Entrepreneurship: Lessons Learned Through the Process

This essay delves into the key lessons learned during the entrepreneurship process, emphasizing the importance of innovation, flexible planning, and effective time management. It highlights the shift in understanding that innovation isn't always complex and that rigid, long-term business plans may not be as effective as shorter, adaptable strategies. The essay underscores the need for entrepreneurs to balance hard work with personal well-being and to focus on serving others. Celebrating small wins and developing leadership qualities are also identified as crucial for sustaining motivation and navigating the challenges of entrepreneurship. Ultimately, the essay illustrates how experience and resilience contribute to an entrepreneur's success, even in the face of adversity. Desklib provides access to this and other solved assignments.

Running Head: MANAGEMENT 0
ENTREPRENEURSHIP

MANAGEMENT 1
Entrepreneurship is a journey stumbling into success after executing a brilliant idea (Alton,
2015). Each entrepreneur have their unique entrepreneurial journey that help them to attain
their desired success. I also learned various lessons during the phase and this continuous
learning help me in each of my project and business. One of the most important lesson that an
entrepreneur learned in the entrepreneurship process is related to innovation. Before
establishing a business enterprise, an entrepreneur thinking might be that doing innovation is
very tough. But in real setup, entrepreneur might found innovation quite simple as also. For
instance, Pillows.com founder identify that there is no place to buy hotel pillows and hence
he tried to fulfil a basic need (Rampton, 2018). Hence, an entrepreneurship success can be
derived without employing any super innovative technology.
During my school, I was learned that one needs to create five or ten-year business plans and
outlines it. But how is it possible to plan for five years where the business environment
changes so rapidly. Making plans but sticking to near future and short term can help an
entrepreneur as he/she do not need to waste valuable time by drafting plans. Hence, one
needs to plan for six months or a year ahead, depending on the venture.
In entrepreneurship, an entrepreneur needs to work hard and play hard and put in work long
hours more than any other business people do. They need to effectively manage their time so
that there will be time left for the family, friends and socialisation as this help on clearing
one’s mind and thus help entrepreneur to take out better decisions or reach necessary
realizations.
An entrepreneur also learned that it is not all about him or the idea as one also need to search
for opportunities to serve and assist people. It definitely drew more people and businesses
when you help them without expecting anything in return. However, this favour needs to be
completely selfless and also should come from heart.
Other than these, an entrepreneur also needs to celebrate small wins. Incorporation of an
organisation is hard, growing one is hard and running one is hard. Be in this process day out
and it may feel a person tire as he/she feel like that he is not winning or getting anywhere.
Hence, it is necessary to celebrate small wins by avoiding the notion that one needs to land
some fantastic or reaching to thousands of customers before celebrating. Identifying small
victories will surely help in boosting the morals and it also provides a surge of energy that
motivates in accomplishing further.

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In last, with several years of experience and multiple cycles of failure and rejuvenation, an
entrepreneur reach to a final stage of success inclusive of leadership qualities help in
assessing future business needs. All these practices and experience help an entrepreneur not
to get concerned during entrepreneurship process and help towards their end of journey even
during the hardest phase.

MANAGEMENT 3
References
Alton, L. (2015) Entrepreneurship Is a Journey in 7 Stages. Enjoy The Ride. [ONLINE]
Available from: https://www.entrepreneur.com/article/253768 [Accessed 15/03/2019].
Rampton, J. (2018) 7 Life Lessons From My Entrepreneurship Journey [ONLINE] Available
from: https://www.entrepreneur.com/article/234241 [Accessed 15/03/2019].