This report provides a critical analysis of entrepreneurship, focusing on key concepts, profile dimensions, and the opportunity recognition process. It offers recommendations for improving weaknesses.
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Entrepreneurial critical analysis
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EXECUTIVE SUMMARY This report is on the topic “Entrepreneurial critical analysis” which presents about the key concept of the entrepreneurship along with the various entrepreneurial profile dimensions with its strengths and weaknesses. It also covers the evaluation of the opportunity recognition cycle and mapping of the dimensions into it. Based on the findings, certain strategies are recommended for improving the weaknesses.
TABLE OF CONTENTS INTRODUCTION...........................................................................................................................4 MAIN BODY...................................................................................................................................4 Four entrepreneurial profile dimensions or mindsets..................................................................4 Entrepreneurial Opportunity Recognition Process Model...........................................................6 RECOMMENDATION...................................................................................................................7 CONCLUSION................................................................................................................................7 REFERENCES................................................................................................................................9
INTRODUCTION Entrepreneurship basically refers to the ability and the readiness of the person to develop, organize and carry out the business in combination with the various uncertainties with the aim of making profits. In simple terms, it refers to the willingness to initiate a new business. It plays an important role in the economic development and expanding the marketplace. My entrepreneurial journey started by being stuck with the idea of offering large scale digital marketing services in a personalized way which will help in effectively meeting up the changing the market scenario. With this idea in mind, proper evaluation of it was done and finding the appropriate market and target clients. This journey has helped me in sharpening my skills and gaining greater insight in the business. MAIN BODY Entrepreneurial profile dimensions or mindsets Forthepurposeofsuccessfullyaccomplishingthenewbusinessideathefour entrepreneurial dimensions are identified which are described below. Opportunity orientation This profile dimension refers to the seeing the world full of opportunities and how one can create or access that opportunities along with the learning which will turn out the challenges and the failures into the possibilities and the opportunities which results into leading the change as a change maker (Wardana and et.al, 2020). In respect to the entrepreneurial journey following were the strength and weaknesses of the dimensions. Strengths: Under this each event is considered to be a business opportunity, ideas are generated constantly pertaining to the different aspects like the efficiency, skills of people and the potential new businesses. Weaknesses: It is mostly relied on the gut feelings as the entrepreneurs mainly undertake decisions based on feelings rather than on the conscious analysis of the situation. It incorporates high analytical data but the actual decision is based upon the feelings. This might turn into incurring huge losses. Persistent problem solving
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In this profile, the entrepreneurs are highly self-confident and also possess the higher optimismlevels(Wales,CovinandMonsen,2020).Inthisastheproblemarises,the entrepreneur spends lot of time and efforts in first defining the problem rightly and then looking for the other alternatives as possible. In this profile, entrepreneurs finds solution to every problem and are very realistic. Strengths: The major strength of this profile is that entrepreneurs do not jump on the end result blindly and are seemed to assess the different aspects by considering the pros and cons through the way of critical evaluation. The entrepreneurs do not hesitate in seeking help or support from others and are often termed as quick learners. Entrepreneur learns from every situation and add it into their strength. Weaknesses: This profile might create tendency of the entrepreneurs to view things as problematic or barrier instead of opportunities for further growth and learning. Some problems are vague or uncertain which results into outcome of the solution to be hard to estimate. Feedback seeking Feedback seeking is considered to be ubiquitous in entrepreneurship and is also assumed to be an aid in determining the uncertainty pertaining to starting a new business, starting a new venture and undertaking strategic decisions (Subramaniam and Shankar, 2020). Entrepreneurs who seek feedback from time to time are more likely to attain the success in their business idea. Strengths: Themainstrengthofthisprofileisthatithelpsinreducinguncertaintyasthe entrepreneur sought feedback which assists the entrepreneurs in decreasing the doubts and insecurity which are very common. This is further utilized by the entrepreneur in acquiring or altering the existing knowledge, skills and managing the venture. Through the way of getting feeding helps in developing better products and services along with positioning them without any mistake. The feedback can be taken from the clients, beneficiaries, employees, professionals and experts. Weaknesses: Seeking feedback requires application of lot of time and efforts in order to find the individuals and getting meaningful and honest feedbacks. Entrepreneurs might avoid seeking
feedback in order to conserve personal resources. Along with this, in order to protect the competitiveness of the new business feedback is not taken. Internal locus of control The internal locus of control profile ofentrepreneurship states that the entrepreneur believes that they are their own master and can act in their way to change their life conditions (Naumann, 2017). In simple terms, it refers to the concept in which the entrepreneur has a full believes that he/she can control their future through their ability. Strengths: Entrepreneurs with this profile have a strong sense of self responsibility along with the power to change their lives. In this, entrepreneurs gather more information which helps in enhancing their decision-making process. Weaknesses: Entrepreneurs of this profile, have the tendency to be direct and hit the point which can make others feel trampled. Also, they can find it difficult to delegate task as they want to control everything. Entrepreneurial Opportunity Recognition Process Model The opportunity recognition refers to the activities which takes place before the formation of the business and there are various stages in this process which are stated below. Discover:Thefirstphaseisdiscoverwhichconstitutesthreestageswhichare preparation, incubation and insight. Preparation accounts for the background and the experience that the entrepreneur brings to this process. In this, knowledge base is required to draw on to identify the opportunities (Chandra, 2017). Next is stage is incubation in which the entrepreneur contemplates an idea or a particular problem then efforts are made to analyse and solve the problem. Third stage is insight refers to the moment of recognition which can be anything.In this phase, opportunity orientation and persistent problem solving dimension can be mapped, in this phase identification of opportunity from the surrounding or the identification of problem is done by the entrepreneur which is further analysed for solving it. Generate:In this phase, idea is generated, which is then evaluated and elaborated. In evaluation stage, it involves determining the feasibility of the idea. Under this, idea is put under the test of various types which incorporates the preliminary market testing, financial viability analysis. It also involves feedback from others like social networks and business associates
(Asante and Affum-Osei, 2019). The entrepreneur requires feedback from knowledge and marketing experts pertaining to the feasibility of the business idea. Elaboration is the process in which the creative insight is actualized and presented as the business plan which also involves reducing uncertainty.In regard to this stage, it can be stated that feedback seeking and problem solving dimension can be placed in this phase, as it involves determining the feasibility of the idea by the way of gathering feedback from the various groups.Also, it will also identify the uncertainty pertaining to it, which will help in determining the ways through which it can be resolved or minimized. Recognise:This is the last phase in which the opportunity is recognized which is characterizedbythefeedbacksreceivedandthetestingcarriedoutforthepurposeof determining and evaluating the feasibility of the new business idea (Rauch, Fink and Hatak, 2018).Under this phase, internal locus of control is mapped as in this, the beliefs of the entrepreneur takes the decision. It also includes the opportunity orientation, as it is based on the gut feelings of the entrepreneur to undertake the decision in favour of the opportunity or not. RECOMMENDATION Based on the above analysis of the dimensions of the entrepreneur, there are certain points which can be implemented in order to overcome the weaknesses. The entrepreneur requires putting more emphasis on the data analysis instead of the gut feelings as this might result into huge losses. By focusing on the analytical part will help in identifying the important factors which can influence the decision. The entrepreneur should concentrate on identifying the opportunity and not the problem otherwise, it might hamper the growth and development of the entrepreneur. For maintaining the competitiveness, entrepreneurs avoid gathering feedback which can affect the decision-making process. Therefore, not on large scale but on small scale feedback can be taken from the trusted individuals. It is very difficult for the entrepreneur with the profile of internal locus of control to delegate the work to another person. Therefore, it is highly recommended involving someone who can be more than trusted so that the entrepreneur can assign the work to that person which will result into making entrepreneur focussing on other important things.
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CONCLUSION It can be inferred from the above that, entrepreneurship is a vast topic and there are different entrepreneurial profile dimensions or the mindsets which the entrepreneur possesses. Thisdiffersfrompersontopersonandeachhavingitsstrengthsandweaknesses.The Entrepreneurial Opportunity Recognition Process Model is helpful in reaching to the final conclusion or deciding or recognizing the opportunity. The different phases into it helps in effectively analysing the business idea. Thus, critical evaluation of the entrepreneurial idea is very crucial in order to carry out the business implementation process. Based upon this, the feasibility of the new business idea is determined and then further process is carried out on it.
REFERENCES Books and Journals Asante, E. A. and Affum-Osei, E., 2019. Entrepreneurship as a career choice: The impact of locus of control on aspiring entrepreneurs' opportunity recognition.Journal of Business Research.98.pp.227-235. Chandra, Y., 2017. A time-based process model of international entrepreneurial opportunity evaluation.Journal of International Business Studies.48(4). pp.423-451. Naumann, C., 2017. Entrepreneurial mindset: A synthetic literature review.Entrepreneurial Business and Economics Review.5(3). pp.149-172. Rauch, A., Fink, M. and Hatak, I., 2018. Stress processes: An essential ingredient in the entrepreneurial process.Academy of Management Perspectives.32(3). pp.340-357. Subramaniam, R. and Shankar, R. K., 2020. Three Mindsets of Entrepreneurial Leaders.The Journal of Entrepreneurship.29(1). pp.7-37. Wales, W. J., Covin, J. G. and Monsen, E., 2020. Entrepreneurial orientation: The necessity of a multilevel conceptualization.Strategic Entrepreneurship Journal. Wardana, L. W. and et.al, 2020. The impact of entrepreneurship education and students' entrepreneurial mindset: the mediating role of attitude and self-efficacy.Heliyon,6(9), p.e04922.