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Like him or not, no one can ignore the impact Steve Jobs has had on the technology industry and in the ever-changing realm of digital communication. The world will forever be impacted by Apple’s products like the iPod, the Mac computer, the iPhone, and the iPad, which was one of Jobs’s last products before his death in 2011. And whether critics portray him personally as god or devil, Steve Jobs will forever be known as the man who built Apple into a cultural symbol to be embraced by the world for years to come. Specific classes in entrepreneurial marketing are mostly limited to the graduate level. But undergraduate degrees can still provide a solid foundation in marketing theories and practices. Having to work with fewer resources, both financial and intellectual, makes it vital for entrepreneurs to understand the principles of marketing.
The marketing mix and other basic principles of marketing strategy can be useful to smaller firms, but the emphasis should be on areas in which these firms can outperform their larger competitors. For example, instead of relying on traditional market research, entrepreneurial marketers work closely with customers to determine the right product, price, place, and promotion as part of an iterative process. 13 Read S., Dew N., Sarasvathy S.D., Song M, Wiltbank R. Marketing under Uncertainty: The Logic of an Effectual Approach. Journal of Marketing. 2009;73(3):1-18. 10.1509/jmkg.73.3.001 The Benefits of an Entrepreneurial ApproachI've taken EVERYTHING we've learnt over the past decade, not just from growing our own million pound plus businesses – but from working closely with our clients and members to grow their businesses too – and done the unthinkable... Entrepreneurship as a word derived from the French entreprendre (to undertake), which, literally translated, means “between-taker” or “go-between.” Richard Cantillon, the sixteenth/seventeenth-century Irish-French economist, used this word for the first time in his book Essaie sur la Nature du Commerce en Général, which was published in 1755, 20 years after his death. He described the entrepreneur as a risk-taker, comparing them with the farmer who pays the workers and the landowners a certain price, to produce and sell products at an uncertain price in the future, therefore operating at a risk (Hisrich, Peters and Shepherd, 2017). An early example of an entrepreneur as a go-between is Marco Polo, who established trade routes to the Far East. As a go-between, Marco Polo would sign a contract with a money person (the forerunner of today’s private investor or venture capitalist) to sell the goods. A common contract during this time provided a loan to the merchant-adventurer with about 22 percent interest including insurance. The capitalist was a passive risk-bearer and the merchant-adventurer took the active role in trading, bearing all the physical and emotional risks. When the merchant-adventurer successfully sold the goods and completed the trip, the profits were divided, with the capital provider taking the most – up to 75 percent – while the merchant-adventurer settled for the remaining 25 percent. Since entrepreneurs are known for taking risks, they need to focus on risk management. Entrepreneurship is all about risk calculation. It requires the identification of risk factors and attempts to mitigate or control those risk factors altogether. In competitive markets, it can be easy to get lost in the crowd. One of the biggest challenges for entrepreneurs is standing out from their competitors. Marketing in new, unusual, or aggressive ways is the best way to illustrate what makes a business unique. Below are some marketing strategies that entrepreneurs have used successfully in the past. A company can direct all of its marketing efforts towards one strategy, or use several of them at once.
Blogging has become an important tool for business owners. It allows them to share information about their companies, products, and their experiences in written or video form. Blogging enables entrepreneurs to create a name for themselves, especially when the content is useful and people are interested in what the blogger has to say. Strategies that help entrepreneurs include making the time to blog, having a specific niche, choosing interesting topics that matter to the blogger and the audience, and using other branding and SEO techniques that help the blog become more visible. Aside from those two very minor negatives, I will definitely be attending again and would also recommend the event to other entrepreneurs in my circle. Given the recent trends and interest you have in helping the environment, you’ve decided to get a part-time job at a new local solar panel company. This company has a very small market share (less than 1 percent), or percentage of customers, compared to the rest of its competitors. Their goal is to increase that percentage to 2 percent of total customers by the end of the year. To reach that, they have hired you as their marketing coordinator. For example, if you walked into two dentists’ offices (remember, they are also entrepreneurs), and one office smelled and looked clean, and one did not, which one would you choose? The same goes for restaurants, retail stores, and any other physical environment. Since a service cannot be inspected before it is received, these cues help customers make their decisions. Process Science tells us that at under a fiver you're much more likely to actually buy the book and read it! We might not make any money on the book sale, but it gets another one of our products in your hands, and when you see how great it is, it should get you excited to buy other stuff from Entrepreneurs Circle in the future.Lauren Goode and Chris Welch. “Jawbone Is Going Out of Business.” The Verge. July 6, 2017. https://www.theverge.com/2017/7/6/15931080/jawbone-going-out-of-business-report In the Middle Ages, the term “entrepreneur” was used to describe both an actor and a person who managed large production projects, where this person did not take any risks but merely managed the project using the resources provided, usually by the government of the country. The cleric was considered a typical entrepreneur in the Middle Ages, who oversaw great architectural works, such as castles and fortifications, public buildings, abbeys, and cathedrals. An entrepreneurial approach should make efficient use of resources to “do[] more with less.” 21 Morris 2002 That means:
Even though each of these descriptions views entrepreneurs from a different perspective, they contain similar notions such as newness, organizing, creating, wealth, and risk-taking. Generally, entrepreneurship is the process of “creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic and social risks, and receiving the resulting rewards of monetary, personal satisfaction and independence” (Hisrich and Ramadani, 2017, p.5). This definition stresses four basic aspects of entrepreneurship. First, entrepreneurship involves creating – creating something new of value. The creation must have value to the entrepreneur and to the customer. Second, entrepreneurship requires time and effort. Only those going through the entrepreneurial process truly appreciate the significant amount of time and effort it takes to create something new and make it operational. Assuming the necessary risks is the third aspect of entrepreneurship. These risks take a variety of specific forms but are in financial, psychological, and social areas. The final part of the definition involves the rewards of being an entrepreneur. The most important of these rewards is independence, followed by personal satisfaction and profit in for-profit organizations. 1.6 IMPORTANCE OF THE ENTREPRENEURSHIP AND MARKETING INTERFACE
What is Entrepreneurs Circle Coaching and how can it help you?
Known as entrepreneur and business leader; following the growth of RedBalloon and the experience economy Naomi co-founded the Big Red Group (BRG) with business partner David Anderson in 2017. With the shared purpose to ‘shift the way people experience life’, BRG serves ‘activities’ to different audiences through its various brands including: RedBalloon, Adrenaline, Experience Oz, Lime&Tonic, & RedBalloon for Business. A proudly Australian owned and operated business its goal is to serve an experience sustainably every second by 2030. To overcome problems that come along the way, entrepreneurial marketing is necessary. It is best described by considering the following characteristics of entrepreneurial marketing. Proactive Orientation
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