Monday, October 1, 2018

Should Entrepreneurs Use Social Media?

Entrepreneurs should not use social media..

Entrepreneurs should not be using social media. Social media is a double-edged sword that is more often used to inadvertently commit the business equivalent of seppuku. Social media is touted as the new magical wand that has created millionaires and business gurus. But, we are overlooking the infinite number of people that have harmed themselves through social media.

Elon Musk is the most recent example of an entrepreneur that has harmed himself through social media.

Musk is stepping down as Tesla chairman and is paying a $20 million dollar fine. This all started when he made the fated tweet on twitter stating, “Am considering taking Tesla private at $420. Funding secured.” That’s a $142,857 dollars per character mistake made via social media.

As people, entrepreneurs are liable to make mistakes due to sudden flashes of emotion or oversight that lead to a negative possibility we didn’t foresee. It’s much safer for the average entrepreneur as well as anyone to completely avoid using social media, than relying on it to gain substantial benefits. My advice is for everyone to stay far away from social media.

If you decide to use social media, you need to treat all social media like it is a press conference podium attached to the third rail. I’ve had prior employers and clients google search my history and read through my social media to determine whether they wanted to work with me.

For example, if you are voicing strong religious, political or other beliefs. You will ultimately be offending a large segment of people in the world.

You have no idea whether you’re going to be able to afford offending a possible future employer or client that you’ve yet to meet.

There are some individuals that can leverage their social media accounts to gain followers and financial success. But, these individuals are statistical outliers. You should not assume that this is the norm.

Guest Authored By Cameron Keng. Cameron covers a lot of taxes and even more about business. He practiced taxation for clients such as Goldman Sachs, Deutsche Bank and Pfizer at PwC as well as KPMG. Founded a nonprofit tax clinic sponsored by the IRS and partnered with NYS and NYC that processed 5 million dollars. Received Congressional endorsements for outstanding community and public service. Featured by Bloomberg, Tax Analysts, BusinessWeek, Entrepreneur, HuffingtonPost and Fox News as a tax, finance and business expert. Follow Cameron on Twitter.

"Given the choice, go old school and just write your thoughts in a paper journal. It is far safer. Otherwise, tread lightly in the social media landscape. All your thoughts are kept online forever and backed up via multiple sources. Thus, each time you put something out in the world it will never be forgotten.."

    • Post Crafted By:
      Fred Hansen Pied Piper of Social Media Marketing at & CEO of Millennium 7 Publishing Co. in Salt Lake City, UT. where I work deep in the trenches of social media strategy, community management and trends.  My interests include; online business educator, social media marketing, new marketing technology, skiing, hunting, fishing and The Rolling Stones..-Not necessarily in that order ;)
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