Exploring Entrepreneurship and Innovation

This assignment provides a detailed overview of entrepreneurship and innovation studies, covering topics such as entrepreneurial spirit, small business management, and intrapreneurship. It includes excerpts from various books and articles on the subject, highlighting key concepts and theories. The study also touches upon the importance of education in entrepreneurship, open innovation, and platform ecosystems. With a focus on practical application, it delves into the role of operations managers and the personality traits necessary for entrepreneurs to succeed.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Assessing your potential as an entrepreneur. Do you see yourself as entrepreneur that initiates
an independent venture or more as someone that likes to be a corporate entrepreneur in an
established company? Do you feel more comfortable in a typical function position like
marketing, finance, accounting or operations?...........................................................................1
Simulation game..........................................................................................................................5
Lesson learn from the simulation game......................................................................................5
Roles defined in team..................................................................................................................6
Is the game a close approximation of the real world situation that entrepreneurs face..............7
Strength and weaknesses of the game.........................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship is the activity that aims at setting up of business organisation and also
contains financial risk or may lead to bring profits as well. The entrepreneurs possess need for
success and achievement that drives different activities within business organisation. The present
report aims at assessing potentials of an entrepreneur and its initiatives for being a corporate
entrepreneur in an established company. The report also explains detailed information regarding
simulation game and its role in functional areas of the business or firm. The strength and
weakness of the simulation game are discussed further in this report.
MAIN BODY
Assessing your potential as an entrepreneur. Do you see yourself as entrepreneur that initiates an
independent venture or more as someone that likes to be a corporate entrepreneur in an
established company? Do you feel more comfortable in a typical function position like
marketing, finance, accounting or operations?
Entrepreneur is someone who instead of working as an employee, runs a small business
and takes risks and benefits of business on self. The entrepreneur is seen as an innovator, source
for new ideas, products, services, business activities, process and procedure. I see myself as
entrepreneur that can initiate an independent venture. Because I feel I am having the potentials
that an independent entrepreneur must have (Kirby, 2016). Entrepreneurship is actually a role
and responsibility that people undertake for creating an organisation and the activities of
entrepreneurial are related to leading the organisation. The person having the traits of effective
and efficient leadership can be successful entrepreneur. A strong passion and dedication of hard-
work, motivational and leadership qualities and optimistic views makes a person a successful
entrepreneur. I feel that I possess the quality of independent venture and entrepreneur because I
thrive to develop my knowledge and skills and also look for the way to develop them as this will
all help in establishing the successful business organisation (Kuratko, 2016). I am not afraid to
take the leap and I look up for the challenges and risk as an opportunity which will lead me to
success. I don't think and act with problems as others think, I look for bringing innovation and
creation in whatever I do and this is considered as the trait and quality of a successful
entrepreneur.
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People makes complaints for number of things, and raise the questions like , “when will
this problem be solved?” or “When would someone solve or deal with this issue?” . Whereas I
focus on resolving the problem and find solutions for the same instead of asking such things. I
search for solutions that can make things and situation better. I aim at creating and finding
solutions for the issues encountered by others. Being in typical functioning position of
marketing, finance, accounting or operations does not make me comfortable (The 5 Personality
Traits All Entrepreneurs Must Have, 2019).
The different typical functional positions of organisation provides set of roles and
responsibilities to individuals. For example, marketing position in an organisation provides the
individuals with roles of market research, developing marketing plan, focusing on product
development, etc. (Naranjo-Valencia and et.al., 2018). The different set of responsibilities are
provided to the individuals within marketing functional position, but, still it is limited to an
extent. The responsibilities also includes strategically overseeing of promotion, advertisements,
distributions, customers services, supply chain management or maintaining public relations. I
don't feel comfortable in working with specific provided responsibilities or duties. But working
in a corporate environment can make smooth lows and highs, and it can also shape individual
into someone who is totally comfortable to deal with new situation and problems (7 Indicators
Of Employee To Entrepreneur Potential, 2016). To be a successful entrepreneur, one needs to
have experience of working in an corporate environment so that he can more comfortable in
setting his/her own business. Setting up of own business comes up with lots of issues and
problems that requires experience which can come from working in typical functional positions
within an organisation. Corporate business environment provides individuals to get knowledge
about certain corporate regimes and also learn to manage them selves and their within time-
frame. The corporate environment also teaches individuals to control the results and also to avoid
dysfunctions above them. And all of these potentials and experience turns employee to be an
successful entrepreneur (Espina, Phan and Markman, 2018).
financial managers are was responsible for doing the budget planning and also providing
support to executive management group (Kirby, 2016). The list of responsibilities also includes
offering financial advice and insights to the organisation that allow them for making the best and
effective decisions for the company that brings positive outcomes. All these roles, duties and
responsibilities within corporate business environment helped to learn many things that will help
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in becoming a successful entrepreneur and achieve positive results and outcomes. There are
many noticeable differences in my perspectives and views that entrepreneur needs to have. The
entrepreneur needs to possess some qualities and strength to be successful and all this can be
achieved and gained from working in functional position within corporate environment (Julien,
2018).
Steve Jobs and Bill Gates booth are considered as successful entrepreneurs and early tech
rivals as they introduced radical innovations in computing world. Their contributions have
brought far reaching impact on every ones life and on technology because of their
entrepreneurial traits and strengths. Both the entrepreneurs have brought lasting impacts with the
products offered by them in the same industry and during same period, but with completely
different set of skills and strengths. This is the quality of successful and potential entrepreneur to
identify and lean on the most useful skill, knowledge and strengths. This will lead to bring
effective benefits and also help in accomplishing greatness and success. Richard Branson and
Mark Cuban uses and thrive on their effective interpersonal skills and leveraging their network
of people for growing their business over a period of time (Lundstrom and Stevenson, 2016).
There are entrepreneurs who have driven success through their mesmerizing creativity, such as
Walt Disney and Leo Burnett. They have inspired great number of persons through their
creations and innovations and also lead as an example of successful entrepreneur. Whereas,
other entrepreneurs like Mark Zuckerberg and Elon Musk start by leveraging through their well-
trained technical knowledge and skills. The successful entrepreneur first aim at identifying own
strengths and then turn them into valuable assets (Frederick, O'Connor and Kuratko, 2018). After
that relentlessly focusing on doing the activities and getting into business ideas which engages
own strengths and traits. There are many number of character quality or trait that can contribute
to become a successful entrepreneur, such as, being a effective and good negotiator, having
effective leadership style or leadership ability, to have a laser-like attention or focus, etc. By
sticking with core strengths and natural quality and talents, one have a great chance to achieve
success and become a potential entrepreneur (Eckhardt, Ciuchta and Carpenter, 2018).
Some people are good at coding and whereas some are skilled with numbers. Others are
great at leading and managing people. Whereas, I am great at simplifying complex problems,
ideas and issues. As I have already stated that one needs to identify their strengths and actively
developing and using them in business plans will bring positive outcomes (Hamilton and Harper,
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2014). An entrepreneur needs to first focus on knowing and identifying talents, passions, skills or
character traits that can build the success ladders for entrepreneur. A clear distinction needs to be
made on hard skills and soft skills because this combines to make up one's entrepreneurial
quality and strengths. I do see myself as an entrepreneur who can initiate an independent venture
because I feel I have the quality and trait that can guide others and lead to bring successful
results through using the experience and innovative ideas. Entrepreneur also needs to identify
their weaknesses and taking correction steps to reduce them and reducing its impacts on
entrepreneurship career. I focus on developing my strengths, quality, passion and traits in order
to build successful independent venture and to become a successful entrepreneur (Lipset, 2018).
The successful and potential entrepreneur aren't there for money, they do what they love.
I feel that I possess the quality and trait for entrepreneur because I like putting in extra efforts
and extra working hours in the work and activities I like because it will lead to provide me the
experience and happiness (Bull and Willard, 2018). I am not afraid of hard works if I am totally
focused on my targets and dreams. This the quality of entrepreneur that they do not give up on
challenges but look for the ways to bring the solutions and make things better than before. I see
opportunities even in corporate business environment to learn new things and gain experience
whereas other people just seek to complete the work. I believe that I have strong trait and quality
of an entrepreneur because I feel I am an incurable optimist whose visions gets actualized. I
always focus on articulating my ideas and visions in a way that they can convince others and
make them committed towards the idea and vision. Entrepreneurs have the quality of selling
their visions and ideas to others and they can also convince them about their dreams and ideas
actually can turn into possibilities.
Simulation game
It is the sim venture game that help to give us the real life experience and also assign
different responsibilities to the person for its further growth. Further this game is generally
designed in order to closely monitor the real world activities and further it attempts to copy
variety of activities from the real life that is played in a form of game. It also has variety of
purpose such as training, analysis and prediction, basically this game have no well goal and the
players of the game are allowed to control the environment freely. For example, business games.
The game is not only used for business purpose but it also used for construction and
management simulation, life simulation and sports as well. But in the business context, the main
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aim of this game if to provide a deep knowledge regarding the strategic decision making
(Ogonek, Distel and Becker, 2019). This game is used in order to achieve the long term goals
that further helps to achieve all defined goals and objectives of the business as well. In this game,
there are different roles which are assigned to the person who are take part in this game. These
persons have their own roles and responsibilities through which they can helps to get the idea
about how to run a business. This game is also used in this company in order to get more orders
and make the company position better for its future.
Lesson learn from the simulation game
As a student, I have learn from the simulation game is that a continuous improvement
only helps a company to make more profit and gain high competition in the market as well. It has
been further analysed that I needs to be build upon the achievement in order to stay ahead in the
business and rather than finding a simply answers, I should make strategies in order to determine
the exact position of a firm then implement all the solution into it. Apart from this, I also learn
that a real business world only presents the problems which cannot be describe completely and
even the experts also disagree about some best solutions as well. As the game main aim is to
realise the reality of a business and it is consider even the best learning tool because of risk free
learning (Massey and et.al., 2019). Such that I even do not have to invest a lot of amount on this
game and it helps to save expenses as well.
Apart from this, I also learn from this game, that using this game will be more easy to
analyse the reality of a business and it will be more easy to assign the duties to each person and
closely monitor them whether they are working with full efficiency or not. Basically this game is
actually used to attain or maximize profitability and try to analyse the needs of the customers and
then produce the same products that helps to satisfy the needs. Further, using this game, I easily
determine the needs of customers and provide them those services so that it will directly helps to
creates a positive impact upon the business performance and their profitability as well.
Moreover, I also realised that technology is constantly evolving and sometimes it also
disrupting the status of the business as well. In order to stay ahead in this competitive world, it is
quite necessary to keep adopting all the technology changes and in the same way by using
simulation game, which can provide the guidance to the team such that how many company may
easily adopt new techniques in order to raise the business image and get more order place.
Through this game, I also learn that how a small functional department of the business are work
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together in order to optimize the profit and run a business to top level of speed as well ( Burch
and Smith,, 2019). Overall, the game gives a close supervision to all the members of the team
and by using this game into the working place will also help to determine the exact strength and
weaknesses of the business which needs to be improved as per the time in order to attain all the
defined goals of the company. I really think that I benefited a lot from it and the experience
which I learn from it will also help me in my future to take the best strategic decisions.
Yes, there is enough expertise present in each functional area of the firm. For instance, as
if the firm is IT solution firm and it itself provide enough knowledge to every member of a team
in order to attain all the objectives of the business.
Roles defined in team
To play this game, it is quite necessary to define a role in every team so that it will help
to attain the defined aim. For this purpose, there are many roles which are selected for this
game . For instance, to determine the exact functioning of the business, there is authority who is
a key personnel in upper level management that makes sure that the company is performing in
well manner. Such that they also keep their eyes in every section of the business and also assure
the productivity and keep developing the strategies for reducing the cost. In this way a person
will understand the functioning of a business Apart from this, as they are responsible for overall
company's operation, that is why they have to determine the needs and then also connect the
groups to work together in order to solve the problem.
On the other side, in a game another person plays another role that helps them to
understand the smooth functioning of the business as only they can easily understand the
responsibilities for a marketing resource of a business and also promote the products into market
to let people know about new services indulge in a business (Ke, 2019). Apart from this, through
this play, the person also learn how to work with the Top management and also supervise or
coordinates business activities, they also identify the potential market and launch new products
and services to attract wide range of customers towards them. Further, through this game, a
person will easily determine the success and failure of an enterprise and they also make a plan
and keep controlling all the marketing activities.
Apart from this, they also study the wants and needs of the customers and then implement
those services into the working area so that it will be helpful for the firm to attain the objectives
of the business.
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Apart from the above, another role which is played by a person that helps to identify the
sources of funds, when a new business is start up. Apart from this, through the game, a person
will the finance so that how to run a business, organize and find out different strength of the
business. They are the only person who helps the higher management in order to take better
decision and also helps in evaluating the financial health of the company. Moreover, through the
game, a person will learn how to work with planning and controlling that further involves
establishing the profit goals and determine the expected sales volume as well (Bücker and
Korzilius, 2015).
Is the game a close approximation of the real world situation that entrepreneurs face
Yes, simulation game is a close approximation of the real world situation that
entrepreneurs face because by using this game into the working area will help to improve the
employability and also improve the cooperation between each department. Further the game also
provides an exact picture of the business activities so that it will help a business to keep analysis
the exact needs of their business. Through this strategy, the students of management can also
determine the continuous ways of improvement so that it will be easily applied into the working
area in order to attain the defined goals (Kriz and Manahl, 2016).
As the game main aim is to realise the exact situation and through this an entrepreneur
also determine the exact issues which are faced by the business and then provide solutions which
needs to be adopt by them for further growth.
Strength and weaknesses of the game
Strength: The biggest advantage of simulation game is that it simplify difficult concepts
and provide the best experience. The game can be used by all level of employee and through this
game, organization also make accurate forecast because it is a learner friendly. Moreover,
through simulation game, the manager get the accurate results because it analyse the system and
test the behaviour (Cross, Belich and Rudelius, 2015). Further, while working on the system, a
person can also get faults in the system and provide new innovative ideas for further
improvements.
Weaknesses: The biggest disadvantage of simulation game is such that it is one of the
most expensive and takes a long time to get the result. It always have a scope of error,
maintenance and update can be costly and also require specialist who properly handles it and
provide training sessions to their employees (Ogonek, Distel and Becker, 2019). Apart from this,
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simulation game is the prediction of reality and it doesn't generate an optimal solutions and
sometimes its interpretation is becoming quite difficult to understand.
CONCLUSION
By summing up above report it has been concluded that for smooth functioning of the
business, it is quite essential for a person to have the capabilities of an entrepreneur because in
the corporate world, the business is only successful when they have the skills to achieve the aim
or defined games in the business. The successful and potential entrepreneur needs to focus on
identifying the qualities and strength and also needs to find ways for developing them and using
them in the venture business. Successful entrepreneur also needs to identify his weakness and
find ways to remove and reduce them so that it does not turn into obstacle in his entrepreneurial
business. Apart from this, the report further concluded that simulation game is the another
learning tool that is used by the management students in order to determine the reality and to
place more order for maximization of the business. Moreover, the report also concluded that this
game is a close approximation of the real world situation that entrepreneurs face and because of
high cost, many business are not even use this method but on the other side, it also helps a
manager to get exact result which is consider its strength.
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REFERENCES
Books and Journals
Bücker, J. J. and Korzilius, H., 2015. Developing cultural intelligence: assessing the effect of the
Ecotonos cultural simulation game for international business students. The International
Journal of Human Resource Management.26(15). pp.1995-2014.
Burch V, R. F. and Smith, B., 2019. Using simulation to teach lean methodologies and the
benefits for Millennials. Total Quality Management & Business Excellence. 30(3-4).
pp.320-334.
Cross, J. C., Belich, T. J. and Rudelius, W., 2015. How marketing managers use market
segmentation: An exploratory study. In Proceedings of the 1990 Academy of Marketing
Science (AMS) Annual Conference (pp. 531-536). Springer, Cham.
Ke, F., 2019. Mathematical problem solving and learning in an architecture-themed epistemic
game. Educational Technology Research and Development, pp.1-20.
Kriz, W. C. and Manahl, W., 2016. Understanding and changing systems through hybrid
simulation game design methods in educational contexts. In Simulation and Gaming in the
Network Society (pp. 79-93). Springer, Singapore.
Massey, D. and et.al., 2019. A Massively Multi-user Online Game Framework for Agent-Based
Spatial Simulation. In CyberGIS for Geospatial Discovery and Innovation (pp. 213-224).
Springer, Dordrecht.
Ogonek, N., Distel, B. and Becker, J., 2019, January. Let’s Play… eGovernment! A Simulation
Game for Competence Development among Public Administration Students.
In Proceedings of the 52nd Hawaii International Conference on System Sciences.
Lipset, S. M., 2018. Values, education, and entrepreneurship. In Promise Of Development (pp.
39-75). Routledge.
Eckhardt, J. T., Ciuchta, M. P. and Carpenter, M., 2018. Open innovation, information, and
entrepreneurship within platform ecosystems. Strategic Entrepreneurship Journal. 12(3).
pp.369-391.
Frederick, H., O'Connor, A. and Kuratko, D. F., 2018. Entrepreneurship. Cengage AU.
Julien, P. A., 2018. The state of the art in small business and entrepreneurship. Routledge.
Espina, M. I. And et.al., 2018. Social Innovation and Sustainable Entrepreneurship. Edward
Elgar Publishing.
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Naranjo-Valencia, J. C. And et.al., 2018. Entrepreneurship and innovation: Evidence in
colombian SMEs. In Handbook of Research on Intrapreneurship and Organizational
Sustainability in SMEs (pp. 294-316). IGI Global.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Kirby, D. A., 2016. Creating entrepreneurial universities in the UK: Applying entrepreneurship
theory to practice. The Journal of Technology Transfer. 31(5). pp.599-603.
Lundstrom, A. and Stevenson, L. A., 2016. Entrepreneurship policy: Theory and practice (Vol.
9). Springer Science & Business Media.
Hamilton, R. T. and Harper, D. A., 2014. The entrepreneur in theory and practice. Journal of
economic Studies. 21(6). pp.3-18.
Bull, I. and Willard, G. E., 2018. Towards a theory of entrepreneurship. Journal of business
venturing. 8(3). pp.183-195.
Online
7 Indicators Of Employee To Entrepreneur Potential. 2016. [Online]. Available through:
<https://www.forbes.com/sites/martinzwilling/2016/02/19/7-indicators-of-employee-to-
entrepreneur-potential/#1b4d0922357c>
Roles and responsibility of operation manager. 2019. [Online]. Available through:
<https://smallbusiness.chron.com/role-operations-manager-14234.html>.
The 5 Personality Traits All Entrepreneurs Must Have. 2019. [Online]. Available through:
<https://www.entrepreneur.com/article/298650>
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