Reflective Journal on Entrepreneurship and Innovation

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