Entrepreneurship 2.0 and it's 5 C's

With the evolution of online media in our day to day life , our life has become much more easy and competitive. It’s application in business gives a new way to get expansion and success.

Before applying anything in our life or business there are few questions which we need to answer first. Like, What is the smart way to manage everything from company finances, to client relations, to marketing, and all these things in a cost effective manner with less time?

The main reason behind business is to make money. However, if we can’t manage our finances, payments and assets, we’re going to find that expenses start to creep up, financing runs short and our ability to plan for the future is nil; here comes the significance of Entrepreneurship 2.0.

While reading the book “Six Pixels of Separation by Mitch Joel” I learnt about the 5 C’s of Entrepreneurship 2.0. The author stated a good line - “You don’t have to be tech savvy to be great at working the online channel to build your business.” He also writes “look at these tools as another way to grow your business and pay no attention to the technology behind the curtain.”

The five C’s of entrepreneurship 2.0 (connecting, creating, conversations, community and commerce) to urging business people to think in ripples (“powerful conversations that are generated when you share your content”).

1. Connecting - Connection plays a significant role in maintaining any relationship whether personal or professional. And when there is a cut throat competition in business, healthy connection is a mandatory thing. Connecting to existing customers, building loyalties and nurturing those connections to make more connections and at the end making money and growth is the crux of connection.

2. Creating - After making connections, the next step is to create bonding with those connections. to convert those connections into long term consumers. Also creating creativity is helpful in this step. Perspective is what makes an entrepreneur. They have to continually look at the world from a different angle to spot new needs, new markets trends, and ways to make old products and systems better. An entrepreneur’s creativity is their lifeblood. Without it, they would just be another thoughtless consumer. So, create a new paradigm with existing clients.

3. Conversations - This C is the most important from all the 5 C’s . To and fro communication is very essential in building good businesses. Listening to your consumers and act accordingly results in the loyalty and growth of the business. Depending on industry you’re in and the types of conversations, getting too engaged can take the focus away from your main course of action. A dialogue/conversation has to lead a connection, and that connection is community.

4. Community - It is nothing but a new audience, new currency, new mass, new media. Engaging people via online media results in value addition. Strong community always helps in ups and down faced by any industry. Entrepreneurship is a difficult road and almost impossible to navigate completely alone. The better your community involvement, the easier it will be to butch through and re-energize.

5. Commerce - The trading of product/service results in earning of cash. Anyone in this world can have a good commerce if he/she listens and responds to the community at large. Gary Vanyerchuk is a good example of this. He turned his parents’ New Jersey Liquor store from a $ 4 million business to $ 45 million business with in a 5 year period. He did this by simply listening and responding to the active community members.

Though there are other C’s which also exists in Entrepreneurship like Cash, Confidence, Commitment, Collaboration, etc but I explained which I found more important.

The 5 C’s of Entrepreneurship 2.0 are established to help you identify and define the new rules of making money and how your organization is going to shift toward one to one dialogues without getting too bugged down.

Heena Lodha
The author is a business researcher with CheckBuzz, a social media monitoring company.
About CheckBuzz : A Social Media Monitoring Company, which tells brands/corporates what bloggers, journalists, powerful consumers, or even ordinary people are saying about them. Having a healthy experience of 3+ years, this company gives its solutions on Social media consulting, Social media marketing and Social media monitoring.
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About the author

Heena Lodha
The author is a business researcher with CheckBuzz, a social media monitoring company.
http://www.checkbuzz.com

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