Entrepreneurship: Creating New Venture Reflective Log Book

This reflective log book covers various topics related to entrepreneurship and creating a new venture. It includes insights on business model canvas, social media marketing, entrepreneurial teams, lean start up, guerrilla marketing, digital entrepreneurship, differentiation and more. The author shares their plans to manufacture eco-friendly glowing salt lamps and subsidiary products, and their strategies for marketing and differentiation. Course code, course name, and college/university are not mentioned.

Running header: Entrepreneurship
Creating New Venture
Reflective Log book

Contents
Introduction...............................................................................................................................................3
Log 1: Entrepreneurship...........................................................................................................................4
Log 2: Business Model Canvas.................................................................................................................4
Log 3: Social media marketing.................................................................................................................6
Log 4: Entrepreneurial Teams.................................................................................................................7
Log 5: The lean start up............................................................................................................................7
Log 6: Guerrilla marketing.......................................................................................................................8
Log 7: Digital entrepreneurship...............................................................................................................8
Log 8: To dare and to fail.........................................................................................................................9
Log 9: Differentiation..............................................................................................................................10
Log 10: Serial entrepreneur....................................................................................................................11
Reference Lists..........................................................................................................................................12
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Introduction
Entrepreneurship has been emerging idea in recent decade with rising opportunities with
globalisation (Audretsch 2012). With internet advancing and increasing connectivity across the
world, globalisation has achieved rapid pace. Entrepreneurship helps develop new concepts,
procedures and techniques of doing things. It involves a venture in a new mode of doing it by
creating immense opportunities and prospects.
I want to extend by entrepreneurial ideas to manufacture glowing salt along with its subsidiary
products. It is an eco-friendly solution and can be used to make lamps for decoration. Through
this course I have obtained necessary insights into ways and means that a lean venture can be
established in the market (George 2011). Learning’s from the course provided me insights
regarding Business Model Canvas which allows analysis of pertinent facts regarding the
business. In the course due to immense transfer of learning, I had been able to learn concepts
regarding social media marketing, which is one of the most integral aspects of marketing for any
business. In this current log book I will maintain details regarding necessary concepts and
knowledge that I need to go back to. I have currently recorded 10 log areas that I realized were
most important part of my entrepreneurial venture (Carland 2015). When I start working these
logs will help me create an unique venture and have a large customer base.
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Log 1: Entrepreneurship
Entrepreneurial ventures has to make substantial amounts of profits when it is established as it
will lead to driving business sustainability. The section of this course enabled me to develop
concept pertaining to ways a business needs to be conducted for generating revenues. For
catering to market, ascertaining target audience is critical (Aaker 2008). Segmentation according
to demographic, psychographic, geographic and behavioral will allow to depict appropriate set of
audience for the Company. I will aim to initially start to market products locally in Sweden, later
after 3 years of profitability I will expand my services and cater to markets offshore in Europe as
well to other developed countries. For my product, likeability will be greater in developed
countries at it produces less amounts of pollution and is environmentally friendly. further the
cost effective structure of the lamp is bound to attract large number of customers to the product
(Anna Rickman 2007). The USP of the product will be innovativeness of the lamp design
material with appropriate service. Mostly it will be marketed to married couples with kids who
are more aware of pollution. I will ensure that lamps are designed in an attractive, and through
various efforts I will create a distinct brand image for my Company with high brand recall value.
Log 2: Business Model Canvas
According to me one of the most critical aspect of entrepreneurship that has been taught in the
course is of Business Model Canvas. The Model allows segregation of various key or vital
aspects of business. It allows identifying critical parts within business without which business
functionalities will be hampered (Dollinger 2008). For my business I have been able to
identifying 9 areas that can generate value for my business. These 9 areas have been identified
by me and all strategies regarding my Company will be based catering to these 9 critical points.
My business proposition is based on strategic determinants ascertained by means of BMC.
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Key Partners Key activities Value
Proposition
Customer
relations
Customer
segments
Sole Ownership
Concern
1. Obtaining salt
for creation of
lamps
2. Designing
lamps in an
attractive manner
3. Packaging
lamps
4. Marketing
5. Setting
channels for
distributing
6. Obtaining
standards as
environmentally
1.
Environmentally
friendly lamps
2. Affordable
that can
illuminate
3. Home delivery
through internet
bookings
available
1. Providing
exclusive customer
service
2. Providing
replacements
without additional
costs
3. Free home
delivery
4.Bulk orders
accepted for gifts
1. Middle income
group
2. Upper Income
group
3. Especially
working class,
married with
children will be
targeted
Key Resources Channels
1. Human
resources
including
managers,
laborers,
marketers, sales
personnel.
2. Financial
1. Banners,
posters, pamphlets
announcing new
product launch.
2.Television and
newspaper
advertisements.
3. Online
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resources.
3. Land and
manufacturing
facility.
marketing and
Social media
marketing.
Cost Structure Revenue Structure
1. Land cost
2. Electricity and water expense
3. Raw material expense
4. Manufacturing
5. Salaries of employees.
6. Marketing expense
1. Profits made on sale of lamps
2. Profits made through channel distribution.
Log 3: Social media marketing
With advent of internet technology the whole dynamism of business has undergone
transformation. Businesses are now designing websites and connecting to their customers by
means of various social media sites. Facebook, Twitter, Pinterest, Instagram and LinkedIn has
changed ways in which business could be conducted. This is one of the most crucial concept that
I have been able to learn from my course (Ab Hamid 2008). I aim to search my customers
through online platforms through website designing and adding several social media links to
them. I will make several friends and new connections on these social media platforms. through
them I will market my product and gradually gain acceptance regarding the same.
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Log 4: Entrepreneurial Teams
The fourth entry consist of most integral aspects comprising of “Entrepreneurial Teams”. Team-
inputs can generate immense amounts of team effectiveness in all types of businesses.
Entrepreneurial teams can generate greater returns as compared to single or individualistic
owners. Teams comprising of individual that develop together strategic decision making can
provide operations for new venture.
Within effective team building there has been several lectures provided such as to develop
detailed insights regarding the same. Most integral aspect that were taught regarding included
communications, respect for team members, resolving conflicts, creativity and accepting ideas.
While building teams homogeneity needs to paid attention to enhance work efficiency and
effectiveness. However, in cases of complexities heterogeneous teams plays a better role.
Log 5: The lean start up
Len startup concept is gradually emerging to a n amazing concept applied on to business
environment. It is a mechanism of developing business model by shortening products and
validating learning. It makes use of business cycle in a manner with iterative product
development strategy. I aim to accommodate concept of lean startup for my business as well
(Frederick 2007). I will design salt lamps and cater to market and then obtain feedback regarding
products. I will conducts manufacturing in small batches such that feedback can be easily
accommodated into the product. As I will extend my product through social media platforms, I
can easily obtain critical reviews regarding my products from there itself. I will examine likeness
aspect related to my product and then accordingly change features. There are various businesses
that are experimenting with versatile ranges of products and services to cater to clients in a better
manner. I will shorten gasp between customer expectations and product delivered (Alexander
2010). I will also provide better services and answers to any queries raised by customer. This
will help me to progress on a gradual note while taking into consideration market scope.
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Log 6: Guerrilla marketing
In business especially startups marketing has to be conducted for creating awareness regarding
products. Marketing allows knowledge regarding products as well as create brand name. While I
evaluated various marketing concepts that has been taught during my course, most critical
concept that attracted my attention was guerrilla marketing (Zahra 2006). It includes marketing
with minimum amount of costs involvement. I have started my company with a bank loan hence
it is in my best interest that I maintain lowest possible expenditure for my Company in marketing
as possible. Marketing is a critical business function for the purpose of generating revenue hence
I will create awareness through social media marketing techniques and word of mouth. In
various social media platforms and websites I will posts articles regarding pollution that is
created from use of other lamps and give them links to my website. I will tell every individual
friends and peers that I know and meet regarding my product and if they can refer me to any
customer. I will also engage myself in several social groups and make presentation of my
product (Hatten 2015). I will advertise for my product my clicking various photographs of it and
posting online. I will also upload videos including manufacturing procedure for the lamp that can
attract attention from large potential customer base. Social media marketing is also a low costs
marketing endeavor that allows accommodating large potential segments of customers.
Log 7: Digital entrepreneurship
Digital solutions in entrepreneurship is emerging in nature. Most companies now are adopting
wide range of digital techniques to extend their products to customers. Digital marketing has
extended reach of companies to their possible customers. I will also be making using of several
learned digital marketing techniques for my company and use them (Kirzner 2015). My product
portfolio is unique in nature hence I will easily be able to generate large amounts of user
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interests. I can make use of SEO (Search Engine Optimization) and SEM (Search Engine
Marketing) techniques for my products. By making use of Google Analytics and creating
webpage in a suitable manner, I can generate large influx of traffic. By means of digitalisation a
larger mass of customers can be attracted as against traditional marketing techniques (Vargas
2015). Thus, digitalisation can help cover more areas geographically than it is ever possible by
physical means.
Log 8: To dare and to fail
While various startups end up badly a number of startup make it big in their lifetime. One of the
most interesting topic that are given to us by a Guest Lecturer is dare to fail. While almost 75%
startup ends up in a failure other startups that stayed afloat experimented with a large range of
concepts to maintain profitability. I have dreamt of starting this business on my own and I aim to
never give up (Zinkan 2012). If ever I feel that I have attained failure then I would realize that I
have been trying immensely and would start again. At each point in the venture whenever I will
taste success or failure I will ensure to determine factors that has led to the circumstances.
Various scholars in the domain of entrepreneurship establish that it is critical to fail prior to
attending success in entrepreneurship. I will have to extend my expertise and cope up with
various challenges that are thrown by time upon me (Wymer 2011). I have a strong mental bent
which allows me to keep going and make corrections such that same mistakes are not repeated.
My business is totality based on an idea of innovative product, hence I will focus on all possible
feedback given by customers. Especially negative feedbacks plays a critical role in
understanding positions where we are going wrong and then starting again. with passage of time,
ups and down in market cycle, facing competitive forces, my product will be able to emerge as
best possible one in the market (Stevenson 2007). My attitude that have been created from this
lecture will continue in an uninterrupted fashion and is bound to generate high revenues and
great customers. Through my determination and sheer hard-work along with product alterations I
will extend my capabilities and core competencies. Like Amazon and eBay that have with
passage of time become greatest online sellers, I will keep struggling with my business forever to
make sure that it sustains and my idea generates a turnaround concept in the market.
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Log 9: Differentiation
Through various lessons in diversified topics one of greatest lessons I have learnt is regarding
differentiation. Customers are attracted to products or services that are differentiated in the
market. Such differentiation can be product related, price related, services related and so on (Acs
2007). Differentiation can be attempted in several manners and companies currently are making
use of differentiation techniques in every aspect of business to surprise customers continuously.
At every point they want customer delight, such that brand retention. My business and focus is
on continuous innovation. My innovative nature forces me to take up challenging projects
continuously such that I am able to evaluate and apply various concepts related to product. In my
case I will start with general salt lamps and then go onto discover more versatile lamps that can
be used across hospitals, hotels, automobiles and son on. Not only product differentiation has
been learnt by I will also apply strategies of price based differentiation related to more
sophisticated products. Price based differentiated products will be catered to upper income group
customers, clubs and restaurants. I will also obtain environmental ISO certification for my
products which will act as another differentiating factor. This will help create a niche for my
products and a customer segment exclusively for my lamps. It will have decorative capabilities
which can easily be used by clients for their room décor. I will use strategies similar to Chinese
based mobile company Redmi. I will make tie-up with several online portals that sells lamps and
other home items as Amazon, then I will make flash sales so as to create customer rush. I will
offer first 10 products free of costs and then later products will be chargeable at normal rates
(Meerteens, et al. 2012). Thus, I will keep on experimenting with various strategies to gain
customer support and their satisfaction from purchase of my product.
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Log 10: Serial entrepreneur
The concept of serial entrepreneur has caught eye of several businessmen. An entrepreneur is
one who is able to visualize an opportunity, whereas a serial entrepreneur visualizes several
opportunities at same time (Crumpton 2012). There are various examples of entrepreneurs who
have successfully created a serial number of businesses. Entrepreneurs in general visualize new
concepts or ideas and then implement the same by taking subsequent amounts of risks. They like
working round the clock and has efficient time management capabilities. they can easily scale by
their businesses eyeing opportunities in the market and thereafter extending products or services
suited to needs. They are problem solvers and built strategies for business development, growth
and development. They have curiosity regarding ways that things are done and to satisfy those
curiosity. Serial entrepreneurs are persons who can easily move on they create business
structures rather than businesses that can function on their own (Hermandez 2015). They move
gradually not to exhaust all their resources at one go, hence they are more successful in
businesses. I will aim to become a serial entrepreneur as I have several business aims and
concepts in mind. Through evaluation and conducting market research related to all those ideas I
will be able to become a leading successful serial entrepreneur.
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Hermandez, Camacho J. "Business Model Canvas." 2015.
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