Entrepreneur Reflection Paper
|✅ Paper Type: Free Essay||✅ Subject: Business Strategy|
|✅ Wordcount: 2389 words||✅ Published: 11th Jul 2017|
Section 1.0 Introduction
This portfolio releases findings of an analysis carried out on my personal abilities, skills, capability and experience to set up a business and also an analysis of the various tests that I undertook and the lessons learnt from the review. Furthermore an identification of strengths and weaknesses identified in (1.1) and (1.2) will be release along with how I address these and what actions I took and what information I needed together. Finally a reflection on the skills, experience and information, gained from carrying out this assignment will be explained.
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Section 1.1 Analysis of personal abilities, skills, capability and experience to set up a business
Entrepreneurship is the drive of the economies in the world today. Most innovations are made and implemented by entrepreneurs. The role of entrepreneurs today is not just for self fulfilment but for contributing to the economies and helping to solve many of the problems in society. I consider myself an entrepreneur. I have entrepreneurial thoughts and am moved by successful entrepreneurs. The role of Bill Gates to information revolution is one of the contributions of entrepreneurial that inspire me. I try to figure out how the world would be without the contribution made by him and am perplexed (Birley S and Muzyka D, 1997). In the past, I have had entrepreneurial thoughts. I have thought of innovations that would make changes to the world. I thought of innovations that would make life easier for people while adding opportunities for jobs and livelihood of people.
There are various reasons that make me to consider myself as an entrepreneur. The best indicator is that most of my role models are entrepreneurs. On top of the role model is Bill Gates. I consider him as a role model for his innovativeness and courage. Although a student, Bill Gates was innovative enough to see how software development could solve people’s problems (Bridge S, O’Neill K, Martin F, 2009). He did not stop at the academia level but pursued his discovery and implemented the knowledge. Bill Gate’s courage is manifested by how he is able to pursue the discovery even though they are limited by resources and skills. Richard Branson of Virgin Empire is another role model. Richardson’s self beliefs inspire me. He is able to see problems and does not run away from the problem but bravely confronts the problem and comes up with solutions.
As an entrepreneur, I am innovative. I am able to come up with solutions by using innovative ways. From my lower grades in school, other students relied on me to give solutions when they were met with challenges. I have been able to use my innovativeness and interest in information technology in various ways. I have prepared and implemented software applications that can solve various problems. At my home, I prepared a software application that helps me remember to prepare for everyday. Together with my colleagues, we were able to present software applications that helps manages students’ welfare at our former High school.
My self believe adds to my qualities of entrepreneurships. I believed in my capacity to bring changes to the society and take it as a duty to bring the positive changes. Although some other people are not comfortable with my assertiveness, I take it as a gift that should be exploited for the good of the people. My inner drive helps me to overcome negative reactions and pessimistic opinions of other people.
The business idea that I have in mind is online marketing and sales. This idea came in my mind as a result of development in information technology that has changed the culture and ways of life of people (Burns P, 2008). The conventional ways of doing business would not be successful in this information era. The information era calls for restructuring of the business to conform to new technologies. The other motivation to online marketing and sales is philosophy of lean (Entrepreneur, 2009). Most of the products that are sold to the end are sold at a very high price as compared to the production cost of the product. The additional costs to the products result from the many middlemen. Online sales and marketing enables the products to be sold directly to the end ensuring that the end used gets the value of the money used.
Online sales and marketing requires and entails the use of information technology in sales and marketing. As an entrepreneur, I wish to apply the skills to assist business and corporate market their products though the internet. In addition to market, I wish to assist businesses implement direct online sales to their customers. My broad experience in information technology, application programming and marketing will be useful. My ability to foresee details of complex things will enable me to overcome the challenges of setting up the sales and marketing.
Sales and marketing is an old role in business. Although other roles are equally important, I find sales and marketing to be the most important. Sales and marketing is the activity that presents the product to the used and ensures that the products are bought. Without sales and marketing, the role of production and other roles may be inessential. Inspired by this, I feel that the use of information technology in this role would be very fruitful. Online sales and marketing in not new. Many companies run their own website through which potential customers can peruse the products before they can arrange to make purchases. A good example of model online direct sales is EBags. This company sells different kind of bags to their customers through the internet. However, the online sales and marketing are made by individual companies. My vision is to establish a virtual online supermarket though which people can access products from different companies and buy the products directly through the internet.
The education system has opened my mind in various areas. The skills that I have acquired would be very helpful to the business. The analytical, communication, and problem solving skills in academia are essential to the business. These skills coupled with my innovativeness and self drive will enable me to achieve the vision of online sales and marketing. To evaluate the business and my entrepreneurial skills, I undertook various tests.
Section 1.2 Analysis of the various tests undertaken and the lessons learnt from the review
To evaluate my entrepreneurial capability, I took several independent entrepreneurial tests. The test helped me to unfold my personality and other things related to entrepreneurship.
On personality, I took different independent entrepreneurial tests. Personality is very important to the success of entrepreneur. Most of the entrepreneurs are observed to have related personality that contributes to their success. Most successful entrepreneurs are observed to have personal inner drive that sustain their innovations and quest for success. Most of them strongly believe in themselves and have confidence in their personal capacity to bring change. Their innovativeness and problem solving is very vital to their success. Being in business means that a person will be prone to competition. Most entrepreneurs have personalities that ensure them to be competitive without fear of failure. In addition, almost all entrepreneurs are highly motivated and have high energy. Their energy enables them to overcome the difficult task of entrepreneurships and motivate other individuals to the goal of the business. Despite of these, most entrepreneurs are open for advice and criticism. Instead of taking criticism negatively, entrepreneurs learn from the criticism and implement the necessary changes to their businesses.
Personality tests were; Type T personality test, DaVinci type personality test and Bill Wagner’s Personality test. The tests presented questions that aimed at analyzing the personality. Completion of the entrepreneurial personality test gave a report that included a score on different personality categories (Personality 100, 2009). The result from the test suggested whether a person was fit for being an entrepreneur. From all the entrepreneurial personality tests I scored a score sufficient for entrepreneur.
The other personality test made was the HBDI personality test. This test measures the tendency of a person to have left-brain or right-brain thinking. This tendency tells whether a person is more likely to have conceptual and experimental tendency in thinking (Jolly A, 2004). This tendency is different in different professions and helps an individual to discover the right profession. For an entrepreneur, the test analyses the major issues that are necessary to the entrepreneur. The test has different quadrants. The first quadrant takes into consideration of the capacity to solve problems. An entrepreneur has to be able to think logically and analyse facts before making a decision. The second quadrant evaluates the ability of the person to implement the decision made. The third quadrant evaluates the ability of the entrepreneurs to communicate. Communication is very essential for businesses. The ability of the entrepreneur to communicate ensures the entrepreneur to coordinate other stake holders in the business (Wickham P, 2006). The fourth quadrant of the test evaluates the capability of the entrepreneurs to take risks. Risk taking is very important to entrepreneurs and determines how they would handle challenges and respond to setbacks.
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The other test made was the marketing test. Marketing is very essential to a business. This test analyses how an entrepreneur is aware of the potential market and marketing strategies. Also, I took a market research test. This tests how an individual understands market research. The questions presented help the individual to evaluate market research needed for the business. The other test taken was a leadership test. The leadership test helps to evaluate the leadership qualities of the person taking the test. Entrepreneurs are leaders in their respective businesses. To be a successful entrepreneur, a person has to be a good leader.
Section 1.3 Strengths and Weaknesses
Evaluation of personal abilities and the use of the entrepreneurial tests enabled me to discover my strengths and weakness as an entrepreneur. The evaluation was made in relation to the online sales and marketing business that I have in mind.
Online sales marketing is information based business. It takes the form of business outsourcing. The business entails taking other businesses’ trouble of sales and marketing and doing it for them. My creativity and innovativeness is my strength (Williams S, 2002). The innovativeness will enable me to be able to come up with solutions to individual business’s sales and marketing challenges. My strong base in information technology is vital to the business (Chapman N and Chapman J, 2006). This experience will enable me to be at ease in coming up with online solution sales and marketing. The education base is also strength. Online sales and marketing businesses will entail ability to deal with complexities. The analytical skill obtained from the education system will enable me to come up with logical solutions to the problems.
From the personality test, I was able to identify my strengths and weaknesses. From the test, I am outgoing and assertive. This quality is essential for entrepreneurs. The quality will enable me to deal with other people. The assertiveness is strength with what I would be able to sell the business idea to potential clients. This will enable the business to gain customers and have fast growth. The assertiveness will also help me to negotiate for the business with potential business partners.
Problem solving is a key element to entrepreneur success (Rae, 2007). From the HBDI test, it was shown that I have good problem solving capabilities. Online sales and marketing, as an outsourcing business will entail solving other people’s problems. The capability will enable me to be able to handle clients’ problems with ease.
The weaknesses identified from the test include communication challenges and leadership. The assertiveness was identified to impede interpersonal communication by intimidating the other party. On leadership, my leadership quality was identified and self- centred.
To overcome the challengers posed by my personality in leadership and communication, I will invest in the area to ensure improvement. Personal reflection will enable me to be sensitive of other people in communication and react appropriately to their personal psychological needs. This will enable me to overcome the intoxicative charisma. On leadership, I would register for leadership course. The course will help me in managing and leading people.
Section 1.4 Reflection on the skills, experience and information, gained from carrying out the assignment
The reflection of the business was very important to me as an entrepreneur. The assessment enables me to go through the details of the business. From this, I was able to unfold the hidden challenges that would be posed by the business. This assessment enabled me to go step by step through the different steps that would be followed when establishing the business. It gave me the opportunity to relate the theoretical base of the business with the practical implementation of the problem. Through the business idea can be reviewed to fit the practical environment.
The entrepreneurial tests were very important to discovery of self in relation to entrepreneurship. From the test, I was able to identify my strengths and weakness and an entrepreneur. From the strengths and weakness identified, I would be able to make the right measure to overcome the challenges.
Entrepreneurship is very important to the economies of the world (Rae, 2007). The freedoms and innovativeness of the entrepreneurs leads to solutions of major world challenges. From the assessment, entrepreneurship is the right way for me. It will enable me to implement the online sales and marketing business idea.
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