Bus203 Entrepreneurship Venture : Business Assessment Answers
The assessment will cover material from the first 5 weeks of the unit and also asks you to draw on your personal experience and understanding of your potential to be innovative and/or entrepreneurial. This assessment is intended to get you to reflect on the key characteristics of an entrepreneur or innovator and to consider your own strengths and limitations in this respect. You are expected to identify three aspects of your personality and/or behaviour that exhibit strong entrepreneurial or innovation characteristics and three aspects of your character and/or behaviour that might inhibit your potential to be an entrepreneur or innovator. In so doing you need to consider the importance of self-development and self-managed learning in both innovation and entrepreneurship, and the extent to which an entrepreneur/innovator must take ownership of their learning. You need to relate your views to aspects of entrepreneurial theory as well as practice and where possible provide examples to illustrate and support your views.
In summary, reflect on your skills, personality and behaviour andexplain how well placed you are to be an entrepreneur and/ or innovator, and in particular to manage entrepreneurial and/or innovative activities either within an organisation or in the pre- organisational stages of an entrepreneurial endeavour.
Answer:
I have had an interest of becoming an entrepreneur since my tender age, me as an entrepreneur who is still attending school, I am being approach by my classmates who are interested in starting up their own business. Some of them have great concepts, although when I inquire them what they are doing to expand their ideologies, they seem to have no idea of that. Through my learning, I have come to understand that many entrepreneurs poses common characteristics such as passion, perseverance, resourcefulness and open-mindedness.
Perseverance is the ability to deal with challenges that comes while growing your business. The business do not just grow within one night, for one to turn to reality it will take some time. Many people will discourage you but only few will praise you. What makes most of them successful entrepreneurs is the perseverance (Dees, 2017).
Assets of an entrepreneur at the start of business are always limited and there is need to utilize them to the fullest. An entrepreneur also need to be open-minded in such a way that he or she can take new opinions from others without relying only from one opinion.
The most crucial thing that drives economies today is entrepreneurship. Most of the innovations and development are created and instigated by entrepreneurs. The major role of entrepreneur today is not only for self-fulfilment but to contribute in solving problems and promoting to the economies of the society. I consider myself to be an entrepreneur. I possess entrepreneur thoughts and I am being motivated by most of the successful entrepreneurs that I see around. The contribution of Bill Gates to the revolution of information is among what entrepreneurial contributions challenge me. I am wondering how the world would have been without his contribution (Hitt & Duane, 2017).
There are many reasons makes me consider myself as an entrepreneur. What indicate most is my role models because most of them are entrepreneurs. The most inspiring as I have said is Bill Gates, I consider him to be my role model because of his courage and innovativeness. Though as a student he was inventive enough to figure out how developments of software and how it could be used to solve problems in the society.
As an entrepreneur, I am very innovative, I am able solve problems by utilizing innovative ways. Days back when I was in school, my fellow students used to rely on me to solve problems of their challenges. I have been able to note my interest and innovativeness in information technology in many ways. I have created and implemented many software applications that help me recall my daily activities. With the assistance of my colleague I was able to develop a software application that manages the welfare of students in my former school.
The ability to believe in myself have made me entrepreneurship qualities. I trust in my capacity to change the society and I take it as my duty to bring positive change to the society. Though some people are not happy with my ambitions, the drive in me assist me to overawed pessimistic opinions and negative reactions of other people (Kazanjian,Drazin & Glynn, 2017).
I have online marketing and sales in mind as my business idea. I realize this idea as a result of improvements in information technology that has modify ways and culture of people. As an entrepreneur my dream is to apply skills to enable corporate and business to market products by the use of internet. In addition to improving marketing, I want to enable business to implement online sales to their clients. My wide experience in marketing, information technology and application programming will be very useful. My ability to forecast details of complicated tasks will empower me to overcome the challenge of creating a plan for sales and marketing (Kirzner, 2015).
I consider sales and marketing to be very important. It is an activity that allows the products to be presented in a way that will pursue customers to make purchases. Production roles and other roles is not possible if sales and marketing is not organise very well. I know that the application of information technology will bring positive results to an organization. The use of technology in sales and marketing is not new, many companies have applied this on their website, the potential customers can easily check on their products before they make purchase.
The self-developed and self-managed learning has enabled me to widen my mind in many areas. The knowledge and skills that I have acquired will be very helpful for me to do business operations. The communication, analytical, and the problem solving skills are very important to business. The knowledge and skills that I have coupled with creativity and self-motivation will enable me to attain my vision marketing and online sales (Scarborough, 2016).
Online marketing is a business based on the use of resources. It is like outsourcing. The business involves taking some other businesses challenges of sales and marketing and trying to improve on them. My innovativeness and creativity in solving this issue is my strength.
I consider leadership and communication to be my weakness but I will invest more in these areas to ensure that I improve. The kind of personnel reflection that I possess will enable me to take communication of other people very seriously rather than just intimidating them.
References
Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social Entrepreneurship and Sustainability(pp. 34-42). Routledge.
Hitt, M. and Duane Ireland, R., 2017. The intersection of entrepreneurship and strategic management research. The Blackwell handbook of entrepreneurship, pp.45-63.
Kazanjian, R.K., Drazin, R. and Glynn, M.A., 2017. Implementing strategies for corporate entrepreneurship: A knowledge?based perspective. Strategic entrepreneurship: Creating a new mindset, pp.173-199.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Scarborough, N.M., 2016. Essentials of entrepreneurship and small business management. Pearson.
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