Entrepreneurial Decision-Making Style
Added on 2020-05-08
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Running head: ENTREPRENEURIAL PERSON AND PROCESSEntrepreneurial Person and ProcessName of the Student:Name of the University:Author Note:
2ENTREPRENEURIAL PERSON AND PROCESSTable of ContentsEntry 1.............................................................................................................................................2Current entrepreneurial self and view on entrepreneurship.............................................................2Entry 2.............................................................................................................................................3What characterizes a value-creating venture idea and what does it take to communicate it? Wheredo opportunities come from and what characterizes the entrepreneurial process?..........................3Entry 3.............................................................................................................................................4What characterizes entrepreneurial context and why is it relevant for entrepreneurial process?Which aspects of context do you find most interesting or important?............................................4Entry 4.............................................................................................................................................6Drawing on a guest lecture on your interview with an entrepreneur and reflect as how thisperson’s entrepreneurial approach can be related to Sarasvathy’s theoretical perspective ofeffectuation and causation...............................................................................................................6Entry 5.............................................................................................................................................7After looking at the entrepreneurial process, how do you characterize your entrepreneurialdecision-making style?....................................................................................................................7References and Bibliography...........................................................................................................9
3ENTREPRENEURIAL PERSON AND PROCESSEntry 1Current entrepreneurial self and view on entrepreneurshipCurrently, I am doing my Masters program in strategic entrepreneurship (2 year program)from Jonkoping University, Sweden. In future, I want to grow up my family business and will tryto create new ventures in the existing business. I had personal interest to study entrepreneurshipmaster than any other course as my motto was to look after the family business in future. In orderto do so, I should have proper understanding of this subject theoretically so that I can apply mylearning in future practically. I do not have any prior experience in entrepreneurship till now. Ipersonally believe that entrepreneurship is an activity where individual desire to set up a businessby taking on financial risks and hoping that they will be able to generate profits in the nearfuture. The definitions of entrepreneurship that had been taught in class are all theoretical andrelate properly with the definition that I believe in. only knowing the definition and itsadvantages cannot help any individual to become an entrepreneur. Being an entrepreneur needslot of patience and ability to make decisions wisely (Baron, 2006). I have lot of expectation fromthis Master program on entrepreneurship where I would gain knowledge on the subjectentrepreneurship people and process. I want to be an entrepreneur and for starting I would like tojoin my family business and help my parents with the knowledge I gained from this course. Byseeing my parents, I felt that I could also go for entrepreneurship in future. But, that cannot besole reason to become successful entrepreneur. I always wanted to do something by my ownwhere I can generate own ideas and start working for it from scratch. I am a risk taker and that isthe most important traits needed to start a business in the most appropriate way. Our lecturer areso interesting where they teach us every aspect in detail and with providing real-life instances
4ENTREPRENEURIAL PERSON AND PROCESSthat helped each of us as a student to gain and relate those examples to our daily lives. We arealways guided by our lecturer constantly where we can ask any questions at any point of time toresolve query that we get in the subjects. Entry 2What characterizes a value-creating venture idea and what does it take to communicate it?Where do opportunities come from and what characterizes the entrepreneurial process?We were taught in class that entrepreneurial process starts with first generation of idea,then the feasibility study and lastly the business plan. Idea generation of value-creating venture isthe most vital part that needs to be decided by the entrepreneur at initial stages or phases (BartonCunningham & Lischeron, 1991). Characteristics of good value-creating venture ideas should be market-driven that cansolve a problem, find a market need as well as is customer-focused and not product driven. Theidea should effectively target an identified sizeable market segment (Davidsson, 2004). Thevalue-creating idea should be feasible by nature. The idea should be attractive by understandingwhether there is demand for that product or services. The idea should be achievable and durable.The idea should be safe as well as affordable. The idea should be unique and this means faster,better and cheaper. Sources of getting good entrepreneurial ideas will be talking to friends, family as well asother important contacts. Networking is important to get proper idea for business. I wouldsuggest individual to consider their hobbies and interest that they can generate it as an idea.
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