Trend in Entrepreneurship and Marketing

Question: Analys the entrepreneur traits and characteristics, recent trends in social entrepreneurship? Answer: Introduction Entrepreneurship refers to the willingness and ability to develop, organise and manage a business venture by being responsible for facing any risks and keeping it profitable (Aulet, 2013). Starting up a new business is an excellent example of Entrepreneurship however entrepreneurs are also found in already established organisations. Marketing refers to the set of activities that help creating a mutually beneficial relationship between sellers and consumers (Baines, et al., 2013). It can also be defined as a process that helps moving products and services from concept to consumer (Ferrell Hartline, 2012). Risk tasking, proactiveness and innovation are the three key dimensions of a entrepreneurial organisation while marketing orientation makes a firm concerned about the investments they have made on marketing activities and their human resource (Blythe, 2013). This report aims at analysing the significance of characteristics and traits approach in defining an entrepreneur and studying recent trends in social entrepreneurship. Analysis of Entrepreneur Traits and Characteristics Entrepreneurs are individuals who are not expected to find perfect combinations of competencies which can help achieving success; rather they are expected to find ways of creating competencies that can further help creating opportunities (Juana-Espinosa Susana, 2011). Entrepreneurs fit individual characteristics and competencies to facilitate innovation. There are three approaches that can help defining an entrepreneur namely; characteristics and traits approach, behavioural approach and a mixed approach. Characteristics and traits approach help defining an entrepreneur by studying their distinguishing basic characteristics or traits (Kumar, 2008). This approach at times is considered as a static and one-dimensional approach. Some of basic characteristics or traits of an entrepreneur are; Entrepreneurs strive for success and achievement which serves as a motivation for them for overcoming various obstacles. They aim at high goals and give their best to achieve those goals (Iversen, et al., 2008). As depicted in the case Dr. Sam Prince appears to be a goal oriented person, he had defined high goals and strives for success and achievements Entrepreneurs are risk takers they have the abilities to understand and manage risks (Burns, 2012). Prince was a risk taker he had the ability to indentify gaps in the market and take initiative to fill those gaps though he was aware they involved high risk. For example Prince wanted to take initiatives for improvement of Aboriginal health which is considered a very complex medical situation. Entrepreneurs are opportunity explorers, independent, ready to face uncertainty, ready for feedback. Perseverance, flexibility, high confidence and radiant energy are features that define them (Kumar, 2008). Prince has displayed all these characteristics since the time he started his restaurant chain Zambrero Fresh Max Grill at the age of 21. Entrepreneurs can be defined as excellent planners, motivators, stress takers, initiative and responsive, quick learners who live for innovation. They greatly value integrity and reliability and are recognised for their unique creativity (Kumar, 2008). Price in through all his activities whether it be in profitable ventures or aid organisations have displayed these characters. Steve Jobs of Apple Computers is an excellent example of an entrepreneur who through his unique characters has redefined the limits if growth an organisation can achieve. Recent Trends in Social Entrepreneurship Social Entrepreneurship is a technique that implies proven business practices to find adequate solutions for social issues (Praszkier Nowak, 2011). They aim at identifying and solving social problems on a very large scale with a global perspective. As business entrepreneurs are recognised for bringing much needed changes and transforming the whole industry social entrepreneurs are seen as a change agent for society. They possess the potential to identify opportunities missed by others that help improving systems, they can create and disseminate new approaches and develop sustainable solutions that help creating social value (Bornstein Davis, 2010). In case of Zambrero case study Dr. Sam Price displays the characteristics of a social entrepreneur wherein he is not only concerned about making profit from his restaurant Zambrero but is equally concerned by giving the society back. His initiates like plate for plate and One Disease at a Time are some of the examples of the initiates Prince takes to serve the society. Price does the work of 100 men and helps improving 1000 lives though his innovative business, medical and aid projects. Social Entrepreneurs plays a significant role in leading change within organisations (Gunn Durkin, 2010). They understand the value of giving back to the society. They know that in order to make a real impact on the society the change must come from within the organisations. Prince being a social entrepreneur knew that in order to make aid organisations successful they must be run with the same rigour as one runs a business. This movement is really important and effective as giving back is the only means by which real social issues could be solved (Kumar, 2008). Without being a part of it and feeling the pain no one can understand what underpriliged people face each day in their lives. As depicted in the case study the Prince saw the same look in eyes of people he helped to that of his patients present in emergency departments in hospitals. Current trend 1: Commerce Commerce today is gaining popularity worldwide as an effective means of combating poverty (Dutiee, 2014). Consumerism is being used by numerous social start-ups to raise funds, create fair job opportunities and improve the lives of poor and underprivileged people. High emphasize is given to developing ethical organisations with transparent and ethical supply chains, fair wages, organic, mindful manufacturing and recyclable material. This trend illustrates social entrepreneurship as it uses innovation to improve lives and solve problems of the society. For example, companies like Zappos, Roozt, Blissmobox etc are some of the major players of the ethical marketplace which is supported by commerce. This new trend has been very effective and is attracting numerous social entrepreneurs who are aggressively replying on commerce to create a sustainable social impact. Current trend 2: Crowdfunding Social entrepreneurs are increasing preferring crowdfunding as a means of generating funds for their start-ups(Bornstein Davis, 2010). Kickstarter and Indiegogo are some crowdfunding sites that have done really well in their endeavours to help social entrepreneurs arrange funds. This new trend enables social enterprises to remain ethical and work with enough flexibility. This trend is highly effective as it provide social enterprises an opportunity to perform work in their ways. Thus, biggest advantage of using crowdfunding is gaining access to unrestricted funds. Current trend 3: Visual Marketing Marketing is at the heart of all businesses and is essential for achieving desired goals. Visual marketing has recently witnessed high engagement owing to advancement in mobile devices which are equipped with high-tech cameras and apps that facilitate uploading image on the go (Dutiee, 2014). Due to a rise in demand for visual content popular social networking sites like Twitter, LinkedIn and Facebook have offered greatly advanced features that support images. Social enterprises make use of this rise in demand for visual content to raise funds that is then used for charity purpose. Applications like Instagram, Youtube and Vine are being used by social entrepreneurs and ethical organisation to show people the way they are making a difference. This act performed by organisations greatly helps influencing consuming buying behaviour and thus has proven to an effective new trend that illustrates social entrepreneurship. Conclusion Social entrepreneurs are focusing on solving worlds problems by doing things differently and satisfying their appetite for experimentation. They are offering a helping hand to shape the society in a way that it actually becomes a beautiful place to live. With new current trends happening in the world of social entrepreneurs they are feeling highly motivated to serve the society while achieving growth. Social entrepreneurs display similar characteristics or traits as those displayed by business entrepreneurs however their intuition to give back to the society make them real heroes. Individuals like Dr Sam Prince act as role model for those who have an appetite for experimentation and innovation but are restraining themselves as they are not aware of their true capabilities. References Aulet, B., (2013) Disciplined Entrepreneurship: 24 Steps to a Successful Startup. New Jersey: John Wiley Sons. Baines, P., Fill, C. Page, K., (2013) Essentials of Marketing. Oxford: Oxford University Press. Blythe, J., (2013) Principles and Practice of Marketing. London: Sage. Bornstein, D. Davis, S., (2010) Social Entrepreneurship: What Everyone Needs to Know. Oxford: Oxford University Press. 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