Growth and development of contemporary business, production, and organization hang on entrepreneurship, intrapreneurship, and formulated marketing. Entrepreneurs are investors who start their businesses and have the speculative ability to identify business niches and value. Entrepreneurials are characterized by taking high financial risks for business startups and investments. Alternatively, intrapreneurials are people who act as entrepreneurs working for organizations to pursue initiatives and innovation of products and services. They focus on how organizations can create value using their analysis and creative skills to select the best ideas and innovations (Aparicio et al., 2020). Formulated marketing is used to define organizations’ marketing goals and objectives by combining marketing tactics and channels to precisely match a small business’s needs.
Entrepreneurs bear the advantage of being their own bosses with flexible schedules and autonomy. Additionally, entrepreneurs have a chance for continued growth by developing careers that align with their interests and collaborating with like-minded people (Aparicio et al., 2020). They contribute to national productivity by providing job opportunities and creating new businesses and markets. However, entrepreneurship is challenged by the high risks of losing money and bankruptcy, low returns in the initial investment days, and the high demand for working time. Intrapreneurship has increased profitability, low risk is involved, and ideas can be implemented faster to improve innovation and creativity. Intrapreneurial support the strategic direction of an established company.
Even so, intrapreneurs are challenged by conflicts relating to strategies, leadership, and resources within the organization. Formulated marketing is strategically focused on the customer to facilitate the widening of the market, raise living standards, accelerate other production and processing activities, and increase the national income. The greatest downfall of formulated marketing is the high investment, attention, and research needed before starting. Stiff competition motivates organizations to differentiate their strategies, products, services, and business models from rival businesses. Greater competitiveness between organizations also promotes research and innovation to better the quality of products and services.
Reference
Aparicio, S., Turro, A., & Noguera, M. (2020). Entrepreneurship and intrapreneurship in social, sustainable, and economic development: Opportunities and challenges for future research.Sustainability, 12(21), 8958. Web.