BUSM30000D Business Entrepreneur Report 2022

BUSM30000D –Business Entrepreneur
NAME OF STUDENT:
LECTURER NAME:

Reflections of Entrepreneurship:
1) During this course I could see how unique the entrepreneurial process is from idea generation,
to planning and implementation. This is truly different from conventional market product/service
management in the following areas:
Strategic level: top-down approach is applied in conventional market product/service
management where a clearly detailed series of activities like segmenting, targeting and
positioning is given priority. However the entrepreneurial process emphasizes a reverse
procedure from bottom-up (Galanakis & Giourka, 2017). The first focus area is identification of
potential market scope and then testing it thoroughly so as to understand whether it is viable to
meet needs of market and then extend as entrepreneur.
Tactical level: entrepreneurial process does not solely emphasize on 4 P’s of conventional
product management as it stresses on adopting interactive marketing approach that is stimulated
by preferences for customers (Zapkau, Schwens & Kabst, 2017). In entrepreneurial process I
have understood that interaction with customers directly makes significant difference and
establishing connect with customers in personal manner is priority.
Business orientation: while conventional product management is customer oriented, but
entrepreneurial process is innovation oriented, and so I have realized that it needs exhaustive
evaluation of market needs.
2)I have developed or enhanced core competencies in the following areas:
Problem solving: after completing this module on entrepreneurship I have learnt ways by which I
can improve my problem solving skills. I am now able to better evaluate situations and apply
critical thinking so as to solve problems which has helped me to decide on course of actions.
This has helped me in better execution of solutions that I develop so as to resolve identified
problems, helping me further to overcome complications. By enhancing problem solving skills I
have now learnt how to better focus on issues, problems and possibilities which helps me to
create various course of actions through evaluation of different perspectives, constraints and
risks interconnected with each action measures (Kucel, Róbert, Buil & Masferrer, 2016). I have
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