Creating New Venture: Personal Learning Statements
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This article discusses personal learning statements related to creating a new venture. It covers topics such as resource profiles, importance of passion and engagement, personality traits, coping with ambiguity, and self-discovery.
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1 Running head: Creating new venture CREATING NEW VENTURE (PERSONAL LEARNING STATEMENTS)
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2 Creating new venture Table of Contents Personal learning statements............................................................................................................3 2) Looking back and forward in time, how do you feel about your past and future resource profiles?.......................................................................................................................................3 3) In terms of the tasks you need to complete in life, how important is it to be passionate and fully engaged?..............................................................................................................................4 4) Thinking about your personality (e.g., via the SCMP (sanguine, choleric, melancholy & phlegmatic) framework), what strengths and weaknesses do you recognise in your future entrepreneurial-self?....................................................................................................................6 5) This unit is very open-ended, deliberately exposing you to significant ambiguity, how do you tend to cope with ambiguity in life?.....................................................................................8 6) What have you learned about yourself and your ability to be entrepreneurial during the unit?.............................................................................................................................................9 References......................................................................................................................................12 2
3 Creating new venture Personal learning statements 2) Looking back and forward in time, how do you feel about your past and future resource profiles? Before the lectures and classes, I thought, I have enough understanding about business ventures on new venture process of business. But after the course, I understand that my knowledge of the new business venture is very limited. My knowledge about the venture is only developing a starting up a new entity for gaining financial profit. It is normally considered as a small business process where a group of individuals or one individual invest for acquiring a financial advantage. But after the lessons, I understood that it is not only about developing business but also related to the demand of the market, need a proper idea about the market, the service or product, and even entrepreneurial opportunity is required as well. All of this understanding about a business process can create a successful new venture in an industry. This learning process also helps me understand the internal areas of entrepreneurship. The learning process teaches me about the creating value for stakeholders and self. In addition to thattheSocialentrepreneurship,hybridEntrepreneurshipandintrapreneurshipandthe differences are now part of my knowledge. The interrelationship between qualification and job description in the process of developing a new venture help me improving my values for creating a new venture. There is three type of resources which are needed for developing a new venture. According to my previous understanding, human capital and financial capital is enough for creating a new venture. But after my learning process, I can know about the social capital which is essential for achieving organisational goals. 3
4 Creating new venture The key stages for starting a new business is also part of my learning classes. I have understood that every problem has a solution in developing new business. My studies have given me the knowledge that every product or services have a local and international market, and it is dependable on the market how the customer growth scale will change its position. In addition to that, I have learnt about the minimum viable product. This concept helps me in understanding that my resources are limited; therefore using them for creating a new venture has to done wisely. Creation of a new venture can be possible by building up minimum viable product measuring it and also learning about the product and its market. There is a huge impact of the environment on the new venture or entrepreneurial activities. The lessons have taught me that the environmental interaction Framework is highly important for the entrepreneurial decisions (Scarborough, 2016). This includes the profile of the resources, coactions, grassroots level processes, and the impact of government. This learning process also helps me in understanding that resource expansion is one of the essentialneeds for an entrepreneur because new inventions need lots of resources for using those ideas. Finally, it can be said that this learning experience helps me in clearing the concept of creating new Ventures and also enhancing the opportunities by using entrepreneurial innovation ideas. This process helps me in unlocking my creativity, problem-solving and value creation skills. 3) In terms of the tasks you need to complete in life, how important is it to be passionate and fully engaged? My need to complete in life is directly connected with my passion and engagement with my professional life. The personal and professional life is related to each other because the own passion helps me in engaging myself in my professional career. Developing of the venture is part of my professional career,but my valuesare relatedto the knowledge of new venture 4
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5 Creating new venture developmentlearntatthelecturesandclasses.Myvaluesincludehonesty,trust,and responsibility for others while the new knowledge about self is engaged with developing my passion for creating the new venture. However, this learning process also assists me in evaluating my strengths and weaknesses. By identifying these areas, I will be able to develop a proper development plan for engaging myself in the process of creating the new venture. A new venture needs adequate build-up procedure which can be possible with trust among the employees of the organisation they are honest activities and finally my responsibility maintenance for others in the process of creating the venture and managing it. My personal values are also effective for increasing my creativity and imagination which will be beneficial for innovating new ideas and strategic planning for the business venture. Finally, it can be said that personal engagement can be only possible if I have enough interest or passion on that agenda and also my values allow me to perform that work according to my entrepreneurial ideas. My personal beliefs and values have been confirmed by the help of my new knowledge gathering in the process of learning. It can be said that the learning process about creating new venture help me in identifying my personal characteristic which includes the problem-solving skill, decision- making skills, team working skills, management skill, etc. During the process of learning, my values and beliefs are confirmed for developing my personal and professional skills which is directly related to the process of creating a new business venture as part of my future career. For being a successful entrepreneur the ability of problem-solving and decision making considered as major. From the initial days of my career development, my decision making and problem- solving skills are strong and the process of creating new venture need this similar skills for 5
6 Creating new venture taking decisions related to the business activities, for selecting the target market, for developing the scheduling for various activities like promotion, marketing, etc. (Watanabe, 2018). In other words, I can say that the knowledge gathered from this learning process is proven as beneficial or advantages for my future career development process. In addition to that, the confirmed believes and values the need for punishment and also the areas which are identified for gathering more knowledge need proper improvement. There are also some challenging areas of my beliefs and values. For instance, I value about caring others as part of my responsibility, but the excessive level of responsibility towards other can easily create the challenging situation for me in the future process of career development. 4) Thinking about your personality (e.g., via the SCMP (sanguine, choleric, melancholy & phlegmatic) framework), what strengths and weaknesses do you recognise in your future entrepreneurial-self? This learning process has helped me in experiencing some most important understanding about myself. However, the process of learning about the entrepreneurial personality development I have understood that personal understanding features are essential for creating a new venture. Every individual has some strength and some weaknesses in performing every role in the professional life. The strength help in developing the personality as well as the self-awareness. While the process of weakness identification help in gaining life experience about the person and also give him an opportunity to improve the areas of weakness. For the identification of personal strength and weaknesses which is a life-changing experience the method of four temperaments theory is very beneficial and advantages. This process is known as SCMP framework. During my learning process, I am able to understand each of the fundamental personality types in these four temperamental personalities. The four temperaments 6
7 Creating new venture whichareidentifiedinthistheoryareSanguine,choleric,melancholicandphlegmatic. Understandings of this fundamental personality types help me in determining my fundamental personality type and also identify my type of entrepreneur self. This food type generally represents different elements, and they have their characteristics. For example, the melancholic type represents earth and primarily associated with avoiding. However, the Sanguine is the representation of air, and these people are socially useful. Similarly, phlegmatic personality is considered as water, and they usually get things very easily. Finally, choleric society type represents the fire and this personality trait helps the individual in the ruling which is a best entrepreneurial quality. In thisprocess of learningabout the entrepreneurial process and their methods for developing the venture, I have understood that my entrepreneurial or personality type is sanguine. This experience is life changing because of my future process of developing a new venture it will help me in understanding my features the weaknesses and strengths can be easily identified by using this framework (Scarborough, 2016). Othersappreciationisverybeneficialatthetimeofevaluatingpersonalstrengthsand weaknesses. Primarily, my peers and my teachers can quickly identify my personality threats which cannot usually be understood by me. However, they can be easily compared to the enhancement of my strengths and improvement of my weaknesses with my previous version of activities. According to the personality trait of sanguine, a person who is enthusiastic, social and active, can be identified under this character. According to my teachers, my enthusiastic nature helps me in accomplishing charismatic work for being a good entrepreneur. In addition to that, my peers have identified me as active and social. According to them, I enjoy being the part of the crowd, and they also find me social and outgoing. They also identified that I always associate myself with work. They also included that 7
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8 Creating new venture my risk-seeking behaviour is my best character for performing at the entrepreneur and creating new venture at my future career. In identifying the weaknesses sometimes my extrovert nature put me in trouble but with proper professional development plan I can easily improve the area. 5) This unit is very open-ended, deliberately exposing you to significant ambiguity, how do you tend to cope with ambiguity in life? The use and adaptation of new sources of information assist in coping up with ambiguities. For example, it can be said that the process of learning the creation of new venture how to understanding the innovative ideas used by the famous entrepreneurs. Their strategic planning in developing their ventures helps them in establishing the current multinational organisations. Their personality traits have both strengths and weaknesses, and they have successfully used both of them for creating their new venture. For creating a new venture, the number of ambiguity cannot be easily measured before starting it. Therefore, the best way to be a successful entrepreneur is to develop the potential for coping up with the ambiguities. This learning process helps me in identifying all the possible ambiguities may arise in my life as an entrepreneur. For instance, the knowledge about creating new venture has helped me in understanding the possible elements of the venture those are product or service, environment, target market, etc. The learning process has properly evaluated that the product or service did not have any existence without a market. This is totally dependable on the market that how the product or service will be sold. The demand of the market increases the production and also need more supply of the product or service. Similarly, if I have to be a good entrepreneur, then my focus has always needed a specification about the market I am operating in. More than the products and services,understandingthestakeholder'svalueandneedofcustomersbyknowingtheir expectations is the main quality within a successful entrepreneur. 8
9 Creating new venture The ambiguities are mainly related to the satisfaction level of the stakeholders and the change in the market. In addition to that, the business environment can develop numerous ambiguities in the life of an entrepreneur. For example, the business environment includes the government, resource profile or energy needed for the venture. Ambiguities can arise from all of these environmental factors. However, if the government establish a law which is creating ambiguity for the business or venture, then it will also create ambiguity for the entrepreneur because he has to deal with the various aspects related to the venture. Similarly, the suppliers can create numerous ambiguities for an entrepreneur, but the ways of dealing with the supplier have properly identified in the learning process. In addition to that, the learning process also taught me about handling various ambiguity in the professional life. This includes the process of motivating the employees for performing at their best in achieving the organisational goal (García-Peñalvo & Conde, 2015). The technique of monitoring the total system of the venture and also how innovations can help in developing the business is part of my learning process. Finally, it can be said that living a life as an entrepreneur is not an easy decision because it is full of risk and surprises. But this learning process helps me in my initial stages to understand the basics of being a successful entrepreneur in my future. 6) What have you learned about yourself and your ability to be entrepreneurial during the unit? The learning process is not only advantages for me because it is about the entrepreneur abilities in me but also my personality traits are highlighted because of this learning process. It can be said that during the unit the entrepreneur abilities of an individual has taught by my teachers. By understanding the basic characteristics of an entrepreneur, I can relate them to my personality characters.Personal trainsboth strength and weakness hasadvantagesin the process of 9
10 Creating new venture development in personal and professional life. An individual's strengths provide him with an advantage in achieving achievements, and it also helps in creating more opportunities in the professional career. As an entrepreneur, my strengths are going to enhance my opportunity in the creation of new venture. Similarly, my weaknesses need proper improvement in being a successful entrepreneur. The process of improvement is best at the level of the learner. These various examples can be verified, the evaluation process becomes easier, and guidance can be taken from the teachers. Therefore as a learner about the creation of venture I have able to learn about my entrepreneurial abilities. According to the evaluation given by my teacher I have an active and social person. In addition to that, I can take the risk. The skill of decision making and problem-solving can easily make me a charismatic leader. These characteristics can help me in becoming an entrepreneur because disabilities are essential for being an entrepreneur. My entrepreneur opportunities will be more flourished with the help of the strengths. The area of improvement has also identified during the unit by my professors. In other words, my extrovert attitude sometimes develops trouble for me. In addition to that, I become easily irritated in some situations. These characteristics of my personal abilities are disrupting for being an entrepreneur in my future career. Therefore in the process of learning the unit the various ways of improving the abilities of entrepreneurship has learnt by me. This process is also associated with developing my personal traits as a learner. According to the lessons of the unit, performing at the entrepreneur learning from various sources are important. These resources not only include the theoretical aspects of being a successful entrepreneur but also the practical examples which help in understanding the various situation can occur in running a new venture. For example, for improving the areas of personal weaknesses or entrepreneurs abilities, the best way is to follow a 10
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11 Creating new venture development plan (Barringer, 2015). As I will be able to develop a development plan and try to use it for improving as a learner, this process also going to help me for my ability as an entrepreneur at the future career and the necessity of developing these entrepreneur abilities. 11
12 Creating new venture References Barringer,B.R.(2015).Entrepreneurship:Successfullylaunchingnewventures.Pearson Education India. García-Peñalvo, F. J., & Conde, M. Á. (2015). The impact of a mobile personal learning environmentindifferenteducationalcontexts.UniversalAccessintheInformation Society,14(3), 375-387. Scarborough, N. M. (2016).Essentials of entrepreneurship and small business management. Pearson. Watanabe, H. C. (2018). Improvement of Performance, Stability and Continuity by Modified Size-ConsistentMultipartitioningQuantumMechanical/MolecularMechanical Method.Molecules,23(8), 121-134 12