Marketing & Entrepreneurship Essay Example | Topics and Well Written Essays - 3000 words

Marketing & Entrepreneurship - Essay Example Economic Factors Marketing management This is an important factor that constitutes to business success. An existence of an enterprise implies that there must be market for its products. Despite the competition from other producers an entrepreneur ensures efficient marketing skills to make profits. Effectiveness in product marketing is an important factor hat has to be put in consideration in any business enterprise. To enhance business success in marketing management, small scale business link up with both large and medium business enterprise. This linkage facilitates their supply of products hence it becomes easier to market the products. Production management For every enterprise to succeed, their must be a proper management in the production sector. The enterprise should have a well established source of raw materials. The cost of raw materials together with the cost of production should not exceed the cost of sales. A successful enterprise is one that always reaps profit from its sales. The department of production in any business must connect with the marketing department so as to ensure every item that is produced has direct or indirect market. Financial management Financial gain is always the driving force in any entrepreneurial investment. Therefore management of finances is a very important factor in any business enterprise. ... Therefore it can be argued that it is the financial capability of every entrepreneurial activity that measures its strength against the other as suggested by Ernst (2005, 165) Personnel management The department of the personnel is another factor that determines the success of any business enterprise whether small or large. Personnel management coordinates all activities related to workers in an organization. Its contribution to the business success is through how it handles the welfare of the employees. Offering the best to the employee in terms of salary, enough time limit of work and other incentives increases their motivation to work. The more motivated the employees are the more they increase production hence large sales. The increasing in sales indicates increase in profits and the business enterprise is said to be successful. Another factor relating to entrepreneurial success is the personnel skills and knowledge. Employees who have the necessary skill are capable of leading t he business to success. Political Factors Any business entrepreneurship occurs within a particular framework or political governance. Some of the political factors that affect business enterprise include: Political environment The political environment surrounding a business enterprise determines its operation and success. The current economic structure of the country may adversely affect the success of the business. For instance incase of an inflation the entrepreneurship is not likely to succeed. Favorable government incentives like loans to starting entrepreneurs, motivates them and they are likely to succeed. The economic strategies passed by the government such specialization on the area of production