Entrepreneurship: Reflection on Innovation and Business Strategies

This assignment is a reflection on the coursework related to entrepreneurship, focusing on the application of innovation and business strategies. The student reflects on the importance of effective communication, especially in pitching ideas and interacting with potential investors and customers. The reflection highlights the significance of consumer validation through interviews to refine business models and product concepts. The assignment also emphasizes the need to consider feedback from various sources, including investors and experienced entrepreneurs, while prioritizing improvements that enhance product consistency, benefits, and user experience. The student concludes by emphasizing the importance of focusing on change and innovation for entrepreneurial success and provides references to relevant academic sources.

Reflection

Table of Contents
Reflection.........................................................................................................................................3
REFERENCES................................................................................................................................4

Reflection
This weekly course provided information about entrepreneurs and skills they require to manage
the work. In this lecture, it was studies that what are the different ways that entrepreneurs use for
managing innovating their business idea. It is said that different projects are assessed on the basis
of the attractiveness and innovation level. I have learnt a lot in this course work. As an ambitious
entrepreneur, the value of speaking confidently cannot be overstated. When pitching customers,
interacting with customers, or striking up a conversation at a function, the way you communicate
about your company and its future may have an impact on how people see it. Showing a lack of
trust will scare away investors and cause consumers to second-guess their choice to invest
through oneself. Conducting consumer validation interviews with people from your target market
segment is one way to get feedback. This interviews with prospective consumers will help you
verify your marketing concept while also providing positive feedback on your product, proposed
business model, or expectations about users. Investors, more seasoned entrepreneurs, and friends
and family can also have input. Some of it can come as a surprise. You don't have to follow any
of their recommendations, so it's a good idea to think about it. Will their advice improve the
product's consistency, benefit, or user experience? If the response is yes, take action and make
the necessary changes. I have evaluated that for becoming a successful entrepreneur it is
important to focus upon the change and innovation perspective.

REFERENCES
Books and Journals
Wadhwani, R.D., Kirsch, D., Welter, F., Gartner, W.B. and Jones, G.G., 2020. Context, time,
and change: Historical approaches to entrepreneurship research. Strategic Entrepreneurship
Journal, 14(1), pp.3-19.
Drobyazko, S., Hryhoruk, I., Pavlova, H., Volchanska, L. and Sergiychuk, S., 2019.
Entrepreneurship innovation model for telecommunications enterprises. Journal of
Entrepreneurship Education, 22(2), pp.1-6.