Reflective Journal: Innovation and Business Development

This reflective journal delves into the multifaceted realm of entrepreneurship, exploring key theories, concepts, and the development of essential entrepreneurial skills. The journal highlights the importance of critical thinking, creativity, and analytical abilities in navigating the entrepreneurial process. It examines various entrepreneurship theories, including economic, sociological, and psychological perspectives, as well as innovation-based and resource-based approaches. The journal also reflects on the practical aspects of starting a business, discussing the advantages, potential challenges, and the application of design thinking and lean start-up methodologies. The analysis includes the exploration of entrepreneurial processes, user-centered research, and the strategic application of technology to address business challenges. The journal emphasizes the importance of adaptability, customer segmentation, and the development of entrepreneurial characteristics such as leadership, team management, and decision-making to achieve business objectives. The author provides a comprehensive overview of the entrepreneurial journey, from identifying opportunities to implementing innovative strategies for long-term success.

Running Head: INNOVATION AND BUSINESS DEVELOPMENT
INNOVATION AND BUSINESS DEVELOPMENT

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Reflective Journal
Introduction
This reflective demonstrates the Business knowledge and concepts related to the
entrepreneurship. It also discusses key theories, and concept of entrepreneurship. It could be
effective for improving the practical and theoretical understanding about critical thinking,
creativity, and analytical skill. It also discusses advantages and process entrepreneurial that
could be imperative for any new business. In also, it represents the logical analysis of
engagement in design thinking for effectively operating the business process.
Business knowledge and concepts: Evidence of understanding of key theories and
concepts in entrepreneurship
In this section, I gained my understanding about the many theories of entrepreneurship and
concept as it could be imperative for collecting feasible information and make a suitable
decision. I observed that an entrepreneur is a person who believes in doing something new
particular products and services. It is also evaluated that entrepreneurship theories could be
effective for operating the whole process in a suitable manner (Buzan 2014). In addition, it is
examined that entrepreneurs put together the business and make a profit. In addition, it is
evaluated that entrepreneurs could support to make a favorable decision.

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(Sources: Buzan 2014).
In addition, it is examined there are certain theories that are practiced by entrepreneurs to
operate the business and make a reliable decision. These theories are named economic,
sociological, and psychological theory, Entrepreneurship Innovation theory, achievement
motivation theory, and motivation theory by Mcclelland, Kakinada Experiment, and Internal
and external motivating factor. Moreover, it is observed that there are different
entrepreneurship theories, which could also be influenced by the overall performance of the
firm named opportunity-based theory and Resource-Based Theories (Buzan 2014). I was not
capable to comprehend the entrepreneurship concepts as well as theories of entrepreneurship.

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(Sources: Buzan & O'Brien 2015).
Moreover, I also observed that entrepreneurship comes with sharing of ups and downs. From
an understanding of entrepreneurship, I will be capable to start a new business and get many
advantages like control, excitement, flexibility, freedom, and rational salary. In addition, it
can also be evaluated I would be capable to get a favorable outcome. From the understanding
of entrepreneurship, I would be capable to understand any situation and starts the ownership
and risk of the business. It could be personal and societal advantages of entrepreneurship. I
also analyzed that entrepreneurs could face many confronted form many issues like a
financial issue, competition, probabilities of product failure (Buzan & O'Brien 2015). It could
directly impact on their overall financial performance of the organization. This section gained
my entrepreneurial skills in which I improved my many skills such as Resiliency, Focus,
Invest for long-term, manage people, and sell that could be imperative for entrepreneurial
skills. Moreover, it is evaluated that the entrepreneur is the person who uses a particular
process for meeting any particular objective. In addition, an entrepreneur could also
concentrate on many characteristics like leadership skills, team management, and decision
making. Moreover, it is evaluated that entrepreneurship is the procedure of decision making
implementation, innovation, independence, and independence by which entrepreneur could

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reach at the valid conclusion. The outcome of entrepreneurship is relied on creation factors
like psychological, legal, socio-economic, and legal (Chang 2010). It could be imperative for
accomplishing the research aim. Moreover, I observed that the entrepreneur should be
confident, self-starter, competitive, determination, and strong people skills. It could be
effective for accomplishing the aim and objectives in the least time and cost. Moreover, it is
also illustrated that business innovation could be imperative for operating the business
process and sustain the position of the business in the marketplace for long-term (Courcy
2012).
Critical thinking, creativity, and analytical skills: Evidence of in-depth critical
reflection on the entrepreneurial process, and logical analysis of engagement in design
thinking/lean start-up
I also gained my understanding about the entrepreneurial procedure that could also be
imperative for the accomplishment of the desired goal. I understood many steps named
choose your problem space, identify human in your problem space, Use mind-mapping to
explore your areas of opportunity centered on the users, and Identify many areas of
opportunity and then pick one. In addition, it is examined that these methods could be
effective for accomplishing the aim and objectives in the least time. In addition, I also
increased my knowledge about the entrepreneurial procedure that could be imperative for
successfully operating business procedure and meet the aim and objectives of the
organization issue (Courcy 2014).

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(Sources: George Kozmetsky 2013).
Moreover, I also increased my understanding in the context of user-centered research that
leads an entrepreneur to reach at their valid conclusion. In addition, it is examined that logical
analysis could be imperative for accomplishing the desired goal of the organization in a
systematic manner. I also observed that the main issue that is faced by Samsung is declining
sales of the Australian market. It is also examined that entrepreneurs should determine
modern technology for meeting aim and objectives in a flexible manner (George Kozmetsky
2013). I also gained my understanding of different factors like user desirability, technological
feasibility, and business viability. Moreover, it is also evaluated that customer segmentation
could be imperative for offering products and services to their potential consumers. In
addition, it is evaluated that entrepreneurs should increase the design thinking engagement to
complete accomplish their task in an innovative manner. Moreover, it is evaluated i also
gained my understanding about the prototype that could be imperative for accomplishing the
task of entrepreneurs. The design thinking is the process by which an individual could think

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deeper in a creative manner to obtain a favorable result. I also observed that many methods
that could be imperative in accomplishing their desire role named observation, conversation,
immersion, and focus on deeper-level (Greg Guest 2015).
Conclusion
From the above analysis, it can be summarized that entrepreneurship is a process by which an
individual could concentrate on accomplishing aim and objectives of research matter. It can
also be summarized that entrepreneurship is the procedure by which entrepreneur could
operate the business process and meet the valid conclusion.