Entrepreneurship Report 2022

qwertyuiopasdfghjklzxcvbnmqw
ertyuiopasdfghjklzxcvbnmqwert
yuiopasdfghjklzxcvbnmqwertyui
opasdfghjklzxcvbnmqwertyuiopa
sdfghjklzxcvbnmqwertyuiopasdf
ghjklzxcvbnmqwertyuiopasdfghj
klzxcvbnmqwertyuiopasdfghjklz
xcvbnmqwertyuiopasdfghjklzxcv
bnmqwertyuiopasdfghjklzxcvbn
mqwertyuiopasdfghjklzxcvbnmq
wertyuiopasdfghjklzxcvbnmqwe
rtyuiopasdfghjklzxcvbnmqwerty
uiopasdfghjklzxcvbnmqwertyuio
pasdfghjklzxcvbnmqwertyuiopas
dfghjklzxcvbnmqwertyuiopasdfg
hjklzxcvbnmqwertyuiopasdfghjk
lzxcvbnmrtyuiopasdfghjklzxcvbn
Entrepreneurship
[Type the document subtitle]
3/7/2020
student name

Entrepreneurship 1
Contents
Introduction................................................................................................................................2
Reflection...................................................................................................................................3
Simulation game.........................................................................................................................6
Conclusion................................................................................................................................11
References................................................................................................................................12

Entrepreneurship 2
Introduction
Entrepreneurship is one of the key aspects in the business world, as this is directly associated
with innovation, creativity and start up. Entrepreneurship reflects the ability of an individual
to come up with a new idea and implement the idea into an actual venture. The process of
design, launch and conduct of a new venture is said to be the process of entrepreneurship.
The individuals who are associated or responsible for the creation of the business are
entrepreneurs. The academic aspect reflects a major opportunity for the entrepreneurs as the
business idea would get the direction with the help of education, which will include the
entrepreneur skills and knowledge to be enhanced and provide direction to make the business
idea on real time basis (Ahlin, 2014).
The report will include my personal experience with one of the business simulation game,
and the reflection regarding the ability to become entrepreneurship, which can be reflected
through the experience of this game. Setting up of the business is a challenging situation as
this may be impacted by various variants and the financial risks associated with the same.

Entrepreneurship 3
Reflection
An entrepreneur is not only reflecting the leader quality but also needs to be aware of all the
management functions, to not only initiate but manage the business. Thus, considering the
traits and skills required to be an effective entrepreneur, I see myself as one of the potential
entrepreneurs. However I believe that I have the potential of conducting independent venture,
this can be reflected through the passion for initiation of the venture I possess and also
reflected through various aspects of the business. There is various functional areas in a
business that is finance, marketing, operations, and accounting. These functions are the most
important aspects that reflect the success factor of business (Amabile & Rigolizzo, 2015).
The key traits that are found to be effective when it comes to becoming entrepreneur are
curiosity, which I could rate 9 out of 10 for myself as the self-motivation, and curiosity to
look for new opportunities to initiate a business is quite high. This is one of the major reasons
for acknowledging education in this subject. Another trait is time management, from the
experience of the course we have understood and learn time management. Time management
is not only evaluated through the business world but this is also relevant in everyday life, like
in the case of educational courses in projects and assignments, attending class, maintain
balance with personal life. This aspect is found to be very important for entrepreneurship, as
the schedule, prioritising work, and project management becomes essential for the same.
Thus, it can be said that the experience from the course has included the key learning of time
management through priority matrix. This included understanding the nature of the work,
urgency of the work and time to complete the work. Thus, it can be said that planning,
definition, and execution of the plan reflects the prioritising and time margining (Bruns,
2013).

Entrepreneurship 4
The third trait that has been understood to be important for entrepreneurship is strategic
thinking, which includes understanding of the core of the problem and reflects the
opportunities. From the previous experience I would like to add that I have been able to
provide a creative solution to the problem in case discussion in group. That experience could
be on small scale but has reflected the opportunities for me being a potential entrepreneur in
near future (forbes, 2019).
One of the methods to evaluate self assessment if I am potential entrepreneur is the
professional tool that can reflect this. Through one of the self assessment test that teamability,
which is the test that focuses on the measurement of the individual that is connected to others.
This reflects the team spirit of an individual. I ended up being positive on teamability report,
this reflects that the way I will be part of a team in the organisation, includes to overcome
obstacles, solve the problems, and achieve the goals are positive. Other than this, the
leadership style that I possess is transformational leadership style, it was analysed through the
last team activity, thus it can be said that eh innovation and transformation is the key
objective that I am looking for. Moreover through this evaluation, it can also be said that
entrepreneurship is a success only if innovation and change is applicable (Tillema, 2000).
However one of the areas where I believe that I a bit weak and need to learn further is change
management. I can adapt to the change but feel challenging to make others or my team
members change. Thus for this, one of my future goals to be a better entrepreneur is to further
study and practice change management. I have previously studied the Lewin’s change model,
which reflected three stages of change management. In case I am looking forward to being an
entrepreneur this model has to be implemented and experienced such situation. The three
stages include unfreezing which include making people understand the need for change and
make them ready for the change. The second stage is implementing the change, which is
putting planning into action. This is the most crucial stage as the change is to be implemented

Entrepreneurship 5
where the employees actually feel challenging and dissatisfied, which needs to be controlled
in order to effectively implement the change into the organisation. Through this stage, the
training and mentoring may help the employees facing the consequences of change in the
system (Okpara, 2017).
Another trait is networking, through my personal experience I could say that networking
reflects the partnership deals, facilitates business opportunities, searching for the suppliers
and external stakeholders. I could say that I have not experienced the networking in the
business aspect, but the effective communication skills that I feel are quite strong and
convincing in me reflect the opportunity for me to grow the network in near future.
Other than this, I have been working towards other functional aspects in businesses that are
sales and financial decision making. Moreover, I believe that I have been in the management
field since long now, and have gained knowledge and education in the field. I have the
knowledge of all management aspects; however I am more comfortable in marketing
positions. The key reason for believing this is good communication skills, branding skills,
sales that reflect creation of new business opportunities (Coulson-Thomas, 2017).
From the experience it can be said that the skills not only include the management aspects,
but it is also important to have leadership skills so as to run the business. Some of the traits
that I would prefer to include as part of my strengths that may justify my potential to be a
potential entrepreneur. One of such skill included empathy, this reflects that I would be able
to manage team or co-workers, this is essential aspect as it is important to understand the
needs and employee behaviour so as to get the work done with honesty and reliability. Other
than this, human behaviour is another aspect that I able to understand and perceive well.
Thus, it can be said that is able to understand the needs and expectations of other stakeholders
within and outside the organisation (Patel, 2017).

Entrepreneurship 6
From the experience, the learning and changes that I would prefer to integrate as my part of
practice to become better entrepreneur. Networking is one of the things that I would be
working in near future; this will include interaction with people who may be helpful in
business that will be initiating. The third stage includes refreezing, which reflect making the
change situation permanent and restrict the employees to go back to their previous situation.
Simulation game
Business simulation games are the games that will let the individual act as entrepreneur and
learn about the business and its activities in real time. SimVenture, is one of the simulation
game that offers holistic view of entrepreneurship and business. This is windows based
software which includes learning of employability, business and entrepreneurship skills.
SimVenture has been able the user to conduct a virtual business or start up. Moreover this Is
the strategy game the our major decision that the game let to consider of business areas,
through this the feedback is received and actions could be taken on the basis of the same. The
four areas included organising, operation, finance, and sales and marketing
(server.simventure, 2020).
SimVenture entails users, employed as persons or groups, to make judgments and pact with
consequences in a modest to comprehend and comprehensible style. The game has numerous
difficulty levels that make certain that scholars are uninterruptedly dared at a level that outfits
their capability. This profundity of problem solving united with the productivity of info
enclosed within SimVenture reflects that scholars requisite agreement with a range of
problems nevertheless can observe besides evaluating their personal advancement at all
while.
The experience from the game reflects that prior to the business the start up distance that our
team assumed was $10,000. Key learning from the simulation game, it has been understood

Entrepreneurship 7
that in real world conducting business includes various decisions and aspects that have not
been expected from the educational point of view. The key reason is that we could be
expertise in one of the functions of management, but in order to run the business it is
important to collaborate all the management functions and must be correlated so as to initiate
and take other decisions. Other than learning, it includes the knowledge pertaining to
development stages of new venture, where the concern is not limited to the departments of
marketing, finance and competition. There are various aspects in the business environment
that may impact the success factor of the new venture. For instance, managing the financial
aspect is one of the major lessons from the game, as the allocation of the resources and
financial aspect is most important in order to keep of the new venture in control and return on
the investment. Thus, the game we team members initiated on SimVenture included
considering the venture development stages that included start up activities, new venture
development, business stabilisation, growth and innovative and creativity relevance. Among
the identified five stages, it has been identified that the activities that have been associated
with initial stage were considered (pdfs.semanticscholar, 2019).
The game initiated when the decision making were pertaining to the looking for the capital
for investing decision, which reflected challenge for the financial expert. There was quite
experience of all the team members in one or the other department of the management.
However I believe that our team lacks expertise in operations and supply management, which
reflect the key challenge for the team. Initially, I was able to understand the key areas of each
individual in the team, and distribute the work considering decision making in business
initiation. There was expertise for all the areas, except operation. I was the expertise for
marketing decision making in the business formation and implementation. The funding
sources were the most challenging part of the game, as it requires factual and evaluative
decision making (simventure, 2019).

Entrepreneurship 8
The lessons pertaining to entrepreneurship, as the game reflect the real world situation. It has
been analysed that from the experience it has reflected that the real world life of the
entrepreneur has included in the game, which also reflects the helping videos so as to enhance
the knowledge. Other than this the feedback also reflects the better aspect of the game, as
through this the mistakes are also identified which could be avoided and noticed prior to
actually initiating the business. This acted as the mentor to the students, and the network also
reflected the understanding of the real world experience. However there were some cons that
have been identified from the experience from SimVenture (Baron & Mueller, 2016).
For evaluation of this simulation game aimed at Market and SimVenture, commercial insight
was the employability ability that the users sensed would attain the uppermost optimistic
influence on the scholars. This was predictable, by way of this is key determinations of the
simulations. The market scored very extremely on team employed skills carefully monitored
by relational, action organization then management skills. Inventiveness, proactivity besides
action planning recorded greatly for SimVenture. SimVenture had an actual small average
for foreign linguistic and together Marketplace plus SimVenture had a truncated average
aimed at consumer positioning (Bruns, 2017).
The game sensed similar to really conducting our personal business consequently we
procured it very earnestly when creation commercial decisions as we recognized it might
ensure a direct consequence on our position besides bank steadiness furthermost significantly.
This understanding would assistance as a great agreement in case we ultimately originated to
conduct our commerce as we recognize the significances of not actuality up-to-date through
definite shares of the business by means it might mean our commercial waning (Dewald &
Osiyevskyy, 2015).

Entrepreneurship 9
Through conducting the simulation, scholars study how business performance differs over
period. They are capable to pinch their business plan by altering commerce decision
constraints. Virtuous software packages obligate a user- friendly consumer edge that
appearances comparable to a flight simulator, somewhere unlike assessment features are
signified as correspondent gauges on the monitor.
The team assigned for the experience was assigned the responsibilities as well and all the
students or team members run the stimulated game. This game has allowed the individuals to
facilitate learning and act as one of the good mentoring approaches. Thus it can be said that
being experiencing the stimulated environment which could have experience in the real
world, reflect the practical knowledge. Moreover the theoretical learning, class roles and
training is very different from this software business simulation as this reflects if wed were
actually in the business activities and actually have to make decision, along with the actual
aspects of the business and the challenges of actual stimuli (Huggins & Thompson, 2015).
The key advantages that have been analysed from SimVenture included real life experiences;
this reflected the actual situations of the business that reflect the interrelationships among the
learning and the experience of actual business start-up. This could sound easy but the actual
situation reflects various challenges and the decision making may not be right as per the
mentor perception and according to the market. Thus it can be said that this game reflects the
real world experience. Another advantage reflects that this act as the problem solving
technique. The aspects which we were not aware of the real situation reflected and learned
through the game, this included the chance for the users to create creative solutions to the
problems identified in the business, thus reflect the innovative skills of every individual of
the team. Another advantage is helping videos and levels of the game. In case the user new to
the game may look for the guidance and help in form of videos where the professionals
include the learning of management and business initiation. Other than this there were levels

Entrepreneurship 10
which reflect that you can increase to another level and increase the challenges so as to
improve learning aspects of the entrepreneurship (Koryak, 2015).
However some of the disadvantages of using SimVenture as the simulation games were quick
decision making and implementation of the idea so as to keep it up to date and relevant as per
the market. The environment is very dynamic and is changed every second, in case the time is
consumed in business planning through this stimuli game, it could reflect challenges in near
future. Other than this the aspect that found to be missing in the game was human resources.
One of the most challenging functions in business is to manage human resource, which was
the missing constraint in the game. Moreover, the external market and there are various other
constraints in the business which may be impacting the business in large like competitors and
new company entrants which does not reflect appropriate and may changes very quickly,
which is one of the weaknesses of playing such simulation game, this reflects the scope of
error. Another disadvantage is costly to update and maintenance, this reflects the technical
update after quick interval, which could be costly for the company and the user as well (Miao
et al., 2017).

Entrepreneurship 11
Conclusion
From this reflective report, the key concluding points included Entrepreneurship is one of the
key aspects in business world, reflects the ability of an individual to come up with a new idea
and implement the idea into actual venture. Thus, considering the traits and skills required to
be an effective entrepreneur, I see myself as one of the potential entrepreneurs. The key traits
that are curiosity, Time management, strategic thinking. I ended up being positive on the
teamability report, this reflects team spirit and achieve the goals are positive. Networking
reflects the partnership deals, I could say that I have not experienced networking in the
business aspect.
SimVenture, is one of the simulation games that offer a holistic view of entrepreneurship and
business. SimVenture entails users, employed as persons or groups, to make judgments and
pact with consequences in a modest to comprehend and comprehensible style. Key learning
from the simulation game conducting business includes various decisions and aspects in real
world. The key advantages that have been analysed from SimVenture included real life
experiences; it can be said that this game reflects the real world experience. Another
advantage reflects that this act as the problem solving technique. Another advantage is
helping videos and levels of the game.

Entrepreneurship 12
References
Ahlin, B., 2014. Entrepreneurs’ creativity and firm innovation: the moderating role of
entrepreneurial self-efficacy. Small Business Economics, 43(1), p.101.
Amabile, T. & Rigolizzo, M., 2015. Entrepreneurial creativity: The role of learning processes
and work environment supports. The Oxford handbook of creativity, innovation, and
entrepreneurship, p.61.
Baron, R.A. & Mueller, B.A., 2016. Self-efficacy and entrepreneurs' adoption of unattainable
goals: The restraining effects of self-control. Journal of Business Venturing, 31(1), p.55.
Bruns, P., 2013. Corporate Entrepreneurship: Innovation and Strategy in large
organisations. 3rd ed. london: Palgrave MacMillan.
Bruns, P., 2017. New venture creation: a framework for entrepreneurial start-ups. 2nd ed.
Palgrave.
Coulson-Thomas, C., 2017. Stimulating creativity, enabling innovation and supporting
entrepreneurship. Management Services, 2017(Summer), p.26.
Dewald, J. & Osiyevskyy, O., 2015. Explorative versus exploitative business model change:
the cognitive antecedents of firm‐level responses to disruptive innovation. Strategic
Entrepreneurship Journal, p.58.
forbes, 2019. what-are-the-most-important-skills-entrepreneurs-need. [Online] Available at:
https://www.forbes.com/sites/quora/2017/09/11/what-are-the-most-important-skills-
entrepreneurs-need/#3a47388d106c.

Entrepreneurship 13
Huggins, R. & Thompson, P., 2015. Entrepreneurship, innovation and regional growth: a
network theory. Small Business Economics, p.103.
Koryak, O., 2015. Entrepreneurial leadership, capabilities and firm growth. International
Small Business Journal, 33(1), pp.89-105.
Miao, Q., Eva, N. & Newman, A., 2017. CEO entrepreneurial leadership and performance
outcomes of top management teams in entrepreneurial ventures: The mediating effects of
psychological safety. Journal of Small Business Management.
Okpara, F.O., 2017. The value of creativity and innovation in entrepreneurship. Journal of
Asia Entrepreneurship and sustainability, p.1.
Patel, P.C., 2017. Self-Leadership and Overcoming the Time Resource Constraint:
Accelerating Innovation for New Products. IEEE Transactions on Engineering Management,
pp.1-12.
pdfs.semanticscholar, 2019. Evaluating business simulation software: approach, tools and
pedagogy. [Online] Available at:
https://pdfs.semanticscholar.org/f60f/58174fb80f6aea8002df78980f2a2c3c1750.pdf.
server.simventure, 2020. simventure. [Online] Available at:
http://server.simventure.co.uk/simventure/.
simventure, 2019. NaveedYasinExperientialLearning. [Online] Available at:
https://simventure.com/classic/wp-content/uploads/2019/09/NaveedYasinExperientialLearnin
g.pdf.
Tillema, H.H., 2000. Belief change towards self-directed learning in student teachers:
immersion in practice or reflection on action. Teaching and Teacher Education, 16(5-6),

Entrepreneurship 14
pp.575-91.