According to Kyle (2006) the basic marketing processes in an entrepreneurship are:
1). Analyzing the customers and the business environment in order to
2) identify key opportunities to better and more profitably meet customer needs,
3) figuring out how to act on those opportunities, and then
4) implementing your plan.
Analyzing customers and business environment means identifying your target market, knowing their buying patterns and other pertinent information and also knowing the competition since they form part of business environment.
Identify key opportunities to meet customer needs. Once the market is identified, know the needs that the company can cater to.
Figure out how to act on opportunities is finding ways to explore and exploit these opportunities and translate them into profits.
Implementing the plan means carrying out or executing the plan in the course of doing business.
Rewards of an Entrepreneurship
Running a business is truly rewarding and interesting career. For one, you learn so many things in running and managing a business. At the start of a business endeavor, it is common to see the owner involve in all aspects of business operation from marketing to accounting. The knowledge one gains from this experience is truly invaluable.
Running a business also helps a person to acquire or enhance good qualities such as hard work, ability to deal with people, resourcefulness, leadership, patience and many other desirable traits.
Business will also expose one to several people and business organizations. In the course of running a business, social interaction is always a necessity. Meeting people from all walks of life and becoming acquainted with various corporations are but a few of the privileges one enjoys as a businessman.
Being a business person truly makes one well-rounded. It will expose you to a number of challenges and opportunities. Everyday you get to handle different situations. There is no dull moment in business.
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