INTRODUCTION ENTR 300’s main purpose of its course modules was to turn students’ prior experiences and all the learnings into solid knowledge. Then, with the acquired knowledge, students develop their individualized practices and apply them to their entrepreneurial paths. I, personally, have gained a broad range of entrepreneurial concepts that would help me become a successful one in the future. Starting from a definition of what entrepreneurship is, this course introduced a great volume of helpful topics. Therefore, to reflect all that I was able to learn, this paper will discuss what the key takeaways were for me, why I believe entrepreneurs are made, how the learnings influenced my plan of running a business in the future, and what I disagree …show more content…
Lesson 11 emphasized the value of finding a Primary Aim and Strategic Objectives before starting up a new business. And Lesson 10 covered about Franchise, including its definition, and systematic advantages and disadvantages. Being able to illustrate why you chose to start a business, where you vision your company to be in five to ten years, if you wish to have the maximum profitability no matter the cost, and how you want to be remembered help you identify your primary aim. Once that task is accomplished, an entrepreneur should be capable of identifying what forms of business he/she wishes to conduct an entrepreneurial path by. Thereafter, Strategic Objectives are found based on two primary indexes; Money and Feasibility. Using the indexes, an entrepreneur draws a road map to help realize a company’s primary aim. Some of the questions to be asked to an entrepreneur for Strategic Objectives include the amount of required initial capital, potential gross revenue and profit margin, the company’s ability to satisfy targets’ needs, and its own marketability. By answering those questions, entrepreneurs should be able to form their own Strategic Objectives. And this is a crucial step for entrepreneurs because this is a stepping stone to make their primary aims come …show more content…
I learned about traits, skills, and personalities to develop, in order to turn myself into a good entrepreneur who can launch his own innovative business one day. However, towards the end of its all included topics, this course actually ended up convincing me to become a less entrepreneurial person. ENTR300 clearly offered a lot of conceptual knowledges that would help one become a successful entrepreneur. However, all the skills and mindsets that were taught can actually be applied to anyone who is simply wanting to become a better leader for an organization. And, that is how I decided to become a less entrepreneurial person but a better leader. This does not necessarily mean that I do not have any ambition to conduct a form of business. However, an entrepreneur Eric T. Wager mentioned, “According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. A whopping 80% crash and burn.” A big portion of business owners fails to see profitability and ends up stepping out of their industries. Knowing such statistics made me doubt if I should still try turning my own idea into a product or service which does not offer any promise of return. I wish this course introduced an alternative with which people like me can safely enter a business world, without worrying about hurting their families or friends
... their money to turn a profit. Being an entrepreneur and starting a business does not mean that the person knows what they are doing, and most of the time they are just defending their ideas until they ultimately fail. They spend most of their time in the business and not on the business, and in return if they do not realize this they will fail as well. By being an entrepreneur, it can be easy if you follow all the guidelines listed in this book, and there will be success in any business which has been started. For some entrepreneurs their minds are consumed by their ideas, without wanting to listen to others, failure will be in the imminent future. Therefore after reading this book it is evident that an entrepreneur must follow these concepts and processes in order to overcome this problem among entrepreneurs in society, and by doing so they will achieve success.
Allen, K. R. (2012). Launching New Ventures: An Entrepreneurial Approach. 6th Ed. Mason, OH: Cengage Learning.
A successful business is not created in a day; the individual running the business will not know everything there is to know about running a business after a month, six months, or even after a year of running the business. George Leonard, author of the book “Mastery,” discusses the important fundamental steps of mastering a skill or goal. In chapter 11, “Getting Energy for Mastery,” Mr. Leonard discusses seven important steps necessary to start on the path to mastery. These seven steps are to maintain physical fitness, acknowledge the negative and accentuate the positive, try telling the truth, honor but don’t indulge your own dark side, set your priorities, make commitments, take action and lastly, get on the path of mastery and stay on it. All of these seven principles can be applied to starting and maintaining my own business, and will ultimately lead to a more happy and successful life.
To be a successful entrepreneur, there are steps that one must follow when starting a new enterprise. These steps are termed as the process of entrepreneurial which is the systematic method of preparation of an enterprise that consists of four steps. The four steps are fundamental to the success of an entrepreneur venture. The four entrepreneurial processes includes discovering, assessing and opportunity, developing a business plan, establishing resource needs, and managing the resulting enterprise (Barringer & Ireland, 2010). Each individual step is vital for the start of an entrepreneur venture and for an entrepreneur to achieve their entrepreneurial goals. This paper will discuss the four steps of the entrepreneurial process,
Starting and building a prosperous business is an ambition of many entrepreneurial minds and has for
In the United States, approximately one in eight adults are self-employed. In their minds exists a one common dream. This is the entrepreneurial dream of self-employment. It is the freedom to start, grow, and cash in a new business. Most of the extravagant millionaires of today build up their wealth in this way. An entrepreneur is someone who has the ability to build and develop his own business. In today's fast paced world of business, many people chose to work for themselves. A career as an entrepreneur is a risky, yet personally rewarding endeavor.
As industry liaison at the School of EEE at NTU, I facilitate industry partnerships and promote entrepreneurship within the school. In the coming months, we will be launching an entrepreneurship ...
List and discuss the 4 most important lessons that you have learned about entrepreneurial thinking this semester in this class. Describe why you find these lessons important and how this knowledge has impacted you. Use specific examples from our class – readings, videos, discussions, activities, etc. Don’t forget to elaborate on your thoughts as you fully discuss your ideas and opinions. (Long answer – multiple paragraphs
Entrepreneurship incorporates unconstrained imagination and a readiness to settle on choices without strong information. The entrepreneur may be driven by a need to make something new or assemble something unmistakable. As new ventures have low achievement rates, the business person should have impressive tirelessness. Because of this, the entrepreneur may have the best risk of achievement by concentrating on a business sector corner either too little or too new to have been commanded by built up organizations.
The success of a business is greatly dependent on its entrepreneur. An entrepreneur is someone who takes the financial risk of starting and managing a new business venture. In order to be a successful entrepreneur, one must be ready to take a risk and invest one’s own savings into a business. The job requires that the individual be ambitious and committed to working hard in order to achieve the set targets. A successful entrepreneur is able to multi-task and communicates effectively with people, possessing leadership qualities such as confidence and motivation. The individual must play the role of constant motivator and inspire employees to improve their work performance, whilst ensuring a comfortable environment for the employees to work in. According to Schumpeter (1982), an entrepreneur is more of a ‘heroic’ than an ‘economic’ figure; his motivation should not solely be monetary, rather stemming more from inspiration and ambition.
We learned a lot of things in this course, but I think the most important lesson I learned is that it’s not easy to be an entrepreneur. I was surprised to hear in the first class that 80% of startups fail, but after reading The Art of Start and E-myth Revisited I understood why this happens more often than one might expects. Some people start their own businesses for the wrong reason and some start with wrong mindset. I’ve always thought that if someone has a brilliant business idea and hardworking they will succeed and grow their business. However, now I know that there are many things to consider before starting any business. In fact, there are many strategies that an entrepreneur could follow to achieve success, such as know your customers, work “on” the business, and how
Many people dream of becoming entrepreneurs someday. But it made me realize that there other factors that needs to be taken into consideration. We need to ask ourselves are we ready to take the challenge to the outside world. Not everyone have the vision, innovation and creativity to become an entrepreneur. The individual must have a positive attitude and accept the responsibility, have discipline to meet their goals, and take action when the opportunity presents itself. Many prefer a job security and rely on a weekly paycheck, while entrepreneurs will take risks and doesn 't have that luxury to know the amount of their income.
Entrepreneurship is an important aspect of social, economic and community life. It can be viewed as a critical factor to economic growth as well as a way of addressing unemployment (Nolan, 2003).Entrepreneurs are people who are persistently focused on identifying opportunities, they seek to create something worthwhile while taking into account foreseeable risk and rewards associated with the efforts (Nolan, 2003). Furthermore, entrepreneurs are frequently understood to be individuals who discover market needs and establish new business to meet those identified opportunities. The following assignment will firstly discuss the types of entrepreneurship, secondly it will discuss the reasons people become entrepreneurs, and thirdly it will discuss the importance of entrepreneurship.
Before starting any business you should consider its objectives, in order to develop a strategy. It is the strategy that lays out how the objectives will be achieved and determines deadlines for achieving them. If and when the goals are reached the business will be successful.
Pinson, L. (2004). Anatomy of a Business Plan: A Step-by-Step Guide to Building a Business