Fundamentals of Entrepreneurship

This report discusses the challenges faced by entrepreneurs, identifies and justifies entrepreneurial opportunities, and articulates key processes towards successful new-venture creation. It also explains the concept of entrepreneurship and how it has evolved. The report includes an interview with Jane Beddoes, a successful entrepreneur, and covers topics such as industry boundaries, macro-environmental factors, and opportunity recognition frameworks.

Running head: FUNDAMENTALS OF ENTREPRENEURSHIP
Fundamentals of Entrepreneurship

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Table of Contents
Introduction......................................................................................................................................3
Explain the challenges typically faced by entrepreneurs.................................................................3
Identify and justify entrepreneurial opportunities; articulate key processes towards successful
new-venture creation;......................................................................................................................4
Explain the concept of entrepreneurship and how it has evolved...................................................6
Conclusion.......................................................................................................................................7
References........................................................................................................................................9
Appendix........................................................................................................................................10

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Introduction
Entrepreneurship is highly used in current business times. There are different innovation are
made and executed by the entrepreneurs. The responsibility of an entrepreneur is not only
accomplishing their needs but also, need to contribute towards the economies that help to solve
different issues in the society. This reflection report assesses the challenges typically faced by an
entrepreneur. It also defines entrepreneurial opportunities and articulates key processes towards
successful new-venture creation. This reflection report presents the concept of entrepreneurship.
Explain the challenges typically faced by entrepreneurs
From the module 5, I have developed my understanding regarding the different challenges faced
by entrepreneurs. In this way, I have learned that industry boundary, the threat of substitutes and
new entrants, bargaining power of buyer and suppliers, and rivalry among competitors. With the
interview of Jane Beddoes, it is assessed that there is a large number of macro-environmental
factors that have affected their business such as political and legal forces, demographic forces,
economic forces, socio-cultural forces, and competitive environment forces (Galindo, and
Méndez, 2014). This learning was beneficial for me to deal with the challenges in the future.
Through the module, I have gained my understanding of the social-cultural forces. In this way, I
have learned that socio-cultural demonstrates what people think is in the right way. Moreover, I
have gained my understanding that technology advancement is used to evolve the innovations
and technologies that may offer opportunities for the entrepreneurs. This understanding would be
beneficial for me to identify the technological factor in future. I have increased my
comprehension that there are different forms of technological advances like emerging
technologies, innovation and new technologies. I have also enhanced my comprehension that
fully merging technologies are those technologies that evolve but have not fully been

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acknowledged in their final format. Throughout this module, I have gained my comprehension of
technological innovation. This could be considered by me in the path of addressing advanced
technologies for old technologies (Sahut, and Peris-Ortiz, 2014). This module has increased my
knowledge about the economic forces. I have also learned that economic forces serve as a macro-
environmental force that could affect Jane Beddoes. I have also gained my understanding
regarding 3 economic factors that Jane Beddoes should be aware such as the state of the overall
economy that may influence the wider trends in demand. Another economic factor that I have
learned is the recent real estate crash in the US that may lead to transforming the preferences for
housing options. Moreover, I have improved my understanding of the level of disposable
income. In this way, it is evaluated that excess spending of money might influence the
interpretation of the individual, and wants and needs (Pitt, et. al., 2015). Along with this, I have
pointed out that the consumer spending pattern is one of the key economic factors that is
considered by Jane Beddoes. In this way, I have learned that teenage consumption markets are
inconsistent. Through the analysis of the interview, I have gained my understanding that there is
5 forces model with macro-environmental consideration demonstrates a holistic approach of
industry where Jane Beddoes will potentially deal (McDaniel, 2014). I have also increased my
knowledge that analyzing opportunity regarding each of these considerations will enable Jane
Beddoes to conceptually validate the opportunity that she is reflecting.
Identify and justify entrepreneurial opportunities; articulate key processes towards
successful new-venture creation;
From the module 3, I have developed my understanding regarding different sources of ideas for
opportunities. In this way, I have learned that these sources could be macroeconomic
environmental changes, strong demand of the market, different ideas originated from macro

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environment, industry alteration such as technology modification, and knowledge breakthrough,
demographic changes, legal changes and societal changes. From the interview, I have gained my
understanding that Jane Beddoes has grabbed the opportunity by certain sources of ideas such as
relationships in the industry and with networks, careful planning and Partnering with the right
referrers (Drucker, 2014).
I have also developed my knowledge regarding essential factors lead to discover the opportunity
such as alertness, creativity, social networks, active search, and prior knowledge. From the
interview, I have noticed that Jane Beddoes can discover the opportunity by developing a royal
commission into Financial Services. During this module, I have gained my experience about the
creative mind tools. These techniques could be brainstorming, brainwriting, and Gordon method.
These tools could be beneficial for me to become good entrepreneurs in the future and making
good decisions (Thébaud, 2015). Throughout the interview, I have observed that Jane Beddoes
uses brainstorming technique where she acquires new ideas by emphasizing on the parameters.
This module was beneficial for me to gain new insight about the social network. In this way, I
have learned that social network plays a vital role in the identification of opportunity. I have
increased my knowledge regarding opportunity recognition framework from the module 3. In
this way, I have observed that opportunity recognition framework may aid entrepreneurs to
organize the different sources of opportunity (Eftekhari, and Bogers, 2015). From the assessment
of interview, it is identified that Jane Beddoes expects to leverage the growth via referral
relationships, high amount of Australian population underinsured, high amount of un-serviced or
under-serviced clients along with diversifying the revenue streams by branching out to different
advice sectors. I would like to use this framework to get more opportunity for my business. This
could be beneficial for my professional development (Garud, Gehman, and Tharchen, 2018).

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Throughout the module 3, I have developed my understanding that after the identification of a
new venture, there is a need to conduct depth assessment of the market. I have observed that
there are different key processes used by entrepreneurs towards successful new-venture creation.
These processes are research, development, production, marketing, and use. Through the
assessment of the interview, I have observed that Jane Beddoes has used this innovation process
to start their new venture (Piperopoulos, 2016). This learning experience could be beneficial for
me to create a new venture in the future.
Explain the concept of entrepreneurship and how it has evolved
From the module 1, I have developed my understanding regarding the concept of
entrepreneurship. In this way, I have learned that the procedure by which a person grabs the
opportunities with respect to resources they presently control. This helped me to conduct the
interview in terms of identifying the best entrepreneur. Throughout this module, I have analyzed
that entrepreneurship entails creating and building something of value, addressing an
opportunity, acceptance of risk with uncertainty, and planning for and pulling together the
required resources to pursue the opportunity. I have selected Jane Beddoes as an entrepreneur to
conduct the interview. This module was beneficial for me to understand the different types of
entrepreneurship such as technology-driven, business model driven, lifestyle driven, value-
driven, income replacement drivee, and underserved market. From the interview, it is observed
that Jane Beddoes is a business model driven venture because she depends on her strength rather
than the invention of technology (Modrego, et. al., 2015). But, at the same time, as a business
model driven venture, she has focused on the business process in order to get competitive
benefits.

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This module has also developed my understanding about the corporate entrepreneurship and
Intrapreneurship. Through the interview, it is observed that Jane Beddoes comes in the category
of intrapreneurship because she has entrepreneurial behavior. Through the module, I have
increased my understanding of the causes of becoming entrepreneurs. These causes are being
your own boss, financial rewards, and pursuing independent ideas. Throughout the interview, I
have learned that Jane Beddoes wanted to generate comprehensible ideas to customers to make it
easy and affordable for obtaining financial advice (Dekker, et. al., 2015).
Throughout the module 1, I have gained my experience regarding the characteristics of
entrepreneurs. These characteristics are a passion for business, tenacity in the face of failure,
product/customer focus, and execution intelligence. At the same time, I have observed that Jane
Beddoes focuses on providing a feasible result with outstanding facilities. It shows the customer
focus characteristics of Jane Beddoes. Customers focus characteristic means overarching the
commitment to comprehend the customers and build the services as per the customer’s
expectations (Chell, et. al., 2016).
During the module, I have learned that an entrepreneur could be born or made. In this way, I
have gained my experience that when an individual born with a multitude of natural traits and
features, then the pursuit of experiential learning and education of entrepreneurship can improve
set of skills individual posses. From the interview, I have pointed out that Jane Beddoes provides
different services such as financial advice, and referral to other professionals due to having
different skills. Moreover, I have observed that she was inspired by different financial advisers to
start her business (Dekker, et. al., 2015).
Conclusion

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From the above discussion, it can be concluded that I have gained my entrepreneurial skills
through different modules and analysis of an interview with Jane Beddoes. From the assessment,
it is observed that entrepreneurship would be practiced by me in the future in terms of getting the
competitive benefits. It would make competent to me to execute the business ideas of my
interested field.

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References
Chell, E., Spence, L.J., Perrini, F. and Harris, J.D., 2016. Social entrepreneurship, social
innovation and business ethics(Vol. 133). USA: Springer.
Dekker, J., Lybaert, N., Steijvers, T. and Depaire, B., 2015. The effect of family business
professionalization as a multidimensional construct on firm performance. Journal of Small
Business Management, 53(2), pp.516-538.
Drucker, P., 2014. Innovation and entrepreneurship. UK: Routledge.
Eftekhari, N. and Bogers, M., 2015. Open for entrepreneurship: how open innovation can foster
new venture creation. Creativity and Innovation Management, 24(4), pp.574-584.
Galindo, M.Á. and Méndez, M.T., 2014. Entrepreneurship, economic growth, and innovation:
Are feedback effects at work?. Journal of Business Research, 67(5), pp.825-829.
Garud, R., Gehman, J. and Tharchen, T., 2018. Performativity as ongoing journeys: Implications
for strategy, entrepreneurship, and innovation. Long Range Planning, 51(3), pp.500-509.
McDaniel, B.A., 2014. Entrepreneurship and Innovation: An Economic Approach: An Economic
Approach. UK: Routledge.
Modrego, F., McCann, P., Foster, W.E. and Olfert, M.R., 2015. Regional entrepreneurship and
innovation in Chile: A knowledge matching approach. Small Business Economics, 44(3), pp.685-
703.
Piperopoulos, P.G., 2016. Entrepreneurship, innovation, and business clusters. UK: UK:
Routledge.
Pitt, L., Berthon, P., Robson, M. and Prendegast, G., 2015. Does Corporate Entrepreneurship
Influence Innovation in Service Firms?. In Proceedings of the 1997 World Marketing
Congress (pp. 639-645). USA: Springer, Cham.

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Sahut, J.M., and Peris-Ortiz, M., 2014. Small business, innovation, and entrepreneurship. Small
Business Economics, 42(4), pp.663-668.
Thébaud, S., 2015. Status beliefs and the spirit of capitalism: Accounting for gender biases in
entrepreneurship and innovation. Social Forces, 94(1), pp.61-86.
1.

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Appendix
Questionnaire
 Tell me a brief overview of your career and how it got you to where you are today?
 How did you get your idea or concept for the business?
 What was your mission from the outset?
 What services do you provide?
 Tell me about the business structure?
 Do you advertise your business and if so, how?
 How do you get leads from your business and what tips do you have for lead conversion
success?
 What do you attribute to your success?
 What was your biggest “a ha” moment?
 Where do you see the business in 5 years time?
 What makes you unique?
 Have you ever turned down a client?
 With the royal commission into Financial Services, do you see this as a threat to your
business?
 What opportunities do you see for the business?
 Is the customer always right?
 What did your failures teach you?
 What advice would you provide to someone who is starting out?
 Which technique of creative decision making is used by you?
 Are your Entrepreneurial skills born or made?

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 How did the idea for your business come about?
 What was your key driving force to become an entrepreneur?
 How did you come up with the name for your company?
 How did you raise funding for your venture?
 How do you build a successful customer base?
 How do you market your business, and which tactics have been most successful?
 What kind of culture exists in your organization, and how did you establish it?
 How do you advertise your business?
 Do you use the services of a professional accountant or attorney?
 What do you look for in an employee?
 The most important thing to us is that they fit into our corporate culture?