Reflective Review - Free Essay Example

Many people across the globe venture into businesses to achieve different aspirations and dreams as a way of achieving satisfaction in life. As a way of choosing self-employment, I realized that the business idea was also a tool for employing others. The motivational dimension in my quest to engage in business included the existence of opportunities that needed to be tapped and attain profit, increasing my potential within my profession, the desire to have a balance between family, work, and study, and the need to achieve entrepreneur status in the society (Rahman, 2019). The term I used in establishing myself as an entrepreneur is that I created a business idea despite the current situation in both the market and the society, which requires an individual who is willing to take the risk whether there would be failure or success (Stokes, 2017). The aim of completing the task is to ensure that resources such as money, business models, and technology are used to make a profit.

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Engaging With Real Humans to Find Solution

As an individual enters the market with a new product or innovation, one should know that there are competitions that are already having customers. It would take hard work to introduce them to a new product or idea (Thomas & Wulf, 2019). Therefore, one of the prospects that assisted in engaging with the people in the market was based on being passionate about the idea that was being brought into the market. I had a keen interest in making people understand that the food business is an art and not just selling food to the people (Rahman, 2019). The first aspect was to know the needs and the interest of the customers and come up with ways in which their needs can be fulfilled. The interaction was also guided by the desire to succeed and ensure that the business idea attains its goals.

During the engagement with the individuals in the market, there was the establishment of calculated risk as the aim was to make the business idea realistic and successful. This moe was based on understanding the market through research and answering the question of whether the concept was favorable for the market at that particular period (Rodríguez-López & Souto, 2019). The business prospect had a plan that was aimed at understanding the weakness, strengths, and competition in the market (Rahman, 2019). Finally, it was essential to come up with the business model that initiated the strategies that assisted the business in dealing with the competition, utilized the human and financial resources effectively, and created the relationship between the company and the customers in the market.

Approaching the Users

During the discussions, I was optimistic about the idea that I was presenting to the people. From the beginning of the project, I was confident that the concept was ideal for the market and would be embraced by the stakeholders and the customers. The individuals had to understand the ways in which the business idea will assist in overcoming challenges in the market hence success (Stokes, 2017). The concept also involved an explanation on the manner in which the plan was going to implement the business idea that they had. Throughout the conversations and interactions, I explained the business idea was based on making the lives better and fulfilling the needs of the customers in the market.

Skills and Traits Make a Successful Entrepreneur

The overall traits that make an individual successful in business are having the entrepreneurial spirit as one focuses on the strengths that will allow him to have met the goals in business. During the project, it was necessary to note that some traits make one be considered a self-starter that makes one be recognized as a leader in the business world. Further, as an individual starts a business idea, he is always self-confident and optimistic that the business will turn out to be successful (Hisrich et al., 2020). One of the traits is that the individual should be passionate about the business idea that is being implemented. The entrepreneur will be successful as he loves what he is doing and is ready to do everything possible to ensure that it is successful.

An entrepreneur also has a strong work ethic that focuses on the business aspect. For instance, on many occasions, the entrepreneur is always the first in the office and the last to leave as they want to meet the objective of the project. The entrepreneur also possesses strong people skills, which is seen through their form of communication skills in selling the ideas and motivating of the employees (Stokes, 2017). The entrepreneur is also creative as they know how to connect and view the events taking place at that particular moment. The idea is used in solving the problems that are in the workplace and society. The final trait that the entrepreneur possesses is being competitive, whereby he will use the opportunities that he sees and takes advantage through the strengths in doing business to attain success.

Resources and Capabilities Useful For an Entrepreneurial Team

The quest of the entrepreneurial team is to be successful in all the projects they are undertaking. As a team, one of the resources is based on leading with a purpose since everybody that has been mobilized to work in a group should be in a position to know the mission and their contribution towards attaining success. The team should also see the vision as it will be stipulated and expressed often by the leader to make the members not to divulge from the goals. All the team members should be willing to listen to the leaders and the people experienced in completing the project successfully (Rodríguez-López & Souto, 2019). The value of listening is essential in making an individual earn more. The team should also be in a position of knowing when to be innovative as lateness in innovation gives the competitors an advantage in the market. At the same time, the change that is one early might not meet the target market at that particular moment, which would be a waste (Filser et al., 2019). The team members are also expected to know how to manage the existing resources so that they cannot waste them.

Requirements to Make the Entrepreneurial Project Forward

The success of the project requires input from the team to ensure it meets the expected goals. One of the aspects is that there should be an establishment of the fundamental importance on the subjectivity, which would initiate creativity, and discovery of the new ideas (Filser et al., 2019). The entrepreneur should also understand their perception in shaping the project and using the existing opportunities. Thirdly, the people in the team should have the required experience within the business setting, which makes it possible to ensure that they meet the objectives of the project (Hisrich et al., 2020). Finally, the entrepreneurs will have to establish the connection between the level of the economic performance and the market position before setting the project rolling as it might lead to the displacement of the idea.

References

Filser, M, Kraus, S, Roig-Tierno, N, Kailer, N, & Fischer, U. (2019). Entrepreneurship as a catalyst for sustainable development: Opening the black box. (Sustainability.) MDPI.

Hisrich, R. D., Peters, M. P., & Shepherd, D. A. (2020). Entrepreneurship. McGraw-Hill Education

Rahman, M. M. (2019). Cultural differences, strengths, weaknesses, and challenges of Kentucky Fried Chicken (KFC)–A Comparison between and the United Kingdom (UK) Malaysia. Global Journal of Management and Business Research, 19(1). https://journalofbusiness.org/index.php/GJMBR/article/view/2674

Rodríguez-López, Á., & Souto, J. E. (January 01, 2019). Empowering entrepreneurial education using undergraduate dissertations in business management and entrepreneurship. Education + Training, 61, (2) 255-271. https://doi.org/10.1108/ET-07-2018-0160/full/htmlStokes, D. D. (2017). Small business management and entrepreneurship. Cengage Textbooks.

Thomas, O., & Wulf, T. (2019). Entrepreneurship education and the intention to start a business: the moderating role of cognitive biases. International Journal of Entrepreneurial Venturing, 11(5), 413-439. https://doi.org/10.1504/IJEV.2019.102260