Entrepreneurship: Analyzing Social Media's Role in Business Expansion

This report delves into the realm of entrepreneurship and its key factors, with a specific focus on the impact of social media on business development. It includes a review of Tara Hunt's book, "The Power of Social Networking: Using the Whuffie Factor to Build Your Business," and explores how entrepreneurs can leverage social platforms like Facebook, Twitter, and Instagram to build brand awareness, enhance communication with customers, and create diverse brand experiences. The report emphasizes the importance of understanding customer behavior, analyzing competitors, and targeting the right audience to achieve business growth. It also highlights the crucial role of social media in effective marketing strategies, emphasizing the need for quick response times and the development of a strong fan base to foster customer loyalty and drive business success. The analysis emphasizes the crucial role of entrepreneurs to improve their response time on social media to gain customer trust.

Running head: Entrepreneurship and Role of social sites in business
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Table of Contents
2019........................................................................................................................... 0
Introduction.................................................................................................................... 1
Entrepreneurship:....................................................................................................... 2
Review on “The Power of Social networking: Using the Whuffie Factor to Build Your Business-By Tara
Hunt”........................................................................................................................... 2
Benefit of social network in business..........................................................................3
Points to remember for Companies............................................................................3
Conclusion..................................................................................................................... 5
References:.................................................................................................................... 5
Introduction
In this project, the discussion is made about entrepreneurship and its factors. The
book titled with “The Power of Social networking: Using the Whuffie Factor to Build Your

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Business by Tara Hunt “is also reviewed. The chapters of the book are covered in this
project on which book is based. Role of social websites for the growth and development of
any business industry is briefly explained in this project.
Entrepreneurship:
Business is not only a term it is a platform which lifts up the economy of any country
and prevents people of that nation from poverty, unemployment, etc. types of concern. It
replenishes society with new opportunities in service, provides different products and
innovations to nations. For every business, entrepreneurship acts as foundation or pillar
strength that helps any business to achieve new height and leads to good profit. It provides
an opportunity not only to start a new business but also helps to know an authentic process
to develop business (Hunt, Intorduction of Entrepreneurship, 2009).
Review on “The Power of Social networking: Using the Whuffie Factor to
Build Your Business-By Tara Hunt”
Today everyone is much aware and has knowledge of blogs and social sites, for
example, Facebook, Twitter, and Instagram, etc. Nowadays these platforms are being used to
grow the customer base and to spread their business among millions of people in a very
short span of time. As it is very strong competition in the corporate sector almost for every
business dealing its service in the market they want the presentation of their business in
effective. According to book as written most of business personalities spreading their
business by using social sites only for money purpose by showing false information about
their products and services writer asked them to stop all these activities as customers are
getting smarter than before so if they won’t stop doing this they are going to lose their belief
in their service (Hunt, The Whuffie Factor: Using the Power of Social Networks to Build Your
Business, 2009).
"The Whuffie Factor" helps the person which is related to business it gives them knowledge
about the strategy of growing their business by examining, implementing techniques for

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promoting their business through these social sites. Tara Hunt reveals how social hubs have
more tactics to attract or to manipulate customers towards accepting services or products
(Hunt, The Whuffie Factor: Using the Power of Social Networks to Build Your Business, 2009) .
Benefit of social network in business
According to writer by introducing or by accepting social media as marketing source than the
benefits are defined as follows:
Build awareness:
The social sites are playing a key role in providing information or new about any
topic. It is building awareness among the population. If we talk about business social sites
helps us to choose to select the best service as all type of brands and companies promoting
their business and experts over there reviews them on the basis of that customer will be
aware of product which would be perfect according to need.
Communication:
Once it was a very tough process to connect with the support system of any company
by waiting on calls or emails but now most of the multinational companies have their social
media team and they always remain in contact with customer so if there is any concern
which a customer is facing regarding service either customer can contact team and can get
support within 24 hours with resolution of their concern (Hunt, Intorduction of
Entrepreneurship, 2009).
Verities in brands:
With growing market competition is getting huge between companies day by day.
Every person uses their account and accesses it once in a day so keeping that in mind
companies keeps on promoting by developing creating an advertisement that attracts the
customer towards them and almost most of the companies today is verified on every social
site (Hunt, The Whuffie Factor: Using the Power of Social Networks to Build Your Business,
2009).

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Points to remember for Companies
According to writer every organization has to consider several points which are
responsible for the development and growth. As the competition in the market is getting
hard daily every day a new brand with lots of offers which are attracting customers towards
them, where the customer will found best deals on their preferred products they are going to
choose that brand only. According to the book every entrepreneur has to keep in mind
following things:
Improve Response: The timeline for responding to any customer should be not more than 5
minutes because if it is more than that customer will be irritated. Social media helps
customers to connect with companies and to communicate to their management team and
this thing impact on thinking of customers which is in favor of that particular company.
Effective marketing: The social websites, for example, LinkedIn and Twitter develop
interests among the population as these are the platform where customers received a
response in the very short term.
Developing incoming traffic: Marketing which is done inbounded plays a key role in
increasing traffic on websites. If any individual will underestimate specialization of social
media then the business of that company or that individual will remain in a particular
limited region only as because there are a lot of famous brands are available and they have
control as well in the market.
Analyze competitors: If the competitors are surpassed by a new company than every
entrepreneur have to keep their focus on their competitors what they are doing, what they
are planning etc. If any entrepreneur is following on which the book was based then it
would be an easy task for any newly opened company to make a good population or suitable
audience for their service.
Focus on the right audience: The management of a company should have to create a
platform for advertising their products and services. They have to target the audience of that
particular platform only. An entrepreneur has to observe on a choice of customers or the

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population on the target is set. They should find out all of their preferred choices by their
search history, which other pages they are following.
Develop a fan base of service or products: Another major factor which is plays a key role for
an entrepreneur to develop their business fast and in a better way. They should have to
check the response to an advertisement for their advertisement, how the people are reacting
on that (Points to remember for entrepreneurship, 2009).
Conclusion
Hence in this project, the discussion was made about the entrepreneurship and its
characteristics. The review was given for the book “The Power of Social Networking: Using
the Whuffie Factor to Build Your Business by Tara Hunt” also the role of social sites was
discussed for growth of any business.
References:
Hunt, T. (2009). Intorduction of Entrepreneurship. Tantor Media .
Hunt, T. (2009). The Whuffie Factor: Using the Power of Social Networks to Build
Your Business. Tantor Media.

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