After judging the teams at the Young Enterprise Awards this week, it got me thinking about how marketing is such an integral part of business. Okay it’s not the ‘be-all and end-all’ but it can be the difference between a successful or struggling organisation.
While these Young Enterprise ‘companies’ were learning the basic business ropes in a relatively risk-free environment, it offered up valuable lessons that could be adopted by start-ups (and some mature companies too!).
A smart marketing strategy was evident in both successful teams that were selected to go through to the next stage of Young Enterprise. Can that just be a coincidence?
Getting back to marketing basics is sometimes a good idea and both teams had carefully considered the:
I think it’s fantastic that Young Enterprise is harnessing young entrepreneurs early, while they’re still in full time education. But for more mature folks, one has to ask – what’s going wrong? Is there a lack of quality, experienced support? Is there a lack of communication about the support available? Or is there a lack of willingness from businesses to learn and take the support?
What would it be like if everyone who was seriously considering starting a business in the UK was coached in these basics, and had help formulating a business plan. Perhaps we could improve upon the current environment where around 20% of new UK businesses fail in their first year and 50% don’t last 3 years.
Well done to Young Enterprise, and the schools involved, for placing marketing at the core of their process!