Types of Entrepreneurs

Entrepreneur Categories

• Partner Multipliers - spot effective business patterns and replicate them for profit
• Capital Aggregators - experienced entrepreneurs pool finances for a project
• Acquirers - acquire businesses
• Buy and Sell Artists - "wise guys" who turn around businesses, sell, and liquidate
• Independent Inventors - develop own products or inventions and handle marketing
• Immigrant Entrepreneurs - immigrant entrepreneurs
• Corporate Castoffs - entrepreneurs who were previously part of a corporation
• Copreneurs - entrepreneurs who work with other entrepreneurs
• Cyber Entrepreneurs - entrepreneurs who focus on online business
• Part-Time Entrepreneurs - entrepreneurs who run their business part-time
• Home-Based Business Owners - entrepreneurs who operate from home

Pros of Being an Entrepreneur

• You can control your own destiny and make your own decisions
• You can do what you love

Cons of Being an Entrepreneur

• You are responsible for your own destiny and decisions
• You are responsible for your employees and their retirement
• You are responsible for the impact of your business on your customers
• There is no set roadmap, you are figuring things out as you go

Socio-Economic Benefits of Entrepreneurship

• Promotes self-help and employment
• Mobilizes capital
• Provides taxes to the economy
• Empowers individuals
• Enhances competitive consciousness
• Improves quality of life
• Enhances equitable distribution of income and wealth

Economies Views on Entrepreneurship

• Jean Baptiste Say (1800) - entrepreneurship is shifting resources out of areas of low productivity to high productivity
• Carl Menger (1871) - Entrepreneurship involves obtaining information, calculation, acts of will, and supervision
• Joseph Schumpeter (1910) - entrepreneurship is the process of finding and promoting new combinations of productive factors
• Harvey Leibenstein (1970) - entrepreneurship means reducing organizational inefficiency

Importance of Creativity in Business

• Creativity in business inspires, challenges, and helps people find innovative solutions and create opportunities out of problems

Specific Benefits of Creativity in the Workplace

• Better teamwork and team bonding
• Increased workplace engagement and interaction
• Increased staff morale, fun, and happiness
• Improved ability to attract and retain quality employees
• Increased workplace problem solving and productivity

Components of Creativity

• Originality - the method or idea must be new and unique
• Functionality - a creative idea must work and produce results

Kinds of People Called Creative

• People who are thought-provoking, curious, and have a variety of uncommon thoughts
• People who have had important self-discoveries and view the world with a fresh perspective
• People who make great achievements that are known to the world

Energetic Qualities of Creative People

• Intelligent
• Disciplined

Creative Domains

• Discrete Processing Modes
  • Emotional
  • Congnitive
  • Deliberate
  • Spontaneous

4 Types of Creativity

• Deliberate and Cognitive Creativity - individuals with vast knowledge in a subject combine skills to achieve a goal
• Spontaneous and Cognitive Creativity - individuals use quick thinking and instinct to solve problems
• Deliberate and Emotional Creativity - individuals are emotional and sensitive, reflecting and journaling, but are also logical and rational
• Spontaneous and Emotional Creativity - individuals rely on their instincts and emotions to create

Marketing

• A complex process that involves planning and implementing strategies for creating, pricing, promoting, and distributing products, services, or ideas
• Focuses on establishing exchanges that meet the goals of individuals and organizations
• Emphasizes understanding customer needs and delivering value, which strengthens relationships and drives profitability

Five Core Marketing Concepts

• Customer Needs, Wants, and Demands - understanding the difference between customer needs, wants, and demands is crucial for developing effective marketing strategies
• Market Offerings - a combination of products, services, information, or experiences offered by a company to customers
• Value and Satisfaction - creating value propositions and delivering customer satisfaction are key drivers of success
• Exchanges - the act of obtaining a desired product or service from someone by offering something of value in return
• Markets - a group of potential customers for a specific product or service

Designing a Customer-Driven Marketing Strategy

• requires understanding the market and prioritizing customer needs

Marketing Management

• The process of planning and executing strategies to create exchanges that satisfy individual and organizational goals

Value Proposition

• A set of benefits or values that a company promises to deliver to its customers

Five Alternative Concepts of Marketing Strategy

• Production Concept - focuses on improving production processes to achieve efficiency and low costs
• Product Concept - emphasizes the design, features and quality of products - assuming consumers prefer the best product available
• Selling Concept - focuses on selling and promoting products, assuming customers will only buy a product if convinced to
• Marketing Concept - focuses on understanding and meeting customer needs and wants
• Societal Marketing Concept - goes beyond the marketing concept, considering the long-term well-being of the customer and society

Developing the Research Plan

• Essential for gathering the necessary information to make informed marketing decisions

Methods of Gathering Information

• Internet Search Engines - used for locating information on the web
• Observational Research - involves observing consumer behavior in natural settings
• Survey Research - collecting data from a sample of respondents by asking them questions
• Experimental Research - manipulating variables to test the effects on consumers
• Ethnographic Research - observing and interacting with consumers in their natural environments
• Commercial Online Databases - provide access to market research data and industry reports

Gathering Data - Two Sources

• Primary Data - collected specifically for the ongoing research
• Secondary Data - already exists and has been collected for another purpose - including commercial databases, search engines, and publications.

Final Report

• Offers an analysis of the research findings and recommendations for marketing decisions
• Helps decide whether to proceed with marketing or to conclude that it may not be viable.

Consumer buyer behaviour

• Individuals and households purchase products and services for personal use
• Understanding the reasons behind consumer choices is complex

Factors Influencing Consumer Behaviour

• Cultural Factors - culture, subculture, social class

• Social Factors - reference groups, family, roles and status

• Personal Factor - age and life-cycle stage, occupation, economic situation, lifestyle, personality and self-concept

• Psychological Factors - motivation, perception, learning, beliefs and attitudes

Culture

• The set of basic values, perceptions, wants, and behaviors learned by a member of society

Subculture

• A group of people with shared value systems based on common life experiences and situations

Social Class

• Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors
• Social class can influence purchasing decisions

Explore the diverse categories of entrepreneurs, from Independent Inventors to Cyber Entrepreneurs. This quiz covers the pros and cons of entrepreneurship, offering insights into different business models and personal experiences. Test your knowledge on what it truly means to be an entrepreneur in today's landscape.