QUESTIONS
- What kind of entrepreneurs are Brian Halligan and Dharmesh Shah? Which entrepreneurial characteristics do they have? Support your answer.
Brian, Halligan and Dharmesh Shah are Imitator type of entrepreneurs. Imitators are the types of entrepreneurs who copy specific business ideas and improve upon them. They are always looking for ways to make a particular product better to gain the upper hand in the market. Imitators are part innovators and part hustlers who don’t stick to the terms set by other people and have a lot of self-confidence.
Imitators usually,
- Refining a business idea is more comfortable and less stressful.
- You can easily benchmark your performance with the original idea.
- Can learn and avoid mistakes that were made by the originator
They have the disadvantages of their ideas are always compared to the original idea always have to play catch-up. Taking an existing idea and refining and improving it can be a great way to develop a business.
Brian, Halligan and Dharmesh Shah noticed that consumers were no longer tolerating interruptive bids for their attention. In fact, they’d gotten really, really good at ignoring them. From this shift, a company was born: HubSpot. It was founded on “inbound”, the notion that people don’t want to be interrupted by marketers or harassed by salespeople, making it easier for them to shop for their products.
- Based on your reading of innovation and creativity, what sources of innovation ideas does the HubSpot storey reflect? Why?
It reflects on the idea of Industry and market changes due to consumer needs. Consumers tend to have become busy and have limited time due to different tight schedules. During their shopping expeditions, consumers want fewer interruptions to be able to make decisions, sometimes without someone’s influence. They find salespersons interruptive and annoying. Their idea has helped consumers get products and make decisions without coercion; hence believe they made their own right choices and have nobody to blame.
- What types of innovation are imbedded in this case? Justify your answer.
Extension
Individual purchase by individuals used to be the norm before the coming of a salesperson. Hubspot as the invention was a new strategy for improving sales and equally giving a chance to consumers have an enormous scope of items to choose, view advantages of products without physically being near them hence saving time to visit shops and stores . New use or a different application of an already product service or process
- Do you suggest entrepreneurs rely only on the Internet to promote/market their businesses nowadays? What other competitive advantages does the Internet offer to them? Give examples.
They can use other methods too. There are very many promotion methods depending on various factors such as the type of product, demographic factors, trends etc. However, in the current age, The internet seems to take tall due to the following reasons.
Global reach
Internet marketing provides businesses with a broad base of customers for their services or products. With the internet, all types of businesses, from multinationals to small and medium enterprises, have access to millions of prospective customers. Many customers through the advertising tools that you use. The greater the number of users that visit your page, the higher the sales that you will make.
24/7 marketing
With online marketing campaigns, one will be advertising their business 24 hours every day. Furthermore, you will not have to worry about staff wages or store hours. Additionally, the time variations in the different parts of the world will not affect your campaigns. Your target customers can access your website and purchase goods and services irrespective of the time or fear of closing hours.
Low cost
In any marketing campaign, the cost is a crucial factor that must be considered to affect the company’s budget. Businesses can avoid the high cost of marketing that is associated with traditional forms of advertising by embracing internet marketing and blogging. Internet marketing is way cheaper than television and radio ads and creating and mounting billboards. Marketing through your blog is one of the ways you can sell effectively online.
Social media
Social media plays a crucial role in modern advertising. This is because customers look at comments and reviews posted by other consumers online. Businesses can easily incorporate social network tools in their advertising campaigns and make profits from customers that rely heavily on social media.
Builds lasting relationships
As long as your business has an online presence, your customers will always find you. With internet marketing, suppliers can easily access the email addresses or contacts of both the prospects and the buyers. Businesses can use this information to send updates to their customers regarding special discounts, new products or services, new coupons and products available. Furthermore, businesses can continue interacting with their clients after the sale.
Ease of personalization
Electronic marketing enables businesses to tailor their advertising techniques to suit the needs of their target audience. Businesses can also personalize communication between them and their clients. This ensures that your service or product will reach your prospects in a timely manner. Furthermore, it strengthens the brand image and presence of the company.
Blogging provides quality content
Content reigns on the internet and it attracts natural links. If the content of your blogs is good, other people will want to refer to it and this will attract people to your website. Make sure that your website is consistently flowing with fresh, educative and relevant information that your users are looking for.
Today, there is an increase in the number of consumers who buy products and services online. As a result, more and more companies globally are now resorting to internet marketing to connect with their customers and advertise their products and services. This sets them apart from their competitors and it helps them to increase their profit margins.
- Overall, describe how the Internet has impacted business activities and strategies for entrepreneurs such as Brian Halligan and Dharmesh Shah.
The internet has made things easier in the following ways
Ability to Communicate
A business’ ability to communicate with its employees, customers and associates changed dramatically when the Internet yielded new communication tools. Email and instant messaging have changed the face of business communication. According to a study conducted by the Small Business Administration, 36 percent of women business owners and 38 percent of male business owners use email very frequently, while over half of both men and women use email at least occasionally.
Rise of Telecommuting
Many businesses are now offering the option for their employees to work from home using office equipment provided by the company. This process, referred to as telecommuting, allows a business to decrease its overhead costs by needing less office space and using less in utilities for daily operation. According to the Suite Commute website, in 2008, 33.7 million employees telecommuted.
Marketing to a Wider Area
With the advent of Internet marketing, a business must stay abreast of the needs of its customers. Competition is no longer localized; a business now has competition all over the world. It is imperative that a business know what its customers want and deliver it. Surveys, questionnaires, feedback forms and comments on a website can be used to monitor a business’ customers’ needs.
Using Digital Advertising
Including the Internet in a business’ advertising budget extends a business’ ability to attract customers from their back yard to all four corners of the globe. Websites, banner placement and search engine optimization, also referred to as SEO, allow a business to have a presence on the web and reach millions of potential customers.
Collaborating with Other Businesses
Working with other businesses and professionals is simplified with the use of the Internet. Internet seminars, also called webinars, make collaborating on projects with people all over the world as easy as logging onto a website.
Using the Internet for Research
Businesses use the Internet to research new product ideas, new methods of creating products and pricing information. A business can also research the competition to see what products and services are offered. If a company is looking to expand into a particular location, the Internet can be used to research the population, its needs and what products and services would sell best in that area.