Reflecting and action (Entrepreneurship) Essay Example

  • Category:
    Business
  • Document type:
    Essay
  • Level:
    Undergraduate
  • Page:
    2
  • Words:
    969

6Running Head: REFLECTING AND ACTION (ENTREPRENEURIAL LEARNING)

Professor

Date due

Reflection on entrepreneurial learning

Introduction

This essay will reflect on the various lessons I have learnt in my entrepreneurship unit, my strengths and weaknesses as a prospective entrepreneur and the strategies I will use to make my weaknesses be a strong point.

Reflection on entrepreneurial learning

Economists regard entrepreneurship as a production factor among other factors such as labour, and natural resources (William & Andrew, 2010). Entrepreneurship is defined as the capability and the desire to come up with a concept, organize and manage the concept and deliver if for utility to other people. It is characterised by risks and there is a reward which is profit. An entrepreneur should posses a number of qualities key among them being innovation, risk-taking and self drive.

My attendance of the entrepreneurship unit has helped me appreciate the role that entrepreneurship has to the economy. I have learnt that entrepreneurship is a major contributor to the national economy (William & Andrew, 2010). It has increased the levels of GDP and taxes in countries. The government uses the revenues they collect from entrepreneurs to develop infrastructure hence providing a favourable business environment.

Entrepreneurship is a source of employment to a majority of people. With the high rate of unemployment across the globe people are opting to self employment leading to increase in the levels of entrepreneurship. Entrepreneurial ventures by individuals provide employment to other people reducing rates of unemployment.

The rise in research and development of new ideas and technologies has been attributed to increased entrepreneurship. A large number of innovations made in the world today are by entrepreneurs. These innovations have made life much easier and improved the quality of life.

Entrepreneurship opportunities make entrepreneurs become self sufficient. Being self sufficient means that living standards have improved and that people have financial liberty. The entrepreneur has the chance to help another person make a decent living making them feel accomplished.

My strengths as a prospective entrepreneur

I posses a number of qualities that would help me become a successful entrepreneur. I manage time well thus this will help me to organize my schedule and ensure that I have activities done effectively (Peter, 2007). Being able to manage time appropriately will ensure that I have all activities done and completed within the allocated time.

I am self motivated and this will give me self drive to keep moving at all times even when faced with challenges. When pioneering a business venture I would ensure that I do not rely on other people to motivate me rather I will ensure that I love what I do hence keep moving all the time. I would ensure that I have the desire to be successful.

Risk taking is a strength that I posses and it’s an important aspect of entrepreneurship. Many people are scared of venturing in business due to the uncertainties that are associated with businesses (Donald & Richard, 2008). This is my strength as I love trying out new things. However, risks should be calculated to ensure that foolish moves are not made. I would carry out a feasibility test to see whether my business plan is worth the risk.

A good interpersonal skill is one of my major strengths. I am aware that to succeed I have to relate well with people. I posses effective communication skills which will help me have rapport with people (William & Andrew, 2010). Effective communication with the people in the internal and the external business environment is important as the business venture I create is not only mine but for other people.

My perseverance will help me remain focused when am faced with challenges. When problems arise entrepreneurs need to have perseverance and patience in dealing with the problem. I would keep believing that my business will succeed and not to panic and quit.

Successful entrepreneurs are very innovative and creative. I believe that am innovate and creative in coming up with ideas. I believe I can create products that will add value to consumers’ lives. Consumers in the world today require quality product which I would deliver through my creativity.

My weaknesses as a prospective entrepreneur and their recommendations

My greatest weakness is insecurity. I hold my ego too dear to let other people challenge me. I am focused on building my business alone hence shutting other people’s ideas and opinions out (Donald & Richard, 2008). To be successful I should realise that I do not exclusively dominate my products. What I create will be for other people’s consumption hence I should allow them to air their views regarding my products. I should solicit aid from other people who are good in my field of operation.

My money management skills are poor and this is a major weakness for an entrepreneur. I spend irrationally and this would negatively impact on me as an entrepreneur. To improve my money management ability I would have to keep a record of my expenses and revenues (Peter, 2007). I would also seek the help of an accountant to mange my books of accounts and avoid being wasteful.

Conclusion

The role of entrepreneurship in the society today should not be overlooked. Entrepreneurship improves economies, creates employment and improves the lives of people. Entrepreneurs need to posses qualities that will enhance their success and capitalize on making their weaknesses into strengths. As a prospective entrepreneur I will ensure that I have a number of strengths that are working to my advantage. I would ensure that I eliminate my weaknesses so as to be successful.

References

Donald, F. & Richard, M. (2008). Entrepreneurship: Theory, Process, Practice. New York: Cengage Learning

William, D. & Andrew, Z. (2010). Entrepreneurship .London: John Wiley and Sons

Peter, F. (2007) Innovation and Entrepreneurship. London: Butterworth-Heinemann (Peter, 2007)