Friday, December 27, 2013

How Social Media Enables Entrepreneurship

Starting up a business has traditionally been a costly affair and beyond the means of the working class who see entrepreneurship as their ticket out of the rat race. Entrepreneurs of old had to raise sufficient capital to buy inventory, pay rental deposits and renovation costs to open a shop-front, and pay for advertising and promotion. The smallest and simplest of business in Singapore would require no less than $20,000 to start.
 
Social media has changed all this. Today, entrepreneurs who lack capital can establish a business with nothing more than a great idea, passion and determination, a computer with internet connection and knowledge about social media tools and platforms.
 
Two such businesses which CW Fong & Associates has created with nothing more than an idea are SG Wedding Guru (an online wedding resource for Singapore brides) and SG Tutors (an online tuition agency for private tutors). In both business models, there is (a) no physical inventory; (b) a shop front that comes in the form an automatically generated online blog; and (c) advertising that is taken care of by free organic search engine traffic and social media campaigns. Total cost of set-up and monthly running costs? Zero dollars.
 
With a business model of selling advertising space, the role of SG Wedding Guru and SG Tutors is purely to drive traffic to the sites via search engine optimization and content marketing. While it will be helpful if the entrepreneur is knowledgeable about the contents of the site he is managing, this is not necessary. Once the keywords have been identified and the content matrix planned, online research will provide all the information that is required.
 
Thus, Social Media in our opinion is not only a catalyst for democracy (as information can no longer be controlled), but it is also an enabler of social mobility. Anyone, with an idea, the passion and determination to succeed, and the knowledge to use social media can change his life.

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CW Fong & Associates is a boutique communications company that specializes in social marketing. To equip yourself with the knowledge to use social media to establish or grow an online business, attend our social media marketing coaching workshop. eMail Justin[a]cwfongandassociates.com

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