BUSM30000D: Student Reflections on the Entrepreneurship Module

This assignment presents a student's reflections on the BUSM30000D Entrepreneurship module, covering key aspects of the entrepreneurial process. The student contrasts this process with conventional market product management, highlighting differences in strategic and tactical approaches, and emphasizing the innovation-oriented nature of entrepreneurship. The reflection also details the development of core competencies, including problem-solving, willingness to learn, and risk-taking abilities. Furthermore, the student provides advice for fledgling entrepreneurs, emphasizing the importance of focusing on strengths, balancing passion and knowledge, and continuous learning. The document references several academic papers to support the student's observations and conclusions.

BUSM30000D –Business Entrepreneur
NAME OF STUDENT:
LECTURER NAME:

Reflections of Entrepreneurship:
1) During this course I could see how unique the entrepreneurial process is from idea generation,
to planning and implementation. This is truly different from conventional market product/service
management in the following areas:
Strategic level: top-down approach is applied in conventional market product/service
management where a clearly detailed series of activities like segmenting, targeting and
positioning is given priority. However the entrepreneurial process emphasizes a reverse
procedure from bottom-up (Galanakis & Giourka, 2017). The first focus area is identification of
potential market scope and then testing it thoroughly so as to understand whether it is viable to
meet needs of market and then extend as entrepreneur.
Tactical level: entrepreneurial process does not solely emphasize on 4 P’s of conventional
product management as it stresses on adopting interactive marketing approach that is stimulated
by preferences for customers (Zapkau, Schwens & Kabst, 2017). In entrepreneurial process I
have understood that interaction with customers directly makes significant difference and
establishing connect with customers in personal manner is priority.
Business orientation: while conventional product management is customer oriented, but
entrepreneurial process is innovation oriented, and so I have realized that it needs exhaustive
evaluation of market needs.
2)I have developed or enhanced core competencies in the following areas:
Problem solving: after completing this module on entrepreneurship I have learnt ways by which I
can improve my problem solving skills. I am now able to better evaluate situations and apply
critical thinking so as to solve problems which has helped me to decide on course of actions.
This has helped me in better execution of solutions that I develop so as to resolve identified
problems, helping me further to overcome complications. By enhancing problem solving skills I
have now learnt how to better focus on issues, problems and possibilities which helps me to
create various course of actions through evaluation of different perspectives, constraints and
risks interconnected with each action measures (Kucel, Róbert, Buil & Masferrer, 2016). I have
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even improved ways to select suitable options so as to resolve problems and opportunities that
are identified.
Willingness to learn: I have developed willingness to learn and equip myself with knowledge
which I think is life long procedure. I now engage more in learning and try to keep myself
updated with changes in technology, recent developments etc. which has improved my interest of
seeking new knowledge.
Risk taking: my confidence has enhanced and now I sense more courage and risk taking ability
to act on plans. I research on new ideas which will help me try out new business plan in future.
This has enhanced by ability to choose right set of expertise, traits and knowledge to insure
success of entrepreneurial efforts.
3)If I were to advise a fledgling entrepreneur I would offer the following advice:
I would say that no one can be good at everything, so I would ask that fledgling entrepreneur to
focus deeply over own strengths, clearly identify those ideas or interest that will be targeted for
success. Most importantly I would advise to base business on a balance of passion and
knowledge, well researched on every elements before the venture or idea can be started
(Holmberg-Wright & Hribar, 2016). Definitely I will advise to never give up right to be not
perfect and so I would that fledgling entrepreneur to never loose interest on learning new things
and move forward as well as understand intricacies of market better.
References
Galanakis, K., & Giourka, P. (2017). Entrepreneurial path: decoupling the complexity of
entrepreneurial process. International Journal of Entrepreneurial Behaviour & Research,
23(2), 317-335. Retrieved from: https://doi.org/10.1108/IJEBR-03-2016-0079
Holmberg-Wright, K., & Hribar, T. (2016). Soft skills–the missing piece for entrepreneurs to
grow a business. American Journal of Management, 16(1). Retrieved
from: https://doi.org/10.33423/ajm.v16i1.1885
Kucel, A., Róbert, P., Buil, M., & Masferrer, N. (2016). Entrepreneurial skills and education‐job
matching of higher education graduates. European Journal of Education, 51(1), 73-89.
Retrieved from: https://doi.org/10.1111/ejed.12161
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Zapkau, F. B., Schwens, C., & Kabst, R. (2017). The role of prior entrepreneurial exposure in the
entrepreneurial process: A review and future research implications. Journal of Small
Business Management, 55(1), 56-86. Retrieved from: doi/abs/10.1111/jsbm.12232
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