ENTREPRENEURSHIP

Entrepreneurship



Entrepreneurship

1.0 EXECUTIVE SUMMARY

In this review, we will have to determine the relationship between Relationship Marketing (hereby we addressed as “RM”) and Entrepreneurship. RM is a topic that extensively deals with customer loyalty. The aim of RM is to make customers loyal to buy further products from the company and recommend others to do the same. It has become an essential marketing strategy that has to be used with almost all products and services today for the parent company to remain successful. Years ago, many business professors would cite the lack of working capital as the chief cause of business failure. Although lack of working capital can doom a business, but if we were to look beyond that to the primary cause of business failure, we would very likely see that it was a poorly prepared, poorly tested and poorly executed business model. Therefore, the most important question to be asked by all entrepreneurs is “How can I make my customer favour my company over the competition?”

For many small business owners or Small Medium Enterprise (SME) may have been well planned or may have been influenced by factors outside of individual's control. All business owners must possess traits that will also set them aside from other employees, competitors and contemporaries. In many cases these groups may enjoy a comfortable life, but may be totally dependent upon the extraordinarily successful entrepreneur from whom to leverage as the basis of their own existence. The successful entrepreneur will be amongst the group that will provide the business success that others will yearn for and will seek to be an outstanding leader in his niche. In order to be a successful entrepreneur, it must have qualities far beyond any technical expertise in the proposed product or service. The road to success will include many occasions when change within the business will be necessary. New products, new services, new plant, new employees will be introduced during the life of the business. In many instances the entrepreneur will initiate such change, and must ensure all associated project work is planned and executed to meet the aims of the business.

Indirectly, RM is claimed to be more successful to be implement by small business owners or SME as relationship is utmost important for the entrepreneur to achieve their target. This is because by practising a good RM, they will be able to develop a good relationship with the supplier to get the best deal with limited capital and resources. In another way, it will also help the entrepreneurship to get better offer to enable them to introduced new products and new services. As small company have better control over its company management enable them to provide the best services to its customer enable them to give a good impression to the customer and at the same time create customer loyalty. In short, RM become one of it best strategy to ensure that they get the best deal from its supplier and also the best weapon ...