Entr 2295 Entrepreneurship Internship | Assessment Answers

This is a reflective self-analysis. Its aim is to get you to use the academic skills learned at Business School to help you assess whether you have the character traits and other characteristics of an entrepreneur and to reflect on the implications of this.

Introduction

The report will reflect the outcomes of the Enterprising Tendency Test which has been done by me. The entrepreneurship is the procedure to create, introduce and run a new company, mostly a small firm. The test will reveal the qualities and features of entrepreneurship in me. This will be conducted by my need for success, independence, risk-taking strength, creative power, and management qualities. The article will explain the antecedent aspects and its impact on the business.  The paper will also discuss the importance of work environment, education and family background on the entrepreneurs and their business.

Enterprising Tendency Test

The Enterprising Tendency Test is a method of the tendency to begin and control any new projects. Most of the individuals had the tendency to often take up innovative ventures, and are more inclined to extend and develop the ventures (O’Brien, Osbaldiston and Kendall, 2014). The tendency towards innovation is measured by GET2 test by concentrating on the innovative features. The five innovative features are; the need for achievement, need for autonomy, creative tendency, calculated risk-taking and locus of control. The main objective of this test is to know that a good entrepreneur has the all the qualities of these innovative features. My overall GET2 score is 63% which means that I have some the qualities of innovativeness to become a good entrepreneur.

Need for Achievement

The result of the test shows that my need for achievement is medium. This means that I have the quality to be more motivated than some persons and less inspired than most of the entrepreneurs. These types of persons are inclined to be comfortable than most of the businessmen, which is good for their health but bad for their achievements. However, they have the advantage to analyze the significance of their targets and the effects of the failure or success on their private life.

Need for Autonomy

My need for autonomy score from the test presents that it is medium. This shows that I with the medium score could provide an equal balance in different companies among the autonomous, distinctive and team-based employees. This could be a benefit for the old company or the brand new company. If I select to begin my own business, it will be helpful for me to develop the strong and independent leadership features in the business world.

Creative Tendency

My test score of creative tendency is also medium which means that I could maintain a stability between the need of creating innovative concepts and the need to take these up to the end to make it successful. It also shows I could show a steadiness to find new resources and equipment and implement them in a creative method. These concepts are beneficial for old firms or brand new firms. The best circumstances for creative ideas are in a comfortable place when one could ignore the other issues and then utilize the methods like the mind mapping or brainstorming to produce new concepts.

Calculated Risk Taking

I have a medium calculated risk-taking tendency revealed by the Get2 test. This reflects that I am more relaxed with the experimental business concepts and strategies.  In a business, those who are encountered with risks are less relaxed in management. They seek to partner with others who would control the risk factors of the business. But, one benefit of risk is that they are connected with rewards, which means that I might get an advantage of the problems of the risks that are related to the rewards. These rewards are implemented to my targets and from the methods to improve my knowledge management and risk solving talents.

Locus of Control

As per the Get2 test, my locus of control score is medium.  This score means that I am more confident about my capability to manage and achieve my targets in life successfully. It also explains that I have an advantage of increasing my inner confidence in order to manage and improve the concepts and to decrease the dependence on others, specifically in situations where the employees or the associates are imposing more risks or not providing adequate support. All these can be achieved by improving my particular business capabilities or project skills, concentrating on the main fields needed to improve to make a successful project or business.

Figure: The Aulive Test

Antecedent Influences on Character Traits

The entrepreneurs are those persons those who introduce new and innovative business. The entrepreneurship is the procedure to create, introduce and run a new company, mostly a small firm. The antecedent factors are those aspects that come from before other aspects which might impact or become the cause of that impact (Ling and Venesaar, 2015). Several antecedent factors positively affect the characters of the persons those who want to become a businessman. There are three factors that have influenced my character traits; family background, work experience, and education.

Family Background

The family background for the successfully running a company is very important for the entrepreneurs. The perception of family shows that the person is a part of which society and this is vital for businessmen. These social and family status makes the businessmen to attract the cultural assets or social capital usually not available to the conventional categories (Liu, 2018). The family labor and the loyal connections give access to the business and data related to the business, which are taken as competitive benefits. A family supplies an exceptional social capital which is essential for setting, improving and successfully achieving the business. Thus, the effect of the family is evident as the family status has a vital role to play in setting up and running a business.

Work Experience

The work environment states to that aspect of the business which effects its workings and decides its efficiency. The work environment might be fit or unfit for the entrepreneurs. Fit environment means the situation is in favor of the development of the company and unfit environment means that situation s are not in favor for the company (RezaeiZadeh et al., 2017). The work environment and the business are connected with each other. The financial situations and other circumstances in the work environment decide the achievement of the company. The company and their administration have to adjust with the present situations of the company. But the entrepreneurs try to shape and impact the work environment. A successful company and its business operations develop the social and financial situations of the nation.

Education

Education gives positive benefits to the entrepreneurs, especially the entrepreneur connected with the technical education. The maximum number of founders of technology and engineering firms are middle-aged persons with almost fifteen years of work experience long before they had introduced their startups (Ziyae and Heydari, 2016). The difference in business achievements is among the founders of technology with bachelor degrees and those with high school degrees. However, it is not necessary that only technical entrepreneurs would be successful. The development of the business had taken place by their owners with all kinds of educational qualifications. Except for the high school education or less, the remaining degrees are the same in the level of educational achievement, with more changes observed in the creativity of the works. 50% of the job makers have diploma degrees and 40% have some college or no degree (Villasana, Alcaraz-Rodriguez and Alvarez, 2016).

Reflection and Conclusion

The Enterprising Tendency Test had revealed the innovative qualities and features of entrepreneurship inside me. The article had concluded that entrepreneurs are real resources of the nation which needs to be nurtured and inspired as much as possible. They could change the living and work styles of the peoples. Their innovative concepts could develop the lifestyles and help to create more wealth through their projects. They would also be helpful for creating more jobs and a flourishing community for the peoples. It had also explained that how work experience, education, and family status are essential for becoming an entrepreneur.

References

Ling, H. and Venesaar, U., 2015. Enhancing Entrepreneurship Education in Engineering Students to Increase Their Metacognitive Abilities: Analysis of Student Self-Assessments. Engineering Economics, 26(3), pp.333-342.

Liu, T., 2018, January. Cultivation of College Students' Entrepreneurial Decision-Making Ability in the Context of Supply Side Reform Integrating EMER Model. In Intelligent Transportation, Big Data & Smart City (ICITBS), 2018 International Conference on (pp. 412-415). IEEE.

O’Brien, P., Osbaldiston, N. and Kendall, G., 2014. ePortfolios and eGovernment: From technology to the entrepreneurial self. Educational Philosophy and Theory, 46(3), pp.284-295.

RezaeiZadeh, M., Hogan, M., O’Reilly, J., Cunningham, J. and Murphy, E., 2017. Core entrepreneurial competencies and their interdependencies: insights from a study of Irish and Iranian entrepreneurs, university students and academics. International Entrepreneurship and Management Journal, 13(1), pp.35-73.

Villasana, M., Alcaraz-Rodriguez, R. and Alvarez, M.M., 2016. Examining the entrepreneurial attributes of Latin American female university students. Gender and Education, 28(1), pp.148-166.

Ziyae, B. and Heydari, R., 2016. Investigating the Effect of Self-Leadership on Entrepreneurs’ Innovation in Small and Medium-Sized Enterprises. International Journal of Humanities and Cultural Studies (IJHCS)?ISSN 2356-5926, 2(4), pp.1169-1182.