Posted on November 9, 2011
The concept of entrepreneurship takes a wide range of definition and its meaning has progressed over the century. To many, it is linked to starting one's personal business. However, nearly all economists believe that it is more than starting a business.
The word entrepreneur comes from the French word entreprendre, meaning 'to embark on.' In a business perspective, it means to start a business. Entrepreneur can also refer to a person who systematizes and administers a business and usually takes the risk for the sake of profit or turnover. He can also be defined as a person with high propensity who pioneers change or anyone who wants to work for himself.
Entrepreneurship vs. Small Business
The terms 'entrepreneur' and 'small business' are quite alike and can often be used interchangeably. With much commonality, however, there are significant differences between the entrepreneurial venture and the small business.
Entrepreneurial venture is quite different from small business in the following ways:
- Innovation - This is the very instrument of entrepreneurship. It providesresources with a new power to create wealth. Entrepreneurship frequently engages extensive innovation further than what a small business might exhibit.
- Risk - Risk must be usually high in an entrepreneurial venture. If not, with the enticement of sure profits, many entrepreneurs would be trailing the idea and the opportunity would no longer exist.
- Amount of wealth creation - A booming entrepreneurial venture generates substantial wealth, normally in excess of several million dollars of profit rather than simply generating an income stream that replaces fixed employment. Read more...
Posted on November 8, 2011
Essentially, social entrepreneurs identify public problems and apply business acumen to resolve them. Instead of using a venture solely to make a profit, they aim at simultaneously impacting a society and regulating positive change. The success of such an endeavour is, therefore, measured not just on the basis of balance sheets, but on the effect it has had on a community.
Social entrepreneurship demands the same confidence, motivation and innovation as any other business, but in a manner that prioritises social development and the simultaneous creation of social and economic values. Hence, more than making a profit, it amounts to executing social change by means of unique solutions that help a community overcome established obstacles.
By definition, most social entrepreneurs take on problems that are ideally in the domain of government concern. Instead of waiting around for problems to be solved or brushing them under the carpet as many governments and societies are wont to do, they see them as opportunities to effect positive change. Social entrepreneurship is therefore all about combining a vision for a brighter future with the realization that, in order to achieve long-term goals, drastic effort and creative solutions are called for.
Like any other business venture, social entrepreneurship programmes cannot be isolated exercises. Most entrepreneurs, for instance, promote a non-profit organisation in the hope that other individuals and agencies will move in to support the cause and help multiply its benefits across larger sections of society. The extent of success of such endeavours is often based on the amount of collaboration and grassroots involvement they are able to generate.
Furthermore, and just like business ventures, social entrepreneurship projects depend on some degree of risk-taking. Only, in this case, the risk is not limited to financial security but involves social activism and passion. In this context, social entrepreneurship activities may appear to be incredibly perilous, but the risks pay off many times more in terms of their benefits to society. Read more...
Posted on November 7, 2011
Times have changed. It's uncommon for children to play outside anymore, with their Xboxes and Angry Bird on their iPads. Advertising and Marketing has also gone a long way from boring black-and-white billboards. Now you have digital billboards, train advertisements, holograms and motion-sensor ads to help capture your audience. But it's not only technology that has changed, the consumers have too.
1. Social media
According to statistics, 90 percent of consumers trust recommendations from people they know and 70 percent trust other consumers' opinions posted online. People are more likely to listen to what their friends and families think rather than corporate marketing messages. This is also the reason why advertising and marketing in social media platforms have risen lately. Social media allows businesses to connect better with their consumers and to promote their products in a more personal way. It's also a great way to gather consumer feedback to help you promote or improve.
2. Consumer-centric culture
Industries are becoming more and more client or consumer-focused. Consumers now have more control as businesses begin to prioritize their consumers' needs and preferences when it comes to their product. From products, services to even advertisements - it's all about what the consumers want and think. This stands a reason why businesses involved themselves into trends of Out of Home Advertising because it captures audiences in a more consumer-centric way. It's better since business will be able to better meet the demands of the consumer in a cost-effective way; this lessens the mistake of creating ineffective advertisements.
3. Social conscience
People are now beginning to take notice of their environmental and social responsibilities. More and more people are looking for what's better for the environment, what's helpful to others besides themselves, and also what's eco-friendly. Consumers are now looking for products that will help them and at the same time make the world better. It's important for brands to meet these consumers' demands by incorporating more social responsibility. Campaigns that meet the consumers' personal and social concerns are more effective. Read more...