Table of Contents INTRODUCTION...........................................................................................................................3 MAIN BODY...................................................................................................................................3 CONCLUSION................................................................................................................................6 REFERENCES................................................................................................................................7
INTRODUCTION Entrepreneurship management is an effective plan of action which helps in dealing with innovation, strategies, ideas and ventures which helps in taking idea into the market. This study is based on the reflection which in turn helps in demonstrating the learning experience, challenges, perception, knowledge, etc. on the topic entrepreneurship and new venture creation. MAIN BODY It was a very fascinating experience to carry out the study on the topic entrepreneurship management and new venture creation. This helped me in developing various effective skills and broadenmycurrentknowledgeontheparticularsubjectmatter.Ihavelearntthat, entrepreneurship is a word which is derived from entreprendre which means “to undertake”. According to Gibbs model, I have analysed that entrepreneur is a person who under takes to manage, organize and assume the risk of the business. I have learnt that, entrepreneur is a person who helps in assembling the various activities and resources of the company in order to function effectively (Oham, Pestano and Allen, 2016). They have the willingness to identify risk in terms of time, career and equity. This in turn helps in formulating effective venture team in order to attain greater heights. I have examined the fact that, entrepreneur is an individual who manages and establish a business for the sole purpose of profit and growth. They focus on innovating the various ideas and beliefs into the business by employing strategic management practice. It was very interesting to find out that, there are various different types of entrepreneur and are categorizedintonoviceentrepreneur,serialentrepreneur,portfolioentrepreneur,business entrepreneur,socialentrepreneur,necessityentrepreneur,opportunityentrepreneur,pure entrepreneur and hybrid entrepreneur (Welter, Baker and et.al., 2017). I have developed a complete understanding on the concept of successful entrepreneur. I have learnt that, there are several drivers of entrepreneurship which are classified into macro view and micro view. Macro view is further classified into social and cultural factors, de-placement, financial and ecological (Smith, 2016). Micro view is further classified as entrepreneurial trait, strategic formulation and venture opportunity. This study has helped me fill the gaps of the current knowledge and gain insight from various relevant sources. 3
According to Gibbs model, I have developed various skills such as communication, intellectual skills, self understanding, etc. which in turn results in better understanding on the particular subject matter (Järvi, 2015). I have learnt about various interesting facts and concepts such as ideation. I have developed an understanding that ideation is a creative process of developing, generating and communication of new ideas which is crucial for the success of the business. I have sought to determine that, ideation concept has helped me in looking at the problems in unconventional way to attain common goals and objectives (Burns and Dewhurst, 2016). I have gained insight about various products and services which in turn results in high operational and sustainable growth of the business. This study helped me understand the concept of competitive advantage. I have established that, competitive advantage is a position where company can perform better than its competitors in order to increase the market share and profitability. It was very challenging for me to understand the concepts related with new ventures, entrepreneur, small business. It was difficult to distinguish between these business structure (Hytti and et.al., 2015). It helped me in determining the various fundamental concepts which could influence the business performance of the company. AccordingtoGibbsmodel,Iwasveryexcitedtounderstandthelifecycleof entrepreneur. The first phase includes preparation where early work experience, accumulation of capital, building network, acquisition of technical skills, identification of business possibility. The next phase consists of embarkation which includes challenges related to products, capital, expansion, reinvestment, risk related to venture failure, increase in trade, etc. The next period is related with exploration (Hitt and Duane Ireland, 2017). This stage helps in exploring new ideas, innovation, commercial success, new partnership and connection. This stage helps entrepreneur to heighten level of trust, knowledge, decision making skills and networking to expand business intovarioussegmentsandgeographicalboundaries.Thenextphaseisexpansionwhere entrepreneur focuses on most successful and profitable business ventures by implementing various growth strategies. This in turn also results in large amount of inflow of capital into the business (Meyer, Neck and Meeks, 2017). Last stage of this cycle is transformation. This results in change in the business structure of the company. It also results in cease of business in case the founder of the business is dead. It was very interesting to learn the various phases or life cycle of entrepreneur.I have created an action plan to understand the various concepts to broaden my knowledge on the particular subject matter. 4
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According to Gibbs model, I have gained in- depth knowledge on the entrepreneurial journey model is based on personal factors which includes entrepreneur traits like achiever, risk takerandnetworker.Thisfactoralsoincludesentrepreneur'sprofile,competency,career expectation and sociological factors. I have also examined the various external factors such as social, environmental and economic factors (Welter, Baker and et.al., 2017). I have analysed the entrepreneurial journey which helped me gain wider aspect on the particular topic. I have asked several questions in the class which helped me fill the gaps on the current knowledge of the particular subject matter. It was very fascinating to understand the entrepreneurial mindset. I have learnt that individual is bound to be an entrepreneur if someone possesses certain personal skills, attitude, social norms, etc. This study has helped me evaluate the venture stages in order to broaden my knowledge and in turn helped me gain new insights. The first stage is starting where the entrepreneur identify the risk and opportunities, market experience and analysis of complex dynamics. Next step is surviving. It helps in coping skills, social capital, start up experience, etc. Last but not the least, next stage is growing where entrepreneur must possess strategic planning and growth intentions in relation with business management experience (Hitt and Duane Ireland, 2017). Last stage is maturing where entrepreneur must possess business management skills, risk taking capabilities and innovation propensity. I have also learnt the dark side of entrepreneur which includes sense of distrust, unrealistic optimism, domineering need for control, etc. I have also gained knowledge that, there are several potential risk in the career of entrepreneur which includes financial, social, psychic and career risk. According to Gibbs model, I have analysed and determined the Isenberg's model of entrepreneurial ecosystem. This helps in coordinating various factors which in turn helps in enabling productive entrepreneurship (What an Entrepreneurship Ecosystem Actually Is,2014). There are various components in this system which includes policy, finance, culture, market, human capital and policy. It was very interesting for me to gain knowledge about new venture creation. I have established that, bootstrapping helps in starting a new venture which is highly creative. I have learnt difference between franchising and licensing which helped me clear the thoughts. It was very interesting to gain knowledge about the family business in the global economy. I have also learnt about the concept of intrapreneur. I have gained insight that, the entrepreneur helps in promoting the product by developing new ideas within a organization. 5
CONCLUSION From the above conducted study it has been summarized that, It was very interesting to gain new insights on entrepreneurship management. I have learnt about various fundamental concepts, entrepreneurial risk, life cycle of entrepreneurship, Isenberg's model of entrepreneurial ecosystem entrepreneurial journey model, entrepreneurial mindset and new venture creation. This helped me broaden the current knowledge on the particular subject matter. 6
REFERENCES Books and Journals Burns,P.andDewhurst,J.eds.,2016.Smallbusinessandentrepreneurship.Macmillan International Higher Education. Hitt, M. and Duane Ireland, R., 2017. The intersection of entrepreneurship and strategic management research.The Blackwell handbook of entrepreneurship, pp.45-63. Hytti, U and et.al., 2015. Contextualizing entrepreneurial learning in basic and vocational education.Journal of enterprising communities: people and places in the global economy. Järvi, T., 2015. Production of entrepreneurship in small business activities of students.Journal of Small Business and Enterprise Development.22(1). pp.180-191. Meyer, G.D., Neck, H.M. and Meeks, M.D., 2017. The entrepreneurship‐strategic management interface.Strategic entrepreneurship: Creating a new mindset, pp.17-44. Oham, C.A., Pestano, C. and Allen, J., 2016. Social enterprise and the wider community: one possible model.International Journal of Social Entrepreneurship and Innovation.4(2). pp.172-181. Smith,S.V.,2016.EmbeddingGraduateAttributesintotheUndergraduateCurriculum: Reflection and Actions.Journal of Perspectives in Applied Academic Practice.4(2). Welter, F., Baker, T and et.al., 2017. Everyday entrepreneurship—a call for entrepreneurship research to embrace entrepreneurial diversity. Online WhatanEntrepreneurshipEcosystemActuallyIs.2014.[ONLINE].Available through:<https://hbr.org/2014/05/what-an-entrepreneurial-ecosystem-actually-is> 7
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