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Matt Cohen


Harry Potter And The Entrepreneurs: 7 Marketing Tips

Posted: 02/04/11 01:28 AM ET

In the opening chapters of Harry Potter and the Half-Blood Prince, J.K. Rowling creates a picture of a floundering wizard economy. Businesses are shutting down -- either because their owners have been killed or because customers are afraid to shop anymore. The only retailer that seems to be thriving in the down economy is Weasleys' Wizarding Wheezes, a joke shop that opened only a few months earlier by two Hogwarts drop outs.

How come their store is packed with excited consumers while neighboring stores are boarding up their windows? Based on Fred and George Weasley's successful strategy, here are seven tips for other start-up B2W (Business to Wizard) companies.

1. Get An Angel Investor
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Harry Potter gave Fred and George Weasley 1,000 Galleons worth of seed money (that's just about $10,000.) And you get the impression that Harry doesn't expect any sort of return on his investment... or even want any repayment on the loan. To Harry, the 1,000 Galleons are a reminder of a tragic encounter, so he wants nothing to do with it. I suspect it is unlikely that you will ever find an investor who is as equally well capitalized and emotionally tormented as Harry Potter, so you might want to have a Plan B for raising capital.
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