Reflections on Entrepreneurship Learning Journey

This assignment delves into a student's reflections on an entrepreneurship course. Using the Gibbs Reflective Cycle, the student analyzes various entrepreneurial theories, evaluates their understanding, and outlines an action plan for future business endeavors. The document highlights key learnings, personal strengths and weaknesses, and the impact of the course on the student's entrepreneurial aspirations.

Running head: ENTREPRENEURSHIP 1
MGMT13151: Entrepreneurship, Innovation and New Ventures
Term 2, 2017
Assessment 3: Reflections on Learning Journey
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ENTREPRENEURSHIP 2
Reflections on Learning Journey
There are different theories of learning that have been postulated, which influence the
way people learn. One theory that has been posited is the constructivism, which states that
learners construct knowledge through mental reorganization when interacting with the
environment. Entrepreneurs play a pivotal role as drivers of the economy globally. In this course
on entrepreneurial theories, I feel that I have used this approach in order to make sense of the
different approaches that have been set forth. The Gibb’s model of reflection is an important tool
in reflecting on the learning journey. I use it as the primary tool in order to present my reflections
during this course.
Stage one: Description
During this course, I was surprised to discover that the concept of entrepreneurism has
many varied theories that seek to explain it. It was presented as a distinct concept worthy of
scholarly discourse and this was an eye opener to me. I had always assumed that an entrepreneur
is someone with qualities that are arcane and which have no scientific explanation. The various
theories dispelled this notion that I had always believed to be true. I was able to identify with the
Risk Bearing theory, since I had always assumed entrepreneurs to be risk takers. The different
theories that were discussed helped to broaden my understanding of economic activity within the
parameters of being an entrepreneur.
Stage two: Feelings
The different theories have changed the way I feel about the different theories that have
been set. Entrepreneurs are one of the main factors that drive economic activity and are presented
as concept that is distinct. Peter Drucker’s theory states that new values are generated according
to his postulation (Nikolowski, 2016). I thought that was a positive outcome, since most
entrepreneurs are portrayed as being amoral and without ethical values. I felt this was beneficial

Running head: ENTREPRENEURSHIP 3
as it gave the human face to entrepreneurs apart from material gain. At the same time, I was
anxious to learn more in terms of wanting to relate real entrepreneurs to each theory. I felt that
this was not effectively done and this remains as a gap which I need do further studies.
Stage three: Evaluation
My evaluation in different group discussions is that most of the other students did not see
the possibility of becoming entrepreneurs in the future. The discussions took on a purely
theoretic approach with few or no references to real world situations. There was little effort made
in linking the different theories to different enterprises or entrepreneurs. This gave me cause for
concern as the topic did not have the depth of academic exchange necessary for future real life
application. Most students felt that despite all the body of knowledge presented, entrepreneurs
are made and not taught. Their take was that one is born with a special ability which cannot be
taught within the classroom context.
Stage four: Analysis. The different theories that have been set out are improvements on
the early postulations: Jean-Baptise Say improved on the approach taken by Richard Cantillon
(Brown & Christopher, 2013). Each theorist propounded on one aspect that aims to build the
overall body knowledge on entrepreneurism. This is effective in sealing the knowledge gaps and
holistically makes the topic complete. Frank Knight focuses on taking risks while Max Weber
narrows down to the immediate society as the main factor of driving entrepreneurism (Foss, Foss
& Klein, 2007). Mark Casson posits that economic conditions which are conducive are the main
promoter of entrepreneurism (Acs & Audretsch, 2010). Thus the different theories are not
competing but complementary in nature and this is helpful in gaining competency in this course
unit.
Stage five: Conclusion. One thing that I feel was not given enough time for discussion is
where entrepreneurs do not fit any theory that has been set forth. The approach that was taken
was where the theory is set forth as the donkey pulling the cart. The theory comes first to justify

Running head: ENTREPRENEURSHIP 4
the cart it is pulling. I believe that there could be situations where the cart (read the entrepreneur)
can come first and they can justify a completely new theoretical approach (Alvarez, 2005).The
changing dynamics that are impacted by technology were not also concretely given proper
discourse (Steyaert & Hjorth, 2006). I will have to look up academic literature that presents the
impact of technology on new entrepreneurs and whether this changes the current theories that
have been presented.
Stage six: Action Plan. The experience gleaned from this course is that I am more
prepared to start a business enterprise with knowledge that is relevant. I had never thought of
starting on my own as an entrepreneur, but this course has changed my outlook. Knowing the
different approaches that have been presented are helpful while the real examples we discussed is
motivational and inspirational (Hockerts, 2017). Combining knowledge with motivation and
inspiration is a recipe for success as an entrepreneur. It has helped reveal my strengths which are
the moral values I espouse. It has also exposed my weaknesses which was taking risks.
Overcoming the limitations and leveraging on my strengths will help me to become a successful
entrepreneur once I graduate.
Entrepreneurs play a pivotal role in the global economy. Learning approaches differ
according to the different theories that have been postulated. Within the context of this unit,
constructivism was the approach that I took in order to make sense of the topic on
entrepreneurism. The Gibb’s reflective cycle has been useful in reflecting on my learning
journey in this unit. Starting with the description to the action plan, I have been able to articulate
what I felt and the gaps that I identified. I was also able to analyze and evaluate my learning
process and what I still need to study in order to have a deeper grasp of the topic. I feel I am
better prepared to launch into a career as an entrepreneur and this knowledge is relevant and
helpful.

Running head: ENTREPRENEURSHIP 5
ReferencesÁ
cs, Z. J., & Audretsch, D. B. (2010). Handbook of entrepreneurship research. New York:
Springer.
Alvarez, S. (2005). Theories of entrepreneurship: Alternative assumptions and the study of
entrepreneurial action. Boston: Now.
Brown, C., & Thornton, M. (2013). HOW ENTREPRENEURSHIP THEORY CREATED
ECONOMICS. Quarterly Journal of Austrian Economics, 16(4), 401-419.
Callara, L. R. (2008). Nursing education challenges in the 21st century. New York: Nova
Science Pub.
Foss, K., Foss, N. J., & Klein, P. G. (2007). Original and Derived Judgment: An
Entrepreneurial Theory of Economic Organization. Organization Studies (01708406),
28(12), 1893-1912. doi:10.1177/0170840606076179
Hockerts, K. (2017). Determinants of Social Entrepreneurial Intentions. Entrepreneurship:
Theory & Practice, 41(1), 105-130. doi:10.1111/etap.12171
Nikolowski, K. (2016). SOCIETY OF KNOWLEDGE AND ENTREPRENEURIAL
ECONOMY: SOME VIEWS OF DRUCKER. Annals of 'Constantin Brancusi'
University Of Targu-Jiu. Economy Series, (5), 95-100.
Steyaert, C., & Hjorth, D. (2006). Entrepreneurship as social change: A third new movements
in entrepreneurship book. Cheltenham, UK: Elgar.

Running head: ENTREPRENEURSHIP 6