MGB428: Personal Learning Statements Reflecting on New Venture

This report presents a series of personal learning statements reflecting on the process of creating a new venture. It explores the author's evolving understanding of entrepreneurship, resource profiles, the importance of passion and engagement, personal strengths and weaknesses within th...Read More

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Running head: Creating new venture
CREATING NEW VENTURE
(PERSONAL LEARNING STATEMENTS)

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Table of Contents
Personal learning statements............................................................................................................3
2) Looking back and forward in time, how do you feel about your past and future resource
profiles?.......................................................................................................................................3
3) In terms of the tasks you need to complete in life, how important is it to be passionate and
fully engaged?..............................................................................................................................4
4) Thinking about your personality (e.g., via the SCMP (sanguine, choleric, melancholy &
phlegmatic) framework), what strengths and weaknesses do you recognise in your future
entrepreneurial-self?....................................................................................................................6
5) This unit is very open-ended, deliberately exposing you to significant ambiguity, how do
you tend to cope with ambiguity in life?.....................................................................................8
6) What have you learned about yourself and your ability to be entrepreneurial during the
unit?.............................................................................................................................................9
References......................................................................................................................................12
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Personal learning statements
2) Looking back and forward in time, how do you feel about your past and future resource
profiles?
Before the lectures and classes, I thought, I have enough understanding about business ventures
on new venture process of business. But after the course, I understand that my knowledge of the
new business venture is very limited. My knowledge about the venture is only developing a
starting up a new entity for gaining financial profit. It is normally considered as a small business
process where a group of individuals or one individual invest for acquiring a financial advantage.
But after the lessons, I understood that it is not only about developing business but also related to
the demand of the market, need a proper idea about the market, the service or product, and even
entrepreneurial opportunity is required as well. All of this understanding about a business
process can create a successful new venture in an industry. This learning process also helps me
understand the internal areas of entrepreneurship.
The learning process teaches me about the creating value for stakeholders and self. In addition to
that the Social entrepreneurship, hybrid Entrepreneurship and intrapreneurship and the
differences are now part of my knowledge. The interrelationship between qualification and job
description in the process of developing a new venture help me improving my values for creating
a new venture. There is three type of resources which are needed for developing a new venture.
According to my previous understanding, human capital and financial capital is enough for
creating a new venture. But after my learning process, I can know about the social capital which
is essential for achieving organisational goals.
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The key stages for starting a new business is also part of my learning classes. I have understood
that every problem has a solution in developing new business. My studies have given me the
knowledge that every product or services have a local and international market, and it is
dependable on the market how the customer growth scale will change its position. In addition to
that, I have learnt about the minimum viable product. This concept helps me in understanding
that my resources are limited; therefore using them for creating a new venture has to done
wisely. Creation of a new venture can be possible by building up minimum viable product
measuring it and also learning about the product and its market. There is a huge impact of the
environment on the new venture or entrepreneurial activities.
The lessons have taught me that the environmental interaction Framework is highly important for
the entrepreneurial decisions (Scarborough, 2016). This includes the profile of the resources,
coactions, grassroots level processes, and the impact of government. This learning process also
helps me in understanding that resource expansion is one of the essential needs for an
entrepreneur because new inventions need lots of resources for using those ideas. Finally, it can
be said that this learning experience helps me in clearing the concept of creating new Ventures
and also enhancing the opportunities by using entrepreneurial innovation ideas. This process
helps me in unlocking my creativity, problem-solving and value creation skills.
3) In terms of the tasks you need to complete in life, how important is it to be passionate
and fully engaged?
My need to complete in life is directly connected with my passion and engagement with my
professional life. The personal and professional life is related to each other because the own
passion helps me in engaging myself in my professional career. Developing of the venture is part
of my professional career, but my values are related to the knowledge of new venture
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development learnt at the lectures and classes. My values include honesty, trust, and
responsibility for others while the new knowledge about self is engaged with developing my
passion for creating the new venture. However, this learning process also assists me in evaluating
my strengths and weaknesses.
By identifying these areas, I will be able to develop a proper development plan for engaging
myself in the process of creating the new venture. A new venture needs adequate build-up
procedure which can be possible with trust among the employees of the organisation they are
honest activities and finally my responsibility maintenance for others in the process of creating
the venture and managing it. My personal values are also effective for increasing my creativity
and imagination which will be beneficial for innovating new ideas and strategic planning for the
business venture. Finally, it can be said that personal engagement can be only possible if I have
enough interest or passion on that agenda and also my values allow me to perform that work
according to my entrepreneurial ideas.
My personal beliefs and values have been confirmed by the help of my new knowledge gathering
in the process of learning. It can be said that the learning process about creating new venture help
me in identifying my personal characteristic which includes the problem-solving skill, decision-
making skills, team working skills, management skill, etc. During the process of learning, my
values and beliefs are confirmed for developing my personal and professional skills which is
directly related to the process of creating a new business venture as part of my future career. For
being a successful entrepreneur the ability of problem-solving and decision making considered as
major. From the initial days of my career development, my decision making and problem-
solving skills are strong and the process of creating new venture need this similar skills for
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taking decisions related to the business activities, for selecting the target market, for developing
the scheduling for various activities like promotion, marketing, etc. (Watanabe, 2018).
In other words, I can say that the knowledge gathered from this learning process is proven as
beneficial or advantages for my future career development process. In addition to that, the
confirmed believes and values the need for punishment and also the areas which are identified
for gathering more knowledge need proper improvement. There are also some challenging areas
of my beliefs and values. For instance, I value about caring others as part of my responsibility,
but the excessive level of responsibility towards other can easily create the challenging situation
for me in the future process of career development.
4) Thinking about your personality (e.g., via the SCMP (sanguine, choleric, melancholy &
phlegmatic) framework), what strengths and weaknesses do you recognise in your future
entrepreneurial-self?
This learning process has helped me in experiencing some most important understanding about
myself. However, the process of learning about the entrepreneurial personality development I
have understood that personal understanding features are essential for creating a new venture.
Every individual has some strength and some weaknesses in performing every role in the
professional life. The strength help in developing the personality as well as the self-awareness.
While the process of weakness identification help in gaining life experience about the person and
also give him an opportunity to improve the areas of weakness.
For the identification of personal strength and weaknesses which is a life-changing experience
the method of four temperaments theory is very beneficial and advantages. This process is
known as SCMP framework. During my learning process, I am able to understand each of the
fundamental personality types in these four temperamental personalities. The four temperaments
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which are identified in this theory are Sanguine, choleric, melancholic and phlegmatic.
Understandings of this fundamental personality types help me in determining my fundamental
personality type and also identify my type of entrepreneur self. This food type generally
represents different elements, and they have their characteristics. For example, the melancholic
type represents earth and primarily associated with avoiding.
However, the Sanguine is the representation of air, and these people are socially useful.
Similarly, phlegmatic personality is considered as water, and they usually get things very easily.
Finally, choleric society type represents the fire and this personality trait helps the individual in
the ruling which is a best entrepreneurial quality. In this process of learning about the
entrepreneurial process and their methods for developing the venture, I have understood that my
entrepreneurial or personality type is sanguine. This experience is life changing because of my
future process of developing a new venture it will help me in understanding my features the
weaknesses and strengths can be easily identified by using this framework (Scarborough, 2016).
Others appreciation is very beneficial at the time of evaluating personal strengths and
weaknesses. Primarily, my peers and my teachers can quickly identify my personality threats
which cannot usually be understood by me. However, they can be easily compared to the
enhancement of my strengths and improvement of my weaknesses with my previous version of
activities. According to the personality trait of sanguine, a person who is enthusiastic, social and
active, can be identified under this character. According to my teachers, my enthusiastic nature
helps me in accomplishing charismatic work for being a good entrepreneur. In addition to that,
my peers have identified me as active and social.
According to them, I enjoy being the part of the crowd, and they also find me social and
outgoing. They also identified that I always associate myself with work. They also included that
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my risk-seeking behaviour is my best character for performing at the entrepreneur and creating
new venture at my future career. In identifying the weaknesses sometimes my extrovert nature
put me in trouble but with proper professional development plan I can easily improve the area.
5) This unit is very open-ended, deliberately exposing you to significant ambiguity, how do
you tend to cope with ambiguity in life?
The use and adaptation of new sources of information assist in coping up with ambiguities. For
example, it can be said that the process of learning the creation of new venture how to
understanding the innovative ideas used by the famous entrepreneurs. Their strategic planning in
developing their ventures helps them in establishing the current multinational organisations.
Their personality traits have both strengths and weaknesses, and they have successfully used
both of them for creating their new venture. For creating a new venture, the number of ambiguity
cannot be easily measured before starting it. Therefore, the best way to be a successful
entrepreneur is to develop the potential for coping up with the ambiguities. This learning process
helps me in identifying all the possible ambiguities may arise in my life as an entrepreneur.
For instance, the knowledge about creating new venture has helped me in understanding the
possible elements of the venture those are product or service, environment, target market, etc.
The learning process has properly evaluated that the product or service did not have any
existence without a market. This is totally dependable on the market that how the product or
service will be sold. The demand of the market increases the production and also need more
supply of the product or service. Similarly, if I have to be a good entrepreneur, then my focus has
always needed a specification about the market I am operating in. More than the products and
services, understanding the stakeholder's value and need of customers by knowing their
expectations is the main quality within a successful entrepreneur.
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The ambiguities are mainly related to the satisfaction level of the stakeholders and the change in
the market. In addition to that, the business environment can develop numerous ambiguities in
the life of an entrepreneur. For example, the business environment includes the government,
resource profile or energy needed for the venture. Ambiguities can arise from all of these
environmental factors. However, if the government establish a law which is creating ambiguity
for the business or venture, then it will also create ambiguity for the entrepreneur because he has
to deal with the various aspects related to the venture. Similarly, the suppliers can create
numerous ambiguities for an entrepreneur, but the ways of dealing with the supplier have
properly identified in the learning process.
In addition to that, the learning process also taught me about handling various ambiguity in the
professional life. This includes the process of motivating the employees for performing at their
best in achieving the organisational goal (García-Peñalvo & Conde, 2015). The technique of
monitoring the total system of the venture and also how innovations can help in developing the
business is part of my learning process. Finally, it can be said that living a life as an entrepreneur
is not an easy decision because it is full of risk and surprises. But this learning process helps me
in my initial stages to understand the basics of being a successful entrepreneur in my future.
6) What have you learned about yourself and your ability to be entrepreneurial during the
unit?
The learning process is not only advantages for me because it is about the entrepreneur abilities
in me but also my personality traits are highlighted because of this learning process. It can be
said that during the unit the entrepreneur abilities of an individual has taught by my teachers. By
understanding the basic characteristics of an entrepreneur, I can relate them to my personality
characters. Personal trains both strength and weakness has advantages in the process of
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development in personal and professional life. An individual's strengths provide him with an
advantage in achieving achievements, and it also helps in creating more opportunities in the
professional career. As an entrepreneur, my strengths are going to enhance my opportunity in the
creation of new venture. Similarly, my weaknesses need proper improvement in being a
successful entrepreneur.
The process of improvement is best at the level of the learner. These various examples can be
verified, the evaluation process becomes easier, and guidance can be taken from the teachers.
Therefore as a learner about the creation of venture I have able to learn about my entrepreneurial
abilities. According to the evaluation given by my teacher I have an active and social person. In
addition to that, I can take the risk. The skill of decision making and problem-solving can easily
make me a charismatic leader. These characteristics can help me in becoming an entrepreneur
because disabilities are essential for being an entrepreneur. My entrepreneur opportunities will
be more flourished with the help of the strengths. The area of improvement has also identified
during the unit by my professors. In other words, my extrovert attitude sometimes develops
trouble for me. In addition to that, I become easily irritated in some situations.
These characteristics of my personal abilities are disrupting for being an entrepreneur in my
future career. Therefore in the process of learning the unit the various ways of improving the
abilities of entrepreneurship has learnt by me. This process is also associated with developing my
personal traits as a learner. According to the lessons of the unit, performing at the entrepreneur
learning from various sources are important. These resources not only include the theoretical
aspects of being a successful entrepreneur but also the practical examples which help in
understanding the various situation can occur in running a new venture. For example, for
improving the areas of personal weaknesses or entrepreneurs abilities, the best way is to follow a
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development plan (Barringer, 2015). As I will be able to develop a development plan and try to
use it for improving as a learner, this process also going to help me for my ability as an
entrepreneur at the future career and the necessity of developing these entrepreneur abilities.
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References
Barringer, B. R. (2015). Entrepreneurship: Successfully launching new ventures. Pearson
Education India.
García-Peñalvo, F. J., & Conde, M. Á. (2015). The impact of a mobile personal learning
environment in different educational contexts. Universal Access in the Information
Society, 14(3), 375-387.
Scarborough, N. M. (2016). Essentials of entrepreneurship and small business management.
Pearson.
Watanabe, H. C. (2018). Improvement of Performance, Stability and Continuity by Modified
Size-Consistent Multipartitioning Quantum Mechanical/Molecular Mechanical
Method. Molecules, 23(8), 121-134
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