By Brittany Hutson
Like many accomplished entrepreneurs, 30-year-old Dante Lee has been through all the ups and downs that come with being your own boss. At the age of 19, he launched Diversity City Media, an African American marketing and public relations firm based in Columbus Ohio, known for its online businesses, BlackPR.com and BlackNews.com, and has clients like McDonald’s, Verizon and NASCAR. With 10 years in the game, it’s only natural that Lee would become an invaluable source of knowledge for other aspiring or rookie business owners.
Two years ago, he decided it was time to get all of his insight together for a new book, especially after he discovered differing statistics on African American business owners. For one, the 2007 Census Bureau revealed that minority business ownership increased by 45.6 percent to 5.8 million between 2002 and 2007, more than twice the rate of other demographic groups; however, a more recent statistic from the census revealed that African American business owners are five times more likely to fail in business than their white counterparts. Lee says that for many entrepreneurs, there is a lack of application of basic components. “Many companies underestimate how important it is to market and advertise their companies on a consistent basis,” he says.
In his recent offering, “Black Business Secrets: 500 Tips, Strategies, and Resources for the African American Entrepreneur,” which he dedicates to ensuring that entrepreneurs succeed despite discouraging statistics or myths, Lee includes anything you’ve ever wanted to know about building a successful business. The book includes chapters on financing, marketing and advertising, public relations, using the web and numerous resources like mentoring and educational organizations, business blogs and publications to read, phone apps, and much more. The book also includes advice and stories from successful entrepreneurs such as Bob Johnson and George Fraser. For a sneak peak into the advice that can be at your fingertips, check out 10 of Lee’s 500 tips, strategies and resources:
1. Learn, Not Burn From Your Mistakes:
“When entrepreneurs make a mistake in business, I find that they will place blame elsewhere instead of taking the blame and learning from it,” says Lee. For instance, entrepreneurs could place blame on the economy as to why their business isn’t doing well when it may actually be the fact that they did not actively network. It could be a number of factors. Be sure to evaluate your mistakes and the lessons learned so you can become a better businessperson.
2. Not Every Good Idea Is a Good Idea:
Though you may come up with a very innovative idea, you need to evaluate whether the idea is truly feasible. Lee says this evaluation should include asking yourself whether you can afford to bring the idea to life, how long will it take for you to bring it to life and can you afford the patent for the idea.
3. Networking:
Most people go to functions and just hand out business cards. Lee recommends that a more effective technique would be to collect business cards because you are putting yourself in a position to follow up instead of relying on other people to do it. “Try to identify 10 people in the room that are going to be most relevant to your business and reach out to them.”
4. Do It For Free:
Lee says marketing free services and products is an excellent push to attract people to your business. You can offer free shipping, free samples, a free e-book, or a special like a ‘buy one, get one free’ promotion. “Simple techniques like that are something people overlook but don’t realize that these techniques can be responsible for a lot of sales.”
5. Know When To Let Go:
It’s okay to give up on a business idea but not on your business. “I literally had five ideas that I pursued that did not work out until I came across Diversity City Media,” says Lee. You’ll know if an idea should be scrapped if it’s not progressing, or in other words, you are consistently losing the same amount or more money each month.
6. Procrastination:
While there is no need to rush when starting your business, have a sense of urgency. “Building a successful business is going to be a long process so don’t make it any longer than it has to be,” offers Lee. Most successful businesses can be built within 2-4 years, but the longer you drag your feet, the longer it will take to see results and you are less likely to stick with your business.
7. Use Proper Pricing Points:
Sometimes, entrepreneurs have a great idea or product or service, but their pricing is too high. Apply the Wal-Mart theory and get your prices as low as possible until you have brand recognition. Then, you can bump your prices up. Asks Lee, “would you prefer to make a $20 profit off of 10 book sales or would you prefer to make a $5 profit off of 1,000 book sales?”
8. Be a Cyberpreneur:
Your website should be a sales tool that not only showcases your products, but encourages people to buy them. According to Lee, companies such as Wal-Mart and Best Buy generate millions in daily sales from their online business alone. Collectively, online retailers in 2010 generated $250 billion from just online sales, he explains.
9. Keep In Touch:
While you’re looking to increase revenue and attract more customers, reach out to previous customers to encourage them to buy again. Keep in touch by emailing them a company newsletter, promos or upcoming sales; send a coupon, give them a call or even send a text message. Of course, don’t over do it and turn your customer into someone who doesn’t want to deal with you.
10. The Law of Productivity:
In response to the law of attraction, which essentially teaches that all you have to do is have faith that good things will happen to you and your company, Lee says he created his own law to say “you can be as positive as you want but you have to get your hands dirty.” Think positively but realistically, he adds. To be successful in business, you must put in the hard work and outwork your competitors.
