Entrepreneurship Is From a French

Entrepreneurship is from a French word meaning "a person who undertakes innovations and risks in business in an effort to transform ideas into economic goods." In modern business jargon, it has become more of a description of a mind-set, one who will take risks in order to result in gain; one who will use the spirit of innovation and throw off the shackles of "rules" to success in whatever organization that may be ("Searching for the invisible man," 2006).

But is being an entrepreneur simply opening a business, or partnering to sell that next great idea? Probably not, especially in the contemporary world, says Jane Levere in a February 2010 New York Times article entitled "Choosing a Marketing Plan: Traditional or Social Media?" Instead, in the modern consumer-crowded business world, it is not enough to have a great product or idea, that is expected. Nor is it enough to have a system in place that allows the consumer easy access to your service or product -- that, too is a given. Instead, if one is intending to break into the national or international (globalism, after all) market, the key is the manner in which the product will be advertised or marketed -- and that requires making several business planning decisions up front. "The traditional options included taxi-top advertising in New York City; commercials on cable channels… and print ads in [specific publications." In the case of EPC Cigars, a family run business in Miami with ties to Cuban tobacco and production, these ads would focus on the casual cigar smoker. However, this traditional format is also quite expensive, and because of the crowded marketplace and anti-smoking atmosphere in the United States, a second alternative was suggested using Google Maps, Twitter, and Facebook which would seek out those individuals interested in cigars, provide information, interactivity, customized suggestions for taste, etc. The cost -- less than half the traditional route.

Most marketing texts emphasize planning and strategy, "without goals and strategies, there would be no coherent organizational decisions or direction. Once the vision and mission are outlined, the business plan crafted, and the organization's legal and structural decisions made, it is time for the entrepreneur to think about more specific issues & #8230;. Of what the venture is to accomplish" (Textbook, 26). Since the ultimate goal of EPC cigars is twofold: increase U.S. market share among cigar aficionados and establish a means by which non-smokers are willing to try cigars, there is no gray area in the type of person (male, single or upwardly mobile) that must be reached through advertising. But who uses Facebook and Twitter? Certainly not the 50+ business executive?

EPC decides, ultimately, that in order to actually grow the market, the social networking option is the one to try -- it is aimed more specifically at the type of user that will be the future of the company, and who are likely to be far more vocal about what it is they "like" about the product, image, and service. However, EPC is caution, it has $300,000 for advertising, and will only grant $40,000 to the social networking side; preferring to place the bulk of the advertising dollars into trade shows; cigar-enthusiast events, POS materials, and traditional media.