Top 6 Trends for Entrepreneur in 2011 [entrepreneur]

With the new year already having a kick start with CES’11, Facebook announcing IPO and all that buzz about another hundreds of Startups including Foursquare, Zynga etc etc raising millions of dollars as funds, I’m expecting a lot more from the 2011 and definitely from this decade.

Following is a list of top 6 trends for Entrepreneurs in 2011:

1. “Smaller” is the new “Better”

Now there is a thing about being small that I really like and that is, it keeps you focused on your customer who are the backbone of your business. It lets you to customize your business to suit customers need better, it lets you to establish a quality customer service desk and lets you to bring the best of you to the deal. The good thing about all this is that everyone appreciates it and lets the business get the mouth-to-mouth promotion.

2. Tighten Your Niches

Specialize in what you do. Entrepreneur’s are the people who are known and to get to know you, people need to see your product, your service and how it solves their real life problem and you will need to show it to them. You will need to take yourself to the discussion the pop out your product or your service where your niche comes in. You need to establish yourself as the “Go To” person in your niche because you can market narrowly but deliver broadly.

3. Multiple Profit Steams

Like they say: “don’t keep all your eggs in one basket”, make sure you have a couple of other things to work for while you have this biggy idea/project you are working at. Having multiple profit streams can help you buffer up in any economic condition and more over, you get to have an almost ready business at your backend disposal if the primary one doesn’t works out for you that well.

4. Social Media is your Queen

The social media has been here with us for a while now and it has always expanded the entrepreneur’s universe and will continue to do so and even better in 2011. Entrepreneur’s with Brick and mortar business are smart enough to effectively use Facebook and Twitter. Social Media can be the most effective tool to create a better brand, collaborate with people in your niche and build better business relationships.

5. More Discounts, More Giveaway

There are customers who will blindly throw their money at you and there are customers who will stick to your payment page for that last bargain they can make. The problem with these kind of customers is that they just might not buy and this is why you need to give them what they’re exactly looking for: “The Shinny New Discount COUPON”. It’s just a smart way of winning their loyalty and having them come again.

6. Personalization Leads to Profits

You have to agree that everyone loves to feel special and doing a little to make sure they do, can really boost your stats. Send personalized emails, b’day cards with discount coupons (people do shop a lot of their b’days) or just send them a personalized offer. I’ve personally seen it for myself that doing this does improves your stats and has given me great results.

So this is for now. Did you like the post? Please do share with us if you have any entrepreneur trend for 2011 in your mind.