Opportunity Journal 1 - Knowing Yourself and Future Trends in Business

This assignment, "Opportunity Journal 1," requires a student to reflect on their understanding of entrepreneurship, identifying personal attributes that would contribute to their success in this field, and areas needing further development. The assignment also prompts the student to analyze future industry trends over the next five to ten years, supporting their analysis with references. Furthermore, the student is asked to identify entrepreneurial role models, explaining the qualities they admire and discussing the potential for mentorship. The student's response defines an entrepreneur as a risk-taking individual who invests with the expectation of profit, highlighting disciplinary nature, confident decision-making, open-mindedness, a positive competitive attitude, and determination as key personal attributes. The student identifies the automation industry and the introduction of chatbots as emerging trends and cites Henry Ford as a role model due to his innovative spirit. The assignment includes a bibliography with references to support the analysis.

Student Name: Student ID:
Opportunity Journal 1 - Knowing Yourself and Brief Reflection of the Future
Instructions:
1. Work individually because the idea of this exercise is for self-reflection
2. Submit the softcopy of your completed journal through LMS by 5PM, Friday 23rd August
2019
3. All answers included must not exceed word count of 500.
NOTE: COPYING ANSWERS FROM OTHER RESOURCES WITHOUT PROPER REFERENCING IS AN
ACADEMIC MISCONDUCT. REFER TO ACADEMIC INTEGRITY POLICY OF THE UNIVERSITY.
Knowing Yourself
What is your Definition of an entrepreneur?
An entrepreneur is a person who has ability to set up a business by taking financial risks
assuming that the investment will result fruitful and he/she will earn profits. An entrepreneur is
a person with strong will power who is able to learn from losses and celebrate the profits.
An entrepreneur combines his wealth into land and labour to set up business programs.
Which of your personal attributes will most help you succeed as an entrepreneur?
In my opinion, these are some of my personal attributes, which will help me in succeeding as an
entrepreneur. For instance my disciplinary nature, confident decision making skills, open-
mindedness which brings the ability to welcome new ideas in the business, positive competitive
attitude and determination towards work and most importantly passionate about achieving
goals, it becomes important with time for the entrepreneur to motivate employees and help
them in achieving the targets. Along with these attributes, an entrepreneur is required to have
team management skills he should have empathetic and sympathetic attitude towards the
subordinates.
Which attributes do you think you need to further develop?
In my opinion, apart from the above-mentioned skills and attributes, there are some other
qualities, which must be developed to be a successful entrepreneur. Firstly, he should develop
strong work ethics , every business organization holds stakeholders and shareholders who are
play important role in business organization. These stakeholders and shareholders runs in
accordance to the work ethics developed by the company.
Ref: Bygrave, W., and Zacharakis, A., Entrepreneurship, 3rd Ed., Chapter 1, 2 John Wiley, 2014

Student Name: Student ID:
Apart from this, the entrepreneur should reflect creative skills in his works. People these days
not only value the quality or brand name rather they also look for how creatively the firm is
offering the services. Thus, in order to stand out of the competition it is essential for the
entrepreneur to be creative.
Brief Reflection of the future
What industry trends do you see developing over the next five to ten years?
You can use references to justify your answer.
In the next five to ten years the automation industry will be at its peak. For instance, in the fast
moving world people want to save time and energy to complete tasks. The introduction of
driverless cars has made the process of commutation easier. Hence it can be stated that the
growing demand driverless cars is one of the growing in next few years (Forbes, 2019).
Another emerging trend will be of the introduction of chat bots and conversational interfaces.
The information technology will surely develop to an extent where people will automate the
basic things at workplaces. The use of technological devices will increase and human assistance
will decrease (Forbes, 2019).
Who are your entrepreneurial role models – explain what you see in these people?
Can you foster any of them into mentors – why or why not?
My entrepreneurial role model is Henry ford who was an American industrialist and founded
the well-known Ford motor company. Henry ford is my role model because at the time when he
founded a company of automobiles, the horse carriages were considered as the only ride for
wealthy and rich people. He worked against the flow, without thinking about the success and
failure he developed cars. He started his journey from working as an engineer to serve as the
chief engineer of Edison Illuminating Company. His hard work, devotion and passion about cars
turned him into a successful entrepreneur (Entrepreneur, 2019).
Ref: Bygrave, W., and Zacharakis, A., Entrepreneurship, 3rd Ed., Chapter 1, 2 John Wiley, 2014

Student Name: Student ID:
Bibliography
Entrepreneur. (2019, August 25). Henry Ford. Retrieved from Entrepreneur:
https://www.entrepreneur.com/article/197524
Forbes. (2019, August 25). Upcoming Technology: 10 Trends To Watch In The Next Five
Years. Retrieved from Forbes:
https://www.forbes.com/sites/forbestechcouncil/2016/12/27/upcoming-technology-
10-trends-to-watch-in-the-next-five-years/#6e1a6d3a2fd1
Ref: Bygrave, W., and Zacharakis, A., Entrepreneurship, 3rd Ed., Chapter 1, 2 John Wiley, 2014