Small business manufacturers are a key component in CREATING NEW JOBS and I have written this article for the masses, not just for those with advanced business degrees, to help all readers understand its significance. Leadership often overlaps management in meaning. >From the following example, Yunus created banking and lending facilities in Grameen specifically for the poor villagers. Banking and lending money activities are not new but Yunus was the first to provide such facilities in a rural part of Bangladesh and that is definitely innovation and risk-bearing on his part as a social entrepreneur. In short, innovation need not arise mainly from a new product or service but it could be an old product or service finding a new market for penetration. Finally entrepreneurship is about failure. An entrepreneur as a person who is willing to fail. Fascinating but true. Think of the great success stories and the paths to success have been strewn with failure. I’m thinking of Sam Walton the founder of Wal-mart who famously had a difficult and bumpy ride to success and who is quoted to have said “Commit to your business. Believe in it more than anybody else”.
Most entrepreneurial failures are due to the inability of the entrepreneurs to effectively distribute and manage funds. For example, an entrepreneur needs to acquire knowledge on financial management issues like anticipation of financial needs for the enterprise, fund raising sources, cost of raising fund from external sources, acquisition of funds, allocation of funds in order to yield optimum result business plan through identification and maintenance of correct proportion of the firm’s finances in areas of savings, insurance and investments policy of the enterprise. Here Starbucks is executing its global marketing strategy to perfection. It’s promoting its hugely popular PSL product range, but offering a range of creative and messaging to help local marketers to tailor the message to their audience.