Reflective Journal on Entrepreneurship and Innovation

This reflective journal explores the concepts of entrepreneurship and innovation, their importance in the business world, and the role they play in driving social change and promoting economic growth.

Running head: REFLECTION 1
Business Capstone
Reflective Journal

REFLECTION 2
Introduction
The content of the following assessment relates to the concepts of Entrepreneurship and how
it allows people to broaden their creative minds. This topic is relevant to me since the time I have
inculcated the understanding of the business world within me. The importance of the topic can be
analyzed by looking around the creativity and innovation budding around the business world. As
innovation and creativity are two very different yet interrelated concepts, it allows entrepreneurs
to opine their ideas to the world to innovate something new either for the benefit of the society or
gain a competitive position in the world. A person can gain knowledge from their academic
career and utilizing them in their professional career ahead. However, learning the concepts in-
depth was my primary motive so that I would be able to utilize my creative thinking to leverage
my entrepreneurial career. As per my experience in the professional field, it was an insightful
experience as I came across different complexities and concepts used in a business. The idea was
to gain understanding of the motivational and driving forces of a business to survive in the long
run. So far, I have learnt that entrepreneurs must always make use of opportunities appropriating
their value. It allowed me to gain courage and ability to take risks, enhance my leadership
qualities, keep an open mentality, and gain confidence to make right decision at the right time.
a. Reflections on Module 1
Entrepreneurship is a well-known concept in the world of business that enables people
with creative ideas to lead the way of innovation. According to Burns (2016), the concepts of
creativity, innovation and entrepreneurship are nothing new to businesses. Business owners
understand the part that without creativity and innovation, a business might not form or survive
in the long run. Entrepreneurs succeed by thinking and doing new things or doing old things in
new ways. However, innovation and creativity are not the same thing. Creativity refers to
thinking new things and the ability to develop and discover new methods and new materials.
Whereas, innovation refers to the ability to apply the methods and ideas either to form new
things or enrich society. Many times, the person who brings out the creativity is the inventor too
and this person can be an entrepreneur as he or she utilizes the ideas to gain commercial benefit.
As opined by Tidd & Bessant (2018), in today's corporate world, there has been rising the
competition and the demand for more creative ideas and innovations have spiked with time.
According to mu understanding, entrepreneurship is often the result of innovation and creativity

REFLECTION 3
with a purposeful action attached to it. The globalization of the world's economy has enabled
several industries for market development but also it creates better opportunities for jobs, growth
and wealth. The topic is relevant to me in terms of understanding the concepts and importance of
creativity and innovation in entrepreneurship. I learnt that big businesses are pulling out of
developed economies to initiate enhanced opportunities for developing economies and
entrepreneurs to experiment with new business ideas. Therefore, for the continuous stability and
growth of the economy, innovative entrepreneurial businesses are highly essential.
b. Reflections on Module 2
In module 2, I understood that tools and frameworks to support innovation. As identified
by Raza, Qazi & Shah (2018), the role of an entrepreneur is not limited to come with new
products and modern methods but also utilize them for further growth and innovation. I came
across the concepts of value proposition designs, appropriate research and lean methodology.
The topic of disruptive innovation was interesting to understand as it becomes easier for
entrepreneurs to initially take root in simple applications at the bottom of the market and then
eventually move upwards thereby displacing established competitors. The topic is relevant to me
as it allowed me to understand that in future, I can analyze my own business or that of a
competitor. My past experience in this topical area relates to the conducting secondary research
and identifying disruptive business models by taking the example of the business models of
successful companies. These concepts will be beneficial to test my assumptions in my workplace
or entrepreneurial venture. The module made me understand that so far, the content is important
and will become a steppingstone for me to identify the most suitable business model to utilize for
my entrepreneur career. However, my concern lies in upgrading my knowledge according to the
changes in business as not every company follows the same business model and strategies.
Therefore, in order to sustain in the long run, my approach would be frame unique propositions
as per the current market scenario.
c. Reflections on Module 3
In this module I understood that the whole idea of starting a new business comes up from
a single idea and the idea of being independent. During this module, I came across the concepts
of User Centered Design approach which is ideal during the design and implementation phase.
Entrepreneurs possess the characteristics of being more passionate about their ideas and goals to

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be achieved as in the current scenario, majority of entrepreneurs are concerned with uplifting the
economy of their respective countries and benefiting their people. This topic is relevant to me as
it involves the importance of providing customer experience and understanding their needs and
preferences. It is the creativity that enables them to think and act towards achieving something
great and innovative. The company to be set up therefore does not need to be a revolutionary
technology but something that has the power to make people think differently. However, as per
my past experience, I realized that with simple approaches and engagement techniques,
entrepreneurs can improve their customer experience and product development process. In my
opinion, becoming an entrepreneur and entering business market is not easy, as having
knowledge about marketing and finances becomes the foremost requirement to grow and
prosper. I would like to apply this knowledge at my future workplace as this would help improve
my presentation and research skills. My concern lies in understanding consumer behavior and act
accordingly to map their preferences and needs.
d. Reflections on Module 4
Business Plan and the Marketing Plan was one of the most important modules which I came
across. During my learnings, I analyzed that even when an entrepreneur has limited resources,
their ideas can work for the betterment of the society. However, the culmination of a good
business and marketing plan makes the idea more effective. As we know that the simple idea of
using water filled clear plastic bottles to utilize as a source of light is not only innovative but also
cost-effective and brings a better alternative solution to the problem of electricity in rural areas. I
also came across the Interactionist theory which highlights that creativity is the result of complex
interaction of situations of organization. It is easy for entrepreneurs to come up with a variety of
ideas, but the difficulty lies in actually implementing those concepts. A business concept acts as
a bridge between the idea and a business plan. This made me identify the prerequisites
converting an idea into business concept. As per my preference, a written concept statement is
much more effective and helps in unearthing critical elements of a venture. This always helps in
entrepreneur to evaluate the business more effectively to identify any pitfalls or challenges.
Many companies and entrepreneurs may succeed without in-depth planning, but on the contrary,
there are companies which require this to lay their foundation. In addition to that, I found this

REFLECTION 5
topic relevant as a business plan leads you to make financial planning also. I would like to
improve my skills that would support my entrepreneurship career in the future.
e. Reflections on Module 5
During this module, I came across the art of obtaining capital and other resources to start
a venture. I identified the idea of business concept plan to launch a food delivery business
through the innovative concept of using a Drone to deliver food. Then, I identified the sources of
funding with other resources. As suggested by Laud, Betts &Basu (2015), a business concept is
framed to identify a particular problem in the business and provide necessary solutions to it. The
business name is Deliverro in Canberra, Australia and delivers fresh foods to customers to any
corner of the city. The problem identified is the delay in food delivery due to heavy traffic and
technical issues. Here, I analyzed the situation. There can be several issues behind delay in
service and that results in a negative brand image thereby disrupting customer satisfaction. This
module is relevant as I identified a major concern of this organization which is delay in its food
service. As a part of my first mover advantage strategy, I considered the concept of creativity and
innovation. The idea was to introduce a drone food delivery service which food utilize advanced
technology to accomplish the goal. The business concept plan identified technology as a great
source of medium for the organization to meet the customer demands within required time. On
the organization point of view, this new innovation would not only help in delivering the food
faster but also minimize certain expenses diesel costs and manpower. I specifically identified
specific business models that would fetch higher revenues from the business idea. Along with
that, I had the idea of preparing for contingencies to support the business during tough times.
According to my understanding, planning the business is one of the most comprehensive
roadmaps for success as it is easier to make changes in the plan asper the changes in the market. I
have rightly explored every aspect of the market while preparing the business plan and realized
the impact of the underlying issues which could potentially hamper the brand image of the
company.
f. Reflections on Module 6
While understanding the module and writing my assessment on the issues, I identified
that there can be possibilities of certain challenges while executing a business that allowed me to
understand the capabilities of my entrepreneurial mind. The first and foremost being the

REFLECTION 6
understanding of the market scenarios of the food delivery industry. The second challenge could
be the appropriate use of technology in the drones to enhance the speed of the delivery. The third
challenge was to safely deliver the food without getting it destroyed either by weather, human
error or any technical issue. The fourth challenge understood of the human resource management
and motivational factors to keep the good work continuing. The module is relevant to me as it
has comprehensively reflected the ways a business can survive in the market. Even when I
wanted clarity with regards to these challenges, I had confidence within myself to accomplish
writing a good business plan considering all necessary matters. In the current scenario, majority
of businesses are thriving to survive the competition and only few are able to survive as they lack
implementation of appropriate growth strategies. I learnt that they were able to survive due to
strong commitment and motivation to work for the betterment of the people and society.
Successful companies analyze their risks, identify their competitors, value their ventures, look
for mergers with strong market holding and prepare contingencies for any chances of
bankruptcy. Therefore, what I gained from this module will be relevant and beneficial as I would
be able to demonstrate my area of expertise and knowledge specially in team meetings at
workplace.
Conclusion
The reflective modules can be concluded by summarizing my viewpoints, opinions and
reflections while preparing a business plan for a company. According to my understanding,
entrepreneurs are national assets who require to be cultivated, motivated and recognized to the
greatest possible extent. The characteristic of an entrepreneur is not only limited to identifying
better ideas for a new business but also demonstrate the ability to change the way business is
done in order to create wealth, create jobs and contribute to the economy of their economies.
Therefore, the above modules are a good example to gain better knowledge on the concepts of
entrepreneurship and its importance from promoting social change to driving innovation.

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References
Burns, P. (2016). Entrepreneurship and small business. 3rd ed. Basingstoke, UK: Palgrave
Macmillan Limited.
Laud, R., Betts, S., &Basu, S. (2015). The'Business Concept'Competition as a'Business
Plan'Alternative for New and Growing Entrepreneurship Programs: What's the Big
Idea?. Journal of Entrepreneurship Education, 18(2), 53.
Raza, S. A., Qazi, W., & Shah, N. (2018). Factors affecting the motivation and intention to
become an entrepreneur among business university students. International Journal of
Knowledge and Learning, 12(3), 221-241.
Tidd, J., & Bessant, J. R. (2018). Managing innovation: integrating technological, market and
organizational change. 4th ed. New York, USA: John Wiley & Sons.