Reflective Journal: Key Entrepreneurship Concepts and Applications

This journal entry reflects on key concepts in entrepreneurship, including the importance of a business plan for internal and external stakeholders, the significance of corporate social responsibility facilitated by the internet, and the use of feasibility analysis to determine the viability of a business idea before investing resources. It emphasizes the necessity of accurate pro-forma financial statements, understanding break-even points, and utilizing ratio analysis for interpreting financial data. The reflection also touches on the dynamics of marketplaces, the importance of unique product offerings, organizational structures, and the phenomenon of social loafing within businesses. Ultimately, the journal highlights the transformative potential of entrepreneurship education in shaping future business endeavors.

ENTREPRENEURSHIP 1
Entrepreneurship
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ENTREPRENEURSHIP 2
A new business is designed, run and launched through a process referred to as
entrepreneurship. An entrepreneur faces several problems at the start of a business. For example,
lack of funding, economic crises, lack of funding or even a combination of all these problems.
Therefore, entrepreneurship can be viewed as the willingness and capacity to start a business
against all the risks.
For me, the most significant element from the handouts was that a business plan is a
document that analysis what a business intends to accomplish. I have learnt that it is used both
inside and outside the organization. Business employees, investors, and other external investors
make up the audience of a business plan. I have realized that a business plan is prone to changes.
A business plan can be presented to investors either orally or through question and feedback
method.
For me, it was clear that businesses negotiate their roles in the society through cooperate
social responsibilities. This is achieved with the help of ethics. It is clear to me that corporate
social responsibility has been made easy by the emergence of the internet. Some of its
advantages include; competitive advantage, reputation, and maintenance of employees. It is
through fair trade that producers in developing countries have been able to create better trading
conditions. The viability of a business idea is determined using feasibility analysis. It is
advantageous to carry out a feasibility analysis before resources are spent on any business idea.
This helps to avoid wastage of the resources. A properly conducted feasibility analysis contains
product desirability and service demand.
Through the journals, another aspect that was important to me is that businesses require
financial statements. When drafting a pro-forma financial statement, the most certain figures

ENTREPRENEURSHIP 3
must be entered first. Secondly, every entry must be made in the actual month that the money left
or entered the business. Lastly, all the entries must be inclusive of the GST. It is clear that a
business is said to be at the breakeven point when its income equals its expenses. That is PX=
VX + FC+ Profit. Ratio analysis helps in the interpretation of a company's historical statements.
It was also clear to me that; marketplace aggregates many sellers as well as their
inventions. It exists in different forms such as peer to peer, business to consumer and business to
business marketplace. One needs to lower the rate of his or her goods as well as initiate the
production of unique products for him or her to pave a way in an existing business place.
Organizational charts show the relationship as well as different ranks in a business. The chart
exists in two forms, this includes flat and hierarchical structures. Sometimes, some employees
fail to work hard in a business at they are supposed to be working. This is known as social
loafing.
From this journals learning, I have learned that, the study of how businesses start and run
is referred to as entrepreneurship. If one has an idea, he or she has to work towards creating a
product or a service that people will buy. This is achieved by building an organization that will
support those sales. These learning journals will really influence my future work. I have obtained
enough knowledge that can help me succeed in the business field.