Key Features Of Successful Entrepreneurship

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Evaluate the key features of successful strategic entrepreneurship drawing on real cases and examples. Entrepreneurship is a journey, where a person develops a business from the ground level, right from coming up with a business idea and facing all the hindrances and risks and financing it and turning it into a Profitable entity. It just doesn’t end with this, it involves continuous research and recognizing right opportunities and investing on the best ones. Any person who takes up this journey is called as a Entrepreneur. There are many functions which an entrepreneur should perform in order to make profits, some of them are Planning, Organizing, Staffing, Controlling and Identifying Opportunities. There are different types of entrepreneurial…show more content…
Differentiation Strategy: Under this strategic approach the company aims at developing and marketing unique products for different customers groups, the key features of this strategy is that it enables the company to supply its customers with products which are unique and are enables with different new features and not just low price it can be priced high as well when the company is willing to offer high quality products and products of high standards, basically the main feature of this strategy is as the name says it just tries to differentiate itself from other. In contrast with this strategy I would like to take the example of Nike, as we know it’s considered as the premier athlete supplier for athletes, its products include performance clothes, athletic footwear, workout clothes and athletic and gym accessories such as headbands, gym balls and more, here Nike’s strategy was that they offer high quality products where customers will be willing to pay a higher…show more content…
• Vertical – DeBeers formed a strategic alliance with Tiffany & Co. • Geographical – Carrefour expanded into Asia. 4. Think Mobile First: This is one of the latest strategies adopted by most of the startups which dream to grow big as they strive to connect to their customers through websites, Mobile Applications , Beacons , QR Codes and more. Because of the technological advancement and help of internet information spreads faster and makes sure it connects the company with its customers and updates them. For this strategy I wouldn’t want to take any particular company as a example as almost all the new start ups are using this strategy as they wouldn’t want to lose out on their customers. Conclusion: I would like to conclude that strategies are very important for any business, it guides the organization in the right path, and it helps the organization in setting their Goals and formatting their organizations structure as well as helps in implementation of their plan and finally achieve their

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