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Classes of Entrepreneurial Marketers

The core thrust of entrepreneurial marketing emphasizes aligning entrepreneurial thinking with forms that are suited to medium and small-scale enterprises (SMEs). However, the broader thrust of entrepreneurial marketing is more attuned to the reality that a lot of small businesses, even medium-sized ones, do not have sufficient means to use the existing marketing practices they have access to. Sometimes, this lack of expertise or exposure creates unforced errors as sales and marketing activities are undertaken by entrepreneurial marketing initiatives.

These businesses could end up being under-served by their existing marketers, with potentially harmful consequences.

Strategic Entrepreneurial Marketing (SEM) is a form of entrepreneurial marketing that places a strong emphasis on applying value creation through resource leveraging and venture formation.

Resource leveraging refers to using existing assets to add value to the company while avoiding dilution of ownership interest. For many entrepreneurs, resource leveraging is a vital component of their everyday business activity.

For others, however, it may be relatively easy to apply such principles practically anywhere.

Entrepreneurial Marketing is a term open to a wide range of approaches. Like those developed by David Norton (the author of Smart Marketing), some entrepreneurial marketing strategies may seem overly simple, even straightforward.

Yet, they represent the cornerstone of entrepreneurial thinking because they lay the groundwork for several advanced and useful techniques.

Strategic Entrepreneurship, meanwhile, views entrepreneurs as people with a special mental makeup who are sensitive to the needs of other entrepreneurs. David Norton, for instance, believes that entrepreneurs possess a special mental makeup that enables them to perceive and respond to the concerns of other entrepreneurs.

According to him, one required method of improving the conditions of entrepreneurial marketing is to cultivate relationships with those you influence.

In contrast to the view that entrepreneurial marketing involves little or no interactions with other individuals or businesses, other views stress the importance of interaction.

For instance, Jack Collins, author of Think and Grow Rich, relates the tale of how he was convinced to eat a commercial potato chips diet by having a conversation with an acquaintance who had recently lost a leg.

Rather than rejecting the suggestion outright, Collins continued eating the chips despite his pain. Another person, whom Collins knew, ate some of the same chips but felt better for it, and he shared those chips with his friend.

In his book, Strategic Entrepreneurship, Collins refers to an entrepreneur as “magicians,” saying that they can “invisibly” influence the market by changing their perception of risk and threat.

For example, some entrepreneurs perceive a large potential loss as minor and should not bother investing money in a venture. Yet, when this same entrepreneur invests money in a venture, he sees significant risk and thus continues to invest regardless of the outcome.

Similarly, suppose you “want” to make a profit in entrepreneurship. In that case, you need to change your thinking and commit to taking risks to succeed.

The fourth and final group of people that Collins believes are true entrepreneurs include marketers.

Marketing, he notes, “is one of the most important parts of entrepreneurship.” Marketing entrepreneurs “actively seek new opportunities to make money,” according to Collins.

They also set the tone for the entrepreneurial marketing process by researching “startup companies” and setting the tone for the entrepreneurial marketing strategy through “road Shows and trade shows.”

All four groups of entrepreneurs that Collins identifies are important in the entrepreneurial marketing process. However, he emphasizes these groups deserve much more attention than they currently receive from entrepreneurial marketing professionals.

In fact, he recommends that entrepreneurs “reject the old wisdom of traditional marketing and instead embrace the spirit of freedom, creativity, and individuality.”

He does, however, recommend that new entrepreneurial entrepreneurs use traditional marketing techniques as a “gateway drug” to open the door to entrepreneurial marketing.

Classes of Entrepreneurial Marketers

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Classes of Entrepreneurial Marketers

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