MGMT311: Reflective Essay on Managing Entrepreneurship and Innovation

This essay is a reflective exploration of the author's entrepreneurial skills and potential. It identifies key characteristics of successful entrepreneurs, such as leadership, critical thinking, innovation, and social skills, and assesses the author's strengths and weaknesses in these areas. The essay also considers the importance of self-development and continuous learning in entrepreneurship. Furthermore, the author discusses their aspiration to start a fast-food restaurant business, highlighting their knowledge of the industry and their belief in their ability to leverage their skills to succeed in a competitive market. The essay concludes by acknowledging the need for further knowledge and skill development while expressing confidence in future entrepreneurial success. Desklib offers a wide range of resources, including past papers and solved assignments, to support students in their academic and professional journeys.

Running head: MANAGEMENT
Management
Name of the Student:
Name of the University:
Author’s Note

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Introduction
In today’s era, the role of businesses with a creative approach is considered to be a highly
profitable combination which can help businesses for creating a brand name for itself in the
market (Decker et al. 2014). I, personally am of the opinion that it is not the businesses which are
actually working its way to success and innovation but it is the entrepreneur which takes all the
major decisions and applies creative thinking to the process so that overall success can be
achieved. I am currently pursuing courses which would help me develop the necessary
knowledge base so that I can open my own business and establish myself as an entrepreneur
(Kirzner 2015). The role of entrepreneur is very essential and it is considered as one of the
factors of production besides land, capital and labour. This essay would be discussion and
highlighting certain skills which I possess which makes me a capable as an entrepreneur.
As per Ducker (2014), an entrepreneur is a person who is always looking for change in a
business and effectively responds to changes and even take changes as an opportunity for making
the business more successful in future (Drucker 2014). I am also of the opinion that an
entrepreneur can bring about significant changes in a business and also ensure that appropriate
opportunity for changes can be taken by the management of the company (Kuratko 2016). The
discussion would be highlighting the skills which are required for an entrepreneur and also the
skills which I possess. In addition to this, the discussion would also reveal that which industry
would be most suitable for me considering my current level of knowledge and skills.
Discussion
Entrepreneurship can be referred to as an individual or collective system which can be
internal or external to the structure of the organization, developing something new, from

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conception of ideas to the creation of a business (Barringer 2015). The role of an entrepreneur is
very important in business not only for bringing about changes in the operations of the business
but also for take quick and decisive actions for the business.
I have researched on several cases where businesses have achieved success and even new
heights due to the efforts of a skilled entrepreneur. There are other several cases as well, an
entrepreneur had nothing to begin with and now they are multi-millionaires. Some of the
examples which I have come across are Steve Jobs (founder of Apple Inc), Bill Gates (Founder
of Microsoft) and several other names have also come up. There are several skills which need to
be possessed by an entrepreneur and above all you need to have a vision to start and operate a
business. In an overall analysis, I have understood that a business is successful if the
entrepreneur plays an active role in the business and have a creative approach towards handling
all problems of the business (Bae et al. 2014).
I have a dream to open my own business and establish myself as an entrepreneur in the
market. I want to be self employed in future and therefore business seems to be the most viable
option available to me. There are certain characteristics which an entrepreneur must possess for
ensuring that the activities of the business are smoothly undertaken and an appropriate approach
of innovation and creativity is introduced in the operations of the business. There are certain
characteristics which I believe I possess which makes me a suitable person to pursue the goal of
becoming an entrepreneur. These characteristics are summarized below in details:
 I believe I am a born leader and I can direct others to perform functions for a particular
objective. I have been captain in my sport teams and also been head of many
communities which are organized. Therefore, I am of the opinion that I am a natural

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leader and I prefer to follow transformational leadership which would be able to inspire
my colleagues and encourage them to takes steps which would lead to fulfilling of our
objectives. I believe that change and innovation can transform a business entirely and
even reestablish a loss-making company into a profit-making firm if appropriate actions
are taken by the management of the company (Frese and Gielnik 2014). I also can take
quick decisions regarding matters where I have knowledge and understanding of the
situation. Therefore, these skills are very important for a successful entrepreneur and I
believe I possess these.
 The most important characteristic which an entrepreneur must possess is critical thinking
and an innovative approach for managing the operations of the business
(Cefe.illinois.edu. 2019). I always believe in innovation and therefore I think that it is the
key for making a business and especially in these competitive times. In an industry which
is highly competitive a new business or an existing business can only survive if it tries to
do something new and bring about change in its operations. In any situation, it is change
which drives a business towards a better future and also helps businesses to get a
competitive edge over its competitors. This change or innovation can be only brought
about by the entrepreneur (Burns 2016). It is also true that all actions of the entrepreneur
would not yield desired results but risk taking is also one of the core features of an
entrepreneur. I am of the opinion that I can take risks and also apply innovative
approaches in business scenario so that overall business can develop and become more
profitable.
 The third characteristic which is required to be a successful entrepreneur is that he must
possess social skills. In other words, he must have the ability to interact freely and have a

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good command over communication skills (Read et al. 2016). The communication skills
of the entrepreneur enable him to help the stakeholders get a clear idea of what the
business is doing and why they should have faith with the company. In addition to this,
this skill also helps the entrepreneur to inspire and encourage the employees of the
business to give their best in order to achieve the targets and visions of the entrepreneur. I
believe that I posses required social skills and I have a good command over my
communication skills and therefore it makes me a suitable candidate to pursue the goal of
becoming an entrepreneur.
The above skills make me an appropriate candidate for an entrepreneur and I believe that I
can do well in food industry. I have formulated a plan to open a restaurant business which would
be offering fast food to the customers and later on expand the operations of the business by
offering franchises to several areas. I have knowledge of the food industry and also have an
understanding of what customers like and what level of quality would be required. I also know
what legal and regulatory requirements which needs to be followed as I have made my
researches. As far as I can understand, the fast food industry is highly competitive and yet at the
same time if you can establish your business and expand your operations, it is very much
profitable. I believe that I can make most of the opportunities in the market and also effectively
bring about changes in the operations of the business and establish my own business. The skills
which I posses can be effectively used in the industry and I am sure that I can establish my
business as a brand in the market.
I am inspired to open a fast food business due to the success stories of brand like KFC,
McDonell’s and Burger King. These businesses are popular brand now and are further expanding
the operations of the business in international markets as well. Therefore, I have a strong case

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and I believe that I can successfully establish my business in future and bring about changes in
fast food industry. However, there is still a long way to go as I need to sharpen my knowledge
base and ensure that I have knowledge to all strategies available in the book related to strategic
management and marketing.
Conclusion
The above discussion effectively shows that entrepreneurship is an important role in the
operations of the business and has the capability to bringing about changes in the operational
structure of the business. The above discussion also points out the current level of skills which I
possess and how the same can help me in reaching the goals which I have set for myself. I also
recognise that my knowledge base at current level is not up to the mark but I am positive that it
would be appropriate in a few years’ time. Therefore, I am sure that I would be successful as an
entrepreneur in the fast food market and can also make a difference in the fast food Industry.

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Reference
Bae, T.J., Qian, S., Miao, C. and Fiet, J.O., 2014. The relationship between entrepreneurship
education and entrepreneurial intentions: A meta–analytic review. Entrepreneurship theory and
practice, 38(2), pp.217-254.
Barringer, B.R., 2015. Entrepreneurship: Successfully launching new ventures. Pearson
Education India.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Cefe.illinois.edu. (2019). [online] Available at: http://www.cefe.illinois.edu/tools/making%20a
%20job/maj_student%20guide%20sample.pdf [Accessed 22 Mar. 2019].
Decker, R., Haltiwanger, J., Jarmin, R. and Miranda, J., 2014. The role of entrepreneurship in US
job creation and economic dynamism. Journal of Economic Perspectives, 28(3), pp.3-24.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Frese, M. and Gielnik, M.M., 2014. The psychology of entrepreneurship. Annu. Rev. Organ.
Psychol. Organ. Behav., 1(1), pp.413-438.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Read, S., Sarasvathy, S., Dew, N. and Wiltbank, R., 2016. Effectual entrepreneurship.
Routledge.