Reflection Report: Entrepreneurial Learning and New Ventures

This individual reflection report details a student's learning experience in an entrepreneurship and new venture creation course. The report outlines the knowledge gained, including the characteristics of a successful entrepreneur and insights into funding options. It highlights new ideas, such as starting a food truck, and addresses pre-course questions and the student's thought process. The report also discusses aspects that challenged the student's perceptions of entrepreneurs and small businesses. The student gained confidence in risk-taking and developed an action plan for their venture. The report concludes that with a strong mindset, the student is well-prepared to become a successful entrepreneur. References include books and journals on entrepreneurial learning, new venture creation, and related topics.

INDIVIDUAL
REFLECTION

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Knowledge learnt by this course............................................................................................1
New insights gained...............................................................................................................1
New ideas learnt during classes..............................................................................................2
Questions in mind before joining the class ............................................................................2
Thought process and action plan during course.....................................................................2
Aspects that challenged my perception about new ventures, entrepreneurs and small
businesses...............................................................................................................................3
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Entrepreneurship is an activity to set up a business by taking financial risks so that high
revenues can be earned. A new venture is usually a small business in which one or more than one
individual invests so that financial gains can be earned (Rae and Wang, 2015). This assignment
is based on reflection of individual learning. This report will cover about experience of a
entrepreneur which has recently started a new venture or business with the aim to accomplish
desired objectives.
MAIN BODY
Knowledge learnt by this course
Before joining the classes about entrepreneurship and new venture creation, I was
planning to open up a restaurant “ Foodie Flavour” because I felt that managing restaurants and
earning high profits from it is an easy task. I only need to invest money and hire some employees
so that I can allure customers towards my restaurant. I believed that opening up a restaurant is an
easy and simple task but when I joined the course “entrepreneurship and new venture creation”
my perception about opening a new business have completely changed. By joining the classes of
“entrepreneurship and new venture creation”, I am able to identify the true nature and
characteristics of an entrepreneur. I have learnt that a successful entrepreneur have confidence
and takes initiatives to perform challenging tasks. Also, I have started to share opportunities and
ideas with other because this helps me in becoming more thoughtful by taking right decision for
my business.
New insights gained
To be a successful entrepreneur after opening up my restaurant Foodie Flavour, I have
gained some new insights. These aspects benefits me in generating new ideas that will going to
help me in giving tough competition to already existing rival restaurants. By joining the course, I
have found a mentor which guides me to perform each work with full efficiency and
effectiveness. Another insight which I gained by learning in this class is to forget my fears about
funding and finance. My mentor or tutor have taught me about different persons and institutions
which can invest in my business like micro-loaners, Angel investors, small business grants from
government, crowd funding etc. This benefits me in eliminating my fear of shortage of funds
(Moyes and et. al., 2015).
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New ideas learnt during classes
While going to classes, I have gained some new ideas which will helps me in gaining
wide success. Earlier I was planning to rent out a shop where I can open up my restaurant. But
after meeting with my mentor and colleagues, I have stressed upon some new ideas to start my
restaurant. These ideas are becoming a home cook and providing offline deliveries, opening up a
food truck or a food cart, starting up a quick service restaurant. I have liked all the ideas but out
of all these ideas, I found opening up of Food truck is most advantageous. I have acknowledged
that Food Truck will helps me to reach out my customers without any issue. I can serve people at
different locations according to their demands. For example, if people of one region have more
number of aged people, they will prefer to eat non-spicy food but areas where population of
youngsters is more they prefer Junk food. By opening up a food truck, I will be capable to go at
different locations by bringing the type of food they like. This will help me in earning high
profits and revenues as per my expectations.
Questions in mind before joining the class
Before Joining the course and class, I was confused if joining the class is going to help
me in anyway or not. During the classes, I have gain answer to my query. Joining these classes
has benefited me in improving my concepts about entrepreneurship and related aspects. During
class, my mentor asked me to describe the steps to opened up a restaurant without spending high
capital. Due to creative ideas and concepts I have learnt in class, I replied I will prepare a budget
which will include all costs. After that I will eliminate those expenses which will not add value
to my Food truck. This will help me in opening a Food truck without any high investment and
extra expenses. This shows that my experimental learning has also improved due to these classes.
Thought process and action plan during course
During classes my thought process was “An entrepreneur must not be a risk-averse
individual” because avoiding risks means ignoring opportunities to achieve high revenues and
profits. Also, I have identified that entrepreneurship helps an individual in reflecting their
personal characteristics and features that will lead me to take suitable actions and decision about
business. I have acknowledge that to be a successful entrepreneur I need to adopt entrepreneurial
capabilities and understand about different stages of business venture. This action plan helps me
in performing my work in a systematic manner.
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Aspects that challenged my perception about new ventures, entrepreneurs and small businesses
There were some aspects which challenges my perception for entrepreneurs, new
businesses and ventures. Before I use to think, entrepreneurs are extra ordinary people which are
very intelligent and heard work. But in my classes have learnt that entrepreneurs believes to do
smart work which makes them extra-ordinary. Earlier I also believe, small businesses or new
ventures are simple and needs less care. But my perception was challenged when I have read
about the complexities of managing a small business. These challenges to my perception helps
me in further improving my skills due to which I believe I am going to became a successful
entrepreneur.
CONCLUSION
As per this assignment, it is concluded that learning of an individual is based on its
mindset. By strong mindset and confidence, I can became successful entrepreneur as I will not be
feared of taking risks. New idea of opening food truck will help me in targeting maximum
customer base and insights about eliminating fear benefits me in increasing my confidence and
capability to manage business.
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REFERENCES
Books and Journals
Rae, D. and Wang, C. L. eds., 2015. Entrepreneurial learning: New perspectives in research,
education and practice. Routledge.
Moyes, D. and et. al., 2015. The stairway to Heaven? The effective use of social capital in new
venture creation for a rural business. Journal of Rural Studies. 39. pp.11-21.
Hannibal, M., Evers, N. and Servais, P., 2016. Opportunity recognition and international new
venture creation in university spin-offs—Cases from Denmark and Ireland. Journal of
international Entrepreneurship. 14(3). pp.345-372.
Shams, S. R., 2016. Entrepreneurial challenges in the 21st century: Creating stakeholder value
co-creation. Springer.
Morris, M. H. and Liguori, E. eds., 2016. Annals of Entrepreneurship Education and Pedagogy–
2016. Edward Elgar Publishing.
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