Topic 1

Marketing &
Entrepreneurial: an
overview

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What is Entrepreneurship?
Entrepreneurship is the process of creating something new of
value by devoting (giving) the necessary time and effort.
By accepting and acknowledging the necessary financial,
psychological and social risk.
Finally receiving the resulting rewards be it monetary and
personal satisfaction and freedom to do what you want.

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What is Entrepreneur?
Someone who creates something new and then integrates all
the resources needed the money, the people, the business
model, the strategy, and the risk-bearing ability to transform
the invention into a viable business.

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The Entrepreneurial Process

Entrepreneurial process includes all the functions, activities
and actions that are part of perceiving opportunities and
creating organizational to pursue them
(Bygrave & Zacharakis, 2009:49)

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Carol Moores Model

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Carol Moores Model

A person gets an idea for a new
business.
Whether or not he decides to
pursue that idea depends on
factors

personal
and
environment

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Carol Moores Model

There is almost always a triggering

event that gives birth to a new
organization.
For example Melanie Stevens was a
high school dropout who, after a
number of minor jobs, had run out
of career options.
She decided that making canvas
bags in her own tiny business was
better than earning low wages
working for someone else.
Within a few years, she had built a
chain of retail stores throughout
Canada.
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Carol Moores Model 1986

1) Personal Attributes
Higher need for achievement
Higher Internal Locus of Control means that they have
a higher desire to be in control of their own fate.
Desire for Financial Success
Desire to Achieve Self-Realization
Desire for Recognition
Joy of Innovation
Risk Tolerance

Copyright 2012 Pearson Education, Inc. publishing as Prentice Hall

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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 like for them and their businesses. And, more
important, they have the ability to implement their dreams.
2. Decisiveness: They dont procrastinate. They make decisions swiftly. Their swiftness is a key factor in their
success.
3. Doers: Once they decide on a course of action, they implement it as quickly as possible.
4. Determination: They implement their ventures with total commitment. They seldom give up, even when
confronted by obstacles that seem insurmountable.
5. Dedication: They are totally dedicated to their businesses, sometimes at considerable cost to their relationships
with friends and families. They work tirelessly. Twelve-hour days, and seven-day work weeks are not uncommon
when an entrepreneur is striving to get a business off the ground.
6. Devotion: Entrepreneurs love what they do. It is that love that sustains them when the going gets tough. And it is
love of their product or service that makes them so effective at selling it.
7. Details: It 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.
8. Destiny: They want to be in charge of their own destiny rather than dependent on an employer.
9. Dollars: Getting rich is not the prime motivator of entrepreneurs. Money is more a measure of success. They
assume that if they are successful they will be rewarded.
10. Distribute: Entrepreneurs distribute the ownership of their businesses with key employees who are critical to the
success of the business.
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2) Environmental

Role model
Parents
Relative
Friends

For example, at Babson College in

US, more than half of undergraduates
studying entrepreneurship come from
families that own businesses.

3) Sociological factors
Industry experience
Host of contacts/ network- customers, suppliers,
inventors, bankers, accountant, lawyers and
universities.
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Timmons Model 2009

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1) The Opportunity
Is there a clear customer need for the proposed
product or service?
Is the timing right: is the team ready, is the market
ready?
Ideas are a dime a dozen developing the idea,
implementing it, and building a successful business
are the important aspects of entrepreneurship and
that makes an idea an opportunity.

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2) The Lead Entrepreneur and Management

Team
Regardless of how right the opportunity may seem to be, it
will not make a successful business unless it is developed
by a person with strong entrepreneurial and management
skill.
1. Entrepreneurs should have experience in the same
industry or a similar one.
2. Management
experience

preferably
with
responsibility for budget, or better yet, accountability
for profit and loss.
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3) The Resources
Resources include capital, technology, equipment,
and most importantly people.
Successful entrepreneurs are frugal with their
resources. They keep overheads low, productivity
high, and ownership of capital assets to a minimum.
The best entrepreneurs are incredibly creative at
finding ways to get things done inexpensively and
effectively. You can always find ways to do things
faster, cheaper, or better!

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What is Marketing?
Many people think of marketing as only selling and
advertising. However selling and advertising are only the
tip of the marketing iceberg.
Today, marketing must be understood not in the old
sense of making a sale telling and selling but in the
new sense of satisfying customer needs.

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What is Marketing?
Marketing is the link between you and your customers.
Achieved by creating, developing and maintaining
profitable relationships between customers and your
company.
Goals:
Attract new customers by promising superior value
Keep and grow current customers by delivering
satisfaction
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Forms of Marketing

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IMPORTANT OF MARKETING IN
ENTREPRENEURSHIP
Marketing is one business function that must be used
appropriately by the entrepreneur to launch and develop
the new venture successfully.
Marketing as strategy.
Entrepreneur use marketing to identifying the needs,
characteristics, and buying characteristics of an
appropriate market segment, will research that segment,
listen to the responses of the market, and make any
changes needed.
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Definition of
Entrepreneurial marketing
Entrepreneurial
marketing
is
the
proactive
identification and exploitation of opportunities for
acquiring and retaining profitable customers
through innovation approaches to risk management
resources leveraging and value creation.
(Morris et al. 2002)

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Definition of
Entrepreneurial marketing
Entrepreneurial marketing is the tool that every
manager needs to help his/her product/services be
perceived as more valuable than the competitor by
target segment.
(Lodish, Morgan & Archambeau , 2007: 5)

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Tutorial Week 1
1. Discuss why people decide to become entrepreneurs.
2. Identify characteristics of successful entrepreneurs.

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