Enterprise in Action - PDF

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ENTERPRISE INACTION:REFLECTIVESUMMARY
Table of ContentsINTRODUCTION...........................................................................................................................1GIBBS REFLECTIVE CYCLE.......................................................................................................1Description..................................................................................................................................1Feelings.......................................................................................................................................2Evaluation...................................................................................................................................3Analysis.......................................................................................................................................5Conclusion...................................................................................................................................5Action Plan..................................................................................................................................7CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................9APPENDICES...............................................................................................................................10Appendix 1................................................................................................................................10
INTRODUCTIONEntrepreneurship refers to activities undertaken by individuals to design, launch, managean run a new business enterprise (Drucker, 2014). In the era of modernisation and technologicaladvancements, it is imperative that entrepreneurs come up with innovative ideas to set and runtheir businesses. Innovation is a process of modifying the offerings in a way which adds up totheir value. The following assignment is about challenges of entrepreneurship and innovation. Inthe current business scenario, the UK has been subjected to various changes in regulations andpolicies post-Brexit. This event has its impact on all the sectors of the economy and the countryis facing quite a downfall and uncertainty as per the political and economic scenarios areconcerned. The following assignment is about the reflection on the module reflecting thechallenges of entrepreneurs and innovation. It covers a detailed reflective report based on thechallenges faced during creation of the module and ways these were overcame.GIBBS REFLECTIVE CYCLETo effectively satisfy the agenda of the report, Gibbs Reflective cycle model is usedwhich was created in 1988 by Professor Graham Gibbs. This model is used effectively to assistindividuals to explore the situations faced during their research and reflect upon it (Gibbs'Reflective Cycle,2019).DescriptionIt is a very complex yet effective task to work on a module and successfully carry outresearch which serves its agenda in an appropriate manner. Working in a group of individualshas always been quite fruitful experience for me and being an equal member contributing in theteamwork is a very learning experience. I was supposed to carry out effective research that couldhelp the other members of the group to successfully accomplish the goals of this module. Duringthe initial stages, I expected myself to work with utmost dedication and passion to cover almostall the aspect it required to bring in information which is necessary. Since its a very complexactivity, I decided to approach my tutors who could guide me through each step of the moduleand help me gain a better understanding of the factors and aspects needed to carry out thisresearch. In my opinion, my tutors play an effective and outstanding role in facilitating mylearning as they helped me to broaden my understanding about various concepts which I didn'thave much knowledge about. Initially, it was learnt that working for a real-estate firm it is very1
crucial for an entrepreneur to know their customers (Eraker and et. al., 2015). There are variousways in which this could be done. Some of the methods I learnt was that entrepreneurs mustmaintain an effective customer life-cycle and could also personally acquire data highlightingtheir preferences and expectations. After few weeks, I learnt various factors that how Brexit isaffecting the country's business and how big is this impact on real state. For instance, Investorsare abandoning real estate businesses as there is high uncertainty about the interest rates as wellas office values and house prices ('Safe as houses'? Brexit looms over UK real estate market,2019). Later during this period, I analysed how this could be overcome and what steps couldentrepreneurs take to effectively manage their enterprise during this Post-Brexit market. Inaddition it came to my knowledge as to how customers choose between competing offers andwhat are the needs that are yet unmet. This according to me is one of the major challenges ofentrepreneurship in the country.FeelingsThroughout this module, there were several days when I thought quite confident aboutthe information I was gathering. There were various sources on the internet and variousnewspaper articles that helped me gain a keen knowledge about Brexit and the likely effects itcould have on the businesses across the nations. However, the information I gathered had quiteloopholes which made made me nervous as during the initial weeks of the module. Post-Brexit,the situation of the market completely changed and there were new information every day whichcaused a feeling of uncertainty and lack of confidence in each of us team members. However,there were various journal articles throughout these modules that helped us gain an inside-outview over the impact of this event on organisations.Various aspects and situations had an impact on our thought processes and how the groupmembers felt about the information and the research approaches used to develop a better view onour findings and could be as accurate as possible. There are various research approaches used tofind certain information are divided into data collection approaches as well as data analysingapproaches. For the module, almost all the approaches were applied to conduct research and allthe group members, including me started feeling quite confident of the information that wasbeing acquired using different approaches for various different purposes.Whilst working on this module, there were various problems that were faced by all theteam members together as well as on an individual level. The feeling and thought process of each2
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