LEARNING OUTCOME (01) – CHARACTERISTICS OF THE ENTREPRENEUR
Entrepreneurship is a process carried out by individuals by identifying opportunities and converting them into marketable products or services. Entrepreneur makes an investment, sets up an organisation, markets the product / services and makes profit from it.
In my view, to be a successful entrepreneur, one must be confident, should be able to take calculated risk, flexible and creative. He should be able to lead his organisation to achieve his goal by ethical means (Schaper, Volery, Weber & Lewis, 2011).
I have understood that for entrepreneur to be successful, he has to be literate, possess good interpersonal communication skills and leadership qualities (Birt & Sleeman, 1999).
Entrepreneurs are most likely to succeed when markets are in disequilibrium and customer needs remain unfulfilled.
The entrepreneur has the autonomy and can follow his own lifestyle and I would like to have that freedom. I would prefer to have freedom of creativity and innovation to build and grow my business.
Entrepreneurs may or may not have a business plan. Some entrepreneurs start a business with planned budget to achieve the objectives. These objectives are measurable, feasible and achievable. I feel that an entrepreneur should have a proper business plan so that he can attract investors (Chaston, 2009).
I would prefer to have a business plan and revenue model for opening a business as it is important for the current and future market. Business plan and revenue model are used as a justification for taking the loan from the bank for starting the business.
Opportunity is a situation in which a new product, service or process can be introduced and sold at greater price than its cost of production.
I have learnt that entrepreneurs look constantly for opportunities. They frequently rely on their own ability to identify opportunities. They should have relevant data about size of the market, target market, customer looking for which benefits, how and when customers acquire information and the nature of competition. Observing customer behaviour or the trading activities of the competition can generate invaluable new understanding (Chaston, 2009).
It is really hard to open a business in a different country as culture; beliefs, norms, etc. are different so people use sole agents of that country to start their business. Business people make social contacts as much as they can. Social capital is greatest in small, high – tech firms. Collaboration means speeds up innovation. Some entrepreneurs like to open a franchise business instead of creating a new business.
LEARNING OUTCOME (02) – MAXIMIZING OPPORTUNITIES FOR INNOVATION
I have learnt that there are five stages in business. They are launch, capacity expansion, organisational formalisation, succession and long term growth. Before starting a business, the focus is on identifying/validating the market, product feasibility and possibly...