...being an entrepreneur. From all the entrepreneurial personality tests I scored a score sufficient for entrepreneur. The other personality test made was the HBDI personality test. This test measures the tendency of a person to have left-brain or right-brain thinking. This tendency tells whether a person is more likely to have conceptual and experimental tendency in thinking (Jolly A, 2004). This tendency is different in different professions and helps an individual to discover the right profession. For an entrepreneur, the test analyses the major issues that are necessary to the entrepreneur. The test has different quadrants. The first quadrant takes into consideration of the capacity to solve problems. An entrepreneur has to be able to think logically and analyse facts before making a decision. The second quadrant evaluates the ability of the person to implement the decision made. The third quadrant evaluates the ability of the entrepreneurs to communicate. Communication is very essential for businesses. The ability of the entrepreneur to communicate ensures the entrepreneur to coordinate other stake holders in the business (Wickham P, 2006). The fourth quadrant of the test evaluates the capability of the entrepreneurs to take risks. Risk taking is very important to entrepreneurs and determines how they would handle challenges and respond to setbacks. The other test made was the marketing test. Marketing is very essential to a business. This test analyses how an entrepreneur...
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...Entrepreneurs must address three important aspects before starting a new venture. They should have clearly defined goals, a sound strategy and should check the feasibility whether the plan is executable or not. If entrepreneurs have clear goals they will be passionate about them, which greatly enhances their chances to succeed. The next action steps are always in lined with keeping the goal in mind. For example, the action steps might differ if someone wants to get into the restaurant business as compared to someone who wants to start his/her own clothing line. If the entrepreneur does not have a clear goal then he/she cannot formulate a successful business plan and strategy. While setting goals, entrepreneurs should set both long term and short term goals. For instance, short term goal of an entrepreneur might be to start a small restaurant specializing in serving a particular type of cuisine. The long term goal of the entrepreneur must help him/her to decide whether he/she wants to develop a chain of restaurants across locations specializing in serving the same type of cuisine or to transform the same restaurant into a multi-cuisine restaurant. The entrepreneur must also decide whether he/she wants to own the restaurant in the future or sell it at a handsome price earning larger profits and move on. The entrepreneur also needs to decide whether he/she plans to generate immediate higher revenues by setting the prices high during the initial stages or alternatively gain a loyal...
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...Entrepreneurial Marketing Dr. Gerald E. Hills Turner Chair and Professor of Entrepreneurship Bradley University 1501 West Bradley Avenue, Peoria, IL 61625 E-mail: hills.gerald@gmail.com Claes M. Hultman, PhD Professor of Business Administration Swedish Business School Orebro University SE-701 82 OREBRO, Sweden Phone: +46-19303522 Fax: +46-19332546 E-mail: claes.hultman@oru.se Dr. Hills holds the Turner Endowed Chair in Entrepreneurship at Bradley University and he chairs the annual Research Symposium on Marketing and Entrepreneurship. His current research interests include entrepreneurial marketing and opportunity recognition. Claes M. Hultman holds a chair in Marketing at Swedish Business School at Örebro University and he is the author of many books and articles in marketing & entrepreneurship. His current research interests include entrepreneurial marketing and commercialisation processes in innovation based firms. Abstract Research in Entrepreneurial marketing is about 30 years old. During this period research has followed many trajectories. Two important but divergent routes are small business marketing versus entrepreneurial marketing mirroring the discourse of small businesses versus entrepreneurial firms. Today small business marketing and entrepreneurial marketing are regarded as separate research fields, however related. EM-researches have been very openminded towards different approaches in methodology, especially compared to research within mainstream marketing in...
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...As for my first assignment for entrepreneur’s subject, I would like to discuss about the criteria and how the entrepreneur should think. First and foremost the entrepreneur character can be build, can be groomed from experienced and some are born with the DNA in their blood!. Who is the entrepreneur? Entrepreneur is someone can see opportunities and situation in which new goods, services, raw materials and organizing methods can be introduced and sold at greater than their cost of production. Someone with the character of entrepreneur will always see problems, challenges and uncertainties as an opportunity for them. The only job that don’t have any qualification to apply is an entrepreneur. Anybody can be an entrepreneur, once they sustain in this field over failure because failure is the only thing guaranteed. How they respond to failure determines their success. Successful entrepreneurs are paid for their high tolerance for stress and pain. Setbacks, obstacles and challenges are painfully common elements of entrepreneurship. Most people react to these hurdles with stress and pessimism, with an attitude that obstacles are negative experiences that only hinder progress. As an entrepreneur, they encounter so many challenges they simply can’t afford to react this way. Instead, successful entrepreneurs view challenges as opportunities. Each challenge or setback reveals a key opportunity to grow -either to improve upon an existing weakness or take measures to avoid experiencing a...
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...Sample Marketing Plan Template by Entrepreneur Media SA (Pty Ltd) For marketing advice, visit: http://www.entrepreneurmag.co.za/category/advice/marketing/ Sample marketing plan template Table of Contents 1) Executive summary Page # 2) Situation analysis Page # Page # Page # Page # 3) Marketing strategy 4) Financials 5) Implementation and Contingency http://www.entrepreneurmag.co.za/ 1 Sample Marketing Plan Template by Entrepreneur Media SA (Pty Ltd) For marketing advice, visit: http://www.entrepreneurmag.co.za/category/advice/marketing/ Executive Summary In half a page or less summarise the most important aspects of the business. Cover aspects of who the company is and what it is about, including unique aspects. Briefly describe the company’s history. ...
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...“Marketing is the activity, set of institutions, and process for creating, communicating, delivering, and exchanging offerings that have value for customer, clients, partners and society at large”(AMA, 2007). So, why it is so important to create value for all of those persons above? And what the reason could be to do so for entrepreneurs? Let’s try to find some answers. When we speak about founding new business we used to think about business planning to have an idea how we should grow up, then we think about our strategy. Would it be low cost leadership, or differentiation or focus strategy? But when we should start to think how we plan to sell our products or services, who will buy it and what exactly those buyer want to get? Usually we should start to thinking about our business from asking questions like two above. When we cannot answer them our entrepreneur seems to be failed, because every successful Entrepreneur is able to name his customer and their needs. Marketing Plan include important part – Target audience, which describe ages, gender, lifestyle, location, income and other parts which should characterize potential customer. Businessman should know what his customer doing, how he or she get to the job, how spend its free time and etc. By answering those question Entrepreneur could pointed out his consumer and even more, call his name. Dr. Phillip Kotler says “marketing identifies unfulfilled needs and desires” (Philip Kotler, 2012). How future entrepreneur...
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...WHAT IS THE BUSINESS PLAN? The business plan is a written document prepared by the entrepreneur that describes all the relevant external and internal elements involved in starting a new venture. It is often an integration of functional plans such as marketing, finance, manufacturing, and human resources. It also addresses both short-term and long-term decision making for the first 3 years of operation. Thus, the business plan – or as it is sometimes referred to, the game plan or road map – answers the following questions: * Where am I now? * Where am I going? * How will I get there? Potential investors, suppliers, and even customers will request or require a business plan. If we think of the business plan as a road map, we might better understand its significance. Let’s suppose you were trying to decide whether to drive from Kumasi in Ghana to Tripoli in Libya (mission or goal) in a car. There are a number of possible routes, each requiring different time frames and costs. Like the entrepreneur, the traveller must make some important decisions and gather information before preparing the plan. The travel plan would consider external factors such as emergency car repair, weather conditions, road conditions, sights to see, available campgrounds, and so on. These factors are basically uncontrollable by the traveller but must be considered in the plan, just as the entrepreneur would consider external factors such as new regulations, competition, social changes...
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...Social Media Marketing Abstract Social media marketing is the new source of how consumers and companies communicate. It is aides the newest entrepreneur on how to build company growth. The future of social media will now be an advantage of how companies can get ahead of their competitors. Social Media Marketing Social Media Marketing has become the norm of society because it exists within everyday living. Many people are logged into different social sites such as Facebook, Twitter and Instagram and communicate with each other through those sites on a daily basis. Companies have capitalized on social media to advertise and market their brands. Because so many people are logged on, they would be able to communicate and research with consumers on their needs. This would effectively give companies the advantage of building a better marketing plan. Most companies rely on social media nowadays more than ever because the world is dependent on technology. With the amount of consumers that are communicating over the Internet, they can establish or recreate their brands to compete with other companies in their industry. Social media marketing begins with understanding the consumer and what better way to do that then to learn and study their social behaviors. It also helps gain access to companies on how to serve the consumer better. Popularity of Social Media Most large companies have marketing teams that create ideas and brainstorms for the next great marketing plan for a...
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...UNIVERSITY OF SCIENCE & TECHNOLOGY BMET5103 Entrepreneurship Assignment Submitted by: Abdulsalam Al-Souhigi Academic No.201110007 To: Dr. Murad Al-Nashami Contents Introduction ................................................................................................................................................... 2 1 General Characteristics of an Entrepreneur .......................................................................................... 3 1.1 1.2 1.3 1.4 1.5 1.6 2 Passion and Risk Taking ............................................................................................................... 4 Strong Leadership Qualities .......................................................................................................... 4 Strong sense of basic ethics and integrity ..................................................................................... 4 Self-motivated ............................................................................................................................... 5 Self-Confidence ............................................................................................................................ 5 Creativity, Self-Reliance, and Adaptability .................................................................................. 5 Entrepreneurial Skills............................................................................................................................. 5 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8...
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...Surveys of entrepreneurs throughout the world reveal that the two biggest problem areas are marketing and finance. The problems in finance include obtaining start-up capital, financing growth, cash flow management, and financial control. Of these, it is particularly difficult for the entrepreneur to obtain the initial funding needed to build a prototype or start initial production of the product. The second problem area particularly marketing is separate and yet tied to the financial problem. It is related in that the lack of a marketing plan, accurate determination of market size, and reliable sales forecasts often precludes the entrepreneur from obtaining the initial seed capital funding. Also, the slowness or even lack of sales resulting in part from the poor marketing effort or poor sales estimates frequently is the cause of the cash flow problems ( 1994). Sound marketing is a necessary component for developing the new product or service for the market as well as successfully selling, nurturing, and growing the company in this market. Contributing to the problem is the misguided belief that many entrepreneurs have that everybody needs their innovation. Most entrepreneurs feel their new creation is something that everyone wants and needs and have no concept of market reality. This is, of course, often the demise of the new venture because one marketing/entrepreneurial axiom is that you cannot be all things to all people. An entrepreneur needs to determine appropriate...
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...Marketing Considerations for Small-Scale Specialty Food Producers Fact Sheets for the Small Scale Food Entrepreneur Published by: The Northeast Center for Food Entrepreneurship at the New York State Food Venture Center, Cornell University, http://www.nysaes.cornell.edu/necfe/ This publication is for educational purposes only. 01/07 Cornell University is an Equal Opportunity/Affirmative Action Educator and Employer Marketing Considerations for Small-Scale Specialty Food Producers The National Association for the Specialty Food Trade has adopted the following description of specialty foods: Specialty food products …shall mean: foods, beverages, or confections meant for human use that are of the highest grade, style and/or quality in their category. Their specialty nature derives from a combination of some or all of the following qualities: uniqueness, exotic origin, particular processing design, limited supply, unusual application or extraordinary packaging or channel of distribution… the common denominator of which is their unusually high quality.. Small-scale specialty food processors face unique challenges and opportunities when marketing their products. If the venture is to be successful, the processor must decide what market the product will thrive in, what the competition is, and how to market the product given the processor’s available resources. A marketing plan facilitates business success by requiring the processor to address each of these marketing issues through marketing...
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...How A Manager/Entrepreneur Identifies Opportunity To Make Profit [pic] United International University Project On: Marketing Management Sub. Code: MKT 3336 SEC: C Submitted to: Khandker Md. Nahin Mamun Lecturer in Marketing School of Business Submitted by: ➢ Sadia Afrin 111 081 102 ➢ Ishaq Ahmed 111 081 136 ➢ Sufia Khatun Eva 111 081 150 Date of Submission: 23rd August, 2010 Letter of Transmittal August 23, 2010 Khandker Md. Nahin Mamun School of Business United International University Dear Sir: Submission of report on “Marketing Management” Here is the report on “Identifying Opportunity by Entrepreneurs” which you assigned us as our partial requirement for the course entitled ‘Marketing Management’; MKT 3336 As you will see, our report pointed out details about opportunity and related thing with opportunity. As students of School of Business, we are very pleased for having this topic for the report. We have learnt a lot while preparing this report which will help us in our practical life. We will be obliged, if you kindly accept this report. If you need any assistance in interpreting this report please contact us at any time. Sincerely yours, _______________ _______________ _______________ Ishaq Ahmed Sadia Afrin Sufia Khatun Eva ID: 111 081 136 ID:...
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...A PROJECT REPORT ON SOCIAL ENTREPRENEURSHIP SUBMITTED BY APOORV CHITNIS FOR THE DEGREE OF THE BACHELOR OF MANAGEMENT STUDIES UNIVERSITY OF MUMBAI UNDER THE GUIDANCE OF PROF. BHUMIKA MORE SIES COLLEGE OF ARTS, SCIENCE AND COMMERCE, NERUL, NAVI MUMBAI-400706 ACADEMIC YEAR 2011-2012 DECLARATION I, APOORV CHITNIS, studying in T.Y.B.M.S, of S.I.E.S COLLEGE OF ARTS, SCIENCE AND COMMERCE, NERUL hereby declare that I have completed the project on SOCIAL ENTREPRENEURSHIP in the year 2011 – 2012 as per the requirements of Mumbai University as a part of Bachelor in Management Studies (B.M.S) programme. DATE: PLACE: NAVI MUMBAI __________________ APOORV CHITNIS CERTIFICATE I, BHUMIKA MORE hereby certify that APOORV CHITNIS student OF S.I.E.S COLLEGE OF ARTS, SCIENCE AND COMMERCE, NERUL has completed his field work project on the topic of “SOCIAL ENTREPRENUERSHIP” in the Academic Year 2011-12. The project is based on bonafide information. _________________ _______________ ______________ Prof. Bhumika More Prof. Smita. R Dr. Rita Basu (Project Guide) (BMS Coordinator) (Principal) ________________ External Examiner ACKNOWLEDGEMENT My thanks to my project guide, Prof. Bhumika More for assisting me in every way possible and gently steering...
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...Presenting Business Plans Information American InterContinental University Abstract This paper is written on a business plan started up by an entrepreneur. In a business of entrepreneurship you have to have a set business plan along with a great management team to be successful and stay in business. In this paper I will explain the entire business plan and what it takes to be successful. If you’re going to start your own entrepreneurial business you have to have good beneficial methods and a good well-suited business plan. Your plan should include the description of your business, your marketing strategy, and your organizations objectives (Chron, 2012). The new entrepreneurial business will first explore its description. The description of a particular company gathered from a proprietary database via phone books/ phone surveys, ECT. The business description begins with a short description of the industry. When talking about the industry you should discuss the present outlook as well as future possibilities. You should include all the various markets within the industry and make sure you include all new products and developments that will benefit your business. All observations should be based on realistic events, reliable data, and dependable sources of information. If you’re seeking funding all these objectives are very beneficial. This is because investors will want to know how dependable your information is and what is at risk for them. Investors won’t risk...
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...August 25, 2013 Abstract The purpose of this paper is to evaluate the reasons social media marketing had become exceedingly popular with large businesses to entrepreneurs. To analyze the advantages and disadvantages of Social Media Marketing for business entrepreneurs; measure how Social Media Marketing is helping Pepsi gain more customer insight than it would have otherwise; measure how Social Media Marketing is helping Pepsi gain more customer insight than it would have otherwise; Research two (2) other businesses that have used Social Media Marketing to their advantage; Discuss how each of these businesses has utilized Social Media Marketing and provide examples with your discussion. Lastly, speculate what impact Social Media will have business over the next decade and identify what skills you need to improve to take advantage of the changes. 1. Evaluate the reasons Social Media Marketing has become exceedingly popular among businesses of all sizes. Social media marketing has become popular among business of all sizes. Companies use social media to expand products and services, and also to reach a larger audience. Not only will these products and services reach a domestic audience but also an international audience. Social media sites such as Facebook (www.facebook.com), Twitter (www.twitter.com), or YouTube (www.youtube.com) allow companies and entrepreneurs to market their products or services either for free or at fee based advertisement. Facebook is a global...
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