A Critical Analysis Of Personal Development And Entrepreneurial Activities

Twelve Activities for Personal Development

Question:

Discuss about the Entrepreneurship Model and Business Cycle.

The paper is a reflection and critical analysis of oneself in the areas of design thing and activities pertaining to entrepreneurship. It considers personal development of the researcher and his gaining of in depth knowledge in decision thinking process. The paper is contains an action plan containing twelve activities spanning over six months. The aim of these activities is to gain knowledge, skills and inculcating behavioural traits befitting entrepreneurs. The twelve activities contain and speak about twelve aspects on entrepreneurial business ventures and entrepreneurial traits (Amit & Zott, 2012). They topics cover a vast scope of subjects like financing of business organisations, organisational cultures and entrepreneurial attributes like self-confidence. These activities aim to inculcate in depth knowledge about entrepreneurial skills dealt both the viewpoints of organisation and individuals (Audretsch, 2012).

Getting introduced to new members is a tradition that is being followed everywhere, be it at workplace or any other institution. The first few days within the organization are always nervy as we tend to understand the working environment along with the things that actually go on the floor. Theoretical perspectives are quite different from practical fields and moreover employees have to work on certain other things that are beyond their knowledge which is what I learned during my initiation days to the course activity (Bocken, Rana & Short, 2015).

Life teaches us many lessons and being alone in an atmosphere tends to bring out the best of an individual. We perceive differently about individuals that sometimes limits the flow of information and communication, jeopardizing the overall situation, which is not required. We get to learn from everyone in this world by interacting is the best way to understand each other that helps solve many organizational issues (Carland, Carland & Stewart, 2015).

Coming from different culture sometimes creates confusion at workplace but with proper communication and an open mind, things can be sorted out. It is about giving proper time in getting adjusted under various circumstances.

As days, goes by people settle down within the organizational life, as one tends to learn the things that have been unknown to him during his college or masters days. One cannot learn everything practically during academic sessions. An organizational work environment provides its employees enough opportunities in expressing themselves. For employees it is important to self-reflect on the work that is being done by them at workplace. Learning new things every time is important and workplace provides us with many such prospects like, what I learnt in week about reflection. Writing blogs is important in organizational life. It is important for us not to stop learning at any point of time. Improvement is necessary in all fields on regular basis (Glen, Suciu & Baughn, 2014).

Importance of Mindset and Self-Reflection at Workplace

Mindset is an important aspect at workplace. Employees require having a proper mindset at workplace for the best possible results. I have learnt a proper mindset has the ability in overturning any adverse situation. Every work that is being performed by any individual requires a different mindset, which helps in improving on the skills of observation and creativity, important factors at workplace. Designing is an important factor especially those who are trying to set up their own business (Goldschmidt & Rodgers, 2013).

This would also help me in building on the reflection part where I would able to understand and judge on the things on my own and process that through reflective writing for others to understand the things I have implemented and worked on when I work for any organization. Blogs hold such significant position within the organizations especially those in the business of manufacturing new goods and services. One needs to have a proper thing and clear idea about any activity-taking place where one individual is associated (Grassl, 2012).

Workplace would provide us with many issues where we have to use our skills and knowledge in solving those problems, though prior to that it is important if finding the issues existing. I have learnt that finding complicated issues is not always easy especially within a work system that is complex. Brainstorming is one such activity that is important part of any organization, helping forming a group in creating ideas. Creation should never stop at workplace is what I have learnt, be it in idea or creative writing. Creativity would lead to opening of many opportunities that is required at workplace (Hobday, Boddington & Grantham, 2012).

It is important to bring in all the people related to a table to have discussions on issues and come up with the best possible solutions. Though I have found out bringing everyone to the same table for discussion is not always possible. It requires people to have the right sort of mindset, right understanding, and right inspiration along with right facilitation. The brainstorming activity has made me understand the concepts of accepting the significance of the correct attitude intended towards the customer having the correct mindset, right understanding, stimulus along with right sort of inspiration (Koellinger & Roy Thurik, 2012).

This week was about dealing with the perception of mind mapping that tackles in generating ideas and organizing the same for fetching the results that have been desired. The requirement in finding the ways out that adds enough value to the company if of much significance. Generating a value chain within the perspective of the business is an obligation for excelling and standing out amidst the crowd within an environment that is highly competitive (Massa & Tucci, 2013). An organization is always able to search for customers continuously from the value it provides through their products and services. Value chain can be defined as the series of activities that can be associated together. Within the perspective of the business, generating value and delivering of the important service to the customers is deemed to be a significant act that has the ability in creating an impact (Hobday, Boddington, & Grantham, 2012).

Dealing with Issues through Brainstorming and Creativity

This week was about ethics, an important phenomenon that needs to be well maintained by organizations. It is generally the principles and values, which the organization works on through compliance of the rules and regulations. The activity that is being involved through offering of care and the confusion that cropped up regarding the same must be a regular activity with the teacher arguing the fact that a child would be able to depict things in much easier manner as adults indulge in prejudgment factor. The notion of the factor of ethics in the company of oil like any sort of other organization is stated to be of supreme significance (Naudé, 2013).

This week dealt with evaluation of the larger amount of qualitative data connected with the real dessert for testing of the creativity in food. It was a surprise for us to see chicken as an item of dessert when we have seen this being served as a main dish or starter for so many years. This is where the concept of mind mapping comes to foreplay that is, the graphical illustration of the concepts and the ideas. The capability of mind mapping holds much significance for the fact that if ideas generated within the world cannot be anticipated with the real scenario, then here would be any real meaning of the same. One should be able to transmit any sort of idea, which is being thought of through the corresponding of the same with the help of realistic circumstances (Nicholls & Murdock, 2012).

The aim of the eighth week was to work with an application called spoilers application or app. The application, which would operate on various devices like tablets and mobile phones, would aim to prevent uploading of undesirable news and content on the internet platform. The activity also involved distributing pictures among the team members. Although unfamiliar with the application, in the first stage, I became adept at using it and installed the same into my smart phone (Shepherd, Williams & Patzelt, 2015). I feel this activity taught us to acclimatize ourselves to unfamiliar concepts and applications as a team. I can reflect that team works and learning experiences help employees to face unforeseen market conditions and challenges, which they encounter during the course of their profession. Teamwork helps professionals to take decisions to counteract business challenges (Plattner, Meinel & Leifer, 2012)..

The nineth activity deals comprehending marketing strategies of companies to aim the appropriate customer segments. Targeting of appropriate market segment is important for the companies because they should first determine the appropriate customer segments from a huge customer base. These chosen customer segments consist of customers who have the need and the financial capability to consume the products companies offer them. This choosing of appropriate customer bases and selling them right products according to their needs and lifestyles enable companies to position themselves strategically in the market space (Trimi & Berbegal-Mirabent, 2012). The companies while choosing their appropriate target customer segments must consider their past consumption history to know about their needs, types of products they use and the prices they are ready to pay for the products they consume. They must conduct these market research activities strategically so that they are able to gain maximum amount of consumption history data using their financial resources, work force and technology economically.  The business organisations should be able to target the right consumer base by allocating the resources strategically(Shepherd, Williams & Patzelt, 2015). These allocations of resources strategically, appropriate segmentation of the consumer bases and strategically positioning themselves in the market are very important for the companies to acquire top positions in the market.

Ethics and Principles in Organizations

The tenth activity involves ascertaining ways to fund entrepreneurial business ventures. The types and modes of funding business organisations depend on various factors like types of business, products the business organisations produce and the format of the business. The type refer to whether the business organisations in question are multinational, regional or local firms. For example, multinational companies require robust funding while the small firms require much less funding. The types of products or the industries organisations belong to have a huge implication on the modes and amount of funding. For example, multinational companies functioning in sectors like automobile, defence and pharmaceuticals require huge funding (Trimi & Berbegal-Mirabent, 2012). The small firms making traditional local products require far less funding compared to these MNCs. I have learnt from the activity that formats of the business organisations have a very strong impact on the modes of funding organisations. The multinational companies require robust financial resources to fund their global operations stretching over hundreds of countries. As a result, they follow the public company format, which allow them to get listed on the leading stock exchanges globally and raise funds from the market by floating shares in the securities market. These MNCs invest in smaller companies across diverse industries, which provide financial resources to the latter. The smaller entrepreneurial ventures follow the sole proprietorship formats where require the proprietors make initial investments. Thus, sole proprietorship entrepreneurial ventures see limited or slow growth because individual proprietors have limited resources to invest in their entrepreneurial ventures. I can reflect that the partnership entrepreneurial organisations have more funds than sole proprietorships and can ensure more steady flow of funds into the business ventures. The entrepreneurs belong starting their ventures require to locate financers to finance their ventures (Urbano & Alvarez, 2014). This once again depends on several factors like the market goodwill of the entrepreneurs, financial strength of the firms and the products the business venture would provide. For example, I can point out the public limited companies can gain financial backing from both individual and institutional investors to finance their entrepreneurial ventures whereas, the small entrepreneurial ventures have to depend on the social development initiatives of the big corporate, banks and governments to obtain the required financial help for their operations. All entrepreneurs irrespective of their sizes and scale of operations have to from financing strategies very efficiently and ensure their successful execution (Zahra & Nambisan, 2012).

Targeting Appropriate Customer Segments for Marketing Strategies

The activity of the eleventh was a presentation session where I had to give a presentation on self-confidence and mind mapping. I felt a bit nervous while giving the presentation as it was the first time I was presenting a topic in public. Self-confidence has a very significant to play in success and achievements of people. I can reflect that it is one of the attributes of the most influential people irrespective of fields.  I can also point out that self-confidence is important to grow and sustain in the highly competitive environment. The companies need to exhibit confidence in the abilities of their products to meet the evolving customer needs. Self-confidence comes into play when companies compete in the international market to gain the top position.

The twelfth and the last activity involve use of design thinking and mind mapping in trouble shooting problems business organisations face on daily basis. Design thinking is the method commercial organisations use to make designs to counter challenges within a given period. I can reflect that design thinking in business organisations leads to adoption of innovative business strategies and ideas. I can also point out that these innovative ideas enable companies to come up with innovative and products to attract new consumer segments, which leads to generation of more profits and growth of business in the market. Self-confidence comes into play when corporate leaders like departmental heads lead their departments towards achievement of business targets. The departments require self-confidence to take decisions, make business strategies and motivate their team of subordinates. Thus, confidence is very crucial at the organisational, departmental and individual levels to achieve business goals.

Conclusion:

I can reflect while summarising that the twelve activities point out myriads to facts pertaining to entrepreneurship. The newly hired professionals require adapting to the market and organisational environment, a very important quality of an entrepreneur. The students in order t become successful entrepreneurs require gaining practice knowledge and enhancing their knowledge base while working. They need to develop appropriate mindset and learn to counteract challenges. Decisions making process and analytical skills are very crucial entrepreneurial attribute. An entrepreneur must comply with laws and conduct business operations ethically. Entrepreneurs should acquire the marketing skills to target appropriate customer segments to sell their products. They should arrange for funds to ensure continuous productivity. I can also reflect while concluding that entrepreneurs require being innovative and self-confident while leading their human resources through the business operations to earn more profits. I have also learnt that self-confidence is a very important entrepreneurial attribute both at the organisational and individual levels. It helps leaders to lead and motivate their followers towards attainment of business goals.

References:

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