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Topic 1

Marketing &

Entrepreneurial: an

overview

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What is Entrepreneurship?

• Entrepreneurship is the process of creating something new ofvalue by devoting (giving) the necessary time and effort.

• y accepting and ac!nowledging the necessary financial" psychological and social ris!.

• #inally receiving the resulting rewards be it monetary and personal satisfaction and freedom to do what you want.

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What is Entrepreneur?

• $omeone who creates something new and then integrates allthe resources needed % the money" the people" the businessmodel" the strategy" and the ris!&bearing ability % to transformthe invention into a viable business.

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The Entrepreneurial 'rocess

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Entrepreneurial process includes all the functions, activities

and actions that are part of perceiving opportunities and

creating organizational to pursue them

(Bygrave & achara!is, 2""#$%#


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arol oore*s odel

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arol oore*s odel

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) + person gets an idea for a new

business.

) Whether or not he decides to

pursue that idea depends onfactors % personal and

environment


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arol oore*s odel

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) There is almost always a triggeringevent that gives birth to a new

organi,ation.) #or e-ample elanie $tevens was a

high school dropout who" after a

number of minor obs" had run outof career options.

) $he decided that ma!ing canvas

bags in her own tiny business was

better than earning low wages

wor!ing for someone else.) Within a few years" she had built a

chain of retail stores throughout

anada.


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Carol Moore’s Model 1986

1) Personal Attributes +igher need for achievement

+igher nternal ocus of .ontrol / means that they have

a higher desire to 0e in control of their on fate esire for 4inancial uccess

esire to 6chieve elf-7ealization

esire for 7ecognition

8oy of nnovation 7is! 9olerance

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.opyright :2"12 ;earson Education, nc pu0lishing as ;rentice +all 1-1"


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The Most Important Characteristics of Entrepreneurs: The 10 Ds

1. Dream: Entrepreneurs have a vision of what the future could be li!e for them and their businesses. +nd" more

important" they have the ability to implement their dreams.

. Decisiveness: They don*t procrastinate. They ma!e decisions swiftly. Their swiftness is a !ey factor in their

success.

!. Doers: /nce they decide on a course of action" they implement it as 0uic!ly as possible.

". Determination: They implement their ventures with total commitment. They seldom give up" even when

confronted by obstacles that seem insurmountable.

#. De$ication: They are totally dedicated to their businesses" sometimes at considerable cost to their relationships

with friends and families. They wor! tirelessly. Twelve&hour days" and seven&day wor! wee!s are not uncommonwhen an entrepreneur is striving to get a business off the ground.

%. Devotion: Entrepreneurs love what they do. t is that love that sustains them when the going gets tough. +nd it is

love of their product or service that ma!es them so effective at selling it.

. Details: t is said that the devil resides in the details. That is never more true than in starting and growing a

business. The entrepreneur must be on top of the critical details.

'. Destin(: They want to be in charge of their own destiny rather than dependent on an employer.

). Dollars: 2etting rich is not the prime motivator of entrepreneurs. oney is more a measure of success. They

assume that if they are successful they will be rewarded.

10. Distri*ute: Entrepreneurs distribute the ownership of their businesses with !ey employees who are critical to the

success of the business.


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2) Environmental

7ole model ;arents

7elative

4riends

3) Sociological actors

ndustry e


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!immons Model 2""9

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1) !#e $%%ortunit&

/ s there a clear customer need for the proposedproduct or service>

/ s the timing right$ is the team ready, is the mar!etready>

/ deas are a dime a dozen / developing the idea,implementing it, and 0uilding a successful 0usinessare the important aspects of entrepreneurship andthat ma!es an idea an opportunity

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2) !#e 'ead Entre%reneur and Management!eam

) 7egardless of ho right the opportunity may seem to 0e, it

ill not ma!e a successful 0usiness unless it is developed0y a person ith strong entrepreneurial and managements!ill

1 Entrepreneurs should have e


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3) !#e (esources

/ 7esources include capital, technology, e@uipment,and most importantly / people

/ uccessful entrepreneurs are frugal ith theirresources 9hey !eep overheads lo, productivityhigh, and onership of capital assets to a minimum

/ 9he 0est entrepreneurs are incredi0ly creative atfinding ays to get things done ine


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What is ar!eting?

) ?any people thin! of mar!eting as only selling and

advertising +oever selling and advertising are only the

tip of the mar!eting ice0erg

) 9oday, mar!eting must 0e understood not in the old

sense of ma!ing a sale / telling and sellingC / 0ut in the

ne sense of satisfying customer needs

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What is ar!eting?

) ?ar!eting is the lin! 0eteen &ou and &our customers

) 6chieved 0y creating, developing and maintaining

profita0le relationships 0eteen customers and yourcompany

) Doals$

/ 6ttract ne customers 0y promising superior value / eep and gro current customers 0y delivering

satisfaction

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#orms of ar!eting

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'/4T+5T /# +46ET52 5

E5T4E'4E5E34$7'

) ?ar!eting is one 0usiness function that must 0e used

appropriately 0y the entrepreneur to launch and develop

the ne venture successfully

) ?ar!eting as strategy

) Entrepreneur use mar!eting to identifying the needs,

characteristics, and 0uying characteristics of anappropriate mar!et segment, ill research that segment,

listen to the responses of the mar!et, and ma!e any

changes needed

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8efinition of

Entrepreneurial mar!eting

) Entrepreneurial mar!eting is t#e %roactive

identiication and e+%loitation o o%%ortunities or

ac,uiring and retaining %roitable customers

t#roug# innovation a%%roac#es to ris- managementresources leveraging and value creation.

(?orris et al 2""2

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8efinition of

Entrepreneurial mar!eting

) Entrepreneurial mar!eting is the tool t#at ever&

manager needs to #el% #is/#er %roduct/services be

%erceived as more valuable t#an t#e com%etitor b&

target segment.(odish, ?organ & 6rcham0eau , 2""$ 5

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9utorial Fee! 1

1 iscuss hy people decide to 0ecome entrepreneurs

2 dentify characteristics of successful entrepreneurs

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