MSMSE Reflective Journal on Entrepreneurship and Small Business Management

This reflective journal covers the topics of entrepreneurship, small business management, innovation, risk and uncertainty, financial management, and growth strategies. It includes reflections, actions required, and learnings from each week's material.

MSMSE REFLECTIVE JOURNAL
WEEK ONE
TOPIC: THE NATURE OF ENTREPRENEURSHIP
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1
What thoughts were prompted in
your mind with this weeks’
material?
The week one material was a
road map for the report it
provides me with the
information about what is
needed to be done in the report.
The material provides
information about the SME,
nature of enterprise, definition of
entrepreneurship, role as well as
task of the entrepreneur, types
of entrepreneur present and
wider forms of the
entrepreneurship.
Actions required for
creating the roadmap
on entrepreneurship
are such that by
defining the strategies
along with the
reviewing and
managing of ideas so
that the features and
requirements can be
defined and the
organisation can
convert into releases
for better view of the
road map.
2
What did you find interesting in this
weeks’ material?
I found that there are three
different types of
entrepreneurships that are:
corporate entrepreneurship,
social entrepreneurship, and
international entrepreneurship.
3
What did you learn this week?
The entrepreneur needs to have
specific personality for running
the business and making it
succeeded. Three concepts of
entrepreneurship are made clear
that are: leadership, motivation,
and power.
4
How might this learning help you
with your assignment?
The material is useful as the
report is about the small
business in United Kingdom and
getting the information about the
SME will be helpful.
TOPIC:
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1
What thoughts were prompted in
your mind with this weeks’ material?
The second week material is
about the management of the
small and medium-sized
enterprises. It discusses the
innovation that is brought by
the small organizations. The
material also give idea about
the difference between the
invention and innovation.
Action required for
Management of Small
and medium-sized
enterprises such as
development of the
long-term Technology
plan and automation
wherever possible so
that the company can
be saved from Cyber
crimes along with the
operational
management.
2
What did you find interesting in this
weeks’ material?
The interesting part was that
the innovation is categorized in
two groups that are: radial and
incremental innovation.
Example is provided for the
incremental as well as radial
innovation
3
What did you learn this week?
I learned about the competitive
advantages of the innovation.
The new products and services
provide the customers with
something no one else will be
offering and different products
will be available for different
purposes. New processes will
provide reduction in the waste,
improved quality and the
products are made cheaper and
faster.
4
How might this learning help you with
your assignment?
The material helps in learning
the characteristics of the good
business idea that are used in
the SME that will be helping in
the completion of the
assignment. The ideas can
identify the market needs
according to the growing
market and full fill them.
WEEK TWO
TOPIC:
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1
What thoughts were prompted in your
mind with this weeks’ material?
The nature of the small
business is understandable,
the concept of the
uncertainty as well as risk is
Actions required for a
small business
maintenance are such
that to create the

made clear, and I was able to
appreciate the importance
of the customer, aspirational
and market uncertainty.
business plan and keep
the person and visits
and answers for that
the funding
requirements can be
properly determined
and hiring of right
people can be
maintained for the
right job along with
the training and
development.
2
What did you find interesting in this
weeks’ material?
I was able to interestingly
find about the difference
between the risk and
uncertainty. Risk is an
unplanned event. The firms
are able to predict the future
possibility. Uncertainty is
that the outcome of the
event is unknown as well as
there is no information for
predicting the result.
3
What did you learn this week?
I learned about four ways
that are used by the small
business for limiting the
uncertainty and how the
small businesses are viewed,
they are customer focused,
reliable, unreliable, lacks
credibility and are
bureaucratic. The three
dimensions of uncertainty
are learned.
4
How might this learning help you with
your assignment?
The material helps in
completing the assignment
as it was about the SME and
the material provide with
the information about the
differences of the small and
the large organizations that
help in understanding the
difference.
WEEK THREE
WEEK FOUR
TOPIC:
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1
What thoughts were prompted in your mind
with this weeks’ material?
The week 4 material
prompted me the
thoughts about the
model of the business
success that are applied
to the SME for achieving
the success.
Action required for the
successful business
model maintenance to
proceed method and
plan effectively buy
lining of the right
people and effective
value proposition.
2
What did you find interesting in this weeks’
material?
The assumptions where
interesting about the
business and the
contrast with the larger
businesses along with
the constraints in the
growth with the
business.
3
What did you learn this week?
I learned that there are
two models for the
success of the business
that are the business
professional model and
small business
proprietor’s model.
4
How might this learning help you with your
assignment?
This help in
understanding the main
concern of the business
owners that is the
business supplying the
benefits that is required
from it.
WEEK FIVE
TOPIC:
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1
What thoughts were prompted in your mind
with this weeks’ material?
The limitation of the
business plan is learned
along with accept
uncertainty approach.
The traditional view of
establishing the small
business is learned.
Action required to
overcome the
limitation of business
plan start the planning
and activities are done
in a strategic manner
so that the weaknesses
and threats of the
business plan can be
overcome with the
help of feasibility
studies and analyses of
it.
2
What did you find interesting in this weeks’
material?
The interesting thing I
learned about the
material is the business
plan advocacy it is a
business guide,
entrepreneurship
textbook and banks as
well as development
agencies.
3
What did you learn this week?
I learned about the
market research, and it
is about the core
business and sales plans.
I also learned the
limitation of the market
research.
4
How might this learning help you with your
assignment?
The main plan is made
understand in this along
with the limitations that
are the sales forecast
and the difference
between how people say
they behave and how
they actually behave.
TOPIC:
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1
What thoughts were prompted in your mind
with this weeks’ material?
The thought that came is
related with changing
business trends along
with high focus towards
the cost cutting concept.
With the changing trends
companies and
individuals also make
changes in their working
practices and strategies.
Action required to the
changing business
trends are such as the
rise of the new mind
set generation so that
the aging workforce
can be hired as per the
culturally diverse
population and for the
growth of the virtual
marketplaces.
2
What did you find interesting in this weeks’
material?
The interesting concept
that is found includes
changing business
dealing and concepts. As
the same thing happened
with Paul who was
running a famous
accountancy firm but
with the changing
situation and trends and
raising of awareness
among people the entire
condition of firm
changes.
3
What did you learn this week?
I learned that how
important is the analysis
of the business and
external environment.
This means that moving
over the same and
consistent trend is not
good for any business, it
always need to make and
upgrade its working as
per changing situation.
4
How might this learning help you with your
assignment?
This learning will enable
me to operate and deal
with the organization
along with enabling me
knowledge regarding the
growth of the company.
Through this week I
learned that how
company need to be
evolved and mould as
per changing trends and
the situation
WEEK SIX
WEEK SEVEN

TOPIC:
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1
What thoughts were prompted in your mind
with this weeks’ material?
This week enables to
analyse and know me
that how financial
system is important and
relevant with respect to
business start-up and
established companies
too and how important
for the companies is to
maintain their cash and
funds.
action required to
another system in the
business are such that
by having the
information systems
which manages the
finances along with the
budgeting and cash
flow of the
organisation in a
strategic manner.
2
What did you find interesting in this weeks’
material?
The interesting concept
was the operation of
financial institution and
its direct connection
with the company.
Likewise, the internal
operation of company
and its relationship with
the finance and financial
institutions
3
What did you learn this week?
I learn the real operation
and execution of work
with respect to banking
and other industries. I
also learned that how
business make
arrangement of money
from financial institution
and how important for
them is to manage the
concept of cash.
4
How might this learning help you with your
assignment?
This learning will help
me in enabling the
actual operation of
company with respect to
finance. As I learned the
financial concept so it
would also assist me in
determination and
distribution of finance
across the companies.
Overall, finance and its
relationship with
company is understood
in this week.
WEEK EIGHT

TOPIC:
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1
What thoughts were prompted in
your mind with this weeks’ material?
This week material enables me
a thought related with the
critical and important aspect of
peer-to-peer lending. I found
that how this mode enables the
company to make arrangement
of finance without going to
banks. Similarly, the negative
aspect with the peer-to-peer
lending that it may lead to cash
loose.
Action required to
manage the peer to
peer lending such that
a communication flow
in the organisation
must be formal and
informal so that the
work related topics
and also the other talks
can be conducted for a
friendly environment
in the company.
2
What did you find interesting in this
weeks’ material?
The concept of peer-to-peer
lending was itself an important
and interesting option that can
be availed by companies with
regard to borrowing and
lending. As this form involves
informal relation which enable
the company to make
arrangement of funds on
informal basis.
3
What did you learn this week?
I learned that how companies
make arrangement of funds
and money. Likewise, I also
learned that how peer to peer
lending enable the companies
respected funds but at the
same time also put a negative
aspect with regard to lender. A
new concept of borrowing and
lending too.
4
How might this learning help you with
your assignment?
This learning will enable me to
analyse and find that how
money will assist the company
in its growth and its
establishment. Also assist me in
framing and formulating the
policies with respect to my
future and main assignment in
terms of determining relation
between small companies and
finance.
WEEK NINE

TOPIC:
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1
What thoughts were prompted in
your mind with this weeks’
material?
The main thought that hit my
mind is related with importance
of growth concept with respect to
company. Likewise, the growth
and company's objectives along
with its interrelationship is also a
thought that come in my mind. In
the same way, the company and
its aspect with regarding of
attainment of objective of growth
too.
Action required to
grow and expand the
organisation is to
diversify the product
portfolio and services
offered by the
company proper
employee
management.
2
What did you find interesting in this
weeks’ material?
The interesting concept that
found in this week is the
assessment of various factors
that plays their role with its
contribution in respect to growth
of company. Competitor’s
analysis and flexibility inculcation
with its relation of growth of
company is also quite interesting.
3
What did you learn this week?
I learned that in order to make
actual survival of company and
attainment of growth objective it
is important for the company to
browned up their scope and
boundaries. Analytical skill and
understanding of the various
factor are also learned under this
week.
4
How might this learning help you
with your assignment?
The learning of this week is
framing and determining the
structure of the company. With
the help of this learning, I would
definitely assist any company
towards the direction of growth.
This learning enables me to make
and implement the concept of
flexibility with respect to
company's operation of
management and activities.
WEEK TEN

TOPIC:
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1
What thoughts were prompted in your mind
with this weeks’ material?
The thought of
consolidation and its
advantage with respect
to company first came in
my mind. I found that
how consolidation will
lead to make the
companies to be
stronger.
action required for the
consolidation of
various organisations
are the mergers and
acquisitions along with
the sharing of
resources.
2
What did you find interesting in this weeks’
material?
Making the company to
be stronger with the
merging and
amalgamating the small
companies is found to
be interesting. This
week itself found to be
interesting with respect
to consolidation and
company's broadening.
3
What did you learn this week?
The concept of
consolidation is learned
in this week. Likewise, I
learned that how small
companies make and
anal gamete for form
strong bond and how it
enables
competitiveness.
4
How might this learning help you with your
assignment?
This learning will help
me in terms of enabling
and making the
company to be stronger.
On the same way
learning of this week in
the form of knowledge
will lead to enable the
company to be
competitive player.