MSMSE Reflective Journal on Entrepreneurship and Small Business Management

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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