Life and lies of an entrepreneur

Amana Wealth
Jul 20, 2017 · 2 min read

Well not just any entrepreneur but we are talking about the life and lies of a Social Entrepreneur. In the recent year, specifically over the last three years we have seen Sri Lanka’s online business space grow many folds.

Not online site but social media enterprises, which is social enterprises that are based solely on networking platforms, such as Facebook and Instagram. The free market space has allowed anyone…just about ANYONE engage in trade given that they have some talent or an outstanding product or service to offer.

However, this is a much riskier space and competition is sky high. Before you know it, someone is replicating your original thinking. Well the biz world is a very harsh place to be after all.

A lonely life

Budding social entrepreneurs need to be aware it can be a lonely life. There is never enough time or resources or money to do anything. Often it might seem like there is a huge, insurmountable challenge. However it is also fun because every day is different. You are the marketing person, the delivery person, you’re everything!

Having said that…you really need to focus on striking the work life balance since you can be so driven and determined to make it work that everything else can come secondary.

Followers don’t translate to money

A common misconception is that many chase after followers and likes. While that could be a measure of popularity, it doesn’t necessarily mean you are generating higher sales or making good profits. If your social media enterprise is going to be your bread and butter, you must look at better avenues to increase sale. No point in being popular but broke.

Double in 3 years or perish

The usual break even period is about 3 years that is to cross over your cost of setting up and start getting some return on investment. Which a brick and mortar model would pressure you to work harder; the strong online presence can mislead you. Many social media enterprises have shut down for remaining too long in their comfort zone. Give a time line…three years, targeted profit, increased product line and a formal online presence if you don’t want to go brick!

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Amana Wealth

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