Marketing Intelligence For Business Start-Ups Or Small Businesses

Entrepreneurship of small businesses

Travel agents, interest commence, electricians, etc. are anyone who runs his or her own business. They hire local employees or family. Most are barely profitable. Their definition of success is to feed the family and make a profit but not to take over an industry. As they cannot provide venture capital, they fund their business from friends, family or small business loans.

Entrepreneurship of scalable startups

The ventures that have the goal to dynamically change the entire persisting model. This type of entrepreneurial ventures focuses more on the quality and in the creative aspect of the business, and for this reason they involve efficient personnel as their workforce. As the term itself suggests, the main aim of these companies are the ‘scale’, which indicates the financial investment and the venture capital funds for the expansion.

Entrepreneurship of large businesses

When it comes to large corporations, it has a certain life cycle; and this mainly because they acquire growth as well as sustainability through synthesizing new services and products, and also through the business of the persisting products and services respectively. When it comes to large corporations, they are always subjected to competition; hence it is important for them to mold their products and services accordingly with the changing business environment and trend, and the most adaptive and effective change can be bought forth by efficient entrepreneurs. The innovative and creative ability of the entrepreneur manifests best during the turning point or the imminent change.

Social Entrepreneurship

The main purpose of this kind of entrepreneurship is to develop products and services for the improvement and advancement of people and social systems. The entrepreneur of these enterprises focuses on the production and implementation of products or services that would lead to the efficiency and effectiveness of society and the environment, but also to the improvement of the population.

Similarities and Differences between Entrepreneurial Ventures

Business Entrepreneurship

The main attribute of the company is the generation of sales and profits. Since the main purpose of these companies is to generate profits and revenues, the role they acquire is also competitive. They would indulge in the production of quality products or services, or both, to win the customer segment. As explained in the Role section, the company's primary goal is to maximize revenue and profits, becoming the industry leader while maximizing market share.

Social Entrepreneurship

Social entrepreneurship is mainly oriented on the betterment of the society, people and the environment. Social entrepreneurship is to synthesize product and service for the overall betterment and improvement of the three afore said areas, and that is people, society and the environment. Through development of the effective and efficient products and services that would influence and improve the ongoing condition of the environment, people living and through this society as a whole.

Macro Environment

Macro Entrepreneurship is largely run and managed by founders and owners of large companies. Their main vision is to bring about change in the industry they set up, and to establish themselves as the market leader through increased market share and increased revenues. The business visionaries of these sorts play the job of the commander, and through this a superior comprehension of the association they are grinding away can be comprehended energetically and shortcomings. Consequently, by strategizing reasonable market and operational techniques to end up fruitful and procure pieces of the pie in the individual business. Objective is to wind up the market pioneers and effective in securing the most extreme market fragment.

Micro Environment

A small business is started and operated with few investments. When it comes to micro entrepreneurship or small businesses, the maximum number of employees would be between 6 and 11. The initial annual turnover would be 60, 000 kyats - 110,000 kyats. Despite the fact that the workspace for representatives is similarly little contrasted with the Macro entrepreneurial ventures, comprehend that these independent ventures give laborers a proficient and productive approach to obtain industry information and create effectiveness. Thus, a superior comprehension and information of the exercises, tasks and the job they have to play would drive the entrepreneur into effective enterprise. The objective is to deliver most extreme benefit inside the set up industry.

Impact on the Economy

Small businesses may not generate as much income as large companies, but they are critical to the success of our economy. They give people the opportunity to promote innovation, create employment opportunities. Small businesses most often employ less skilled workers and people with no previous work experience. This employment practice benefits the economy in two ways. First, small firms employ workers who would otherwise have difficulty securing jobs, thereby reducing the duration of transitional unemployment for these people. Secondly, employing these workers increases their productivity by providing them with practical training and work experience.

The Importance of Small Businesses to The Growth of the Social Economy

Small businesses stimulate economic growth by creating employment opportunities for people who may not be workable by larger companies. Small businesses tend to attract talents who invent new products or implement new solutions to existing ideas. Small businesses can meet the specific needs of smaller groups of customers and act as a specialized provider of goods and services to larger companies. Small businesses have a higher proportion of younger and older workers, women and part-time workers. Small businesses tend to adapt to changing economic conditions. As consumer demands change, small businesses are at the forefront of making adjustments to keep their customers happy, as large companies cannot. Therefore, customer loyalty tends to be stronger. In times of economic downturn, many consumers seek to support their local favorites more than larger companies.

The Importance of Business Start-ups to The Growth of the Social Economy

Start-ups take on one of the roles in the process of social economic growth. Business start-ups help to increase the economic activity level of a country that is needed to expand the economy to attract new jobseekers. It helps to improve a nation's technology for the future development and growth of the economy.

Starting a business can create a great deal of new jobs and contribute to the country's economic growth. It is based on innovation. The potential of start-ups stands for the health care of the economy. They are the most dynamic economic organizations on the market, giving the economic system additional dynamism and competitiveness. It also changes the values of society and brings a new attitude based on knowledge and creativity. Start-ups can lower the unemployment rate and thus increase productivity and economic growth.