Strategic Entrepreneurship Personal Journal

Strategic Entrepreneurship
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Table of Contents
The Journal - The Personal Journey............................................................................................................2
First Personal Journal Entry Set...............................................................................................................2
Second Personal Journal Entry Set..........................................................................................................2
Third Personal Journal Entry Set.............................................................................................................3
Forth Personal Journal Entry Set.............................................................................................................4
Fifth Personal Journal Entry Set (Reflective Overview)..........................................................................5
References...................................................................................................................................................7
Appendices..................................................................................................................................................8

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The Journal - The Personal Journey
First Personal Journal Entry Set
1. My medium need for achievement shows that I am less driven than most of the enterprising
persons. I am good at offering a balance between the high autonomous, distinctive and team-
oriented employees. I could show a good balance between the need to idea creation and the
need to achieve success by following these ideas. I have a low tendency to take a risk and is
comfortable in the existing business strategy. I have a low locus of control which means that
I have doubts about several personal capabilities.
2. I have some strengths of the entrepreneurship which means that I have some features of the
entrepreneur and have the capability to set up the ventures in particular contexts and
situations from time to time.
3. I am Hipster the idea creator as I have the tendency to establish small businesses or work in
businesses where my entrepreneurship skills could be utilized through my entrepreneurial
ideas. It is on the basis of the GET2 results.
Second Personal Journal Entry Set
1. The entrepreneur who inspires me is Richard Harold Smith or Dick Smith. His father was a
salesperson and an executive of a bookstore at Angus & Robertson. His mother was a
housewife and his grandfather was a photographer. Smith was weak in his studies and have a
speech defect. He had studied in Roseville Public School and later studied at North Sydney
Technical High School. Dick Smith Electronics, Dick Smith Foods, and Australian
Geographic were founded by him. The firm of media production Smith & Nasht was founded
by him with the aim of movie production on the topic of global issues. He had adopted and
followed the six-step method CASHED for efficient leadership and engagement of the staffs.
C stands for communication to clear the misunderstandings, A stands for advice and no
assumptions for knowing everything, S stands for simplicity, H stands for honesty, E stands
for enthusiasm to do the works and D stands for discipline for hard work. Smith has
described that the implementation of this method is important as some might give wrong
advice. He also said that it is vital for the workers to have an ownership sense in the process

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of engagement and motivation and contribution as a part of larger business planning
(Höglund, Holmgren Caicedo & Mårtensson, 2018).
2. Dick Smith is an Australian pilot, filmmaker, explorer, entrepreneur, editor and famous for
his aviation adventures. He might have limited education in schools and high school, but his
curiosity and innovativeness turned him as a success and survival stories of Australia. In the
year 1968, when he founded Dick Smith Electronics, his outstanding entrepreneurial talents
had first made an appearance. In the year 1982 when he sold his company, he was already a
household name and his company was a leading company in the market of small electric
materials from calculators to computers. Smith became the most generous persons of
Australia as a philanthropist when he made donation of $1 million to the Smith Family
charity. He bought The Australian Encyclopedia in the year 1987. He started a new firm,
Dick Smith Foods, in the year 1999 which aims at distributing Australian-made products by
Australian-owned firms and supported the local charitable groups. He and his wife had
donated $1 million to the Scouts Australia, in December 2008 with the aim of utilizing that
money for encouraging the responsible and young people. All these qualities of Dick Smith
inspired me chose him as my ideal entrepreneur.
Third Personal Journal Entry Set
1. The Dick Smith Holdings Limited or the Dick Smith, Dick Smith Electronics or DSE)
was a wholesale stores chain in Australia which sells consumer electric materials,
hobbyist electric items, and electronic project equipment. It had extended successfully in
New Zealand and unsuccessfully in many other nations. Dick Smith founded this firm in
Sydney in the year 1968 and it was owned by him and his wife till they sold 60% of the
firm’s shares to Woolworths Limited in the year 1980. The rest 40% was sold after two
years. The firm had closed in the year 2016 after Anchorage Capital Partners acquired it
for many years. He had introduced the business in the year 1968, in small premises of a
car parking with $15 rent in the city of Sydney in Neutral Bay with AU$610. At first, the
business had concentrated on installing and servicing car radios. In the year 1969, the
success of the business led to the need of bigger premises. It was first shifted to Atkinson
Street, St Leonards and afterward to Carlotta Street, Artarmon with their branded store
near the Pacific Highway, Gore Hill. The firm began to expand by the end of the year
1970. In the year 1980, 20 stores were more developed and Smith and his wife sold 60%