Banking and marketing as entrepreneurship

Posted: 22nd August 2019 09:11

The word entrepreneur stands for an individual who wants to set up any kind of business, which is often initially a small business but entrepreneur takes a financial risk in the hope of profit. This is the main concept of the entrepreneurship to startup a new business. But, Stevenson's defines the entrepreneur as a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so, which is mentioned in Oxford English Dictionary as well. The entrepreneur is an innovator who gives so many ideas, services, and business/or procedures. He plays main role in any economy. A good entrepreneur is who has qualities of a leadership, who has a goal in his life and an urge to meet that goal anyhow. An entrepreneur should be disciplined towards his work, confident, self starter, competitive, strong people skills, creative, and last but not the least determination. A successful entrepreneur has all these qualities to achive his goals. Entrepreneur of the year in 2018 UK overall winners, Mohsin and Zuber Issa, Co-CEOs of EG Group, who will represent the UK at EY World Entrepreneur of the year in June 2019 and the 2018 UK category winners. There are few examples of well-known entrepreneurs including Bill Gates, Mark Zuckerberg, Steve Jobs and Caterina Fake, etc. In the modern era there are many options for an entrepreneur to start a new business whether it is online or offline. Online businesses like casino, poker, travelling portals, online portals etc. are being very popular these days and offering various signup or welcome bonuses like genting casino promotions. There is a huge contribution of banks in the growth & development of entrepreneurship. Commercial and specialized banks always play an important role in the growth and development of entrepreneurship. Apart from providing financial assistance, banks also give valuable inputs to support and promote their enterprise. If we talk about entrepreneurial marketing, it is best defined by the types of companies that use it. The easiest way to identify an entrepreneurial marketing effort is to look at the company doing the marketing. Start ups and emerging companies use entrepreneurial marketing to help establish themselves in emerging industries. Here is a brief about marketing and banking as entrepreneurship.

1. Marketing:
In many ways we can talk about marketing but it is basically a business which is based on customer needs and their satisfaction. In other words, marketing is to know about the demands of the product and fulfill the costumer’s needs. A single consumer market demand can give rise to hundreds of business market demands. The most common features of entrepreneurial marketing include innovation, risk taking, and being proactive. It campaigns try to highlight the company's greatest strengths while emphasizing their value to the customer. Focusing on innovative products or exemplary customer service is a way to stand out from competitors. They make this pitch using cheap and accessible tools including viral videos, Tweets, Facebook pages, and email marketing. Any and all marketing strategies can be considered as long as they produce results. Entrepreneurial marketing plans are based on input from every aspect of the company from production, to finance, to personnel. In order to succeed, start-ups should work in a coordinated way to use their resources as efficiently as possible. Marketing decisions must reflect the real world circumstances facing the company.
2. Banking:
Banking business means the business of receiving money on current or deposit account, paying and collecting cheques drawn by or paid in by customers, the making of advances to customers, and includes such other business as the Authority may prescribe for the purposes of this act. Bank makes more money when they make a loan. New loans throughout the banking system generate new deposits elsewhere in the system. The money supply is usually increased by the act of lending and reduced when loans are repaid faster than new ones are generated. In the United Kingdom between 1997 and 2007, there was an increase in the money supply, largely caused by much more bank lending, which served to push up property prices and increase private debt. Not all the entrepreneurs are from a sound financial background. Most will need initial loans on reasonable interest rate in order to generate capital to start their venture or enterprise. It is self-explanatory but without funds, entrepreneurs cannot grow and this is where banks, particularly commercial banks play a significant role in the lives of entrepreneurs. Once an enterprise or business is set-up, then comes the important part, funding the cash cycle.