Corporate Entrepreneurship and Marketing System

Question: Discuss about the Corporate Entrepreneurship and Marketing System. Answer: Introduction: Social entrepreneurship can be considered as the systematic technique based on which a particular start up organization tends to develop funds for resolving the social, cultural and environmental issues. This particular study has provided deep insight on how the concerned business experts have to face innumerable difficulties while making an effective social entrepreneur in the current market. This specific study is based on the case study of Dr. Sam Prince. This particular individual being a doctor by profession intends to form a restaurant in order to supply food to the children in school and to provide job opportunity to those persons who needs dependence for earning bread and butter. Analysis of entrepreneur traits: After evaluating the case study of Dr. Sam Prince it has been observed that social entrepreneur is possessed with some of the major traits and characteristics, which are as follows: The primary characteristics of social entrepreneurship are to resolve the social and environmental issues. From the case study, it has been observed that Dr. Sam Prince is by profession a doctor who aims to start a restaurant in order to create a job opportunity for the people of backward society. This particular organization after launching the restaurant has provided job opportunity to 170 staffs that are coming from backward class of society. In the current scenario, it has been observed that a large number of people are unable to maintain their bread their butter in their daily life (Ratten 2013). Therefore, this particular restaurant has helped large number of children by serving foods. Therefore, social entrepreneurship is very much successful to resolve social environmental issues. Mitigate risk factors and evaluate the alternative strategies The key characteristic of social entrepreneurship is to resolve the risk factors by implementing alternative strategies and policies. From the case study, it has been observed that Dr. Sam Prince is very much courageous to launch 30 restaurants more in the market of Australia. In order to maintain a balance of 30 restaurants, the business experts have to focus on some of the major factors among which the factor of economy is one of the most prominent. In order to mitigate the risk factor Dr. Sam Prince has decided to implement one new strategy. In order to run 30 restaurants with equal recognition and image, the businessperson has decided to include product diversity at the workplace (Barrett and Weinstein 2015). As a result, customers of different cultural backgrounds would like to purchase foods and services. Therefore, automatically the range of target market would be high. Social entrepreneurship is possessed with several mission and vision. The primary mission of social entrepreneurship is to resolve the issues of society rather than thinking organizational profit making. The primary purpose of launching restaurant for Dr. Sam Prince was to help the schoolchildren by providing foods and services. The profit making plans and the growth of revenue rate was not the actual vision of Social entrepreneurship. On the other hand, by recruiting 170 staff members Dr. Sam Prince has provided ample scope of job opportunity based on which people from different cultural backgrounds got the scope to earn money by applying their skills and competency (Barringer 2012). On one hand, resolving this kind of social issues is one of the most effective ways to gain organizational image and reputation. On the other hand, people get benefits and facilities form the establishment of new business process founded by Dr. Sam Prince. Focus on the customers and employees needs and demands rather than organizational profits: While establishing the entire business process, Dr. Sam Prince primarily wanted to help the society rather than make a successful revenue growth. From the above-mentioned case study, it has been observed that people the primary purpose of founding the entrepreneurship is nothing but helping the society by providing job opportunities (Bettiol, Di Maria and Finotto 2012). Dr. Sam Prince while launching the entire process of business knows very well about the risk factors of establishing restaurants in the market of Australia. Despite the issues, this particular organization has started entrepreneurship in order to stand beside society people (Griskevicius et al. 2012). Therefore, the primary trait of social entrepreneurship is to fulfill the needs and demands of customers rather than thinking about profit making. Challenges in social entrepreneur: Economic barrier is one of the most effective factors without which a business organization fails to run its service process effectively. While launching a new business process entrepreneurs do not have sufficient internal financial resources based on which the organization can establish their business (Sullivan Mort, Weerawardena and Liesch 2012). Therefore, financial barrier is one of the most important factors due to which people like Dr. Sam Prince have to face innumerable difficulties in running their business organization in the market of Australia. While making an entrepreneurship, the business experts have to take a risk while launching new products and services. At the time of launching new products, customers may not accept the products that have been launched. For an example, while opening restaurants, Dr. Sam Prince may have to face issue regarding the quality of food as well as services (Lerner, Leamon and Hardymon 2012). Therefore, business experts have to maintain product diversity at the workplace. If the customers show their reluctance in one particular product the service providers can service alternative option to the customers for fulfilling customers needs and demands. Implementing alternative strategy: In order to implement alternative strategy, the social entrepreneurs have to get a control over the monitory process (Lam and Harker 2013). With the help of limited number of capital, business organizations would not be able to implement alternative strategy at the workplace. Therefore, economic barrier is the primary issue due to which people fail to implement alternative strategy for avoiding risk factors (Nakara, Benmoussa and Jaouen 2012). However, this particular case study while implementing new strategy of establishing restaurants in the market of Australia has decided to focus on product diversity as well. As a result, the target customers have become huge in range. People from different geographical corners had showed their interest to purchase the products and services of those restaurants. The concept of social entrepreneurship implies that organization should primarily focus on resolving social and environmental issues. Therefore, business organizations cannot get the scope to make an effective profit making structure (Sol 2013). For an example, the business expert such as Dr. Sam Prince while establishing a new restaurant in Australia has decided to help the schoolchildren by delivering foods rather than thinking about effective revenue growth. Conclusion: The entire study has provided a deep understanding and knowledge about the impact of social entrepreneur in resolving the issues of cultural and environmental aspects. An effective case study has been made based on the methods of social entrepreneur followed by Dr. Sam Prince. However, the primary purpose of implementing social entrepreneur is not to start a new process of business but to stand beside those people who are backward both socially and economically. Reference List: Barrett, H. and Weinstein, A., 2015. Corporate entrepreneurship, the marketing mix, and business performance. InProceedings of the 1997 Academy of Marketing Science (AMS) Annual Conference(pp. 144-150). Springer International Publishing. Barringer, B., 2012.Entrepreneurship: Successfully Launching New Ventures, (2012). Bettiol, M., Di Maria, E. and Finotto, V., 2012. Marketing in SMEs: the role of entrepreneurial sensemaking.International Entrepreneurship and Management Journal,8(2), pp.223-248. 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