Strategic Entrepreneurship: Journal Entry Analysis and Reflection

This assignment delves into the realm of strategic entrepreneurship through a series of personal journal entries and a case study. The student begins by assessing their own entrepreneurial characteristics, focusing on dimensions such as achievement drive, creativity, desire for autonomy, and internal locus of control. The student reflects on their strengths and areas for development, particularly in risk-taking and social interaction, crucial for launching a business. The assignment also includes an analysis of the Lamborghini company, highlighting its innovative approach, mission, and the importance of team performance. The student emphasizes the significance of innovative ideas, willpower, and the ability to transform dreams into reality. The student draws inspiration from Ferruccio Lamborghini's journey and stresses the importance of creativity in entrepreneurship, concluding with insights on building a secure and efficient business framework.

Running Head: STRATEGIC ENTREPRENEURSHIP 1
Strategic Entrepreneurship
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STRATEGIC ENTREPRENEURSHIP 2
Table of Contents
First personal journal entry set....................................................................................................................3
Third Personal Journal Entry Set.................................................................................................................5
Fifth Personal Journal Entry Set..................................................................................................................6
References...................................................................................................................................................7
Appendix.....................................................................................................................................................9

STRATEGIC ENTREPRENEURSHIP 3
First personal journal entry set
The significance of entrepreneurship within the society that has traditional notions and
economies has been increasing at a rapid rate which is defying the obsolete concepts. The
creation of new ideas through new ventures in business or the manufacturing of new products,
ideas or services into the market so as to generate more value and wealth is the most crucial
feature of entrepreneurship. It can include the launching of the new business ventures along with
developing the existing products. This can be made to happen at any kind of companies both
small and large scaled (Alvarez, Audretsch & Link, 2016). The prime motivations of the
individuals who are on the path of being entrepreneurs relate to gain on growth and profit. On the
other hand, the key characteristics of behavior have been related to the strategic thinking and
innovation (Bjørnskov & Foss, 2013).
When it comes to evaluating me in terms of characteristics of entrepreneurship, it is very
important to assess the existing and required traits in the measures of five dimensions such as
achievement drive, creativity, desire for autonomy and internal locus of control. The drive for
achievement is the prime and most important trait that an individual needs to posses from
gaining the interest of becoming an entrepreneur. It is a very important entrepreneurial attribute
which would denote my need to work hard for achieving success. It is very relevant in my case
of aiming to become an entrepreneur as I have high achievement drive and have the attitude of
setting targets that are demanding for myself and encourage me to become bold and proactive
regarding the accomplishing of objectives (Burgelman, 2015).
I can evaluate myself to have a strong drive for achieving and an orienting for taking
immediate accountability for the task and displaying of initiatives that are further in resonance
with the controlling and planning of events in my organization. I also happen to have the drive of
getting regular concrete feedback regarding the level of performance of individuals working
under me along with my performance. I very well realize the significance of creativity as vital to
the entrepreneurial concept.
I happen to have a very good understanding of the fact that the sector of entrepreneurship
is primarily dominated by the innovation and creativity. In order to have an effective launch in
the market along with maintaining a high position in the market, it is very important to
constantly innovate the services or products with renovating business strategies. I realize and

STRATEGIC ENTREPRENEURSHIP 4
have the potential to centralize creativity in my entrepreneurship. The desire for autonomy is
very closely associated with the success in entrepreneurship as I definitely want to have proper
control over my business, however, at the same time, I also have the understanding that
entrepreneurship thrives under the work environment that has a sense of liberty and freedom
(Demil, et al., 2015).
I have a good potential of maintaining a balance between having proper and effective
control on the business along with providing freedom and liberty of working styles for the
employees. Regarding internal locus of control which is a very important dimension of
entrepreneurship, I could evaluate myself to be a balanced individual with effective control of
my business. I could gain high internal score regarding taking control of the environment in
which I am or the environment of my business. I can very well assess myself to be seeking out
innovative opportunities of business and acquiring required resources (Gallouj & Gallouj, 2017).
According to the findings of the survey, I could identify the areas where I need to
develop in order to be successful as an entrepreneur. Belonging to a family where no family
members have been involved in any kind of business and have always been an employee in many
companies, I have a family programming of not being involved in taking risks. I need to
develop the attitude and mental set up regarding taking risks and seeking out productive
opportunities in uncertain environments.
I have an environment of friends who have an innate ability and attitudes about taking
risks. They have been a very encouraging and helpful for building up my confidence and
attitudes towards taking risks in unknown territories (Hughes, et al., 2015). However, in my past
endeavors regarding having my business, I had suffered fraudulent behaviors and faced many
conflicting instances with many parties due to lack of experience as in-depth knowledge
regarding the sector. However, at present, I have gained experience and conduct an in-depth
analysis of the sector in which into which I desire of establishing my business.
According to the assessment, I could comprehend that I have a very extraversion
personality in context to the personality score. I need to have a great deal of social interaction in
order to establish the business as provides me with a great deal of knowledge my business sector.
I love to interact with people who have a diverse array of ideas and experience which also

STRATEGIC ENTREPRENEURSHIP 5
includes the potential customers, competitors, colleagues, customers, lawyers, coaches, suppliers,
and accountants. I find myself to be very comfortable in being in most social situations. Having
excellent communication style facilitates me in being a social person which further facilitates
achieving effectiveness in business (Ketchen, Ireland & Webb, 2014).
I have the skills regarding the creativity and innovation about bringing new ideas about
products and services which helps my team in designing and implementing the business ideas at
a faster and much effective rate (Klein, et al., 2013). In that regards, I am definitely the
“Hipster” which creates the idea regarding various services and products in the business venture.
Third Personal Journal Entry Set
To start a business, belief is the main thing that is required to address the problem and
gives the significant solutions whatever the customer wants. Every large company has a humble
story behind their success. All of the dignitaries start from nothing but just with the proper plan
conviction, they have achieved everything. The history of the Lamborghini starts in the year
1963. The owner of the company Mr. Ferruccio Lamborghini, born in the year 1916, is the root
cause of the entire foundation. The company has several phases of the extraordinary history that
inspire the young minds of this generation. The time when he decided to build a factory full of
luxurious sports cars at that time he was already in a wealthy state.
During the period of the Second World War, he has started eth business by launching the
tractor factory with full energy and dedication (Niskanen, Piispanen & Montonen, 2017). This
has created a major history and provides a reference to the industry. By the early sixties, he has
already become a successful person and exactly knows what he really wants to do in his life. He
always wanted to produce the best sports cars but never thought of this type of popularity in the
recent scenario.
According to many people, he is mad, but the reality is he is playing with his own dreams
to change the trend of the world. After the construction of the cars, the company has become the
most popular for producing the extravagance and unexplainable sports car in the world. The
moment he decided was the perfect moment to create a tremendous history in the world (Obeng,
Robson & Haugh, 2014). The mission of the company is for those who love to possess the
extraordinary and unusual objects, of high quality and cost. The objectives of the company are to

STRATEGIC ENTREPRENEURSHIP 6
describe the state of extreme, uncompromising, working with enthusiasm and Italian. The
passion for transmitting the same brand with new styles and values that are characterized by
unmistakable identity and combined with the best quality of materials is the target of the
company.
The "Collezione" is the best creation of the company which does not refer only to the
fashion line but holds the entire "world of Lamborghini". Each collection of the company has the
significant logo, attention to the details and high-quality materials. The vision of the company is
to bring the spirit and passion of the Italy to the global market with new and distinct products
that are inspired by the Italian arts and industrial design (Webb, Ireland & Ketchen, 2014). The
collections are not limited to cars; they have the stocks of watches, mobile, eyewear, accessories,
leather goods, and furniture.
The relationship between the employees and managers are quite healthy and
acknowledged by every other company. The company has enthralled the enthusiasm of the
mechanics as well as the engineers to increase the cutting-edge of the sports car that will always
be able to stun the world at each new release. The production teams constantly grow in number
and have played a strategic role within the company (Scaringella, 2017).
The company mainly tries to achieve the success by beating every record and changing
the passionate sense of the customers. The thing that I would love to emulate from the company
is the innovative ideas that they are putting in each release. The elegant appeal towards the
mechanics and considering them as of their level is something one should learn from them. The
culture they have created is the best example to show the efficient production though team
performance.
Fifth Personal Journal Entry Set
The story of the Lamborghini Company is quite inspiring and extraordinary. The thing
that inspired me more is the innovative idea and the willpower of the Ferruccio Lamborghini,
who instead of wasting and misusing the money and resources, used in a specific manner which
was initially started by the tractor company. At the right time, he had decided to the resource to
produce the world's best sports car which was considered as a mad idea of the people.

STRATEGIC ENTREPRENEURSHIP 7
Without responding to the views of the people, he has started the company with a clear
vision. This shows the dedication of a person to fulfill his desires that are quite innovative and
has the little chance of profit. Without thinking about the future success, he has started the
company and still today, it is the most desirable sports car company across the world (Shirokova,
Vega & Sokolova, 2013).
Mr. Ferruccio Lamborghini has inspired several young minds of the world that explains
the best about life. He has changed the passion as well as the trend of the world in several phases
of release. I have learned the best thing from him and that is" don't just live with your dreams, try
to make it and then enjoy the dreams of success" (Simsek, Heavey & Fox, 2017).
According to his perspective "dreams like anything and people will call you crazy". This
spirit will only change the shape, feeling, and tradition of a person. The company assures to
provide the entire feeling of the Italy as it can't give the Italy exactly. The best part of the
company that helps to increase the benefits is the team they have (Tavassoli, Bengtsson &
Karlsson, 2017). The teams are highly skilled with respect to the technology and cultural sense,
works according to the need of the customers and changes in the society.
They have the best coordination and team power to resolve the issues of the company.
This makes fewer turnovers in the company which is the best part of it. An individual needs to be
innovative rather than entrepreneurial. The creative ideas will lead to improving the
entrepreneurial ideas of an individual (Wang, Thornhill & De Castro, 2017).
In the recent scenario, everyone is running for opening a new enterprise but hardly some
of them get the success as they lack only in case of the creative ideas. The ideas will build a
secure and efficient framework of the company that will lead to achieving the success within a
few years. It is only about the ideas, but it is mainly about making it happen. Innovative ideas are
the beginning of al fortunes.
References
Alvarez, S. A., Audretsch, D., & Link, A. N. (2016). Advancing our understanding of theory in
entrepreneurship. Strategic Entrepreneurship Journal, 10(1), 3-4.

STRATEGIC ENTREPRENEURSHIP 8
Bjørnskov, C., & Foss, N. (2013). How strategic entrepreneurship and the institutional context
drive economic growth. Strategic Entrepreneurship Journal, 7(1), 50-69.
Burgelman, R. A. (2015). 24 Prigogine’s Theory of the Dynamics of Far-From-Equilibrium
Systems: Application to Strategic Entrepreneurship and Innovation in Organizational
Evolution. The Oxford Handbook of Creativity, Innovation, and Entrepreneurship, 433.
Demil, B., Lecocq, X., Ricart, J. E., & Zott, C. (2015). Introduction to the SEJ special issue on
business models: business models within the domain of strategic
entrepreneurship. Strategic Entrepreneurship Journal, 9(1), 1-11.
Gallouj, F., & Gallouj, F. (2017). Knowledge Spillover-based Strategic
Entrepreneurship. International Journal of Entrepreneurial Behavior & Research, 23(4),
726-730.
Hughes, M., Hughes, P., Morgan, R. E., & Hodgkinson, I. R. (2015). Organizing strategic
entrepreneurship to enable product innovation in new and young technology-based firms.
Ketchen, D. J., Ireland, R. D., & Webb, J. W. (2014). Toward a research agenda for the informal
economy: a survey of the Strategic Entrepreneurship Journal's editorial board. Strategic
Entrepreneurship Journal, 8(1), 95-100.
Klein, P. G., Mahoney, J. T., McGahan, A. M., & Pitelis, C. N. (2013). Capabilities and strategic
entrepreneurship in public organizations. Strategic Entrepreneurship Journal, 7(1), 70-91.
Niskanen, J., Piispanen, V. V., & Montonen, T. (2017). Business models for research-based spin-
offs: the strategic entrepreneurship perspective. International Journal of Knowledge
Management Studies, 8(1-2), 38-53.
Obeng, B. A., Robson, P., & Haugh, H. (2014). Strategic entrepreneurship and small firm growth
in Ghana. International Small Business Journal, 32(5), 501-524.
Scaringella, L. (2017). Book review: Knowledge spillover-based strategic entrepreneurship João
J Ferreira, Leo-Paul Dana and Vanessa Ratten (eds).

STRATEGIC ENTREPRENEURSHIP 9
Shirokova, G., Vega, G., & Sokolova, L. (2013). Performance of Russian SMEs: Exploration,
exploitation and strategic entrepreneurship. Critical perspectives on international
business, 9(1/2), 173-203.
Simsek, Z., Heavey, C., & Fox, B. C. (2017). (Meta-) framing strategic
entrepreneurship. Strategic Organization, 1476127017711720.
Tavassoli, S., Bengtsson, L., & Karlsson, C. (2017). Strategic entrepreneurship and knowledge
spillovers: spatial and aspatial perspectives. International Entrepreneurship and
Management Journal, 13(1), 233-249.
Wang, T., Thornhill, S., & De Castro, J. O. (2017). Entrepreneurial orientation, legitimation, and
new venture performance. Strategic Entrepreneurship Journal.
Webb, J. W., Ireland, R. D., & Ketchen, D. J. (2014). Toward a greater understanding of
entrepreneurship and strategy in the informal economy. Strategic Entrepreneurship
Journal, 8(1), 1-15.
Appendix
1. Entrepreneurship in the family (Yes or No)
2. My father is currently an entrepreneur(Yes or No)
3. My mother is currently an entrepreneur (Yes or No)
4. My brother/sister is currently an entrepreneur (Yes or No)
5. I have no brothers/sisters (Yes or No)
6. My spouse/boyfriend/girlfriend is currently an entrepreneur (Yes or No)
7. I have no spouse/boyfriend/girlfriend Entrepreneurship among friends (Yes or No)
8. Some of my friends are or have been entrepreneurs (Yes or No)
9. None of my friends have been entrepreneurs when you think about your future upon
graduation from the university, which of the following alternatives describes this best:
10. I will be employed by an enterprise (Yes, No)
11. I will be employed by the public sector (Yes, No)

STRATEGIC ENTREPRENEURSHIP
10
12. Some day in the future I will have my own company (Yes, No) If yes, which industry you
would like to have your own company in? (Open answer)
13. I already have my own company I will continue to work in it (Yes, No) If yes, which
industry do you have your company in? (Open answer)
14. I plan to create my own company in knowledge-intensive business (Yes, No)
15. I will continue my education upon graduation from Master’s program (e.g. in
postgraduate school) (Yes, No)