some point throughout the year. It is advised that you only take out a loan if you can make enough money from sales to pay it back. You may wish to shut your company if the first year is not too successful for it.

8. Another item to keep in mind is the compensation you must provide for your workers, if you have any. That covers worker compensation as well as any kind of health insurance and business insurance. For each part-time and full-time worker your business has, you must additionally pay an additional charge to the city.

9. Depending on the kind of company you're beginning, you may need to take examinations to get certified. These tests are expensive. Additionally, you need to be aware of any additional laws and ordinances that apply to the sort of company you operate.

10. If you don't have enough money, you may always sell some of your possessions to get some more cash. However, be sure that your company provides enough protection for selling these things. The last thing you want is to go bankrupt and lose both your business and all of your pricey possessions that you had to sell in order to get the capital to launch the business.

13) Obtaining Capital Investment for Your Company

The term "business angels" refers to successful businesspeople who desire to invest their money in faltering companies or new franchises. They often demand convertible debt or ownership stock in exchange for the investment. They want to utilize their skills to make the company successful in order to receive a fair return on their investment.

Business angels are very picky about the companies they invest in due to their expertise. They intend to invest while shares are inexpensive, work with the business to grow it, and then, after a few years, sell the developed business to other stockbrokers or the original owner.

Investors are eager to make an investment in a company after seeing the renowned show Dragons Den. It's crucial for company owners to be well-prepared and have a strong sales presentation. A well-defined corporate plan is beneficial. If the target market and audience have not been sufficiently investigated, the dragons will typically be able to tell.

The dragons want truthful answers to their queries, not falsehoods, therefore having realistic sales estimates is crucial if you want to impress them. If they think a high-risk firm won't succeed, they will often not invest in it. Since they are authorities in their sector, you should pay attention to and value their recommendations on potential company ventures.

Being confident is crucial. When it comes to confidence, voice, posture, and attitude all dead giveaways, thus it pays to have these areas covered when persuading prospective investors. Prepare questions in advance by imagining what the investors could inquire about.

It is important to adopt a new way of thinking since concerns about possible earnings and corporate revenue are normal. To beat the competition, a company should emphasize the features that set it apart from the competitors.

Commitment is yet another crucial element. Business angels appreciate devoted employees. If the company initiative uses part of the entrepreneur's personal money, they are often impressed. They will be suspicious, however, if thousands of pounds have already been put into the company and it is still losing money.

Thanks to the Internet, it is relatively simple to discover business angels nowadays. There are several websites devoted to helping company owners discover the ideal investor. There are other angel networks and organizations. As a result, it's never been simpler to establish a company since financing is so easy to come by!

14) Create a Name for Your Company

To guarantee the success of your firm, it is crucial to associate a recognizable brand with it. The word "branding" refers to a variety of tasks that must be performed in order for the firm to succeed. Following activities are started by branding in a variety of areas, including:

1. Increasing awareness of the company name and logo.

2. Coming up with a business name that will instantly inspire confidence in the public.

3. Determining and carefully cultivating the prospective customer profile.

Unlike physical assets like resources and institutions, branding, including the company name and logo, is not a tangible asset of a corporation and solely serves to enhance the firm's reputation and sense of identity.

Before branding is put into practice for profit maximization, it must be carefully and cautiously planned. Before beginning any branding efforts, it is important to identify and isolate the customer base that will draw them in with unique incentives and an understanding of their needs.

Following are some crucial procedures to create and protect a successful brand for the company:

Consistency in Advertising: Promoting your brand includes highlighting the aspects that set it apart from the competition. These things should be emphasized and publicized often so that their client base will remember them. The audience should be inundated with these commercials at all times so that they are constantly reminded of these firms.

Customer service: Appropriate hiring of sales employees is crucial since human resources are a key component of any company's success. They must be assured of their place in the brand-building process.

Every client has to be valued and understood, and neglecting even one of them may result in significant losses for the company. Uncooperative employees should be fired since a satisfied client brings in ten more.

Public perception: When a single client is treated poorly, word-of-mouth may spread quickly, endangering your company's reputation. False and fraudulent promises should not be made while promoting a brand. To enhance client comfort, the purchase and invoicing processes must be made simpler. Prior agreements must be honored promptly in order to boost the brand reputation.

Technology usage: It would be inappropriate to downplay the role that the internet plays in company marketing and promotion. Customers' online inquiries must get a satisfactory response. The company must also employ cutting-edge technology on a regular basis.