Leveraging Resources
Within the organizational environment, an entrepreneur is faced with numerous challenge on how to position the firm at an advantageous point that will enable it achieve their set goals. Leveraging involves techniques that allow an entrepreneur to perform increased activities with fewer resources. The most common method that is used involves getting other organizations and individuals to get new customers, sell products and advertise. Outside businesses can collaborate up with the firm to pool resources and create a formidable merger than can achieve and surpass the objectives. Most marketing partners and individuals present a firm in a positive light to new customers. They are willing to go the extra mile to advertise for any firm. In return, the firm need not pay the firm or individual, but they can reciprocate in kind. This may involve doing marketing for their products, as well.
The company can also engage in the business of making referrals to existing and new customers. In this way, the other firm can refer their customers to one’s firm and leverage their ability to rein in customers. These referrals may take the form of seminars or conferences where marketing partners are introduced to the customers. An entrepreneur may also offer discounts to another firm that brings them customers and sales through advertisements. An example would be an insurance agent giving a scout a discount on insurance in return for an agreed number of vendors, customers or suppliers (Hisrich et al, 2010).
The entrepreneur can also engage the top-level management in the definition and conceptualization of new plans. The management is already part of the organization, and they would not require any payment or input. They are also in a good position to understand the operation of the company and make decisions that are more informed. This will also make the outcome more relevant to the organization’s situation.
Successful Entrepreneurial Organizations
The Coca Cola Company is the top producer of carbonated soft drinks in the world. It operates in over 200 countries and has an employer base of over 200,000. Marketing has been a strong point in Coca Cola’s approach. The company has created one of the best marketing models that involved effective advertising campaigns that captured large parts of the consumers. Coca Cola also started the tradition of offering gimmicks with their products that made the drinks even more in demand. This intense marketing model has been repeated and refined over the years to separate Coke as a brand different from other soft drinks manufacturers such as Pepsi and 7Up.
Innovation is another factor that has contributed to the success of Coca Cola. The company has managed to stay ahead of the competition by having the ability to constantly innovate and present new products. The early 1990s were difficult for Coke because of their inflexibility. The decision to increase their innovation led to the production of new flavors and products that included the introduction of iced teas, energy and sports drinks, as well as fresh fruit juices. Products such as Coca Cola Vanilla, Coca Cola Cherry and Coca Cola Zero are an example of the increased innovation by the company.
Possessing a strong global presence is another success factor for Coca Cola. The company operates on a global scale. By embracing technology, the company has made it easier for them to seek out new customers for their products overseas. This has widened the distribution scope for the company as the transport and communication options have been developed. This has ensured that every consumer within any part of the world can always consume Coca Cola products when they wish. Coca Cola has vendors in all the continents who sell the products in restaurants, schools and stores. By efficiently investing in a strong global presence, Coke has managed to succeed as a soft drinks manufacturer.
References
Hisrich, R. D., Peters, M. P., & Shepherd, D. A. (2010). Entrepreneurship. New York: McGraw Hill/Irwin.
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