Entrepreneurship Essay Example
Undertaking the course in entrepreneurship has broadened my scope on the knowledge of being a successful business entrepreneur. I have been able to identify assess the strengths as well as weak points that I have in being a potential entrepreneur. Having gone through all the topics successfully, I am in a better position to review the plan I had in mind of promoting the business growth of my family clothing store through proper selling and mainstreaming customer satisfaction on the products I package.
Extensive study on the personal traits of a successful entrepreneur has motivated me to adapt such traits in order to become an effective entrepreneur. It is necessary for an entrepreneur to be patient since new businesses do not give immediate results and are not a guarantee for instant financial freedom. A clear vision is a compulsory requirement before starting up a business since it provides one with the patience that is required. An entrepreneur needs to be meticulous and methodical. There are no chances for mistakes in businesses if good output is expected hence mistakes such as accounting errors can be avoided by hiring very efficient and reliable professional accountants. Tolerance is a must for a successful entrepreneur. One cannot do without criticisms from clients and even media on their assessment of the products or services offered and so it is up to one to learn how to bounce back and avoid discouragements. A business operated with creativity will absolutely be at pace with the growing competition. Flexibility and being open-minded are vital tools in running a successful business. An entrepreneur needs to be always ready to change his business plan to be in line with the current performance. Large and successful businesses are the end results of a visionary entrepreneur. This entails being able to project how the business will be like in years to come and coming up with ideas that will enhance this (Timmons et al, 2010).
The topic on creativity, innovation and entrepreneurship has guided me to seeking ways of becoming a successful problem solver, innovator and inventor. These factors focus on problem solving skills and thinking that is needed in the fast changing technology world. It enables one to cope with and approach challenges with professionalism and greater flexibility. A valuable skill sought by the manager to improve on the business is key to remaining competitive in the global market. Living at such dynamic times when traditional jobs are quickly disappearing, the course has taught me on skills of seizing the moments and profiting from new opportunities. This topic has equipped me with the knowledge of product development and customer satisfaction strategies done by applying thinking tools. I have been provided with an overview of business start up resources that are available to entrepreneurs to sustain business profitability and innovation (Edward et al, 2006).
Topic four discusses social entrepreneurship with regard to management and leadership strategies for a startup business. According to (Nicholls, A, 2006) a social entrepreneur invents and disseminates new approaches, identifies and solves problems on a large scale, seizes opportunities while others miss and generally acts as a society change agent. The traits of a social entrepreneur are unique since for him, he recognizes a situation in the society that is wanting and finds new ways of getting the matter solved. Their main aim is not to make profits but to open up new avenues for the disadvantaged and the marginalized. Having learnt this, I have discovered that business opportunities can also be acquired through identification of social problems that need rectification.
Entrepreneurial leadership styles have provided me with many options that I can apply in deciding how to provide leadership within my business. Although common sense is sometimes claimed to be the leadership style of choice, it does not always provide the best results ( Russel, D, 2008).
Importance of a business plan was elaborated more in the course. It is resume for the proposed business which illustrates and explains the vision of the business. It provides a platform for the growth of a business and is the basis which investors use to help develop the business. Risk management studies are essential before going into business (Moris, M 2008). The course taught on ways of minimizing risk in business which include proper business launch, planning ahead and starting with a low-risk business model.
Basically, the entrepreneurship course has equipped me for the highly competitive entrepreneurial world and shaped me with the right skills to fit into this system.
Edward, L, Martin, B ( 2006). Entrepreneurship from Creativity to Innovation. Trafford publishing. London.
Nicholl, A (2006). Social Entrepreneurship: New Model Sustainable Social Change. Oxford University press. NewYork.
Russell, D (2008). Leadership and Entrepreneurial Success:The Relationship of Leadership Factors and Economically Successful Entrepreneurial Endevors. University of Phoenix. London.
Michael, M (2008). Starting a Success Bussiness: Risk Management. Kogan-page. London.
Pacific Rim Perspective MacGraw Hill. Australia. New Venture Creation: Entrepreneurship for the 21st Century. Timmons, J, Gillin, L, Burshtein, S and Spinelli, S (2010).
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