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Experience-Based Learning in Entrepreneurship - PDF

   

Added on  2021-02-20

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Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Knowledge learnt by this course............................................................................................1New insights gained...............................................................................................................1New ideas learnt during classes..............................................................................................2Questions in mind before joining the class ............................................................................2Thought process and action plan during course.....................................................................2Aspects that challenged my perception about new ventures, entrepreneurs and smallbusinesses...............................................................................................................................3CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................4

INTRODUCTIONEntrepreneurship is an activity to set up a business by taking financial risks so that highrevenues can be earned. A new venture is usually a small business in which one or more than oneindividual invests so that financial gains can be earned (Rae and Wang, 2015). This assignmentis based on reflection of individual learning. This report will cover about experience of aentrepreneur which has recently started a new venture or business with the aim to accomplishdesired objectives. MAIN BODYKnowledge learnt by this courseBefore joining the classes about entrepreneurship and new venture creation, I wasplanning to open up a restaurant “ Foodie Flavour” because I felt that managing restaurants andearning high profits from it is an easy task. I only need to invest money and hire some employeesso that I can allure customers towards my restaurant. I believed that opening up a restaurant is aneasy and simple task but when I joined the course “entrepreneurship and new venture creation”my perception about opening a new business have completely changed. By joining the classes of“entrepreneurship and new venture creation”, I am able to identify the true nature andcharacteristics of an entrepreneur. I have learnt that a successful entrepreneur have confidenceand takes initiatives to perform challenging tasks. Also, I have started to share opportunities andideas with other because this helps me in becoming more thoughtful by taking right decision formy business.New insights gainedTo be a successful entrepreneur after opening up my restaurant Foodie Flavour, I havegained some new insights. These aspects benefits me in generating new ideas that will going tohelp me in giving tough competition to already existing rival restaurants. By joining the course, Ihave found a mentor which guides me to perform each work with full efficiency andeffectiveness. Another insight which I gained by learning in this class is to forget my fears aboutfunding and finance. My mentor or tutor have taught me about different persons and institutionswhich can invest in my business like micro-loaners, Angel investors, small business grants fromgovernment, crowd funding etc. This benefits me in eliminating my fear of shortage of funds(Moyes and et. al., 2015). 1

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