Investors grow wealth on gold coin stack chart by Michael Brown - Stock Photo Entrepreneurs do three things: they turn ideas into businesses, they create new jobs, and they provide wealth.  Among the three entrepreneurial roles, providing wealth for society is the least understood.  While it is true that entrepreneurs like Steve Jobs, Bill Gates, Larry Page, and Sergey Brin have become very rich.  However, the fact is that they have only taken a tiny fraction of our wealth (less than one percent) for themselves as compared to the wealth they have created for the society.

Creating wealth versus giving wealth away

Entrepreneurs are not philanthropists—although they can be.

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5 Economic Contributions.jpgEvery entrepreneur is imbued with genius and the ability to execute with great precision and efficiency.  In a consumer society like ours, entrepreneurs pave the way to economic growth and national prosperity.  From food products, to entertainment, to technology, entrepreneurs are the pillars of our country’s economy.

If we are to continue to grow as a nation, we need an economic structure that serves to stimulate a financial process that follows through toward improving the lives of individuals in our communities and society as a whole.  This is where entrepreneurship comes in.

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Sabotage.jpgIs your marketing campaign connecting you with the right prospects?  If you are unable to adequately create value for both your customers and your business, it’s time for a strategy makeover.  Oftentimes first-time entrepreneurs focus on what they must do but fail to avoid marketing mistakes.  Overall, the impact of fragmented marketing oversight can easily cost your business thousands of dollars.

Below are 5 little-known factors that could undermine your marketing efforts.  Learn to spot these mistakes early on and correct them before they turn into a disaster.

#1: Too much emphasis on strategy
Too much strategy without concrete implementation can kill your business.  While having a sound strategy is good, bear in mind that marketing is more of tactical rather than strategic maneuver.  As a marketer, you should be paying attention to your two most important responsibilities:

  • To generate or sustain qualified sales leads
  • To make it convenient for customers to buy.

Once you have outlined your general strategy for implementing the plan, the rest is about tactical execution.

#2: Ignoring the emotional side of marketing

It takes a lot of serious rational thinking to create a successful marketing plan.  Plotting a tactical marketing maneuver or determining budgets is a left-brain exercise.  However, if you think you can use logical reasoning to convince prospects to buy, you are gravely mistaken.

Consumers are an emotional lot.  They seldom, if ever, use logic when making purchase decisions.  What you can do is try to inject some emotion into your branding efforts.  Use emotion to truly connect with them on a deeper more personal level.

#3: Marketing a bad product

Overconfidence sometimes gets the better of entrepreneurs.  When they have a bad product, small business owners tend to assume that good marketing can somehow fix the problem.  Well, guess what?  The more you hide a product’s flaws through marketing, the worse that product is perceived by potential customers.  Besides, forcing a bad product into the market is one of the fastest ways to lose your credibility.

What you should do is channel all your energy into fixing the substandard product.  Until you have a product that’s the best in its region and segment, or is unique enough to stand out from the rest of the competition, you shouldn’t even be thinking about marketing.

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Jobs word and business man by fuzzbones - Stock PhotoWe live in tough times.  Money is hard to come by, and opportunities for employment in larger companies are diminishing each year.  Despite widespread government intervention, layoffs continue to mount.  However, we are left with a few good reasons to maintain a positive outlook.  Here is one of them: As long as entrepreneurial people walk this planet, jobs will be created!

The important role entrepreneurs play in job creation

Entrepreneurs are an indispensable catalyst for change in a market economy.  They stimulate and support the efficient use of resources that bring parties together that otherwise would have conflicting interests and preferences.

In a country with a population growth of three million a year, a high degree of entrepreneurship will help to soften the impact of the economic crisis.  As older, larger companies continue to reduce their workforces, young entrepreneurial start-ups are creating new jobs and new advancement opportunities.

Throughout the country, these entrepreneur-led small emerging businesses are hiring and training a new workforce to help them bring forth innovative products and services.  Of the three million jobs that are created in the United States each year, almost all of them were created by small entrepreneurial businesses!  This year-in, year-out job creation is the reason why entrepreneurs are such an important agent for economic growth.

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Innovation by Aleksandr Korablin - Stock VectorSince man’s early beginnings, the entrepreneur has taken on many different roles and characters to address the various needs of the marketplace while helping to improve the society in which they live.  One of these roles is that of the innovator.  The entrepreneur/innovator exploits new concepts and methods leading to the birth of new products, services, or processes.  However, their more important contribution is in the actual introduction of these innovations in the market.

In other words, the entrepreneurs' creations eventually result in new products, services, or processes that add value or enhance the quality of life which benefits people and society as a whole.

Four major types of Innovation:

  • Product Innovation – pertains to the creation or introduction of new or considerably improved products or services.
  • Process Innovation – refers to the development or creation of a new or a greatly improved delivery or production methods.
  • Supply Chain Innovation – happens when innovators implement or introduce a system or device that significantly improves the chain of processes from raw materials to finished products. 

  • Marketing Innovation – means the discovery and implementation of new marketing methods that highlight improvements in promotion, packaging, product-design, or pricing.  It reflects how a specific industry is adapting and changing in the face of new technology and communication media.  This type of innovation is aimed at retention of existing customers as well as attraction of new customers.
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