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The Entrepreneurial Team and Marketing Strategies | Assignment

   

Added on  2020-02-24

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Student Name:Opportunity Journal 3–The Entrepreneurial Team and Marketing StrategiesInstructions: 1.Spend around four hours to work on this journal2.Work individually because the idea of this exercise is for self-reflection3.Submit the softcopy of your completed journal through LMS by the deadline date suggested in the turnitin link.NOTE: COPYING ANSWERS FROM OTHER RESOURCES WITHOUT PROPER REFERENCING WILL BE TREATED AS A PLAGIARISM CASE. Reflection PointYour ThoughtsThe Entrepreneurial TeamBased on the previous opportunity journals, as an entrepreneur, you have idea(s) on the type of business that you want to start. What skills do you need to develop if you want to run this visionary business? What skills can you develop prior to the launch and earlystages of your company? To become an entrepreneur, I need to have clear set of goals along my way to success. I should be confidentand not afraid to take risks. I need to hone my learning skills in order to run this visionary business. I will haveto understand the fact that failure will be a part of entrepreneurship which will pave the way for success.Moreover, I as an entrepreneur will have to be passionate about the venture and should adapt to any kind ofsituation. As the owner of a business I need to acquire few skills before starting up. I need to do almost all the work bymyself as there will not be many employees in the beginning of the business. There will be different parts of abusiness which needs supervision like project management, book- keeping and accountancy, leadershippresenting, delegation and sales. When the business is at the infant stage there will be a lot of responsibilityfor me as the owner of the company so my dedication will count a lot in that regard. Identify your personality types using MBTI (http://www.humanmetrics.com/cgi-win/JTypes1.htm) . Which character of your personality type (see Otto Kroeger’ caricature on Week4 Light Reading Section in LMS) that will be beneficial for an entrepreneur? Which character of your personality type that you think can hinder your entrepreneurial journey? And how will you work on them?NOTE: You need to take the test before you can answer this question.I am more of a thinker which keeps me away from feeling and help me to avoid emotion in certain situation. Ialso have a characteristic of judging people or situation rather than have a clear perception about it. I tend tobe an introvert which helps me in concentrating more on my business than any other external affairs. I have apositive leadership quality which will enable to organise team work efficiently. My trait of personaldevelopment will be beneficial in sustaining my entrepreneurial career. My trait of being intuitive and not sensible can be a hindrance in my entrepreneurial career. This is becauseintuition does not work in practical life. To run a venture I cannot rely on my intuition as it can hamper thegrowth of my business. I need to think and decide logically with reasoning and apply it in the proper field. If Iget swayed away by emotion, then my business will suffer as a result of that and development will bestagnant in that case. Think about the people you like to join you in the founding team.What sorts of skills, values, experiences that you are looking for in the founding members? How will you find these members?Among the founding members I would like to have people who are punctual and passionate about the task.They must have the determination to give their best in my business. They need to have the skills of riskmanagement, self- confidence, strategic thinking, ability to utilise their personal networks, ability to deal withrequirements and challenges and motivate others to achieve a common target. They should have a flair fororal and written communication and must be an adept in decision making.I can find out these members either from my peer or acquaintance group. I can also advertise for the specificposts in newspaper, leaflets and banners and get hold of the social media. Word of mouth can also be used inthis case. Text messages and emails can also sent to specific person if they seem to be interested in workingfor my start- up venture. I can also talk to the colleges and universities to arrange for a campus placement inorder to seek fresh talent. Create a simple staffing plan (including founder and employees) for your visionary business. NOTE: You can present a simple table at the end of this journal (see lecture notes 3). You might need to explain your rationale.Name ofprogrammersJanFebMarAprMayJunJul AugSepOctNovDecTotalCassieCollins50005000500050005000500050005000500050005000500060000PaulSmith 56005600560056005600560056005600560056005600560067200DavisBrown62006200620062006200620062006200620062006200620074400EmilyWright53005300530053005300530053005300530053005300530063600LauraDavis50005000500050005000500050005000500045000LilyGeorge54005400540054005400540054005400540054005400540064800Newprogrammer500050005000500050005000500035000HelpdeskJackWhite45004500450045004500450045004500450045004500450054000Ref: Bygrave, W., and Zacharakis, A., Entrepreneurship, 3nd Ed., Chapter 5, 6, John Wiley, 2014
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