New Age Entrepreneurs
Starting a business has never been an easy task. In this day and age, it can be argued that it is becoming increasingly difficult. However, this new generation of business owners has found a way to benefit from social media, by using it to build brand awareness much more easily. Regardless, succeeding with a small business is still a tall task, requiring more than just brand awareness in this new age of entrepreneurship.
The U.S. Bureau of Labor Statistics says about 20 percent of small businesses fail within their first year. By the end of the fifth year, roughly 50 percent of small businesses have failed. After 10 years, only about one in three is still around.
For those who are able to make it past the first year, it’s not the easiest thing to get off to a running start.
“It’s not like Field of Dreams, [where] if you build it, they’re just gonna show up,” Opulen Studios owner Christiana Lucratif said. “It’s marketing, and trying to get everybody to spread the word. One of the biggest things was just being willing to take the risk, and just dive in.”
In this new era, the use of social media has become one of the biggest tools for entrepreneurs as they try to find new customers and partners, and then keep them. A 2017 survey of marketers showed that 66 percent of internet users between the ages of 18 and 24 are more loyal to the brands they follow on social media.
“We’re scrolling on Instagram, or whatever it may be,” Scarlet’s Addiction founder Sadee Mondino said. “I know I have to use it all day because of what I do for a living. That’s how I find most of the brands I want to work with. That’s how I find people I want to work with.”
However, an online presence can’t be the end all be for these aspiring entrepreneurs.
“If Instagram were to shut down, [you’d have to ask], ‘can you still stay in business and how are you exporting those followers and those customers to your actual CRM (Customer Relationship Management)’,” said Lucratif. “That’s why I do a lot of the marketing directly through my own text messages and emails, versus just social media. And then people that I do find on social media, [I work on] gathering their contact information, and putting them into my database.”
Moderator: Monica Campos
Producer: Lauren Cienfuegos
Anchor: Kenia Arevalo
Social Media Editor: Zaira Garcia
Reporters: Kenia Arevalo, Monica Campos, Alan Cardoza, Lauren Cienfuegos, Zaira Garcia, Kimberly Lopez Chavez and Demothy Tien