Could you be an Entrepreneur Essay Example | Topics and Well Written Essays - 2000 words

Could you be an Entrepreneur - Essay Example These people are still alive in history, in their inventions and in the hearts and minds of the people, and they continue to inspire many people. However, the dark side of entrepreneurship is that not all people make it to level where they earn a place in the history. In fact, statistics reveal that more than half of the small businesses fail in their first year of business. Furthermore, the bankruptcy fillings have been increasing over the past few years (Keister, pp. 19-23, 2005). This paper is an attempt to explore the reasons of the same. The paper would present the reasons why majority of the entrepreneurs fail to manage their growth phase and what allows entrepreneurs to do the same with effectiveness. Discussion Following are some of the reasons why entrepreneurs fail to manage their growth. Growth Strategy One of the biggest issues entrepreneurs face once they have overcome the inertia of business is the absence of a clear strategy. Most small businesses are opened based on i ntuitions, advices of colleagues, peers, family and friends, raw data, assumptions and others. Furthermore, since most entrepreneurs want to make it simple, they do not plan things extensively, and just allow things to â€Å"let happen.† Entrepreneurs prefer their business to be a rollercoaster ride rather than planning and strategizing like other businesses do (Kuratko, pp. 287, 2008). However, once they get going and enter into their growth phase, they fail to understand that the reactive approach, unplanned approach, uncalculated, intuition based strategy is less likely to work. When a firm grows, it is exposed to the market competition and other competitive forces like that of buyer power, supplier power, threat of new entrants, and threat of substitute products. When a firm grows, it catches the attention of many competitors and rivals, which had previously avoided the entrepreneur as posing no threat (Audretsch, pp. 23-43, 2002). Therefore, the point is that while growi ng, an entrepreneur has to choose a clear and well-defined growth strategy (Bygrave & Zacharakis, pp. 78-79, 2010). Now successful entrepreneurs are able to understand that there are only three types of four distinct types of growth strategies available for the firm. These are ‘penetration strategy, product development strategy, market development strategy, diversification strategy’ (Crane & Meyer, pp. 112-115, 2010). Penetration strategy calls for operating in the existing market with the existing product. The idea here is to increase the usage of customers by encouraging them to buy more of the same product. The same can be done with the help of marketing, promotional offers, little modifications in the product and others. Important here to note is that the entrepreneur would not look to target any other customers, segment or try to take away share from other competitors (Crane & Meyer, pp. 112-115, 2010). By pursuing a market development strategy, the entrepreneur tr ies to reach out new geographic, demographic, psychographic, and other markets and segments for its existing product. Moreover, it is also possible to pursue a market development strategy by communicating a new use of the product thus increasing the customer base. Successful entrepreneurs may also go for product developme

Public Relations Theory and Practice Essay Example | Topics and Well Written Essays - 1250 words

Public Relations Theory and Practice - Essay Example Since the study of organizations is to a large extend theoretical in nature, it is inevitable that we consider the nature and function of theory. Public relations as an example of a theory play a key role in establishing how individuals in an organization communicate and relate to one another (Middleton, Kent & Chamberlin, Bill. 1994p.36). Public relations can be learnt in the context of real-world happenings for example through analysis of events that are happening and discussing them. It can also be learnt through consideration of stories that have been successful and also discussion of unethical practices. Leaning of public relations helps one to develop very good interpersonal relations and hence be able to grow very well in careers such as information and management. Press secretaries, communication specialists and information officers are the specialists of public relations of the government (Middleton, Kent & Chamberlin, Bill. 1994P.205). Their work is to provide the government with the information about the activities of its agencies as well as officials. For example a specialist in the public affairs or a specialist in communication seeks to provide information to the public on travel advisories. Public relations theory and practice has a process which involves four steps and it has a very critical role in ensuring that mass media messages are produced in plenty. Research is a very important tool in an attempt to know the programmes and as well as actions of public relations (Pinsdorf, Marion, 1986P.76). One must know the ethical, moral and legal considerations of public relations as well as understanding the opinions that the public has, bearing in mind the difference between persuasion and propaganda. The British perceive this practice of the EU of having few children due to use of family planning methods negatively over the age of 50s. In Britain, there is a coordinated and a more centralized way of implementing progressive retirements, something which the British over 50s have a negative attitude to. In the EU decentralized and sectoral agreements are used to implement progressive retirements, something which the British over 50s perceive negatively. Britain is very strong economically and has much job opportunities, as opposed to EU. Therefore, it has a negative attitude to enhancement of public relations since this means that the EU institutions will be benefiting from its' resources. Britain is very stable economically as opposed to the EU and EU institutions and hence promoting public relations among the British over 50s and the Europeans will mean that the British will be out-sourcing its' fund to the Europeans and the European institutions. This makes the British over 50s to have a negative attitude over the development of public relations between them and the Europeans. In addition, Britain enjoys a very strong defense system which the British over 50s don't like it to be shared with other countries and institutions outside for example the European and the European institutions. This is also a reason as to why the British over