Developing Entrepreneur Skills Corporate Work - MyAssignmenthelp

Question: Discuss about the Developing Entrepreneur Skills Corporate Work. Answer: Introduction: Entrepreneurship is the art of commencing a business. It comprises the process of originating, blueprinting and managing the business operations of a small start-up firm and thereby transforming it into a thriving and flourishing organization with years of diligence, hard dedication and professionalism. The persons who are responsible for managing an organization are termed as entrepreneurs or businesspersons. This journal essay outlines the fact to attempt a summarized portion and a reflective portion along with a Gibbs reflective model on the topics of entrepreneurial mindset, entrepreneurial ecology and entrepreneurial pathways. An entrepreneur is a person who commences a business operation. The mindset of an entrepreneur is a very engaging subject to study. It is the mindset, which makes an entrepreneur successful in his or her business. Successful entrepreneurs have certain characteristics, which separates them from the common lot. Those characteristics are Innovation, determination, versatility, risk forbearance, commitment, intuition, resoluteness and adaptability (Navale 2013). Entrepreneur must also have the proper psychology to make the business successful. Usually, the most successful entrepreneurs are regarded to be non- specialists by nature. They are also reported to be obstinate and sedulous by nature because in order to be a top performer, entrepreneurs must not follow the herd; they should rather be the black sheep of the herd. Amidst all the highs of entrepreneurship, there is also not so pleasant part of entrepreneurship. Entrepreneurs do not have a proper work-life balance. Some of them, not all, are constantly chasing financial gains. This further takes a great toll on their physical and mental health as they gradually develop the feelings of narcissism, cynicism and cupidity. Entrepreneurs also suffer from occasional bouts of stress and mental pressure. Entrepreneurship is synonymous with risk forbearance (Baum, Frese and Baron 2014). There are various types of risks taken by an entrepreneur such as forgoing of a fixed paycheck, leaning on cash income, working against a crucial time limit and many others. Employees are bound to take some amount of risks to fight against the losses (Knight 2012.). Entrepreneurs require a very stimulating ego to excel in business. Entrepreneurs must show ample resolve and trust in his/her own abilities to execute them in the business operation. Moreover, entrepreneurs must be effective leaders in their art, since an important part of the entrepreneurs job is to lead others in the business plan. As a result, positive ego is directly ass ociated with the career progress of an entrepreneur. Personally, if I need to assess my entrepreneurship mindset, then I can say that I possess moderate entrepreneurial mindset qualities. I am quite proficient in the qualities of innovation, determination and intuition. However, I will falter in the qualities of versatility and risk forbearance. I do not have much tolerance of risks. I tend to get nervous at times. Versatility is an area, which requires an individual to perform marvelously in all fields (Hsieh 2012). I am not at all versatile. I am a specialist rather than a generalist. Entrepreneurs are believed to be the leaders rather than the followers. Similarly, I do not appreciate blindly adopting other peoples ideas and concepts. I have a notion that I should always contemplate an innovative solution to a complex plan to upgrade my performance, even if it involves risking unappreciative conduct from the crowd (Yitshaki 2012). If I talk about the concept of entrepreneurial stress, than I can say that I have the ability to combat excessive stress. At pressurizing times, I do not let the impact of stress hamper my work performance. Research entrepreneurship is a field of entrepreneurship, which has attracted my attention for a long time because I have the innate ability to learn about new cultures, religions or countries. Interesting information about any new topic never bores me. Usually, entrepreneurs who specialize in research are very keen to learn from the experiences of others. Research entrepreneurs adore to research about a varied segment of topics (Brett et al. 2012). The quest of learning in them, fuels the desire, to gather more vital information about a business plan. After this, when they apply the acquired knowledge smartly and orderly in their business strategy, it guarantees success. This is because effective knowledge about the current market position, target consumers and the market shares of the rivals constitute the recipe for brilliance in entrepreneurship. First step: Description- I have to assess my entrepreneurial mindset. I have to measure my proficiency in becoming a successful entrepreneur. Second step: Feelings- I thought and felt that I possess moderate entrepreneurship skills. The skills, which I process, would not take me far high in my entrepreneurial career. However they would provide me with a sufficient paycheck to survive. Third step: Evaluation- I believe that I am quite expert in the entrepreneurial skills of innovation, determination and intuition. Additionally, I also believe that I lack in the skills of versatility and risk forbearance. Fourth step: Analysis- After the steps of feelings and evaluation, I have learned that I am best suited to venture into a research entrepreneurship, where I can utilize my hobby of voracious reading and apply the outcomes to my professional arena. Fifth step: Conclusion- From all the information I have learned that in order to become a brilliant entrepreneur personality, one does not have to possess all the skills. Rather one can amplify his strengths to shadow his weaknesses, and construct a career path accordingly. Sixth step: Action- I plan to enter into a research entrepreneurship business in future by modifying my skills of stress control, risk toleration and I would try to inculcate my generalist skills. Entrepreneurial Ecology Entrepreneurial ecology is the new trend in the corporate global scenario. At present, the environment and the society in which we dwell has become severely distorted by rapid climatic changes, global warming, over-pollution and harmful depletion of the natural resources. The inhabitants of the earth must conserve the environment of the earth in its natural ecological state because the sustainability of the ecology of the earth is very important for the future human population to survive. In this context, some entrepreneurs all around the world have come forward as responsible corporate citizens to construct their business strategy in the most ecological and bionomical way (Egerton 2012). The notion of ecology in entrepreneurship suggests that entrepreneurs must only do business for earning profits, but also for returning something valuable back to the environment. The agenda of an ecological entrepreneur must be to earn revenue as well as to improve the deplorable condition of the p resent environment. Entrepreneurial ecology involves making key business decisions as such that they assist to uphold the integrity and soundness of the environment. Entrepreneurship ecology helps the entrepreneurs to understand that their business actions have direct effect upon the state of the environment. whether it is positive or negative (Gawel 2012). Therefore, they must shape their corporate decisions in accordance to the sensitivity of the environment. In fact, at present, no business entity can afford to ignore the threatening social and the atmospheric affairs that has become a number one concern for the environmentalists. Ecological entrepreneurship is recognized to be an award-based application rather than an extortionate drive (Bonnet, Desjardin and Guijarro 2012). Therefore, it is believed that ecological entrepreneurship can help to make the earth a more fulfilling place to survive in the long end. Resultantly, many entrepreneurial start-ups around the world have sta rted to embrace the concept of ecological entrepreneurship in their corporate portfolio. Sustainability is now increasingly being practiced in entrepreneurship. According to me, I think that the practice of sustainability in entrepreneurship ensures that entrepreneurs and the business entities must involve environmental, ecological and social issues in their business approach at the time of founding fresh organizations or inculcating them in the already existent organizations. I also think that the practice of sustainability in entrepreneurship also deals with organizing various scientific experiments to take a note about the turbulent ecological effects on the human society and the atmosphere (Dean 2014). In addition to this, sustainable entrepreneurs in the recent times have also been trying to contribute to the minimization of the rising equalities in the society, because severe social discrepancy leads to extreme devastating effects on the global corporate world and the consumer society. I also feel that sustainability in entrepreneurship also takes note of the fact that the entrepreneurs are now realizing that consumers all around the world are becoming more knowledgeable about the various ecological alterations and their threatening affects. The changes in our ecology help to create more market beneficial opportunities for the sustainability-minded entrepreneurs. It also helps the entrepreneurs to earn huge revenue by launching products that consume low energy and are low polluting by nature. Since, sustainable or ecologically green products, are the new hype in the modern consumerist world, therefore customers would flock to the market in huge numbers to buy low energy consuming products (Weingaertner and Moberg 2014). This would ultimately give an opportunity to the entrepreneurs to increase their market dominance. Moreover, entrepreneurs, when they start to practice sustainability, their business profile starts to earn good publicity points from the media, customers, government and finally from the whole business world. Therefore, I think that at present, sustainability is the most sublime corporate opportunity for the entrepreneurs all around the world. First Step: Description- I have to reflect on the fact that whether the practice of sustainability in entrepreneurship is an opportunity or a threat. Second step: Feelings- I thought and I felt that every global entrepreneur applies sustainability in their portfolio as it helps to address environmental issues and helps to secure costly revenues. Third step: Evaluation- If I have to evaluate the concept of entrepreneurial sustainability, then I can say it holds the good effects of making the world ecologically green and pollution-free. In terms of bad effects, it does have any as such. Fourth step: Analysis- After the steps of Feelings and Evaluation, I have deciphered the fact that the concept of sustainability is the new instrument of thought of the environmentally conscious global entrepreneurs and this new faade is here to stay for the coming years due to the rapid deterioration of the environmental cycle. Fifth step: Conclusion- I have learnt that sustainability is a very attractive concept, to be, adopted in entrepreneurship as it helps a firm to earn good points as a responsible and reliable corporate citizen. Sixth step: Action- For the future, I have decided that if I venture into entrepreneurship, then I will apply the philosophy of sustainability in my business and make it ecologically sound. Walking Entrepreneurial Pathways There are many major entrepreneurial pathways for the interesting and dynamic new age entrepreneurs to venture. Profit producing or upscale entrepreneurships help to raise the lifestyle of the people by generating more job outlets and wealth producing sources in the country. Generally, entrepreneurial pathways can be divided into magnitude (microenterprise, mid size enterprises) and expansion (rapid growth enterprises or slow growth enterprises) Breugst et al. 2012). In the entrepreneurial world, the concepts of bootstrapping and minipreneurship have started to be widely recognized as the most swiftest lane to acquire entrepreneurial experience. This is because bootstrapping and minipreneurship deals with the fact to achieve more by putting less efforts. Many eminent companies around the world such as the Dominos Pizza and the Gallops have become successful by the initiative of the bootstrapping minded entrepreneurs (Salamzadeh and Kawamorita Kesim 2015). Micropreneurship is a very i nnovative entrepreneurial concept where the consumers themselves do the job of manufacturing good quality products and services instead of just purchasing them. Micropreneurship helps in organizing the many cumbersome activities of an organization within much less time and endeavor. Therefore, it simplifies the job of the entrepreneur. Franchising is a business practice where the franchiser who is also the owner of a store or a product attains the allocation powers of the same by the help of the franchisees. The art of franchising has many merits and demerits, such as, franchising do not require any beforehand experience or warming up sessions with the suppliers. Franchising is very suitable for small organizations to carve out a niche in the big competitive world as it makes the acquisition of capital much easy and helps to reduce the chances of business uncertainties (Nijmeijer, Fabbricotti and Huijsman 2014). On the other hand, franchising business can be costly and can suffer fr om rigidness. It is comparatively difficult to introduce new concepts and principles in a franchising business than the other entrepreneurial ventures. Personally, I am very fond of the practice of bootstrapping. Bootstrapping is a new concept in entrepreneurship. Though bootstrapping may not be eye catching and alluring all the time, but it would definitely make me a superior entrepreneur with a lively organization. There are many supporting reasons for my preference of adopting the bootstrapping style in my hopeful entrepreneurial venture. They are freedom in inventing and incorporating novel concepts in the introductory business projects, the opportunity to deliver surpassing quality products and services (Molina-Azorn et al. 2012). In addition to this, bootstrapping would enable me to enjoy the ability to earn the highest share of revenue because I will only be the sole shareholder of my organization and finally bootstrapping would enable me to implement clever business decisions in my organization, which will make my organization prosper. In the 21st century, an entrepreneur needs to have the skills of quick wit, smart thinking , long vision, risk forbearance and social networking in order to survive and flourish in the competitive global market. The concept of bootstrapping would help me to acquire all of the above skills in my business venture. Since I do not have much experience in the art of entrepreneurship, I think bootstrapping would be the most safest entrepreneurial venture option (Kotler and Kotler 2012). As a person, I like to take my own business decisions. Therefore, when I would venture into entrepreneurship, bootstrapping will be favorable for me since the bootstrapping entrepreneur can have the discretion to decide the decorum and the organizational structure of his or her organization. The magnificent success of many companies around the world such as the Dell Computers, Facebook Inc., Apple Inc. and the Hewlett-Packard can be attributed to the merits and advisability of the bootstrapping art (Eva 2015). This has further instilled in me the confidence and the drive to follow the bootstrapp ing style of entrepreneurship pathway. First step: Description- I have to decide an entrepreneurial pathway by which I would venture into entrepreneurship. Second step: Feelings- I thought and I felt that the art of Bootstrapping would be a perfect entrepreneurial pathway for me. Bootstrapping is the cause behind the appreciable success of companies like Apple and Facebook. Third step: Evaluation- If I have to evaluate the concept of Bootstrapping, then I can say bootstrapping helps entrepreneurs to enjoy the opportunities of absolute freedom in deciding the decorum, organizational structure and the design of products and services. In terms of demerits, then I can say that bootstrapping might induce the entrepreneurs to make hasty decisions by falling prey to money-grubbing. Fourth step: Analysis- After the steps of Feelings and Evaluation, I have comprehended the fact that Bootstrapping is the most promising entrepreneurial pathway for novice entrepreneurs as it helps to provide them good introductory business lessons, which might prove highly beneficial in the long run. Fifth step: Conclusion- I have learnt that bootstrapping helps an entrepreneur to acquire all the skills of quick wit, smart thinking, long vision, risk forbearance and social networking in order to survive and flourish in the competitive global market. Sixth step: Action- For the future, I have decided to follow the bootstrapping pathway for entrepreneurship because it would help me to acquire all of the corporate skills in my business venture, as I do not have much experience in the art of entrepreneurship. In the conclusion, it can be said that the concepts of entrepreneurial mindset, entrepreneurial ecology and entrepreneurial pathways are inter-related and interconnected with each other as all of them are seemingly connected with the art of entrepreneurship. An entrepreneur in the 21st century must have his business mindset linked with the concept of ecology and sustainability among many other things as well as exercise them in the entrepreneurial pathways. In the completion of this reflective entrepreneurial essay, I have come to know about my entrepreneurial strengths and weaknesses. The Gibbs model of reflection has also sufficiently aided me to ponder roundly about all the stages of the journal entries. 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