Tag: Entrepreneurial

How to Quit Your Job & Become an Entrepreneur Online

Top Signs You Should Quit Your Job & Become an Entrepreneur Online. Three successful entrepreneurs give their best tips on when to reconsider your day job in favor of becoming a business owner.

Here are the articles to explain, what is the best signs when to Quit Your Job & Become an Entrepreneur Online

It’s not always for everyone, but if you have a lot of these qualities. You might be a good entrepreneurial candidate!

1) You thrive on competition

Sean Chaudhary, the CEO of Alchemy Leads says, a great indicator that you should look into entrepreneurship is that you love a good challenge and get a lot out of healthy competition with others, and even yourself. You want to win every time as you have a tough time admitting defeat and will always get back up if you do. Not everyone has this trait, but it’s something that can help someone when trying to create their own business.

You need to be able to keep going even. When things get tough and always want to better yourself and do better than your competition. It is a major factor that can set you apart from others and make your business a success.

2) You are a self-starter with a lot of passion

If you do what you want because you want to, and not because of the influence of others. You have a great entrepreneurial quality. Being a self-starter can help in so many situations when starting a business venture. As you have the innate quality to do it without help from anyone else. You find a way to get things done and pursue your dreams without any second guesses.

Self-starters also tend to have a lot of passion for everything they do. Which helps to make being an entrepreneur easier. Because you tend to love what you do and give it 100% of your time and energy.

3) You love to lead but also know when to step back

An entrepreneur or business owner is not always someone who is a born leader. However, being a leader can help you to pursue becoming an entrepreneur. As you can create a strong team and together, create success. If you are also able to recognize when to let other members of your team lead. You have a great chance of helping your business to reach its goals.

If you love to lead and help others. You definitely should think about the other career opportunities you could have, as this is not a common skill!

4) You want more from your career

If you are feeling unsatisfied with your current career choice and you feel that a regular 9-5 is not for you. You should look into beginning your startup. It can be much more rewarding to pursue your own business, and you can have complete control over every aspect of it. From the hiring process to the business goals, to the logo and name.

Glenn Sands, the managing director of Pixa Prints continues to say. It takes a lot of time, energy, and money to make it happen, and it might not be a success. But you can get so much more satisfaction from being become an entrepreneur online and learning. So many new skills that can help you to try again until you find success. Every day is different which makes your work life much less boring and can bring a lot of excitement into your day.

5) You have a desire to help others

The CEO of Dylan Universe Comics, Dylan Schwartz comments that. If you like to help others, being an entrepreneur could be an option. When you launch a startup, it is usually because you have found a need in your community that no one has yet provided, or is not accessible. You have the inner desire to help those around you. And so you work hard to increase brand awareness, so you can help those around you.

Making a profit is a great reason to start your own business. But nothing is as selfless as starting a company because of the needs of others. This makes is being become an entrepreneur online so much more rewarding. And you can feel good about leaving your job to pursue a new venture.

6) You like taking risks

A risk taker is someone who is not afraid to get their hands dirty, and will always do what it takes to get what they want. This usually means doing a lot of “scary” things that you have never done before. Which although stressful, can be very exciting for those who like the idea of risk.

There is often not a lot of success for a business if there are no risks taken. Playing it safe can cause you to lose confidence in your abilities. That is why those who are thrill seekers will often see more growth. As they are willing to take the paths that others avoid.

How to Quit Your Job & Become an Entrepreneur Online; Photo by bruce mars on Unsplash.

September 23, 2022
Entrepreneurial Ecosystem: Meaning, Definition, and Features

Explore the concept of entrepreneurial ecosystems and their impact on business success and economic development globally. Entrepreneurial Ecosystem: The entrepreneurial ecosystem or environment is the accumulation of every one of those outer conditions and impacts, which influence the everyday routine of experiencing creatures and advancing business. A business venture can address holes in financial development, strength, and different proportions of prosperity in countries around the globe. However, moving from a needs-based business venture in the informal economy to opportunity-based firm creation can be intense; particularly in developing business sector economies. What’s more, the environment or ecosystem wherein a business visionary is working, legitimately and by implication, influences entrepreneurial achievement and effect.

Entrepreneurial Ecosystem understands by their Meaning, Definition, Features, and Areas.

What is an Entrepreneurial Ecosystem or Environment (In Hindi)? The entrepreneurial ecosystem characterizes as a network that makes different factors free from one another; which collaborates with themselves in a geological region and advance. The intention is to advance the making of new organizations.

As references before, the Entrepreneurial Ecosystem is a mix of social, monetary, social, and political segments inside a district. Further, an improved Entrepreneurial Ecosystem makes with the assistance of different components to support; and, create which is useful to develop the business new companies that are being started.

Likewise, recently entered Entrepreneurs are enlivened to accept the danger just as start looking for some financing for their recently evolved ventures. Inside the neighborhood environment of businesspeople; every one of these substances connects and making their performance formally just as informally. Hence, the whole framework can work together; and, the communication between these subsystems must be done in a way that can achieve the rationale.

Meaning of Entrepreneurial Ecosystem or Environment:

Which means of Entrepreneurial Ecosystem or Environment; Encouraging business is presently the core competency of financial improvement in different city’s around the globe. The entrepreneurial ecosystem makes of different partners who are from the private and public areas. They additionally involve individual and aggregate partners and strategies quantify that correctly characterize and receive to improve their enunciation, activity, and advancement.

The essential goal here is to advance business venture, make the monetary turn of events, and upgrade esteem creation. There are various ways to deal with characterizing ecosystems: high human resources capability, favorable culture, open business sectors, monetary framework, administration and strategy measures, and so on.

Definition of Entrepreneurial Ecosystem or Environment:

Entrepreneurial success, as well as impact, directly or indirectly gives effect by the environment or ecosystem in which it is operating its own build company or business. Their definitions below are;

According to Mason & Brown;

“The entrepreneurial ecosystem is a set of different individuals who can be potential or existing entrepreneurs, organizations that support entrepreneurship that can be businesses, venture capitalist, business angels, and banks, as well as institutions like universities, public sector agencies, and the entrepreneurial processes that occur inside the ecosystem such as the business birth rate, the number of high potential growth firms, the serial entrepreneurs and their entrepreneurial ambition.”

According to Stam & Spigel;

“The entrepreneurial ecosystem improvement created by the different elements generates support to develop and help to grow the startups that are building up. As well, new entrepreneurs encourage to risk and start looking for funding for their projects.”

The entrepreneurial ecosystem or environment defines as a community that makes multiple factors independent from each other; which interact with themselves in a geographical area and evolve. The purpose is to promote the creation of new businesses.

Characteristics or Attributes or Features of an Entrepreneurial Ecosystem or Environment:

As we as a whole know, the Entrepreneurship Ecosystem greatly affects the development of the business and makes it simple to make some finance from different foundations. All these super-adventure social orders are useful and help a venture to encourage their business and work with some open just as private sector pioneers over countless districts and countries over the world.

Therefore, let us get a fresh start of the Entrepreneurial Ecosystem and examine a portion of the attributes that give a superior comprehension of the entire idea immediately. Let us investigate these beneath.

Contains or comprises six individual areas:

Several components are important for the Entrepreneurial Ecosystem which isolates into six general areas. It incorporates culture, permitting approaches and authority, a fitting measure of account accessibility, nature of human resources, markets dependent on adventures for items; and, a wide scope of institutional just as infrastructural help.

A helpful culture, accessibility of account, empowering administration and approaches, human resources, showcases that are adventure amicable for items, and different sorts of support. It is fundamental to comprehend that each business ecosystem is exceptional. Albeit all these six spaces can utilize to depict it, each ecosystem is the aftereffect of various factors collaborating in quirky manners. Therefore, having basic spaces doesn’t really imply that all the ecosystems are equivalent.

Every Ecosystem is exceptional:

With the assistance of these six areas, we will get a portrayal of the Entrepreneurial Ecosystem and comprises six standard spaces yet these areas contain a few quantities of segments that have an elevated level of intricacy and singularity. To represent, in the year the 1970s, the Entrepreneurial Ecosystem of Israel created with no characteristic assets, military basics, and a long way from the significant market of their items.

Moreover, the ecosystem of Ireland developed with free training, worldwide multinationals, local English; and the European market’s vicinity in the year 1970s. On the off chance that discussing the Entrepreneurial Ecosystem of China, at that point, it is creating with regards to different strategies dependent on areas and an extremist political framework.

Variety in the entrepreneurial ecosystem:

Variety is an essential piece of advancement. Different data sources are required for the business venture from different individuals who start organizations. The culture requires, which supports various networks and various ventures with various thoughts. At the point when different portfolio speculation happens, it must appear to perform the best.

Lawful Framework:

Factors, for example, schooling, capital business sectors, regulatory and legitimate framework sway business venture for quite a while. In any case, even though these factors sway for quite a while, they are powerless. At the point when numerous factors work together, critical changes happen in a business venture, which sees now and again.

It takes a couple of distinctive individuals to cause a huge change. Therefore, while it is useful to survey every business ecosystem, small mining conventional parts are not helpful.

The ability which encourages the organizations to develop:

A large portion of the entrepreneurial ecosystem is ability magnets. They require drawing in, holding, and reliably developing ability in their organization. This likewise incorporates business visionaries and possible managers. There are considerable cross-linkages between colleges, schools, and the private sector. This is fundamentally done with the goal that the gracefully and interest for ability are overseen effectively.

Ability is fundamental in developing the business, and what’s more important is to hold it. The commercial center is developing quickly, and fast improvement is occurring all over. Organizations who were never into advanced advertising are currently searching for content scholars; and, web-based media supervisors after COVID-19 (Coronavirus disease). In such cases, holding existing ability ends up being more affordable than getting new ability.

Information and assets to help business visionaries:

There are different information and assets which are needed by business visionaries. It might incorporate fundamental inquiries like how to get my export permit to major methodology changes and the executive’s changes.

When there is a flourishing ecosystem, it winds up profiting the business visionaries. There are different assets required by business visionaries like capital, gifted individuals, space for office, and other expert administrations. In an ideal entrepreneurial ecosystem, these are richly accessible.

Entrances and convergences:

Entrances develop networks by getting more ability. They cultivate variety and permit various cooperations, which lead to novel thoughts. At the point when solid ecosystems are noticeable and have well-coming entrances, they make the ecosystem simple to get to. This is valid for anybody regardless of their experience or experience. At the point when thoughts, individuals, and assets blend, it causes convergences that help the business people locate the missing bits of the riddle.

Good fortune is to design in the ecosystems so impacts can occur, which can assist with taking care of issues. These crossing points can be foundations, for example, cafés or occasions, for example, pitch rivalries or meetups. Nowadays online crossing points are filling in prominence by a leeway channel or Twitter hashtag. This empowers business people to impart and meet a virtual network.

A collaboration which brings about brilliant social capital:

Ecosystems flourish because of different societies. An ecosystem’s way of life is wealthy in social capital, social trust, and different factors that encourage coordination and participation among the individuals of the entrepreneurial ecosystem. An ecosystem that doesn’t have an appropriate culture doesn’t develop or motivate individuals to move rapidly.

It is likewise not open to clever thoughts and causes one another, subsequent in an undesirable ecosystem. The people group culture requires to sustain and develop so it prompts great qualities in the ecosystem. This happens when individuals take part in the way of life and normally get adjusted to it.

Entrepreneurial ecosystems are generally self-continuing:

This happens because achievement brings and breeds achievement. The six spaces referenced above ought to improve in the ecosystem, and there comes a tipping moment that the administration association ought to decrease yet not dispensed with.

When the entirety of the areas are solid, at that point they commonly increment and improve. In such cases, public pioneers don’t put resources into them a great deal. Ordinarily, business venture programs are intended to act naturally exchanging so they can zero in on having an economical environment.

Social-financial environment:

The entrepreneurial ecosystem additionally considers a social-monetary environment that shapes and cultivates business ventures locally and territorially. It does as such by thinking about it as a monetary advancement technique.

At the point when this framework utilizes, the center is to create an area and worth expansion and worth creation. Many vital participants adjust to the entrepreneurial attitude and related exercises. It is typically an aggregate system used to learn by utilizing the way to deal with creative opportunities and resources.

Key areas of the Entrepreneurial Ecosystem or Environment:

On this planet, everything is a piece of an ecosystem, for example, the watershed, the creepy crawlies, the trees, the grass, and the business that is running or out and about of development. With the development of your business, the expression “Entrepreneurial Ecosystem” suits best with it and it has six major spaces. A lot of models for the Ecosystem are there however we just think about these six as an establishment and here, we will improve comprehension of these areas.

The six spaces incorporate arrangement, culture, supports, human resources, account, and markets. Every one of these spaces shows that there is a change from customary financial intuition to a creative and new monetary individuals’ view, networks, just as establishments. Cooperation between these spaces of the ecosystem is additionally a sort of Entrepreneurial movement. This result views as the cycle in which the individual transforms the opportunities into innovativeness and development. One small step at a time, another incentive to the general public gives through the improvement of new items and administrations.

Along these lines, let us start with the six major areas of the Entrepreneurial Ecosystem that should remember while working any kind of business.

Strategy Area:

Over the different regions of the world, the mainstays of government guidelines assort, and each approach of the public authority can liven up or downsize the capacities to begin, and the development of the business. Under this area, it has different components, for example, the simple advance to begin a business, motivation on assessments, and laws that could be cordial with the business.

As like that, this space likewise incorporates the actual structure, where there is admittance to the foundation, transport just as media transmission that additionally influences the organizations according to the World Economic Forum.

Account Area:

For a wide range of organizations, it is successful and profitable to have monetary stores as they can keep up development by getting more assets. A vital part of any business is the money related assets as it offers help to name individuals and to buy just as rental properties just as instruments and make interests in promoting and deals, and monitor clients.

The money related choices that are accessible with the startup of organizations likewise started with kinfolk and kith, investors, funding, private value, and obligation access. There is a positive connection between the progression of account and business development according to the World Economic Forum.

Culture Area:

It has been contended that gazing social support needs for an undertaking to build up an arising Entrepreneurial ecosystem. The resistance of danger and disappointment inside an undertaking, priority given to independent work, development festivity, examples of overcoming adversity, research societies, and good examples are the viewpoints that are consistent of enormous importance in social support as clarified by the World Economic Forum. All these make a social area.

Support Area:

An assortment of particular, establishments, just as organizations, helps the business to make and grow also. A few actors that included are mentors, specialists, experts, for example, bookkeeping, incubators, accelerators, HR, etc. (Clarified by World Economic Forum)

Human Resources Area:

The quality and the amount of the workforce are the human resources area. Because of the aptitudes and capacities that individuals have, the working environment makes accordingly. There are a few components of this space, for example, specialized and the board’s ability, the experience of an entrepreneurial organization, migrant workforce access, and the accessibility of re-appropriating. A mix of such parts influences the development of the business. Inside the space of human resources, instruction and preparation thought of.

Market Area:

The portrayal of the buyer’s readiness to purchase items just as administrations of an organization shows by the market area. Further, the capability of the shoppers considers as a key angle and there are some different parts of the market space like the public and worldwide market, little, enormous, and medium-sized organizations that are imperative to arrive at the business and develop over an area.

November 13, 2020
A Case Study about Entrepreneurship businesswoman Mary Kay Ash
The founder of Mary Kay Inc, Mary Kay Ash is an outstanding woman in the business in the 20 century. Mary Kay Ash was an American businesswoman and founder of Mary Kay Cosmetics, Inc. There are many successful entrepreneurs over the world but none as unique as Mary Kay Ash. She is an amazing speaker, motivator. Her achievements left a remarkable mark on American business industry and opened the door for women around the world to achieve their potential and successful life.

A Case Study about Entrepreneurship businesswoman Mary Kay Ash, 1918-2001.

She is referenced to as one of the 25 Most Influential Business Leaders during the Last 25 Years in 2004. The United States were lowered to half-mast for her when she died in 2001. Mary Kay Ash wined numerous awards and honors during her life. Texas Women’s Chamber of Commerce named her as Texas Woman of the Century in 1999. In 2002 Dallas Business Hall of Fame Laureate in recognition of her lifetime achievements as well as demonstrating inspiring business and community leadership. In 2003 Baylor University named Mary Kay Ash as Greatest Female Entrepreneur in American History.

According to the American National Business Hall of Fame (ANBHF),

Mary Kay Ash was working for several direct sales companies for approximately 25 years. At the age of 48, she decided to retire from her work after her underling was promoted above her and that man was paid twice salary than her due to the sexuality issue. She felt her achievement had never been rewarded just because she was a woman. To respond to this situation, Mary Kay Ash launched Beauty by Mary Kay with her 20-year-old son, Richard in 1963.

It was the first company dedicated to open opportunity to women and give them a more beautiful life. Mary Kay Ash had an amazing ability to forecast market opportunities and to manage the company effectively. She applies herself to open the door for the women and led more and more women to succeed in their own terms. Also, she is a good communicator not only because she recruits plenty of beauty consultants, but also she was able to personally meaningful to employees, teach them the skills of customer service and sell products.

Also, Mary Kay wrote three books in her spare time. The first was her autobiography, Mary Kay, The second one is Mary Kay on People Management, and it was based on her experiences in business philosophy. Another one You Can Have it All which was the best-selling book after the first day it was introduced. What is worth mention is that Mary Kay on People Management has been included in business courses at Harvard University.

A Case Study about Entrepreneurship businesswoman Mary Kay Ash.

History; Company Information Mary Kay Cosmetics, Inc.

Mary Kay Inc is one of the largest cosmetics companies in the United States. The world headquarters is located in Dallas, Texas, U.S.A. It specializes in the production of skincare and related products which including skin creams, cosmetics, dietary supplements, and other personal care items. The majority of their products are developed, tested, produced and packaged by their manufacturing team in Dallas and China.

All of the products are sold by the professional women direct sale force. As of 2009, the company sold its products in 35 countries around the world. Mary Kay Inc began with the big dream of Mary Kay, opening doors for women, in 1963. At that time, Mary Kay Inc. was in a small office with nine beauty consultants.

The Startup Success;

After 47 years, Mary Kay has its own professional product development department, product test department, and a huge number of beauty consultants across the world. Beauty by Mary Kay is a direct selling company and it follows the basic direct selling model-party plan model. The company produces related products and sells them to their salespeople who are called ‘beauty consultants’ in Mary Kay, Inc. To be an independent contractor-beauty consultant in Mary Kay Inc, women should have an agreement with the company and pay for the product inventory with cash.

Mary Kay does not allow their beauty consultants to purchase products by credit since sometimes credit might bring finance pressure to beauty consultants themselves. All of the beauty consultants can get products for half the price. The new beauty consultants should be familiar with the products and be able to process it to customers. Every year the company rewards its top performance beauty consultant. Mary Kay Ash built the company culture based on her 25 years of work experience.

People who work in Mary Kay Inc should take pride in the company, be willing to take risks, seek improvement continuously, follow the Golden Rule – faith first, family second and career third. Also, Mary Kay rewards them regularly and even in public. In her culture, listening to individuals is very important. Hearing what the employees trying to say, constructively criticizing employees and encouraging them at the same time helps make them feel important within the organization.

More About the founder the Mary Kay Cosmetics, Inc.

Mary Kay has helped countless women throughout the world find success on their own terms and be their own bosses. Learn more about her timeless principles and influence in The Mary Kay Way and other powerful books. Mary Kay Ash built a global independent sales force that today numbers more than 3 million women and are respected by business and academic leaders.

How? The secret is in her book, The Mary Kay Way, a Wall Street Journal bestseller. For forty-eight years, the principles in The Mary Kay Way have helped the Company succeed through changing economic times and explosive global growth. It has been said that no company wholeheartedly embodies the values and reflects the beliefs of its founder more than Mary Kay Inc. Recognized today as America’s greatest woman entrepreneur, Mary Kay Ash stepped out into a man’s world in 1963 to blaze a new path for women.

She grew her business based not on the rules of competition but on The Golden Rule. By “praising people to success” and “sandwiching every bit of criticism between two heavy layers of praise,” this energetic Texan opened new opportunities for women around the world and built a Multi-billion-dollar corporation. And after nearly fifty years, her timeless people-centered philosophies drive her global Company and continue to touch the lives of people worldwide.

SUCCESS STORY of Mary Kay Ash:

Over the years, there have been many successful business leaders but none as unique as Mary Kay Ash. More read about in PDF.

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A dream company.

When Mary Kay Ash “retired” from a successful career in direct sales in early 1963, she decided to write a book to help women survive in the male-dominated business world. She made two lists. One contained things the companies for which she had worked had done right; the other included the things she felt they could have done better. When she reviewed the lists, Mary Kay realized that she had inadvertently created a marketing plan for a dream company – one which would provide women with open-ended potential to achieve personal and financial success.

With her life savings of $5,000 and the help of her 20-year-old son Richard Rogers, Mary Kay launched her dream company on Friday, Sept. 13, 1963.

Guiding philosophies.

Mary Kay adopted the Golden Rule as her guiding philosophy, determining that the best course of action in virtually any situation could be easily discerned by doing unto others as you would have them do unto you. She also steadfastly believed that life’s priorities should be kept in their proper order, which to her meant putting faith first, family second and career third.

She stressed the importance of recognizing the accomplishments of others. And she constantly encouraged both the corporate staff and the independent sales force to act as if each person they met was wearing a sign around his or her neck that read “Make me feel important.” Today, Mary Kay, Inc. remains true to the principles of Mary Kay Ash.

Mary Kay Ash’s honors.

Countless business leaders, authors, politicians, and members of academia have recognized the pure brilliance and determination of Mary Kay Ash. She received numerous prestigious awards during her lifetime and many more following her death on Nov. 22, 2001.

Some of her honors include:
1. “100 Greatest Women of 100 Years” by the YWCA of Metropolitan Dallas (2008)
2. A&E Television produced “Mary Kay” which aired on the Biography Channel (2006)
3. PBS and the Wharton School of Business’s “25 Most Influential Business Leaders of the Last 25 Years” (2004)
4. Baylor University’s “Greatest Female Entrepreneur in American History” (2003)
5. “Most Outstanding Woman in Business in the 20th Century.” Lifetime Television (1999)
6. National Business Hall of Fame, Fortune (1996)
7. Pathfinder Award, National Association of Women Business Owners (1995)
8. One of “America’s 25 Most Influential Women,” The World Almanac and Book of Facts (1985)
9. Horatio Alger Distinguished American Citizen Award (1978)
Entrepreneurial Process of Mary Kay Ash:

In the 1960s in the US, most women faced gender discrimination when they seek promotion opportunity in the workplace. Women suffered injustices just because they were women. This problem was quite common back in that point in time. Women have fewer-work opportunity and some of them have to stay at home and look after children. After Mary Kay retired from her job, she decided to do something that could help other women in becoming successful. With this dream, she launched Beauty by Mary Kay in 1963.

It is the first beauty line that was dedicated to making life wonderful for women. It was a good career opportunity for women back then when women faced fewer choices. In the meantime, an American cosmetologist introduced her home-brand skincare products to Mary Kay. This skincare product was developed by her father – a hide tanner. Many of relatives and their friends use these products for several years and the feedback is quite positive.

Quotes; Mary Kay said that,

“From my own use and the results I had personally received, I knew that these skin-care products were tremendous, and with some modifications and high-quality packaging I was sure they would be a big seller!”

Therefore, after the cosmetologist died, Mary Kay bought the recipes of the skin products from her family. With her life savings of $5,000, her great dream, and the original formula of skin cream, she rent a small storefront in Dallas and set up a manufacturing plant. The first employees of the company were one chemist, her second husband and they recruited saleswomen as independent agents who can pay for their products in advance.

Mary Kay was dedicated to making women’s lives more beautiful. She creates a principle as Golden rule -praising people to success- and faith first, family second and career third. Mary Kay Ash usually said that it was a company with heart. The objective of the company is not only selling products but also teaching how to build a better self-image to female customers.

Quotes; As Mary Kay Ash said,

“I envisioned a company in which any woman could become just as successful as she wanted to be. The doors would be wide open to opportunity for women who were willing to pay the price and had the courage to dream.”

Because of enriched experience in related industry, she avoided the trial and error period which many new business leaders might face. In 1964, the sales of the first year were $198,514 and the number of consultants approximately reached 318 at the end of the year. Years 1967, Mary Kay offered stock to the public. Years 1969 the company built a 275,000 square feet manufacturing plant in Dallas and built another four regional distribution centers in 1970.

The rapid expansion of the company was directed by Mary Kay and her son, Richard Rogers. Who is in charge of the management functions of May Kay Inc. Rogers gradually built an effective management team by 1985. During the same year, Mary Kay leveraged a buy-out and reorganized her company back into private ownership by her family. After that, Mary Kay continued the international market expansion during the middle of the 1990s to the late 1990s.

Company Success;

A successful company should identify the current market opportunity, concept, required resources. It also needs effective methods of managing people. All of the beauty consultants in Mary Kay have unthinkable enthusiasm. When they serve the customers because of the personal style of Mary Kay Ash. This enthusiasm becomes an outstanding characteristic of Mary Kay Inc. Every year the company rewards their top performance employers with pink Cadillac, jewelry and luxurious vacation.

Currently, the program of self-esteem boosts and generous incentives. Become, a subject in the business world and a large number of companies study the management method of Mary Kay. After many years of efforts and continuous improvement. Their wholesale sales reached one million in the United States market and opened their first branch in Australia in 1991. In 1994, May Kay Inc was honored as “Most Admired Corporation in America.” by Fortune magazine. In 2008, Mary Kay Inc reached sales revenue of approximately 2.6 million dollars in wholesales and has double-digit growth from 1963.
July 16, 2019
What do you understand by Entrepreneurial Marketing?
Entrepreneurial marketing is less about a single marketing strategy and more about a marketing spirit that differentiates itself from traditional marketing practices. Entrepreneurial Marketing is a combination of two discrete management areas. Existing as distinct disciplines, entrepreneurship and marketing have emerged to capture the several facets of marketing that are often not explained by existing traditional marketing theories and concepts. It eschews many of the fundamental principles of marketing because they are typically designed for large, well-established firms. Entrepreneurial marketing utilizes a toolkit of new and unorthodox marketing practices to help emerging firms gain a foothold in crowded markets. So, what is the question going to discuss; What do you understand by Entrepreneurial Marketing? with Characteristics.

Here are explain; What is Entrepreneurial Marketing? with Characteristics.

Definitions of both marketing and entrepreneurship differ considerably and we cannot expect that one single definition of entrepreneurial marketing will cover everything. A contemporary definition that meets the present scope in which entrepreneurial marketing defines as; “The proactive identification and exploitation of opportunities for acquiring and retaining profitable customers through innovative approaches to risk management, resource leveraging and value creation.”

Recently, entrepreneurial marketing has gained popularity in marketing and entrepreneurship topics. The success of business activities pursuing non-traditional marketing approaches can attribute to entrepreneurial marketing practices. Despite a large number of marketing models and concepts, there are remarkable successes that distract from them and label them as “entrepreneurs”. In many countries, there has been a need for economic development which has increased the need for entrepreneurship in society.

SMEs;

Small and medium-sized enterprise areas (SMEs) become more important when large companies follow economies on the scale of reducing and reducing employees. Recently, entrepreneurship and marketing had existed in the form of two independent, intellectual domains. In the last few years, due to the increasing number of entrepreneurial research, many conclusions have been taken to improve marketing knowledge. Normally, the purpose of marketing is to always understand processes and practices within large companies.

However, in the context of entrepreneurial behavior and growth in small-medium enterprises around the world; there has been significant importance in the marketing aspects of small and medium-sized enterprises and entrepreneurship. Entrepreneurial behavior has traditionally been rooted in small to medium-sized enterprises; but, entrepreneurial marketing also has a definite impact on large companies. Today, many companies work in a very disturbing environment where the risks increase and decrease forecast and project deficits.

In this climate of sudden change, organizational limitations have become very unclear. In such a business environment, business managers must forget traditional management policies and change them with new thinking and new behavior that will not only involve changes but also make necessary changes in the market. Entrepreneurship can be a good vehicle and entrepreneurial marketing behavior can be of equal importance for many big companies and SMEs.

Characteristics of Entrepreneurial Marketing:

To overcome their problems, entrepreneurial firms need to have a very proactive approach to marketing; which reflect by the following Characteristics of Entrepreneurial Marketing below are:
- Proactive Orientation: Entrepreneurial firms are continually searching for new ways to achieve competitive advantage through changes in established methods in marketing or production.
- Innovativeness: Innovative firms have the ability to maintain a flow of new ideas that can translate into new products or services.
- Focus on the Customer: An entrepreneurial firm focuse on the need for creative approaches to acquire, retain, and develop customers. Paying attention to the consumer equips the entrepreneurial firm with a knowledge base of customer’s requirements.
- Utilizing an Opportunity: The recognition and pursuit of opportunity is a core dimension of entrepreneurial marketing. Entrepreneurship has been termed as the process of discovery, evaluation, and exploitation of opportunities. Entrepreneurial opportunities are situations in which new goods, services, raw materials, and organizing methods can introduce through the formation of new means, ends, or means-ends relationships.
- Risk Management: Entrepreneurship associate with calculate risk-taking. This implies an effort to identify the risk factors and subsequent attempt to control or mitigate those risk factors. Entrepreneurial marketing has an important role in managing risk in the entrepreneurial firm.
- Value Creation: Innovative value creation is an important facet of entrepreneurial marketing, as value creation is a prerequisite for transactions and relationships.
Better understand by A Case Study of Entrepreneurial Marketing in Dell Computers.

In 1984, a college student named Michael Dell decided to found a computer company. Today it is one of the largest and best-known computer companies in the world. 4 keys Below are some of the steps that Dell took in its earliest stages to get noticed in the computer market.
- Offer something new: In the early 80s, computers were bought and sold primarily through retail stores. Dell took the then-radical step of selling directly to consumers, cutting out the retail middleman. This made it easy for business customers to place large orders and to customize each computer they purchased.
- Define their customers: Dell realized early that there was a hole in the market for customized business computers. Their first products were marketed to large and midsized companies looking to purchase many computers at once. It was only in the late 90s that they began to focus on personal computers for students and families.
- Go to where the customers are: Dell marketed at electronics trade shows, in trade magazines, and in other avenues that corporate technology officers would follow. Advertising messages highlighted the ways that Dell computers were optimized for business customers.
- Offer exceptional services: Dell offered 24-hour technical support to all of its customers. This was a valuable service to customers who were only beginning to integrate computers into their businesses.
SME Marketing and Entrepreneurial Marketing:

The roots of entrepreneurship marketing consider being somewhat based within the SME (Small to Medium Enterprises) sector. Indeed, there is a strong argument among marketing gurus that entrepreneurial marketing is actually about SME marketing. There is also an inclination of ideas within the generic marketing management literature; which suggests that entrepreneurial marketing is somewhat like “textbook” marketing; but with just a few flares or just standard marketing, it’s just doing something different in all aspects. It appears more in the execution and implementation of creative promotion strategies.

Some people argue that this approach might, aside from what the marketers should do; on the other hand, it can ignore complex subtleties that reduce the entrepreneurial approach to the development of the market. Although being the entrepreneur, this is not necessary because they argue that not all small medium-sized enterprises are entrepreneurs; but entrepreneurship will require to grow and expand these firms, and the benefits of the small firm in marketing such as Growth can achieve.

Part 01;

In small companies, decisions generate from the entrepreneurs; and they are capable of working on opportunities and implementing strategies faster than big companies. The stability of innovation in large companies is due to theoretical; and traditional marketing practices where the focus on the needs of the customers, clearly expressed. Here, the concept of customer value must introduce to further develop the argument. Entrepreneurial marketing, like marketing in general, can see in terms of value creation processes.

The ultimate objective of marketing is to create something that buyers can use to produce their customer value, market offer. In all fixed markets, different levels of approximate customer value, or customer value differences between sellers have been established; Price balance is the expectations of the customers, and if these expectations are met, then it will repeat purchase so that vendors will be able to maintain market position. A traditional market strategy is a market leader and a key player and to establishes the level of expected customer value, which will help the firm exploit with profit.

Part 02;

Another way of expressing this is that the key firm should set rules of play among vendors and buyers. One of the main strategies in maintaining a competitive advantage is to make the market as stable as possible and to take advantage of economies of scale in its production. The argument here revolves around the notion that size affects the firms in the direction of marketing decisions. In this era of dramatic social and technological change, an approach for firms to establish; and maintain long-term customer relationships facilitate by entrepreneurship, resources, processes, and artists (entrepreneur, coordinating firm, as well as four-pillar structure) Through entrepreneurial marketing and network).

Marketing is a challenging process for any organization. In a survey of entrepreneurs around the world, it stood found that finance; and marketing for problem areas lead to entrepreneurs It is true that a model that works for a firm can not work for any other firm. Many marketing gurus engage in a continuous argument within the literature that is fit between the nature of marketing and the theory and practice. There is a growing and focused literature that SMEs conduct a different type of marketing for a large firm. For example, large companies are likely to follow the marketing procedures (for example outsourcing marketing efforts, etc.).

Part 03;

Small firms often organize their marketing campaigns at home. The main reason behind in-house marketing is capital and cash constraints. Some ideas suggest that such marketing activity reflects marketing in its pure form “It is marketing but as we know it”. SME marketing does not conform to traditional marketing features of textbook principles.

However, they are not the only ones in this idea, nowadays it is increasingly being seen that the eclipsed and marketed by entrepreneurs are very different from traditional concepts presented in textbooks and other theories. There are two ‘fundamental prerequisites’ which will showcase the marketing approach made by SMEs; the platform of small enterprises and the prevailing industry standards run in the medium enterprise (SME) life cycle. However, these things should keep against the backdrop of the personal characteristics of the owner/manager/entrepreneur; because the reasoning of the small firm is the argument of the owner, and the two can not separate from each other to reduce the conceptual formation.

Part 04;

The first of these life cycle stages – suggests that because of the small and medium-sized firm being mature they have the attitude of marketing. Second: Consistent with industry norms – Industry center on norms, in which small and medium-sized (SME) firm is present. Small firms are generally consistent with those criteria which firms establish within the industry; which relate to firms because a small firm will not have enough resources or even challenge industrial rules in the matter of fact Will not inspire. It is historically clear that industrial conferences can challenge by people outside the industry; and, rapidly it is a small firm with extraordinary market sensing and policies that can challenge such a challenge.

For example, customers give little interest in the industries but they exist very interested in meeting their needs. The entrepreneur and industry personality in which an entrepreneur-oriented firm operates is likely to exhibit market development orientation and both are related to the overall organizational culture. The firm’s “personality” links to the personality of the entrepreneur.

Part 05;

Overall, it strongly argues that based on different dimensions marketing exists done in small companies in small to medium-sized enterprises (SMEs). The way small and large companies are different from the marketing decision-making approach. In larger organizations, the decision-making order exists done within the ordered framework and in a highly structured manner. Decision-making in large companies often has a clear hierarchy. Often the process is based on sound principles and accepted practices. In small companies, the decision-making process is different and arises through the entrepreneur or the owner; and it is his personality and style that shapes the nature of the decision.

Finally, it is important to say that, entrepreneurial marketing should consider as a supplement to the current general marketing principles. The area is not revolutionary in this sense that the current marketing approach considers obsolete! But the entrepreneurial firms, large and medium to mid-sized enterprises, show a large part of the economy. Marketing practices of such firms should consider within marketing boundaries; There is so much to contribute to the development of modern marketing theory in this kind of research.

What do you understand by Entrepreneurial Marketing? with Characteristics. Discuss company Marketing.

What about Entrepreneurial marketing Employee? Mean’s Who is that the Employee on Entrepreneurial marketing.

Entrepreneurial marketing defines by the types of companies that use it. The easiest way to identify an entrepreneurial marketing effort is to look at the company doing the marketing. Startups and emerging companies use entrepreneurial marketing to help establish themselves in emerging industries. It is important to distinguish these businesses from small businesses. While they do start small, their goal is to grow rapidly and to become major players in their industry as quickly as possible.

This is drastically different from a restaurant or machine shop that may be content to stay small forever. Growth is the primary goal of entrepreneurship, and marketing is the primary means of growth. The marketing strategies used by emerging businesses are not unique to them though. Many major companies use some of the same strategies. Nike and Burger King have both used viral marketing to great effect. Major businesses use these strategies out of opportunity while entrepreneurs use them out of necessity.
November 19, 2018
Define Entrepreneurial Marketing and SME

What is Marketing? By Wikipedia, Marketing is the study and management of exchange relationships. Define Entrepreneurial Marketing and SME. Marketing is used to create, keep and satisfy the customer. With the customer as the focus of its activities, it can be concluded that Marketing is one of the premier components of Business Management – the other being innovation. Also, learn what? Learn and Study.

Learn and Study, Define Entrepreneurial Marketing and SME (Small to Medium Enterprise).

For example, new Apple products are developed to include improved applications and systems, are set at different prices depending on how much capability the customer desires, and are sold in places where other Apple products are sold.

In order to promote the device, the company featured its debut at tech events and is highly advertised on the web and on television. Marketing is based on thinking about the business in terms of customer needs and their satisfaction. Marketing differs from selling because (in the words of Harvard Business School’s retired professor of marketing Theodore C. Levitt) “Selling concerns itself with the tricks and techniques of getting people to exchange their cash for your product. It is not concerned with the values that the exchange is all about. And it does not, as marketing invariable does, view the entire business process as consisting of a tightly integrated effort to discover, create, arouse and satisfy customer needs.” In other words, marketing has less to do with getting customers to pay for your product as it does develop a demand for that product and fulfilling the customer’s needs, (from businessdictionary.com).

Entrepreneurial Marketing:

Entrepreneurial Marketing is a combination of two discrete management areas. Existing as distinct disciplines, entrepreneurship and marketing have emerged to capture the several facets of marketing that are often not explained by existing traditional marketing theories and concepts. Definitions of both marketing and entrepreneurship differ considerably and we cannot expect that one single definition of entrepreneurial marketing will cover everything.

A contemporary definition that meets the present scope in which entrepreneurial marketing is defined as: “the proactive identification and exploitation of opportunities for acquiring and retaining profitable customers through innovative approaches to risk management, resource leveraging and value creation.”

Recently, entrepreneurial marketing has gained popularity in the marketing and entrepreneurship disciplines. The success of business activities pursuing non-traditional marketing approaches can be attributed to entrepreneurial marketing practices. Despite the large numbers of marketing models and concepts, there are notable successes that deviate from these and are labeled “entrepreneurial.”

Economic growth has become a necessity in many countries which has led to a growing need for entrepreneurship in society. When large companies’ follows economies of scale by downsizing and reducing staff, the small and medium-sized enterprise sector (SMEs) becomes more important.

Till recently, entrepreneurship and marketing existed as two independent, intellectual domains. In the past few years, the growing number of entrepreneurship research has resulted in a number of findings which led to the improvement of the marketing knowledge.

In general, marketing has always aimed at understanding the processes and practices within big companies. However, in parallel with growth in entrepreneurial behavior and small to medium enterprise sector worldwide, the marketing aspects of small & medium sized companies and entrepreneurship have also increased in importance.

Entrepreneurial behavior has been traditionally rooted in the small to medium-sized enterprise sector, but entrepreneurial marketing also has a definite impact on large companies. Today, many companies operate in a very turbulent environment where there are increased risks and a diminishing ability to forecast and project. In this environment of sudden changes in organizational boundaries have become very unclear.

In business environments like this, business managers have to forget traditional management policies and replace them with new thinking and new behavior that will not only incorporate changes but also create the necessary changes in the marketplace. Entrepreneurship may well be the vehicle for this and entrepreneurial marketing behavior may be of the utmost importance for many large firms and SMEs alike.

SME Marketing and Entrepreneurial Marketing:

The roots of entrepreneurial marketing are considered to be grounded within the SME (Small to Medium Enterprise) sector to some extent. Indeed, there is a strong argument among the marketing gurus that entrepreneurial marketing is really about SME marketing. Within the generic marketing management literature also is a stratum of thought that suggests entrepreneurial marketing is somewhat like “textbook” marketing, but undertaken either with some flair or just simply doing something completely different across all aspects of the normative marketing mix. This is more visible in the execution and implementation of creative promotion strategies.

Some argue that this approach is perhaps, on the one hand, what marketers should be doing anyway and on the other, it may overlook the complex subtleties that underpin an entrepreneurial approach to market development. Being entrepreneurial however is not a necessary prerequisite as they argue that not all small to medium-sized firms are entrepreneurial, but these firms will need entrepreneurship in order to grow and expand and such growth can be achieved from the small firm’s advantage in marketing.

In smaller firms, decision making tends to originate from the entrepreneur and they are able to act on opportunities and implement strategies faster than larger firms could. The stagnation of innovation in large firms is due to theoretical and traditional marketing practices where the focus is on meeting explicitly expressed the needs of the customers.

Here, the concept of customer value must be introduced to further develop the argument. Entrepreneurial marketing, like marketing in general, can be seen in terms of value creation processes. The ultimate purpose of marketing is to create something that buyers can use to produce own customer value, the offer to the market.

In all stable markets, certain levels of perceived customer value, or the differentiation of customer value between sellers, have become established; the value balance. Customers have expectations, and if these expectations are met, repeated buys will occur which will help the sellers to maintain their market positions.

A traditional market strategy is to become a market leader and a dominant player and to establish a level of expected customer value which will help the firm to exploit with profit. Another way to express this is that the dominant firm should set the rules of the game between sellers and buyers. One of the main strategies in maintaining a competitive advantage is to take actions that stabilize the market as much as possible and exploit the economies of scale in one’s own production.

The argument here revolves around the notion that size affects the firms approach towards marketing decisions. In this era of dramatic social and technological change, one approach for firms to establish and sustain long-term customer relationship is through entrepreneurial marketing facilitated by a four-pillar framework comprising of entrepreneurship, resources, processes, and actors (entrepreneur, coordinating firm, and network).

Marketing is a challenging process for any organization. In a survey of entrepreneurs around the world its found that finance and marketing to be the leading problem areas for entrepreneurs. It is true that a model that works for one firm may not work for another firm. Many marketing gurus have been engaged in an ongoing argument within the literature as to the very nature of marketing and the fit between theory and practice. Indeed there has been a growing and focused literature that the SME conducts a different type of marketing to that of the large firm. For example, large firms are likely to follow set procedures of marketing (e.g. outsource marketing efforts, etc.). Smaller firms more often conduct their own marketing campaigns in-house. The main reason behind conducting in-house marketing is capital and cash constraints.

There are also thoughts that suggest that such marketing activity represents marketing in its purest form “ it’s marketing but not as we know it”. SME’s do not conform to the conventional marketing characteristics of the marketing textbook theories. However they are not the only one in that view, nowadays it is increasingly seen that marketing as perceived and undertaken by entrepreneurs is very different to the concepts that are presented in conventional textbooks and other theories.

The stage of the small enterprise moving to medium enterprise (SME) lifecycle and the prevailing industry norms are two ‘fundamental pre-requisites’ this will show the approach to marketing taken by the SME. However, these things must be placed against the backdrop of the personal characteristics of the owner/manager/entrepreneur as ‘the rationale of the small firm is the rationale of the owner’ and the two cannot be separated from each other in order to ease conceptual formation.

The first of this lifecycle stage – suggests that as the small and medium-sized firm maturates so does their approach to marketing. The second: conformity with industry norms – focuses on the industry norms in which the small and medium-sized (SME) firm exists. Small firms usually conform to the norms that are firmly established within the industry to which the firms belong, as a small firm will not have enough resources or to the matter of fact even the motivation to challenge industrial rules. Historically it is evident that industrial convention can be challenged by those outside the industry and increasingly it is the small firm with exceptional market sensing and policies that can make such a challenge. For example, customers pay little interest in industries but pay a lot of interest to have their needs met.

The personality of the entrepreneur and the industry in which the entrepreneurial-oriented firm operates is likely to exhibit a market development orientation and that both are related to the overall organizational culture. The “personality” of the firm is connected to the personality of the entrepreneur.

Overall, it is strongly argued that marketing is performed differently in Small to Medium-sized Enterprises (SMEs) than in large firms based on distinct dimensions. The way that small and large firms approach marketing decision-making is different. Decision-making in large organizations tends to be made within the ordered framework and in a highly structured manner. Decision making in large companies often follows a clear hierarchy. Often the processes are based on sound theories and accepted practices. In small firms, the decision-making process is different and tend to originate from and flow through the entrepreneur or owner and it is their personality and style that shape the nature of the decisions.

Finally, it is important to state that, entrepreneurial marketing must be regarded as a supplementary to the existing general marketing theories. The area is not revolutionary in the sense that existing marketing perspectives are regarded as being obsolete! But entrepreneurial firms, large as well as Small to Medium-sized Enterprises, represent a substantial part of the economy. The marketing behavior of such firms needs to be considered within marketing boundaries; such research has a lot to contribute to the development of modern marketing theory.

Image Credit from ilearnlot.com.

August 29, 2018