Reflective Analysis on How Entrepreneurial Learning Essay Example

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    Management
  • Document type:
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  • Level:
    High School
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4A reflective analysis

RuningHead: REFLECTIVE ANALYSIS ON ENTERPRENEURIAL LEARNING

Reflective Analysis on How Entrepreneurial Learning

Reflective Analysis on How Entrepreneurial Learning has enabled me to identify my potential Strengths and Gaps for Being an Entrepreneur

Introduction

The entrepreneurial learning process involved three stages. The first stage was establishing a personal entrepreneurial strategy for the future. The second stage involved discussions on entrepreneurial blogs which would help me identify the key elements of starting a business project. The third part of the learning process was a peer review of six presentations on successful entrepreneurs to identify the principles and factors that contributed to their success.

Reflection on Entrepreneurial Learning Process

To establish a personal entrepreneurial strategy for the future, I was first required to identify my own personal attributes. I would then match these attributes with the attributes that a successful entrepreneur should possess with and the attributes of the business that I would like to enter into. I identified that a successful entrepreneur should be focused, energetic, honest and ethical. In identifying my own attributes, I identified the activities which give me energy or I enjoyed doing and those that I found challenging or energy consuming. I ranked these activities and discovered that the most interesting activities for me were reading, writing and web browsing while the most challenging activities were time management, decision-making and problem solving.

I identified that my personal business ambition is to use the internet as a marketing platform to venture successfully into modernized paint production and painting services in the next 20 to 30 years. This would require attributes such as time management, decision making abilities, networking and team building qualities. To acquire the necessary skills and experience to achieve this, I would work part time for a company. I was able to conclude that I had the personal qualities necessary to run a business based on the attributes of the business I would like to enter into. This is because such attributes would energize and motivate me.

In the second part of the entrepreneurial learning process, I was required to post five blog discussions to identify the key elements of a successful business project. In week 3, I discussed William Henry “Bill” Gates, one of the most successful computer entrepreneurs of his time and identified how he was able to overcome some of the challenges he faced such as raising capital. In week 5, I discussed the importance of balancing professional and personal lives for successful entrepreneurs. This includes personal management skills, involvement of family and friends and raising capital personally. In week 7, I discussed the elements necessary to run a successful family business. In week 10, I discussed how young people could take advantage of the business opportunities in Canberra as presented at the The Business Resources Showcase 2011 at the University of Canberra. This blog discussed the characteristics young people must consider before venturing into business. The last blog in week 12 discussed the importance and the role of human resource management in achieving the objectives of the business and ensuring its success.

From the blog discussions, I was able to identify the key elements required to run a successful business. I learned that the private sector offers better opportunities than the private sector and that to succeed in it an entrepreneur must have the right skills and teamwork spirit. I also learned that businesses can be run by individuals, families or companies and that individuals should be able to mobilize their skills, ideologies and available resources into partnership so that their businesses can grow. I also learned the importance of innovation, creativity and informed risk taking in entrepreneurship and that interaction with successful entrepreneurs at informative social forums is important to inform young people such as myself of the realities of venturing into business. Finally, I was able to learn that that a reliable and competitive workforce is necessary to compete in the current business environment.

The third part of the learning process involved peer review of six presentations on successful entrepreneurs. I reviewed presentations on Facebook’s Mark Zuckberg, Virgin’s Richard Branson, Michael Minhong of New Oriental Educational and Technology Group, James Dyson, Chef Gordon Ramsey and Microsoft’s Bill Gates. From the peer review, I was required to identify what qualities and characteristics of the entrepreneurs the presenters were able to highlight and what further information would have shed more light on the factors contributing to their success. The review also enabled me to learn the major ingredients of successful presentations.

From the presentations, I learned that some of the important qualities to succeed as an entrepreneur are persistence and discipline. The presentation done by Anthony Zirilli and Chiron Hewett on James Dyson emphasized on the importance of persistence and further illustrated the manner in which Dyson was able to achieve his goals. The presentation by Jiaao Leo Li and Yidi Tang also highlighted discipline as a major in success.

Conclusion

From the entrepreneurial learning process, I was able to identify my individual strengths and gaps to being a successful entrepreneur. I was able to compare my own personal qualities with those of successful entrepreneurs which enabled me to identify what skills I needed to acquire to be successful. The learning process enabled me to identify my entrepreneurial strengths by comparing the attributes of the business I desire and matching them with my personal qualities. I also learned the key elements of a successful business project through the blog discussions. Finally, I was able to draw on the experiences of successful entrepreneurs to learn the value of persistence and discipline in ensuring the success of a new business venture.

References

Timmons, J., Gillin, L., Burshtein, S. & Spinelli, S. (2010), New Venture
Creation: Entrepreneurship for the 21st Century — A Pacific Rim Perspective
. Sydney: McGraw Hill, Australia.