The entrepreneurs as the need of the time for making a difference in the global business world - Essay Example

? ENTREPRENEURSHIP AN OVERVIEW AND ANALYSIS Table of Content ANALYSIS Table of Content 2 Executive Summary 3 Introduction 4 Entrepreneur 5 Marketing Campaign 7 Conclusion 9 Reference 11 Executive Summary Entrepreneurs are the need of the time for making a difference in the global business world. Different entrepreneurial firms evolve to generate new interest in the business. Innovation and risk taking ability distinguishes entrepreneurs from others. Richard Branson’s creativeness leads the way to the top for Virgin Group. (48 words) Introduction Entrepreneurship is the word which describes the true accomplishments of an entrepreneur. Over the years researchers have given several definitions for entrepreneurship. Entrepreneurship according to many is a method which keeps evolving rather than being stagnant. Entrepreneurship can be related to personification of entrepreneurs and accommodates features such as novelty, systematisation, responsibility handling, resource allotment and finance acuity (Unctad.org, 2004). The world has seen many entrepreneurial firms beginning their journey from scratch and rising to the top position. These firms have focussed on innovation and change in their process of doing business. Entrepreneurial firms are of umpteen numbers in the world but very few have reached the zenith. One such entrepreneurial firm is Virgin Group. Virgin Group of companies was founded by Richard Branson in the year 1970 as Virgin Mailing Order. Later, the company expanded to various sectors, which includes airlines, mobile phone, music label records, etc. At present the Virgin Group is a conglomerate of 400 companies (Virgin, 2012). Virgin Group is referred to as the entrepreneurial firm of innovation and new thinking. It has considerably changed the old methods of doing business. It believes in freshness, something different and thinking out of the box to deliver a changed product, a better product, an innovative product to the large customer base (Virgin, 2012). Entrepreneur An Entrepreneur is the architect who creates new opportunities through business process by presenting existing or recent product with a different attribute. Entrepreneurs are opportunist and courageously accept the risks prevailing in the entrepreneurship. Entrepreneurs possess distinguishing characteristics which enables them to develop unique skills for accomplishing great success in the world of business (Finance in the classroom.org, 2004). Entrepreneurs are just not creative in developing new and innovative ideas but are much more than that. They are the torch bearers in the complex world of business with tremendous potential to accept challenges and provide the best solution. Further, entrepreneurs can be said to be the personality who possess certain qualities such as: a. Entrepreneurs analyse the needs and wants, and simultaneously solves the problems faced by the customers. b. Any opportunity is converted into the strength for the firm. c. Innovative ideas are laid down for the best business plan. d. Risks in expansion or new venture are analysed beforehand. e. Entrepreneurs never hold on to a single idea as change is the demand of time. f. Utilise the resources in the best possible way to succeed in the business ventures. g. Learns from the mistakes and failures to attain success in the near future. These qualities stand out as unique and distinctive approach of entrepreneurs in shaping the world and providing the best solution to the arising problems (Mvp.cfee.org, n.d). Entrepreneurs are the force behind the venturing of business. They give the business a new look, different form their counterparts and this is what makes them leaders. Virgin Group over the years has undergone a lot of modification and changes in its approach towards business objectives. It will be wrong not to mention its founder and owner Sir Richard Branson’s name as the success story of Virgin Group was written & executed by him. Richard Branson since the early stages of founding Virgin Group has had different approach unlike his counterparts. Richard Branson has contributed immensely towards the entrepreneurship. He has been a leader, a thinker and an executer. His way of running business has been different and unique. He has always emphasised on the well being of his employees rather than company’s customers and the shareholders. He was of the opinion that if the employees are motivated and rewarded for their good work they will be more committed & loyal towards the company. This will help employees serve the customers in a better way which will eventually increase the customer base and market share. With rise in market share, the shareholders can expect to get good returns (Hellriegal, Slocum, 2007, p. 240). The traditional way of entrepreneurship on the other hand has always been about giving the customers top priority followed by shareholders and employees. Richard Branson has changed the whole notion of entrepreneurship by making employees the most important asset of the company. He has always believed in his way of doing business and has been successful to a great extent. His ideas have generated a new life in the Virgin Group and have yielded positive results. Richard Branson has been an innovator and because of his out of the box attitude Virgin Group is amongst the top in the business. Marketing Campaign Entrepreneurs can be innovators, thinkers and risk takers in their quest for entrepreneurship, but without promotional activities of their products or services it can be assured that there will be no takers for their products. In the business era of 21st century promotion has become the primary tool for any entrepreneurship. Integrated marketing communication plan (IMC) stand out as the key apprehension for promotion. IMC plan put customer ahead of other factors for promoting a product. It is circumscribed by four components for promotion namely sales promotion, advertising, public relation and direct marketing (The-dma.org, n.d). To implement an IMC plan a company should know its target market, a budget for the promotional activities should be determined, analyse the buying behaviour of the customers, and their exposure to media. Post research and analysis the company should adopt an IMC plan for promoting products and services (Cob.sjsu.edu, n.d). Further, an entrepreneur should never forget that it is practically impossible to satisfy every customer, but rather should select a specific segment of market and accordingly approach the target market. To initiate an IMC plan an entrepreneur first have to decide on product that has to be promoted, then comes brand name which adds to the value of the product and increases the growth prospect for the company, followed by logo of the company (Nwankwo, Gbadamosi 2011, p. 348-349). With all the details in line of marketing a product, the next step is promotion of the product through one of the IMC element depending on the target market. A company like Virgin which may decide to launch a new smart phone in UK and promote it to other international territories have to be very specific about its promotional strategies. In today’s scenario of market any product of any company has to attract customers not only with its unique or stand out features but through indigenous way of promoting the product. There are various forms of promotional activities which can change the course for any product. Virgin Group for its smart phone promotion can launch marketing campaign based on the following IMC elements: a. Advertisement: Virgin Group can market its phone through extensive use of advertisement especially for UK market. A right message with innovative ad can do the trick for the company. Ads through electronic and print can both create a steer about the product in the minds of customers. b. Public Relation: Another ecstatic and creative way of marketing where company can spread the awareness about the product is through publicity. Virgin Group can opt for press release of its new phone or a video showing Richard Branson promoting the phone can also be good publicity stunt to woo customers. c. Interactive Marketing: Interactive marketing can be renamed as 21st century marketing. More and more people are becoming a part of web world and online marketing has become the need of the hour. Virgin Group can use this medium to promote its product worldwide across different continents. Ads on popular sites will further make the promotion hassle free. Interactive marketing is also the best possible way of promoting the product not only in UK but in international markets as well (Lamb, Hair & McDaniel, 2008, p. 523,537-546). Apart from these elements other marketing campaigns such as road shows and sponsorship can also be a great way of creating awareness about the product amongst the customers. This would ultimately help in increase of the market share for the company and the product can turn out to be a revenue generator for the company. Conclusion Entrepreneurship has undergone metamorphosis over the years and evolved into a whole new meaning. The world has changed and so has the model of entrepreneurship by becoming more complex in its approach. Entrepreneurship has developed into a chapter of business emphasising on risk, innovation, market share and most important wealth creation. A question out of eagerness may arise as to how entrepreneurs are born? What are the reasons behind their entrepreneurship dream? There may be several reasons to debate about the entrepreneurs and entrepreneurship, their evolution and need, but, the prime reason can be: a. Job dissatisfaction b. New opportunities makes way for entrepreneurial venture c. Both internal factors and external factors become favourable for entrepreneurship (Iimm.org, n.d). Such reasons and many other have been the reasons behind the evolution of entrepreneurial firms around the globe. Entrepreneurship for entrepreneurs is more than just a dream, its more than creating wealth; it’s about changing the world for better tomorrow through continuous innovation and creativity. This determination and passion gives rise to entrepreneurial firms like Virgin Group, to make a difference to the world, to conquer the world of business and to change the world for good times. Reference Cob.sjsu.edu. (No Date). Building an IMC Campaign. [Pdf]. Available at: http://www.cob.sjsu.edu/vitale_r/Build%20an%20IMC%20PlanGENERIC.pdf. [Accessed on March 13, 2012]. Finance in the classroom.org. (2004). Inside the Vault: Entrepreneurship. [Pdf]. Available at: http://financeintheclassroom.org/downloads/Entrepreneurship.pdf. [Accessed on March 13, 2012]. Hellriegal, D, Slocum, J .W. (2007). Organizational Behavior. USA: Cengage Learning. Iimm.org. (No Date). Entrepreneurship Challenges in 21st Century. [Online]. Available at: http://www.iimm.org/knowledge_bank/14_entrepreneurship-challenges-in-21st-centuty.htm. [Accessed on March 13, 2012]. Lamb, C. W, Hair, J. F & McDaniel. C (2008). Marketing. USA: Cengage Learning Mvp.cfee.org. (No Date). About Entrepreneurs. [Online]. Available at: http://www.mvp.cfee.org/en/aboutentrepreneurs.html. [Accessed on March 13, 2012]. Nwankwo, S, Gbadamosi, T. (2011). Entrepreneurship Marketing: Principles and Practice of SME Marketing. USA: Taylor & Francis. The-dma.org. (No Date). Creative Strategy in Integrated Marketing Communications. [Pdf]. Available at: http://www.the-dma.org/dmef/researchsummit/HandoutCreative.pdf. [Accessed on March 13, 2012]. Unctad.org. (2004). Entrepreneurship and Economic Development: The Empretec Showcase. [Pdf]. Available at: http://www.unctad.org/en/docs/webiteteb20043_en.pdf. [Accessed on March 13, 2012]. Virgin. (2012). History. [Online]. Available at: http://www.virgin.com/history/1968-1979. [Accessed on March 13, 2012]. Read More