Not everyone who “thinks” he has a great idea, sees potential in the market, or has some money should open a business.

According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. A whopping 80% crash and burn. What’s the reason? Many fail to do their homework. Marketing research may seem tedious and intimidating, but it’s actually the foundation upon which a business stands.

So, let’s say you love coffee. The corner store becomes vacant and is up for sale. Your mind begins racing as you think about buying the place, renovating it, serving coffee, and making a ton-load of money. The truth of the matter is, if you don’t do the research, you maybe the only person in the place drinking the coffee.

Marketing is about finding needs in society and filling those needs with products and services. And before investing your time and money, you’ll want to know the answers to several questions including: Is there a demand for coffee? Who are your potential customers and where do they hang out? Who are your competitors and what are they doing – good and bad? What is unique about your cafe and how does your coffee, location, customer service stand out from the rest? How much money is spent on coffee already? if a potential customer had only 5 dollars in her purse, would she spend it on a cup of your coffee, purchase something else, or save it? Are you opening the business in a location convenient for your customers, do you understand the culture, and are you speaking their language? Do you actively listen to them?



As I have told before that order cheap viagra check now is a well-known lifestyle drug that’s utilized as treatment to erectile dysfunction.
data-ad-format=”auto”>

If you don’t do the work, you are headed for disaster. Most recently in Crown Heights, Becca Brennan, owner of Summerhill at 673 Nostrand Avenue showed the community how a marketing mess and bad judgment can easily cause havoc for a business. Last month, Brennan circulated a press release that read: “Reformed Corporate Tax Attorney Turns Vacant Bodega into Surf Club-Style ‘Boozy Sandwich Shop.” (note – who’s surfing on Nostrand Avenue) She discovered the perfect piece of real estate around the corner from her Crown Heights apartment: a long-vacant corner bodega (with a rumored backroom illegal gun shop to boot)… (Yes, that bullet hole-ridden wall was originally there and, yes, we’re keeping it.)

After community pressure, Brennan told Gothamist she wanted to apologize for “unintentionally calling out gun violence.” The decision to describe the wall as “bullet ridden” for promotional purposes was “cheeky”. In other words, she knowingly distorted the truth about the wall. A business owner must always stand in integrity; customers need to trust the place they do business. They must believe you’ll do the right thing. If an owner is dishonest about one thing, potential customers will be lead to believe they’ll lie about other things.

On Saturday, July 22nd, Crown Heights residents and other Brooklynites participated in an open forum in front of Summerhill. Many were brought to tears as they shared how Brennan showed a callous disregard for them and their community. Brennan, who was in the restaurant, never come out to address or interact with the crowd. Instead she sent her PR person outside to pass out copies of a typed apology to only members of the press.

Every business will have crises, it’s how the leadership handles the problems that count. As a business owner, you are the leader. Take the initiative to understand the problem, take responsibility for failing and fail forward by being proactive. Control the ego and sincerely apologize to ALL stakeholders affected. Effectively communicate how you will make things better, take action, and keep the lines of communication open. In the modern world of social media, the entire world is watching. “Do the Right Thing!”