Entrepreneurship Management: A Reflection on New Venture Creation

This report provides a comprehensive reflection on entrepreneurship management and new venture creation, exploring key concepts, skills, and models. The author discusses their learning experience, covering topics such as the definition of entrepreneurship, different types of entrepreneurs, drivers of entrepreneurship, and the importance of ideation and competitive advantage. The report delves into the entrepreneurial life cycle, including preparation, embarkation, exploration, expansion, and transformation phases. It also examines the entrepreneurial journey model, entrepreneurial mindset, venture stages, and the dark side of entrepreneurship, along with Isenberg's model of the entrepreneurial ecosystem. Furthermore, the report touches upon new venture creation, bootstrapping, franchising versus licensing, family businesses, and intrapreneurship, concluding with insights gained from the study and reflection on the overall learning experience.

Entrepreneurship Management

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurship management is an effective plan of action which helps in dealing with
innovation, strategies, ideas and ventures which helps in taking idea into the market.
This study is based on the reflection which in turn helps in demonstrating the learning
experience, challenges, perception, knowledge, etc. on the topic entrepreneurship and new
venture creation.
MAIN BODY
It was a very fascinating experience to carry out the study on the topic entrepreneurship
management and new venture creation. This helped me in developing various effective skills and
broaden my current knowledge on the particular subject matter. I have learnt that,
entrepreneurship is a word which is derived from entreprendre which means “to undertake”.
According to Gibbs model, I have analysed that entrepreneur is a person who under takes to
manage, organize and assume the risk of the business. I have learnt that, entrepreneur is a person
who helps in assembling the various activities and resources of the company in order to function
effectively (Oham, Pestano and Allen, 2016). They have the willingness to identify risk in terms
of time, career and equity. This in turn helps in formulating effective venture team in order to
attain greater heights. I have examined the fact that, entrepreneur is an individual who manages
and establish a business for the sole purpose of profit and growth. They focus on innovating the
various ideas and beliefs into the business by employing strategic management practice. It was
very interesting to find out that, there are various different types of entrepreneur and are
categorized into novice entrepreneur, serial entrepreneur, portfolio entrepreneur, business
entrepreneur, social entrepreneur, necessity entrepreneur, opportunity entrepreneur, pure
entrepreneur and hybrid entrepreneur (Welter, Baker and et.al., 2017). I have developed a
complete understanding on the concept of successful entrepreneur. I have learnt that, there are
several drivers of entrepreneurship which are classified into macro view and micro view. Macro
view is further classified into social and cultural factors, de-placement, financial and ecological
(Smith, 2016). Micro view is further classified as entrepreneurial trait, strategic formulation and
venture opportunity. This study has helped me fill the gaps of the current knowledge and gain
insight from various relevant sources.
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According to Gibbs model, I have developed various skills such as communication,
intellectual skills, self understanding, etc. which in turn results in better understanding on the
particular subject matter (Järvi, 2015). I have learnt about various interesting facts and concepts
such as ideation. I have developed an understanding that ideation is a creative process of
developing, generating and communication of new ideas which is crucial for the success of the
business. I have sought to determine that, ideation concept has helped me in looking at the
problems in unconventional way to attain common goals and objectives (Burns and Dewhurst,
2016). I have gained insight about various products and services which in turn results in high
operational and sustainable growth of the business. This study helped me understand the concept
of competitive advantage. I have established that, competitive advantage is a position where
company can perform better than its competitors in order to increase the market share and
profitability. It was very challenging for me to understand the concepts related with new
ventures, entrepreneur, small business. It was difficult to distinguish between these business
structure (Hytti and et.al., 2015). It helped me in determining the various fundamental concepts
which could influence the business performance of the company.
According to Gibbs model, I was very excited to understand the life cycle of
entrepreneur. The first phase includes preparation where early work experience, accumulation of
capital, building network, acquisition of technical skills, identification of business possibility.
The next phase consists of embarkation which includes challenges related to products, capital,
expansion, reinvestment, risk related to venture failure, increase in trade, etc. The next period is
related with exploration (Hitt and Duane Ireland, 2017). This stage helps in exploring new ideas,
innovation, commercial success, new partnership and connection. This stage helps entrepreneur
to heighten level of trust, knowledge, decision making skills and networking to expand business
into various segments and geographical boundaries. The next phase is expansion where
entrepreneur focuses on most successful and profitable business ventures by implementing
various growth strategies. This in turn also results in large amount of inflow of capital into the
business (Meyer, Neck and Meeks, 2017). Last stage of this cycle is transformation. This results
in change in the business structure of the company. It also results in cease of business in case the
founder of the business is dead. It was very interesting to learn the various phases or life cycle of
entrepreneur. I have created an action plan to understand the various concepts to broaden my
knowledge on the particular subject matter.
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According to Gibbs model, I have gained in- depth knowledge on the entrepreneurial
journey model is based on personal factors which includes entrepreneur traits like achiever, risk
taker and networker. This factor also includes entrepreneur's profile, competency, career
expectation and sociological factors. I have also examined the various external factors such as
social, environmental and economic factors (Welter, Baker and et.al., 2017). I have analysed the
entrepreneurial journey which helped me gain wider aspect on the particular topic. I have asked
several questions in the class which helped me fill the gaps on the current knowledge of the
particular subject matter. It was very fascinating to understand the entrepreneurial mindset. I
have learnt that individual is bound to be an entrepreneur if someone possesses certain personal
skills, attitude, social norms, etc. This study has helped me evaluate the venture stages in order to
broaden my knowledge and in turn helped me gain new insights. The first stage is starting where
the entrepreneur identify the risk and opportunities, market experience and analysis of complex
dynamics. Next step is surviving. It helps in coping skills, social capital, start up experience, etc.
Last but not the least, next stage is growing where entrepreneur must possess strategic planning
and growth intentions in relation with business management experience (Hitt and Duane Ireland,
2017). Last stage is maturing where entrepreneur must possess business management skills, risk
taking capabilities and innovation propensity. I have also learnt the dark side of entrepreneur
which includes sense of distrust, unrealistic optimism, domineering need for control, etc. I have
also gained knowledge that, there are several potential risk in the career of entrepreneur which
includes financial, social, psychic and career risk.
According to Gibbs model, I have analysed and determined the Isenberg's model of
entrepreneurial ecosystem. This helps in coordinating various factors which in turn helps in
enabling productive entrepreneurship (What an Entrepreneurship Ecosystem Actually Is, 2014).
There are various components in this system which includes policy, finance, culture, market,
human capital and policy. It was very interesting for me to gain knowledge about new venture
creation. I have established that, bootstrapping helps in starting a new venture which is highly
creative. I have learnt difference between franchising and licensing which helped me clear the
thoughts. It was very interesting to gain knowledge about the family business in the global
economy. I have also learnt about the concept of intrapreneur. I have gained insight that, the
entrepreneur helps in promoting the product by developing new ideas within a organization.
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CONCLUSION
From the above conducted study it has been summarized that, It was very interesting to
gain new insights on entrepreneurship management. I have learnt about various fundamental
concepts, entrepreneurial risk, life cycle of entrepreneurship, Isenberg's model of entrepreneurial
ecosystem entrepreneurial journey model, entrepreneurial mindset and new venture creation.
This helped me broaden the current knowledge on the particular subject matter.
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REFERENCES
Books and Journals
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Hitt, M. and Duane Ireland, R., 2017. The intersection of entrepreneurship and strategic
management research. The Blackwell handbook of entrepreneurship, pp.45-63.
Hytti, U and et.al., 2015. Contextualizing entrepreneurial learning in basic and vocational
education. Journal of enterprising communities: people and places in the global economy.
Järvi, T., 2015. Production of entrepreneurship in small business activities of students. Journal
of Small Business and Enterprise Development.22(1). pp.180-191.
Meyer, G.D., Neck, H.M. and Meeks, M.D., 2017. The entrepreneurship‐strategic management
interface. Strategic entrepreneurship: Creating a new mindset, pp.17-44.
Oham, C.A., Pestano, C. and Allen, J., 2016. Social enterprise and the wider community: one
possible model. International Journal of Social Entrepreneurship and Innovation.4(2).
pp.172-181.
Smith, S.V., 2016. Embedding Graduate Attributes into the Undergraduate Curriculum:
Reflection and Actions. Journal of Perspectives in Applied Academic Practice. 4(2).
Welter, F., Baker, T and et.al., 2017. Everyday entrepreneurship—a call for entrepreneurship
research to embrace entrepreneurial diversity.
Online
What an Entrepreneurship Ecosystem Actually Is. 2014. [ONLINE]. Available
through:<https://hbr.org/2014/05/what-an-entrepreneurial-ecosystem-actually-is>
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