NN1F Enterprise And Entrepreneurship

1.Every individual who carries on business alone brings a set of strengths and weaknesses to the table. Businesses that do not employ a team-based work, efficiency and effectiveness of the businesses suffer since a teamwork environment promotes an atmosphere of friendship and loyalty that motivates the employees to work hard, supportive and cooperate. An entrepreneurial team is comprised of two or more persons having both financial and other interest and diverse commitment to venture’s success and future having interdependent work in the pursuit of common goals and success of the venture (Omer, Attali and Yemini, 2017). It has a wide network of successful business owners, and community leaders with a platform for business-minded members and having an entrepreneurial spirit to learn from each for growing personally and professionally.

Teamwork in entrepreneurship has a preeminent role to play. For the growth, development, success, and well-being of the businesses, teamwork is of utmost importance. An entrepreneur always looks for solutions to forge ahead with his plans and people which brings in the necessity of teams (Azizi and Mahmoudi, 2018). For the maximization of the potentiality of human resources to achieve the results not achievable beforehand, teams were built and provide the cheapest solutions to the entrepreneur. When numerous people with extreme talents come together to achieve a single objective, results are exciting.

With the growing businesses, there is a shifting from individual control to team-based work that considered to be a difficult situation for the business despite having a worldwide recognition of the importance of teamwork. Since business is nothing without people working behind and hiring of right team is very much necessary that plays a key role in understanding and execution of the founder’s vision. Effective teamwork is the secret of growth and success of the business to achieve its overall goals and objectives thus comprising of key ingredients as each’s energy; well-interactions between the teams; the long-term vision of the founder; and capability to work under pressure including hard times (Mandrup and Jensen, 2017). It is imperative due to some benefits as:

Reducing stress-Working on a difficult task alone leads to isolation and an increase in stress whereas the team shares the responsibility of such task thereby avoiding pressures increase the likelihood of successful completion of the task (Volkov and Volkov, 2015).

Increased efficiency-Working in a team helps to accomplish more tasks in less time.

Increased innovation-working together as a team helps in getting the work easier through innovative ideas.

Improved problem solving-teamwork helps in finding solutions to various problems in less time.

2.Having the ability to work different people is a key management skill results in better and positive circumstances. Hence, teamwork is essential for businesses to take new challenges and perform strategic tasks (Pérez et al., 2015). They use the knowledge and experience of a diverse group of employees together to achieve a short-term or ongoing task. Some teams work extremely well while others differentiate or slow down the progress. After completing my post graduations, as a fresher, I was appointed as a stock analyst of a three-star hotel.

Being a novice and with no work experience, I was nervous about quite a lot of things as such the new work environment, the nature of my colleagues, the type of people which I would face, etc. However, with a little motivation of my seniors of doing the work and respect for them besides hard work, I became quite familiar to such environment wiping out my nervousness and fear with much assistance and support of my fellow workers. As such there were both positive and negative impacts in the workplace. Considering the positive aspects, some are:

Better results- Teamwork leads to better results as a team brings more resources to bear against a challenge leading to reduced risk of poor individual contribution.

Better ideas-Diverse members form a good team, and when they apply different skills to the same problem, they come up with more effective solutions than a person working on the same problem (Arpiainen and Tynjälä, 2017).

Mutual support-This encourages to be supportive of one another to achieve their goals not realized earlier.

 At the same time, there were some negative impacts in the workplace as:

Team incompatibility- A team, has some members in a workplace without which a team would not function to its highest capacity. Being a part, some of them did not get along with others thus creating a very problematic scenario for completion of the work on time.

Time consumption- The creation of a team scenario in the workplace leads to time-consuming meetings in which the members disagree about a particular course of action unless a specific personality comes to take a final decision.

Lazy member- A lazy member of a team creates displeasure and irritation among rest of the team hurting the productivity of work through its negative morale.

3.In a competitive world, it is an obvious fact of recruiters paying much attention to an employee’s relevant work experience rather than their degrees or certificates (Örnek and Danyal, 2015). Experienced personnel with less education is more preferred than any novice or a fresher being a graduate or post graduate. Hence, experienced ones were paid well than new personalities. Recalling my previous incident explained above, the placement in a three-star hotel from my college improved my self-confidence and demonstrated myself to be in a new place like never before, coinciding with new people and ready to face new work challenges.

During my startup period, I struggled a lot to keep myself in the same phase unlike others like being on time, completing my routine work at a regular pace to be safe from any negative feedback. Positively, as a fresher I felt a part of the team very much, gaining huge support and cooperation with a decisive helping hand to enhance my skills. Well, the best and positive experiences that I had was the work to be fun and learnable with an atmosphere of trust, friendship and better coordination with colleagues being very supportive of the fact being learnable, respectful towards them irrespective of their age and always ready to take new tasks irrelevant of the point being difficult or cumbersome, it be.

Although I never felt homesick, however, they treated me like their new family inspiring me to learn to always be professional, smart and honest towards work along with colleagues. I had a great time to share tiffin with them, being a part of their jokes while at the same time I had some negative experiences as well. Due to some reason, I had to be a bit careless of some of the issues going on in the office as instructed by my senior officials. In addition, I am also to be irresponsible at the same time of some witty but experienced personalities of nearly similar to my age people due to their comments on both my guardians or me which made me disrespectful of their diverse culture and background. Further, salary issues, not paid on time often was advised to keep my mouth shut, not to be too talkative with a rude threatening of losing the job without any pay (Täks et al., 2014).

4.The culture of a company is an integral part of the business which affects its every aspect. From the recruitment of top talent to improving employee’s satisfaction, it is the backbone of a happy workforce (Dudin et al., 2015). When a group of people gets along together to work as a team, conflict is very much standard, and a workplace conflict may happen between co-workers, team members, etc. which as tricky as it would seem, resolving it is very much possible. The business organizations need to have a strong and positive culture which would help the employees to feel and give better performance. Considering the negative work experiences as already stated above, some strategies are required to be developed for its proper implementation such as:

Embracement of conflict- Arising of dispute shall not be avoided as it creates more tension resulting in worse of the situation. Hence, interdepartmental communication shall be improved to remove the conflict (Eskola et al., 2017).

Better collaboration and improved morale- The team shall have better cooperation with each other thereby respecting each different diverse cultures, reviews, and views, maintaining a positive working environment and non-interference in each other’s work to boost employee’s morale making them feel happy enjoying their work.

Active listener-Setting up a time and place to talk for a certain period over a particular issue, it is necessary to be an active listener to such person without interrupting him that will result in wiping out the negativity.

Proper guidance- Being in a leadership position, there are times to mediate work conflict. Instead of taking sides, the employees shall be guided better in finding solutions to their problems (Lundqvist, 2014).

Reduce employee pain- Business organizations with a positive culture significantly helps in reducing work pressure and overload, thereby contributing to boosting the performance and health of the employees.

Foster social relations- Socially interacting in workplace results in positive company culture and employees hardly interacting without knowing their colleagues fails to have a confident and robust culture (Oziegbe, Oleabhiele and Adeyemo, 2015). As such, happy hours trip, weekly team meals, and other refreshments shall be started for its implementation.

Timely salary- Proper salary structure shall be appropriately provided within the tenth or fifteenth of next month to foster employee’s satisfaction.

Arpiainen, R.L., and Tynjälä, P., 2017. Introducing Team Learning in a Developing Economy: Students’ Experiences of Experiential Entrepreneurship Education in Namibia. Journal of enterprising culture, 25(02), pp.179-210.

Azizi, M. and Mahmoudi, R., 2018. Learning outcomes of entrepreneurship education: Entrepreneurship education for knowing, doing, being and living together. Journal of Education for Business, pp.1-9.

Dudin, M.N., Lyasnikov, N.V.E., Dzhurabaeva, G.K., Dzhurabaev, K.T. and Reshetov, K.J.E., 2015. Improving the innovative strategy of the interaction of large industrial enterprises and small entrepreneurship in the agro-industrial sector. Biosciences Biotechnology Research Asia, 12(1), pp.159-167.

Eskola, L., Simunaniemi, A.M., Arhio, K., Jokela, H. and Muhos, M., 2017, September. Influences of a Participatory Strategy Process on Entrepreneurship Education Practices. In 12th European Conference on Innovation and Entrepreneurship ECIE 2017 (p. 209).

Lundqvist, M.A., 2014. The importance of surrogate entrepreneurship for incubated Swedish technology ventures. Technovation, 34(2), pp.93-100.

Mandrup, M. and Jensen, T.L., 2017. Educational Action Research and Triple Helix principles in entrepreneurship education: introducing the EARTH design to explore individuals in Triple Helix collaboration. Triple Helix, 4(1), p.5.

Omer Attali, M., and Yemini, M., 2017. Initiating consensus: Stakeholders define entrepreneurship in education — Educational Review, 69(2), pp.140-157.

Örnek, A.S. and Danyal, Y., 2015. Increased importance of entrepreneurship from entrepreneurship to techno-entrepreneurship (startup): provided supports and conveniences to techno-entrepreneurs in Turkey. Procedia-Social and Behavioral Sciences, 195, pp.1146-1155.

Oziegbe, O.E., Oleabhiele, E.P. and Adeyemo, A.D., 2015. Entrepreneurship education and sustainable development. Academic Research International, 6(2), p.279.

Pérez, J.E.P., Enríquez, M.D.C.Z., Cuadras, G.G., Ledezma, Y.R. and Vega, H.B., 2015. Perceived self-efficacy in teamwork and entrepreneurship in university students–a gender study. Science Journal of Education, 3(1), pp.1-5.

Täks, M., Tynjälä, P., Toding, M., Kukemelk, H. and Venesaar, U., 2014. Engineering students’ experiences in studying entrepreneurship. Journal of Engineering Education, 103(4), pp.573-598.

Volkov, A. and Volkov, M., 2015. Teamwork benefits in tertiary education: Student perceptions that lead to best practice assessment design. Education+ Training, 57(3), pp.262-278.