Reflective Essay: Entrepreneurship Theories and Challenges

This reflective essay delves into the student's personal experience during a project involving a business plan, focusing on challenges faced in teamwork and the application of entrepreneurship theories. The essay analyzes communication issues, power dynamics, and personality clashes within the team, particularly when the student took on a leadership role. It explores the importance of understanding team members' concerns, effective task delegation, and the need for entrepreneurial skills like communication, fairness, and confidence. The essay discusses the application of various entrepreneurship theories, including economic, sociological, psychological, and innovation theories, in understanding market dynamics and guiding business goals. The student reflects on the need for personal development to embody entrepreneurial characteristics such as confidence, delegation skills, and discipline, drawing inspiration from successful entrepreneurs like Steve Jobs and Bill Gates. The essay concludes with an emphasis on the importance of transformational leadership, persuasiveness, and versatility for SME growth.

Running head: REFLECTIVE ESSAY
Reflective Essay
Name of the Student
Name of the University
Author note

1REFLECTIVE ESSAY
Introduction
The assignment helps in analysing the personal experience faced by me during the
project work that was done by me along with the team members. The assignment will help in
providing outline the different challenges that were faced by me during the business plan and
the different reasons has to be outlined that will help me in future for contributing towards the
achievement in an effectual manner. The main focus has to be provided on the different
entrepreneurship theories as this will help in improving my concept on entrepreneurship. The
different analysis is required to be done on the potential entrepreneur as this will help me in
gaining knowledge in an effectual manner.
Biggest Challenge faced by me in (business plan) team work
While working, there were different kind of challenges that were faced by me in team
with other individuals. When I was working as a team with others, there were issues related
to uneven communication and mistrust among the different team members and this created
chaos in the completion of the project. When I was made the leader in the team, I tried to
allocate the work among different employees in an unbiased manner. I tried to understand the
strong points in different members as this helped me in allocating the tasks accordingly.
In the preparation of the business plan, there were different kind of factors that is
required to be considered in an effective manner. The main focus was to develop
understanding among the team members that was surrounding the growth and development of
the small and medium kind of businesses growth and survival. At first, the engagement
between the team members were effective and they tried to perform the tasks in an effectual
manner as well. However, later on there were different issues that cropped up wherein there
were power issues and personality clashes among different team members.
I tried to make the members understand the entire business plan by providing them a
training on how to work effectively. I trained them and organized on the job training practice
and coaching for the members who worked with me in the team. I tried to convey the
importance of the different issues that may arise in the preparation of the business plan of the
company. As a leader, I tried to make the members understand the different theories on
entrepreneurship as this helped me and the team members to perform the tasks in an effective
manner.

2REFLECTIVE ESSAY
While the training was over, I provided the different members with tasks that has to
be performed by them, it was seen by me that there were few members who were facing
different kind of personality clashes and this caused huge issues and the work were not
getting completed on time as well. The biggest issue faced by me in engaging in team work
was I did not take care of the all the concerns of the team members in an equal manner. The
members were performing well, however the guidance that was required to be provided by
me was not sufficient in nature
I felt that as a leader, I could have tried to analyse the different issues and difficulties
faced by the members in a more effective manner. However, I failed to perform the same and
it was due to my lack of knowledge. In the future, I want to be cautious as this will help me in
understanding the different issues of the team members as this will help me in becoming a
great and successful leader. The main aspect that I require to consider is the delegation of
tasks among different team members in an effective manner. As an entrepreneur, I require to
have the skills to communicate properly as this will help me and my team members to work
in the team in an effectual manner.
There are few other aspects that has to be considered in an effective manner that
includes that I need to be fair and kind with all the team members. As an entrepreneur I
require to be more confident in nature as this will help me in managing the different tasks in
more effectual manner. I have to be decisive in nature as this will help me in understanding
the issues of the team in an effective manner. These aspects have to be considered in an
effective manner as this will help me in succeeding in becoming a successful entrepreneur.
As an entrepreneur, I need to understand that the entrepreneurs occupy a central kind of
position in the economy of the market. I need to take up risks in development of new
products and services. I need to generate innovate ideas as this will help me and my company
to succeed in the entire competitive market.
I feel that the team work is essential in nature in the different kind of business as this
will help me and my team members to provide the different kind of necessities that will help
us in gaining competitive advantage. With the implementation of the different kind of
entrepreneurship theories, I require to understand the issues that can be faced by the business
in different kind of business environment. I need to inbuilt different characteristics of an
entrepreneur that includes the confidence in dividing the tasks among the different team

3REFLECTIVE ESSAY
members that I lacked in the development of the business plan for our company in the present
scenario.
I need to be adaptive and flexible in nature as this will help me to succeed in my
business. I need to plan effectively in the future as this is one of the major aspects in the
business and this will help the company and me to understand and gain knowledge relating to
the conditions of the market in an effectual manner. The right connections have to be
provided by me as this will help me in being competitive in nature. In the development of the
business plan, it is mandatory in nature to apply different theories on entrepreneurship as this
will help in guiding me towards attaining the different goals in an effective manner.
There are different theories that has been learnt by me while working in team with
other members. The different members possessed different characteristics as this helped me
in understanding and analysing the different theories that will provide me with different
growth strategies. The economic theory will help in understanding the different economic
kind of growth that will take place in the company. The economic growth model of
entrepreneurship has to be considered effectively by me as this will help in understanding the
different economic conditions that will be favourable for my business. I tried to gain
knowledge relating to the different kind of main motivators that include entrepreneurial
motivators.
Furthermore, the sociological theory will help me in understanding the concept of the
entrepreneurship that will get boost with the influence of the behaviours in the society
(Blackburn 2016). The next entrepreneurship theory is the psychological theory that has
provided me with the analysis of the different characteristics that is based on psychological
characteristics. These kinds of psychological characteristics will help me in achieving high in
the future and it helped me in providing ability to face different kind of opposition. The
innovation of entrepreneurship theory helped me in becoming more innovative in making the
growth of small and medium sized enterprises in an effective manner.
With the help of the innovative theory of entrepreneurship, I will be able to gain
knowledge relating to the sources of different raw materials and introduction of new
organization as an entrepreneur will be effective in nature (Aparicio, Urbano and Audretsch
2016). The entire entrepreneurship innovation theory helped me in emphasizing the focus on
innovation as this will help in ignoring the risk and this provided me with the abilities of
organizing the different tasks in an effective manner (Storey 2016). With these kind of

4REFLECTIVE ESSAY
theories, I applied the innovative and psychological theory of entrepreneurship as this helped
me in applying the same kind of theories in the business plan development done by me along
with my team members. With the inclusion of the different theories of entrepreneurship, I
tried to motivate myself as an entrepreneur as this provided me with the different kind of
tasks and this helped me in managing the different tasks in an effectual manner. As an
entrepreneur, I wanted to achieve different targets that were set up by me and I could not
achieve them as there were few loopholes in the previous scenario and there was lack of
knowledge in me as my entrepreneur.
Furthermore, I tried to implement the psychological and the innovative
entrepreneurship theory as this helped me in understanding the different concepts and role of
entrepreneur in an effective manner. The entrepreneur has different kind of innovative skills
and techniques that are applied by them are unique in nature. As an entrepreneur, I tried to
implement the entrepreneurship theories, I tried to focus more on being more confident and
understand the different issues and problems faced by the other team members in my team.
The development of the business plan was done by me previously with the help of different
techniques and that did not work as well.
Potential Entrepreneur
According to me, I still lack different kind of essential entrepreneurship
characteristics and these are to be generated by me in an effective manner. In the future, I
need to understand the issues of the members of my team and solve them confidently without
much difficulties and there has to be huge creativity as this will help me in gaining
competitive advantage. However, as an entrepreneur, presently with the application of the
above theories, it helped me in understanding the need for achievement, affiliation and power
as to influence the other team members in an effective manner.
As a potential entrepreneur, I feel that I lack different characteristics in myself and I
need to overcome such issues with the implementation of different technological
advancement in an effective manner. I feel that there are different kind of characteristics of
the potential entrepreneur wherein they are confident, delegate the tasks in an effectual
manner and disciplined dedication towards the different work that is performed by them.
There are different examples of entrepreneurs who were and are successful in different fields
in which they are involved that includes Steve Jobs, Bill Gates and Mark Zuckerberg. These
are the different personalities who have set up example of great entrepreneurs. With the

5REFLECTIVE ESSAY
example of such entrepreneurs, I feel motivated and I want to perform in an effective manner
as this will help me in becoming successful in the near future.
Furthermore, the leadership qualities that will be possessed by me has to be effective
in nature as this will help me in providing motivation to the members of my team wherein I
will be working. I need to understand the different concepts and views of the members as this
will help me and my team members to provide their views in an easy manner. The
transformational kind of leadership can be acquired by me as this will help me in
understanding the different aspects of the entrepreneurial activities. The persuasiveness and
versatility are essential in nature and it is required to be possessed by me as this will help me
in setting up a successful business and the development of the innovative skills will help me
in the growth of the SME survival in the entire competitive market.
Lastly, I can conclude that there were different kind of difficulties that were faced by
me while dealing with different kind of team members. The biggest challenge was that I
could manage time and did not understand the issues and views of the other team members.
With the help of implementation of different kind of theories surrounding entrepreneurship
and SME growth and survival, it helped me in understanding the different issues in an
effective manner. The development of the business plan has helped me in learning different
qualities as this helped me in gaining more knowledge on becoming more potential
entrepreneur.

6REFLECTIVE ESSAY
References
Aparicio, S., Urbano, D. and Audretsch, D., 2016. Institutional factors, opportunity
entrepreneurship and economic growth: Panel data evidence. Technological Forecasting and
Social Change, 102, pp.45-61.
Blackburn, R.A., 2016. Government, SMEs and entrepreneurship development: Policy,
practice and challenges. Routledge.
Storey, D.J. ed., 2016. Entrepreneurship and new firm. Routledge.

7REFLECTIVE ESSAY
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