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Oct 8 2013

7 Essential Business Practices for Growing Entrepreneurs

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According to the 2013 State of Women-Owned Businesses report, more than 8.6 million U.S. women-owned businesses account for nearly 7.8 million jobs and over $1.3 trillion in revenue. Despite the tremendous opportunities created by women entrepreneurs, there is still doubt over the impact that female leaders are capable of. “When women start businesses, the term ‘small business’ is automatically applied,” says Peggy Wallace, managing director at Golden Seeds. The first annual WomanCon event held last week in New York City addressed these challenges with real-life lessons from established women entrepreneurs. The presentations covered a range of topics including how to start a business, pitching the media, raising funds, building stronger brands, and balancing work and family life.

Identify your competitors

Growing entrepreneurs may find it hard to admit that their business concepts are not entirely unique. “Anything you can think of has been thought of by at least 5 other people in the world” says Yao Huang, founder of The Hatchery, “Ideas are useless, execution is key.” Compare your business model with competitors and identify your competitive advantage. Think about what you do that is more effective or cost efficient.

Customize your pitch to the media

“Pitches aren’t one size fits all,” advises JJ Ramberg, host of MSNBC’s It’s Your Business and founder of Goodsearch, “Think about your audience and who you are pitching to.” Find out what reporters are interested in and tip specifically to them. Colleen Debaise, director of digital media at the StoryExchange suggests that writers are typically “drawn to the challenges of building your business and how you overcame them.” However, Christine Lagorio, senior writer at Inc.com, adds that business owners should remember that some journalists write features while others create product guides.

Author Shannon Ramlochan is a proud Brooklyn native, a pop culture enthusiast, and a member of PR Newswire’s marketing team. Read the full post on Beyond PR.

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