Entrepreneurship: Reflection and Interview Analysis

Running head: ENTREPRENEURSHIP: REFLECTION AND INTERVIEW ANALYSIS
ENTREPRENEURSHIP: REFLECTION AND INTERVIEW ANALYSIS
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Author Note

ENTREPRENEURSHIP: REFLECTION AND INTERVIEW ANALYSIS 1
Task 1: Critical Reflection on Entrepreneurship
Introduction
The essay considers the prospects of entrepreneurship in the continuously changing
corporate environments. The various theories concerning effective entrepreneurship have been
analyzed in the light of its applicability in the ground level. The focus of the essay is towards
providing a critical review of entrepreneurship. The development of an entrepreneur, the
opportunities that guide entrepreneurial ventures, the factors that affect entrepreneurs and the
various ideas related to entrepreneurship are analyzed. The exploration of the mindsets that often
define the journeys of entrepreneurs are done through the study. Various articles and existing
literatures on the subject matter are consulted for effective analysis.
Critical Review of entrepreneurship
Bouquetet al. (2018) focuses on the need for innovation in an entrepreneurship context. It is
important to remember that the origins of entrepreneurship lies in the formation of newer ideas.
These newer ideas steer entrepreneurship ventures through the uncertain and challenging
corporate scenarios. Bouquet puts forward the case of Narayana Peesapaty, who started a venture
of edible cutlery made from millets to save the wastage of groundwater in the Hyderabad region
of India. The venture turned out to be a success profit and revenue wise as there was a growth of
twelve fold as the product received fame through the internet. Similar ideas have in the past
guided successful entrepreneurial ventures. The general definition of entrepreneurship is the
setting up of business ventures through taking financial risk focused towards gaining profits. As
there are financial risks involved, entrepreneurship is quite difficult to manage. It requires
significant time, effort and strategy formation to continue with business ventures. This requires

2ENTREPRENEURSHIP: REFLECTION AND INTERVIEW ANALYSIS
entrepreneurs to have strong personalities, decision making abilities, leadership skills,
managerial expertise and essential vision. According to Kuratko (2016) entrepreneurs are people
who identify opportunities where others cannot. The entrepreneurs are like athletes that have
passion for the games they pursue. Similar kind of commitment are required from entrepreneurs
for improving the prospects of their ventures. The innovation theory of entrepreneurship focuses
on increasing profits through implementation of innovative ideas to foster the products and
services that the venture offers. This theory focuses on the fact the innovation should be
established for increasing profits. The economic theory focuses on improving four aspects that it
associates with entrepreneurship. Accordingly the four aspects are decisions, coordinating
resources, self-interest motivation and entirely innate imagination. The theory further focuses on
the factor that the demand for entrepreneurship arises from the need for change. The supply of
entrepreneurship is limited according to the theory. The theories of entrepreneurship mainly
focuses on the role of entrepreneurs as leaders that are capable of leading people, change and
effective management. Burns (2016) opines that new business ventures or small
entrepreneurships should focus more on CSR activities as a means of capitalizing on the
changing opportunities of the corporate environment. The business environments in the rapidly
developing corporate sectors keep on changing and are affected by various social, political,
economic and environmental issues. Entrepreneurs presently thus, need to be more innovative
and base their ventures on new ideas that have the potential to develop into bigger future
ventures. According to estimates nearly 42% of the new ventures around the world fail as they
are unable to create any market need. Almost 29% of the new entrepreneurial ventures fail as
they are unable to keep on with the finances. Moreover, it is found that most of the entrepreneurs
find their ventures from scratch. More and more youngsters are focused on becoming

3ENTREPRENEURSHIP: REFLECTION AND INTERVIEW ANALYSIS
entrepreneurs. It is important that the focus is more on self-development and leadership in order
to undertake essential entrepreneurial responsibilities. Entrepreneurial mindsets are much
required to enhance the prospects of entrepreneurships.
An entrepreneurial mindset is a specific mindset that focuses on opportunities, innovation
and creation of new values. The mindset helps effective entrepreneurs to think differently than
the rest of the people. It helps them to develop ideas that are rarely perceived by anyone else.
The existing literatures point to the fact that although successful entrepreneurship draw on
historical success factors of other ventures, the idea that they put forward are fresh.
Entrepreneurial mindsets can be developed through many effective ways. The best approaches
involve, reaching out to the customers, finding newer markets, effective usage of networking,
controlled vision, and understanding brand power, maintenance of quality and energy focus
(López et al. 2016). Among the most important characteristics of the entrepreneurs are the
aspects of self-motivation, understanding the offered services, risk-taking, networking, financial
management, flexibility and passion. Various previous researches have pointed to the fact that
the entrepreneurs are unsuccessful if they lack vision and growth path. It is important for
entrepreneurs to manage more functions than one. Engagement and interactions with the right
people can help entrepreneurs to identify opportunities in better ways. The development of
entrepreneurial ventures requires essential knowledge of the surrounding environments. The
business environments need to be essentially considered in order to form ventures that can
continue to be profitable in the long run (Drucker 2014). However, at the same time risk taking
need to be considered. This is because risks are very much an integral part of the entrepreneurial
ventures. In essence the various literatures point towards the fact the entrepreneurship is a