How do you manage your small business like an entrepreneur? Actually, it is easier to manage small businesses with an entrepreneurial emphasis. Large business behemoths tend to become bureaucratic.
This page comes under the section Small Business Management.
That brings us to the question: What is entrepreneurial business management?
The short answer is that entrepreneurial is how an ideal entrepreneur would go about managing a business.
A true entrepreneur does not try to imitate an existing business. Most startups are "me too" businesses. Someone sees a business operating successfully, and thinks he or she too can succeed by starting the same business. To them, starting a business is nothing more than assembling facilities and opening the doors.
The entrepreneur sees things differently. This person knows that effective marketing is the key to small business success. And that marketing can be most effective when catering to an unmet need.
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The person who opens the first grocery store in a suburb is an entrepreneur. All those who come later, unless they have something new to offer, are me-too followers. However, if a new store offers something not offered by existing stores, something that the community needs, then it would indeed be an entrepreneurial small business.
We can say that an entrepreneurial small business will offer something new. This can be something that consumers already know about and want, or it can be something really new. In the second case, the entrepreneur will create awareness and demand.
Bringing a new product or service into the market alone will not make it an entrepreneurial business. Inventors of new products can fail to market what they invented.
An entrepreneur will evaluate an invention for its marketability. Does it cater to a commonly felt need? Or can a need be created to market it? How can it be marketed? The entrepreneurial small business might even evolve innovative ways to market existing or new products.
Entrepreneurs are hard-nosed businesspersons. They will know what benefits to emphasize, which segment of the population constitutes prospective customers and how to sell to them. They know the prejudices and weaknesses of their clients, and how to cater to these.
At the same time they know that selling useless products will not create a growing business. At best it will be a fly-by-night operation that does not do justice to real entrepreneurial talents.
Marketing flair is not the only thing that goes into an entrepreneurial small business. By itself, the flair cannot do much. You need a product or service that consumers are willing to pay for.
A small business has to organize delivery of the product or service on terms acceptable to the customer. It must be acceptable in terms of quality, in terms of price and in terms of convenience to buy. These demands require planning and organizing a lot of things.
You have to find money first to organize production, marketing and delivery till your sales begin to bring in sufficient cash. Hence the entrepreneur must also secure needed funds to organize all the requirements.
When marketing flair, commonsense, realistic planning and organizational skills join together, we get an entrepreneurial small business.
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In today’s workplace, job security is like carbon paper–a relic of the past. But if you take a careful look you’ll discover this is good news. The radical shifts that are reshaping the American economy invite you to redesign your work and create a career path that matches your passions and interests, as well as your expertise. More than ever before, successful workers need to draw on their creativity, relational skills, and entrepreneurship
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