Global Entrepreneurship and Innovation Assignment Sample
Introduction
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Social media marketing has been the latest segment of marketing that has a huge potential to drive traffic to online and offline stores of a business. Social media is a platform where internet-based applications work for integrating humans from different locality, background, and culture together to connect with Web 2.0 and accelerate the exchange and creation of user-generated content. Entrepreneurs have considered this platform as one of the most lucrative means of marketing as well as forecasting demand and trends (Nambisan, 2017). Over 50 million entrepreneurs use platforms like Facebook and Instagram for advertising out of which 2 million use it for directly connecting with their customer base. There are several reasons to use social media platforms for marketing and one of the major reasons is its integrating power.
With digitalization, businesses have explored means but are also prone to cyber risks such as data theft, virus attacks, and criticism. While the former risks are technical issues, the latter one is solely related to the strategies used by marketing management. Social media marketing is not a new concept but its potential is yet to be exploited to the full extent (Dwivedi, et al., 2020). Innovation in marketing is lucrative and can lead to evolutionary change in the market. Social media is impactful and people here are more informed and specific about their choices than before. With the help of digital tools like SEO, personalization, google ads and traffic tracking social media marketing has resulted in enormous success (Nambisan, 2017).
Challenges for entrepreneurs in Social Media Marketing
The most daunting activity is to develop a strategy to use the platform wisely and lucratively. The goals of social media marketing are different from that of offline marketing. An entrepreneur needs to assess the goals and objectives more specifically by using the SMART acronym. There are multiple metrics available online to evaluate the performance to align it with the standards set in the planning process. Social media audit is a process to be involved in social marketing strategy (Nambisan, 2017).
Complexities exist in Measuring Social Media ROI. Though many tools have developed over some time to assess the traffic on the website of the business and determine how much percentage of this traffic converts into potential buyers, assessing the returns from per post on Twitter and Instagram is still a far cry. However, these platforms can be useful in creating a position of the business in the market by creating a brand image and connecting on a more personal level (Dwivedi, et al., 2020).
Choosing the most suitable social media platform can also be a cumbersome task. For instance, to advertise jobs, LinkedIn is the best platform. Similarly, to advertise beauty products, Instagram, is one of the most beneficial platforms and to advertise a service, YouTube can help an entrepreneur.
Improving organic reach has evolved as a concerning issue due to the rising competition on these platforms. Over 95 million photos and videos are posted online every day and 500 million tweets pop up on Twitter every day. So, to make an advertisement for the business stand out in this enormous crowd is a nut-cracking job. Innovation and creation can be used along with the social media management tool (Bhandari, and Bansal, 2018).
Compliance with the rules and regulations of online platforms is also challenging, especially when the person or marketer is unaware of it. For businesses dealing in alcoholic beverages, healthcare, government, and financial institution this can be relatively more complicated (Ferreira, Fernandes, and Kraus).
Inconsistent posting is another problem that can drain the performance of the social media marketing strategy. When the business is new and still exploring its potential on social media sites, this can be a major drawback in connecting with the customer base (Bhandari, and Bansal, 2018).
Maintaining the quality of the content of each post can be a real struggle for the marketing team. Therefore, content must be wisely curated to maintain a resilient presence on online platforms.
Reaching the targeted consumer base is also a hurdle as the online platform is shared by an enormous segment of the world that dilute the target base of the respective business. To locate the potential buyers is more difficult than being visible to them. The strategy must aim at being visible to a larger segment of the market through effective tools (Keegan, and Rowley, 2017).
Social media is a very sensitive platform where many strategies have outperformed and many strategies have drastically failed. The dynamism of the environment and dealing with human behavior can make or break the performance of social media marketing strategy in entrepreneurship. Innovation and creativity are a tool to evaluate and exploit the potentials of social media platforms (Dwivedi, et al., 2020).
Micro-enterprise
Business Idea: 'Beehive' is an integrating C2C business that aims at providing a platform for consumers to create and sell their products/ services and Ideas with other members at the best price by efficient negotiation and bargaining. The products that can be offered vary from simple handmade cards to technical gadgets.
Objective- the main objective of this business is to promote innovation and creativity in every household and provide a means to earn from this creativity. This business focuses on linking the creative minds to offer their value creation to the world and receive orders to challenge their ideas.
Vision- creativity leads to development and this business sees human beings as a resource to create value rather than just potential buyers. Every household must be able to build in their home, creative minds.
Mission- the mission of the business is to attract young minds towards innovation and give them the means to earn through their innovation.
Innovation
Innovation is not always technical, to innovate new means or create new goods that are of some value for someone in the world or our locality is a wonderful way to connect and serve. Social media is a great way to assess the potential in small innovative means. Instagram created reels after the success of TikTok is a good example of realizing the potential of social media (Keegan, and Rowley, 2017). Colorful jute bags, personalized handmade cards, petty gadgets, and art pieces. The marketing ways have evolved and businesses have shifted their focus on social media platforms for their marketing purpose. There have been some challenges that are faced in social media marketing which are addressed by the business are opting for a perfect social media strategy that should be connected with overall business goals, understanding the customers, the perfect time when the content should be posted, and how to retain the customers (Dwivedi, and Weerawardena, 2018). Although there are challenges in the digital way of marketing. The concept of the business and the strategy used has helped the business to deal with the challenges. Innovating strategies to attract the online audience is a complex but engaging task.
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As the business is based on the C2C model wherein the objective of the business is to link different customers located in different parts of the world together for business (Leeraphong, and Papasratorn, 2018). We have seen that the turmoil situation of the pandemic has made the lives of people upside down leaving many of them unemployed and depressed. So, to deal with the situation the business was developed with the idea of people helping people in a different way by which we will be able to create employment opportunities (Sukrat, and Papasratorn, 2018). The people will be motivated to help each other by providing products that are demanded by other people. Keeping in view the current situation of the pandemic, the producers and customers both need not go to any physical place for work. Though there would be an office. The access of people on social media has been increasing and also the time they spent. keeping that in mind, we have created a business where they can use the platform in a better way to earn money. This is not only going to provide them with employment but would help them to deal with the stress that the pandemic has gifted them with. One of the biggest advantages of this business would be that it is not based on the degrees or the age of the employee but on the creativity and ability of the producer to create what is demanded. Therefore, the business is not confined to any particular group but anyone who can work with the utmost dedication and creativity (Keegan, and Rowley, 2017). Through the medium of this business, social platform users would be able to productively employ their time. This would also help in the country's growth and increasing its Gross Domestic Product. In this way, the business will be able to create more jobs and fulfill its social responsibility. The business focuses on opting for the right strategy that can be connected with overall business goals. Also, it has been kept in mind to use a different strategy for different social media platforms so that maximum customers can be reached. The marketing team keeps in mind that the content that has been posted should be unique so that it can attract more customers and encourage the other customers who can be potential producers to create that could be sold (Bhandari, and Bansal, 2018).
Executive plan
The business will be conducted online and will be operated with the help of the C2C model. This model will enable the customer to offer and buy directly by contact with another client (Leeraphong, and Papasratorn, 2018).
First, a website will be created that will be easy to navigate and will be accessible via different gadgets. The website will have different sections like help care number, buyers' section, products section, selling option. Initially, the website will be free to use and all the transactions will be free of cost. When the business will start picking up, a minimal transaction fee will be charged as brokerage (Dwivedi, and Weerawardena, 2018). The innovative goods will be showcased on the home page to attract buyers. The business is based on the C2C model wherein the potential producers and customers are genuine as they will be fulfilling the demands of each other (Sukrat, and Papasratorn, 2018). After a few months' services will be rendered by the clients themselves like assisting in developing new products and clients can form teams. Social media will be used to showcase the bestsellers and promote innovation by holding contests. Digital Marketing Strategy will include posting on platforms like Instagram and Facebook. Friday and Tuesday will be the weekdays to post the best performing products and paid promotions will be done on YouTube on DIY channels.
Videos will be posted of some of the items that can be made at home. The website will be linked with the Bio in the account of Instagram and Facebook so that people easily reach the website (Bhandari, and Bansal, 2018). The transactions will be secured by the way of firewall and security software. The servers will enable the smooth processing of transactions. The delivery of the product is charged by the business and it will be the choice of the creator to include it in the bargaining price or not. The prices of products will also be managed by an operator to assist the creator to set the value for their creative item. The target should be increasing more and more followers into potential creators and buyers to reach a larger audience. Another challenge that has been dealt with here is interaction with the followers, subscribers, and the general public to understand what the customer wants. There are many social marketing apps available like Buffer, Hootsuite, Zoho, and others that have helped in dealing with the challenges.
Social media marketing challenge addressed
To measure the ROI of the social media strategy is a cumbersome task because to assess the returns in quantitative form is not possible. Followers and people who like the post do not necessarily convert into potential creators and buyers. To assess each follower on an individual level is not possible. Different analytics tools are available on different platforms but they do not give the complete picture. Personalization is also a complex activity since the business is still in its initial phase (Keegan, and Rowley, 2017). People enjoy content on their accounts but very rarely they are interested in creating new goods and spend their time curating value for offering on the website. ROI calculating formulas do not give an accurate picture.
Solution
Google Analytics can be used by the business to measure the ROI of different social media posts. The impact of different posts and content posted by the marketer can be assessed by different metrics and tools. Marketers can use Network Referrals for analyzing how many visitors are brought by social media and also how they reach the site. The activity stream about how people are reacting and commenting on the content posted by the business from various sites can be seen by using Data Hub Activity. Another tab that can be used is Trackbacks that not only shows what sites are linked to the business's content but also what content is linked. The conversion tab is of crucial importance is which shows which sites brought the most conversations and each conversation is measured in dollars amount. This tab helps not only in monetizing a marketer's social efforts but also helps in calculating social media ROI. The conversation tab consists of a goal section that helps the business to decide about what conversation would be taken into consideration and what will be its financial worth (Dwivedi, et al., 2020). These features of Google Analytics help in assessing the ROI of the business.
My Global Entrepreneurship
Many entrepreneurship theories have evolved during the past few decades. I have learned new ways of creating value for the public. Economic entrepreneurship theories which are based on classical and neoclassical theories have impacted the creation of value in respect to the demand of the society. The creation of value has led to the advancement and development of prospects and welfare. Sociological entrepreneurship theory comes into existence with the promotion of the socio-cultural liability of a business (Naumann, 2017). A business must repay nature and society for using its resources and this theory creates room for innovation in sustainable and sociological entrepreneurship. Sociological entrepreneurship is a more responsible way of integrating entrepreneurship with societal needs. Psychological Entrepreneurship is based on personal attributes of an entrepreneur like locus of managing and controlling element. To balance the resources and influence and motivate the workforce is an attribute of an entrepreneur (Rawhouser, Cummings, and Newbert, 2019). In my opinion entrepreneur theories have been very informative in defining the role of business and value creation for societal as well as individual behavior. I am, however, more inclined towards social entrepreneurship because my main aim is to serve society and nature as a responsible citizen. It gives me immense pleasure to serve mankind by providing something of value (Ferreira, Fernandes, and Kraus). I am a very creative human being and therefore, ideas pop up in my mind very often. Societal entrepreneurship makes more sense in today's market as more and more individuals are driving towards materialism (Bednar, R. and Ljudvigova, 2020). The integration of economies has created new opportunities but also has led to the rise of individualism and have led to mental issues like depression. Serving others will make people more connected with society on the ground base rather than on virtual platforms. The concept of Entrepreneurship for me is slightly more demanding as society is more informed than before and knows what it demands (Lynch, et al., 2018). People today are not wooed easily by advertisements and they seek experience rather than just goods and services (Rawhouser, Cummings, and Newbert, 2019). Social media has revolutionized the idea of the market and how it works to connect the buyer with the seller.
An entrepreneur is someone who can take risks and bear the consequences if the adversity strikes hard but an entrepreneur also knows the value of a team and its importance (Naumann,2017). To assess my role in a team and how I view myself as a team player can be discussed by t Belbin's Team Model.
I am a shaper as I am courageous and I am not afraid of pressure from the workload and risks. I am a disciplined team player and complete work on time therefore, I am a completer too. I am an extrovert and communicate with other team members efficiently therefore I am also a resource investigator (Lynch, et al., 2018). I can manage well between the resources provided to me as well as with the team members that make me an effective coordinator. I work with the team and communicate my ideas and doubts confidently and engage in team activities that make me a team worker. I am highly creative and ideas pop up in my mind quite often, so I can also be referred to as a plant. I am not good at judgments and I lack evaluating skills. And I know many areas but I am not a specialist in any specific field of study. I think as a team player, I possess all majorly driving attributes that are invincible for team performance (Bednar, R. and Ljudvigova, 2020).
References
Bednar, R. and Ljudvigova, I., Belbin team roles in a start-up team. In SHS Web of Conferences (Vol. 83, p. 01002). EDP Sciences, 2020.
Bhandari, R.S. and Bansal, S., Prospects and challenges of social media marketing: study of Indian management institutes. The Journal of Business Economics and Environmental Studies, 2018.8(4), 5-15.
Dwivedi, A. and Weerawardena, J. Conceptualizing and operationalizing the social entrepreneurship construct. Journal of Business research, 2018, 86, 32-40.
Dwivedi, Y.K., Ismagilova, E., Hughes, D.L., Carlson, J., Filieri, R., Jacobson, J., Jain, V., Karjaluoto, H., Kefi, H., Krishen, A.S. and Kumar, V., Setting the future of digital and social media marketing research: Perspectives and research propositions. International Journal of Information Management, 2020, 102168.
Ferreira, J.J., Fernandes, C.I. and Kraus, S., Entrepreneurship research: mapping intellectual structures and research trends. Review of Managerial Science, 13(1), 2019, 181-205.
Keegan, B.J. and Rowley, J. Evaluation and decision making in social media marketing. Management Decision, 2017.
Leeraphong, A. and Papasratorn, B., Business models and transactions in C2C social commerce: practices of selected social commerce practitioners in Thailand. International Journal of Innovation and Technology Management, 2018, 15(06), 1850048.
Lynch, D.S., Lynch, M.J. and Clemens, C.M., Belbin Team Roles. The Handbook of Communication Training: A Best Practices Framework for Assessing and Developing Competence. 2018.
Nambisan, S., Digital entrepreneurship: Toward a digital technology perspective of entrepreneurship. Entrepreneurship Theory and Practice, 2017, 41(6), 1029-1055.
Naumann, C., Entrepreneurial mindset: A synthetic literature review. Entrepreneurial Business and Economics Review, 2017, 5(3), 149-172.
Rawhouser, H., Cummings, M. and Newbert, S.L., Social impact measurement: Current approaches and future directions for social entrepreneurship research. Entrepreneurship Theory and Practice, 2019. 43(1), 82-115.
Sukrat, S. and Papasratorn, B., A maturity model for C2C social commerce business model. International Journal of Electronic Commerce Studies, 2018, 9(1), 27-54.
