BUSM 1311 Reflective Summary: Understanding Entrepreneurial Process

This reflective summary delves into the entrepreneurial process, contrasting for-profit and non-profit organizations and examining essential entrepreneurial traits and potential risks. The author reflects on their learning outcomes from a university course (BUSM 1311) and how this knowledge will shape their future goals, particularly in establishing a non-profit organization. The summary discusses the evolution of businesses, the increasing attention on non-profit organizations, and the importance of innovation and risk-taking for entrepreneurs. Furthermore, it highlights character traits such as leadership, vision, passion, and resilience as crucial for success, while also acknowledging the challenges and sacrifices involved in entrepreneurship. The author intends to implement strategies learned in the course, including securing funding, building a strong workforce, and leveraging the internet to reach target customers.

Running head: REFLECTIVE SUMMARY OF THE ENTREPRENEURIAL PROCESS
Reflective Summary of the Entrepreneurial Process
Name of the Student:
Name of the University:
Author’s Note:

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REFLECTIVE SUMMARY OF THE ENTREPRENEURIAL PROCESS
Table of Contents
Introduction......................................................................................................................................2
Discussion........................................................................................................................................2
Types of entrepreneurial organisations (for-profit and not-for-profit) –.....................................2
Character traits, which can be helpful and risks that can be harmful for entrepreneurs –...........5
Conclusion.......................................................................................................................................8
REFERENCE LIST.........................................................................................................................9

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REFLECTIVE SUMMARY OF THE ENTREPRENEURIAL PROCESS
Introduction
An entrepreneur is someone who creates a new business by organising and managing the
risk and the assets (Altinay et al. 2012). According to me, an entrepreneur must also ensure that
the business is constantly growing as well as developing by assembling and identifying the
required resources and then capitalizing on them (Kuratko 2016). If I were to describe the
characteristics of an entrepreneur in 3 words, it would be – organiser, risk bearer, and innovator.
This practically sums up the concept of an entrepreneur. In addition to the above mentioned
characteristics, they must also have the desire for responsibility, value achievement more than
money, future orientation, and must possess excellent business skills. In this era, it can be seen
that there are a lot many individuals who have some ideas and want to convert that idea into a
new venture but very few strive to do so (Hussain, Bhuiyan and Bakar 2014). Hence, the ones
who are lucky enough to do so can perhaps be called as entrepreneurs. This study will talk about
my learning outcomes and how it will affect my future goals and aims. In addition to this, it will
also analyse whether the ‘not – for – profit’ (NPO) pioneers have a comparative attitude to act
innovatively with respect to the 'for – profit' entrepreneurial organizations, but hold distinctive
hidden intentions (Altinay et al. 2012). Lastly, the report will also talk about the necessary
qualities and traits needed by an individual to be called as a successful entrepreneur. Also, the
risk factors that they have to under – go through and could be harmful to them (Altinay et al.
2012).

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REFLECTIVE SUMMARY OF THE ENTREPRENEURIAL PROCESS
Discussion
Types of entrepreneurial organisations (for-profit and not-for-profit) –
The main framework to organize a business enterprise involves the entrepreneurial
organization, the professional organisation, the bureaucracy, divisional organization and lastly
the innovative organisation (Nkechi, Emeh Ikechukwu, and Okechukwu 2012). Having
considered entrepreneurship as my area of interest in the university, I think that this course has
immensely affected my level of knowledge and my perception towards the subject as well. It can
be noted that there are four different types of entrepreneurial organisation, that is, small
businesses, large companies, scalable start – ups, and the social entrepreneurs (Nkechi, Emeh
Ikechukwu, and Okechukwu 2012). These can then be broadly be put under for – profit and not –
for – profit entrepreneurial organizations (Moroz and Hindle 2012). Yet, each one of them has
this notion that the other kind is not a real entrepreneur. After taking a couple of classes in this
subject, I realised that this particular area in the business and commerce field has developed
immensely. The businesses of this generation has evolved, and not just in their tactics or
strategies but also in terms of their marketing plans and speed of internationalisation (Schaper
2016). Moreover, now I have even more interest in this subject as involves so many aspect,
ranging from evolution, significance, meaning, concepts, scope, risk factors, major players and
the competitors, and benefits (Schaper 2016). Also, in the last couple of years, it was noted that
the non -profit organisations (NPOs) have been receiving an increased level of attention because
of the fact that they satisfy the social needs and wants of an individual. One important aspect in
terms of both the profit as well as non – profit organisations is that they create and discover
opportunities for the citizens and this in return increases the social and the economic values of a
country (McMullen and Dimov 2013).

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REFLECTIVE SUMMARY OF THE ENTREPRENEURIAL PROCESS
Unlike the for-profit business, a non - profit organisation can perhaps be eligible for
certain benefits (Sekliuckiene and Kisielius 2015). These benefits involve income tax and
property exemptions (Mohamed et al. 2012). However, I had some prior knowledge in this field
as I had studied it as a subject in my higher secondary classes where various concepts relating to
business and management was covered in general. Having covered the concepts of the profit and
not – for – profit organisations, I have gathered some knowledge about the two. For instance, the
‘for – profit’ entrepreneurial organisation deals with the management of profits and their
shareholders and the owners usually receive the profits. But in case of the not – for – profit
entrepreneurial organizations, any amount of money that has been left after all the bills are paid,
is put back in the fund of the organisation, that is, the owners do not get to take it (Marques et al.
2012). In addition to this, a lot of the non – profit organisations receive funds and donations
which is tax deductible to the individual who is actually contributing it to the organisation
(Belousova and Gailly 2013) (Sekliuckiene and Kisielius 2015). Another important significance
of the not – for – profit organisations is that its sole purpose is to provide benefits to the larger
public in general. Considering today’s market conditions, it is a must for them to have non –
profit leaders who perform in a business like style (Belousova and Gailly 2013).
Studying in details all the aspects of an entrepreneur and the work they do, has made me
inclined to the idea of starting up something of my own once I complete my studies. Although, it
is important to note that being an entrepreneur is not a child’s play. It involves being innovative
and being able to take risk in order to succeed (Baum, Frese and Baron 2014). I believe that an
entrepreneur must keep in mind certain factors before walking into the business world. These
factors include – being able to convince others about the feasibility of the venture, convincing
others to fund for the limited resources needed in order for the business to be able to operate, and

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logically dealing with the possible threats that might come during the life of the venture (Nielsen
and Lassen 2012). For me, personally, being a successful entrepreneur will be to establish a not –
for – profit entrepreneurial organisation where the profit or the excess amount left after adjusting
the other expenses will be donated for the greater good of the society (Kerr, Kerr and Xu 2018).
Although, I am not much of a risk taker when it comes to investing in something, but, I believe,
it will change over time and what the situation calls for. Also, I believe, any organisation or a
company must adapt to the changes of the business environment that goes on and around in the
world and develop and grow accordingly which will be same for an entrepreneur to remain
profitable as well as competitive (Baum, Frese and Baron 2014).
Successful business people will, in general, pursue a multi-step process in order to
accomplish their objectives and missions (Piers et al. 2013). These procedures involve
identifying a chance, building up the business strategy, deciding the assets needed for the
business to operate, and lastly dealing with the recently developed enterprise. In order to be able
to adapt and adopt these new insights into my future career goals, I want to first find the source
of funding and the work force that will be required for my business to be able to work and
sustain in the highly competitive market. After all this is segregated, internet, as we know, is a
very important tool in today’s time and age (Baum, Frese and Baron 2014). So, I think, it will be
of an immense help to reach out to my target customers as it is crucial to approach the target
audience in a correct manner from the start itself (Baum, Frese and Baron 2014). These are few
of the strategies that I plan to implement and make use of in my future career goals (Brucker
2014).

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REFLECTIVE SUMMARY OF THE ENTREPRENEURIAL PROCESS
Character traits, which can be helpful and risks that can be harmful for entrepreneurs –
Entrepreneurship being the oldest form of business organization brings about innovation
into the economy of a country with new services and products. The entrepreneurs drive the
economy of a nation towards progress and development. I also had a lot of misconception that
the skills required in order to become an entrepreneur were inherited or genetic but it turned out
to be that anyone can become an entrepreneur if they are dedicated and focussed enough for their
aims and objectives. Starting a business requires a lot of effort as well as work. One has to
sacrifice a lot, in terms of money, time and even their hobbies at times in order to successfully
overcome the challenges that come in their way, which seems to be never ending. Some of the
character traits of an individual which can be helpful for them to become an entrepreneur are as
follows – vision and passion, risk taker, leader, and innovative, persistent, ethical, competitive
spirit, resilient. In addition to this, a good entrepreneur is someone who is always oriented
towards the future and not in the past. While not all the entrepreneurs seem to have these
character traits in them as not everyone is born in this world with an understanding that will
bring about a change in the world. I, for one, believe that the students who did not attend college
or university, like Bill Gates, is more likely to be successful than someone who is a lifelong
achiever.
Clearly, being an entrepreneur is not cut for everyone. So, the first and the most
important character trait that an entrepreneur must have according to me is that, they must reflect
strong leadership qualities. All the good entrepreneurs I have either read about or come across in
my personal life are good leaders. They possess the ability to lead as well as motivate their
employees to out – perform themselves (Alvedalen and Boschma 2017). Moreover, they also
have the tenacity and the skills needed to pull their business from a constricted corner which is

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more often than not seen in good leaders (Goethner et al. 2012). Then comes the vision and
passion, here, I believe, an entrepreneur must have an extremely clear vision of their business
(Alvedalen and Boschma 2017). This also calls for them to have the ability to be able to plan out
their long term as well as the short term goals of the business (Goethner et al. 2012). He / she
must also be able to chalk out their future plans in an effective and efficient manner. Another
particularly important character trait in an entrepreneur is that they must be passionate towards
their work. As being an entrepreneur calls for long hours and hard work, and this will happen
only when he / she is passionate as passion translates into success. The next necessary quality is
being innovative – the entrepreneur must look for opportunity in the global market and capitalize
on it (Alvedalen and Boschma 2017). An entrepreneur is the one who introduces a new product
or a service in the market by analysing the current needs and wants of the customers. Although,
innovation can also take place in terms of a new marketing strategy, production process or
perhaps an innovative advertising to grab new customers.
Risk is an essential part of any business be it new or an existing one. But it stands to be a
particularly important issue in entrepreneurship as the entrepreneurs have to bear the entire risk
of their business. Thus, it becomes necessary for them to have a personality where they are
adventurous and risk takers. In addition to this, an entrepreneur is bound to come across a failure
once in their lifetime. There will always be road – blocks in the way of starting something new
and an entrepreneur must be resilient and unwavering in his / her quest of success as there exists
not straight path to a life full of success. Also, he / she must be persistent as a business can never
grow and develop in an overnight. It requires a lot of hard work and tad bit of luck to succeed.
Though a persistent nature in an entrepreneur will help them create their own luck. They can
create opportunities if they have the right mind – set. Finally, the last important character trait of

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an entrepreneur is that they have to be ethical and maintain a level of integrity in the
entrepreneurial organisation to be able to succeed in the longer run.
Coming to the risks which can be harmful for an entrepreneur ranges from abandoning
the steady pay - check that is in their way to sacrificing their personal capital into the business
and even donating personal time to ensure that business is constantly growing as well as
developing. It is a well – known fact that the risk takers are more often than not seen to be as the
winners (Sullivan and Meek 2012). So, for the entrepreneurs, there is no secure and steady
monthly income. Also, they have to spend their time and energy into developing their
entrepreneurial organisation and taking it to a new height so this means that they cannot spend
their time with family and this possess as a major threat and challenge (Sullivan and Meek
2012). I opine that when an entrepreneur faces risk in the launch of a new venture, then they
ought to find solutions or alternatives to move ahead it as fast as possible (Burns and Dewhurst
2016). Also, the entrepreneurs calculate the risk and the impact that it might have on their
business as well as on themselves and they do not just randomly gamble without evaluating
(Burns and Dewhurst 2016). In other words, I think, they are the individuals who simply do not
give in everything in order to grow their venture, they invest slowly and wisely after having a
clear understanding of the risks that might come through.
Conclusion
To conclude, entrepreneurs are people who take risk and come – up with new and
innovative ideas for their products and services. Many entrepreneurs believe in the opportunity
that they get and invest everything into it and this more often than not leads to a success for their
business which is eventually success for them too. Then the two different types of
entrepreneurial organisations – ‘for profit’ and ‘not – for – profit’ are both prevalent in this era.

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Every other person seems to have an idea that he / she wants to execute with the correct
resources but somehow everyone cannot do the same. So, it can be understood that being an
entrepreneur is not just about the skills, knowledge and the resources that one has, but it is also
about having some amount of luck.

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REFERENCE LIST
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and psychological traits on entrepreneurial intention. International Journal of hospitality
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Psychology Press.
Belousova, O. and Gailly, B., 2013. Corporate entrepreneurship in a dispersed setting: actors,
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Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
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Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Goethner, M., Obschonka, M., Silbereisen, R.K. and Cantner, U., 2012. Scientists’ transition to
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Hussain, M.D., Bhuiyan, A.B. and Bakar, R., 2014. Entrepreneurship development and poverty
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Kerr, S.P., Kerr, W.R. and Xu, T., 2018. Personality traits of entrepreneurs: a review of recent
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Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.

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Marques, C.S., Ferreira, J.J., Gomes, D.N. and Gouveia Rodrigues, R., 2012. Entrepreneurship
education: How psychological, demographic and behavioural factors predict the entrepreneurial
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McMullen, J.S. and Dimov, D., 2013. Time and the entrepreneurial journey: The problems and
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Nkechi, A., Emeh Ikechukwu, E.J. and Okechukwu, U.F., 2012. Entrepreneurship development
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Pires, J.A.G., Peñalvo, F.J.G., Sampaio, J.H.M. and Vázquez, R.M.M., 2013. Framework
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Sullivan, D.M. and Meek, W.R., 2012. Gender and entrepreneurship: a review and process
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