Real Life Experience of an Entrepreneur Through an Open Ended Interview - Essay Example

?Reflective Report Executive Summary The essay mainly deals with the process of acquiring a real life experience of an entrepreneur through an open ended interview. The research would be conducted on the basis of the learning experience on entrepreneurship of a team that would include five members. Moreover, certain learning models as well theories would also be implemented in the process of the entire research. From the conducted interview on the entrepreneur, it has been learnt that there are several aspects that are crucial in starting up a business. An entrepreneur would have to deal with certain unavoidable issues in the commencement of a new business. These issues are quite imperative and have severe impacts on the business. Furthermore, the journey of the entrepreneur is also depicted through the essay. In the reflective analysis part, the application of Schon’s and Kolb’s models have been incorporated to relate the obtained understanding of the scenarios faced by the concerned entrepreneur. Also, the present situation as well as the future aim of the company was also intended to be understood in the essay. Apart from the interview, the personal entrepreneurial development plan is also desired to be portrayed in the research. Table of Contents 1.Executive Summary 2 Table of Contents 3 3 2.Critical Incident Table 4 3.Introduction 5 4.Critical Analysis of Principles of Reflection with Concepts and Theories 6 5.Reflective Analysis 9 5.1 Critical Incident and Use of Critical Incident Methodology 9 9 5.2.Application of Reflection in Action & Reflection on Action (Schon) And Kolb’s Experiential Learning Analysis 13 13 6.Conclusion and Plans 15 7.References 19 8.Questionnaire 22 2. Critical Incident Table Critical Incident Response Obtained from the Entrepreneur Selection of the Business Interview depicted that existing scenarios in the society like growing threats on lives and assets of people encouraged him to select a business of providing security to people and company. Process of Starting a New Venture The response of the entrepreneur portrayed that commencement of a security services business would include tasks such as making criminal background check of the owner, acquiring technical requirements of the business and obtaining efficient employees for work to name a few. Risks and Challenges of Starting a New Venture The entrepreneur portrayed that there are several risks and challenges like market competition, a lack of experience and deficiency of funds that would be imperative aspects in starting new venture. Difference of Business from Competitors The entrepreneur explained that there is no difference in the product offerings but the quality of the services and the remuneration charged would differ. Present Situation and Future Desire of the Business The response of the entrepreneur illustrates that the present situation of the business is quite appreciative and the company would intend to grow its operations worldwide in the near future. 3. Introduction Time and again, it has been noted that human lives and assets are vulnerable to various types of risks and dangers. The diverse kinds of risks or dangers cannot be predicted and can take place with anybody at any time. In this regard, security of people or assets has become a prime concern. Now-a-days, it has been noted that there are various security agencies that have emerged in due course of time. Among them, A-Star Guard is a well known agency. This company is specialised in proving high level securities services. It has been recognised that the company possesses an efficient team which is strictly professional. It has also been observed that all the members of the company are trained under Security Industry Authority (SIA) and have the capabilities of providing quality security services. The company is accredited under the Approved Contractor Scheme (ACS). It has been learnt that the company is a newly established one but has obtained a highly experienced team of personnel. The security deliverance of the company varies with the type of organisation. It has further been noted that before providing security to any organisation, the company first understands the type of the business and its requirements in order to deliver effective security services in accordance with their need. The company also offers competitive prices to its clients and delivers commendable services which make them unique as compared to other companies. However, it has been assumed that there are certain issues which the company had to deal with in the context of starting the business. The most crucial in this regard would be the market risk. The company faced tough competition for ensuring its sustainable existence owing to the unwelcoming nature of the existing companies in the market who had the same kind of business. Moreover, it has also been learnt that the company faced issues related to its financial health. There are also various legal issues that need to be addressed prior to commencement of a new venture. These legal issues would include issues related to licensing, government tax and insurance coverage among others. These issues are observed to be mandatory for the beginning of any new venture. The company further reviews its impact on the economy and the society. It always intends to work considering the welfare of the society as well as the economy. It ensures about the fact that the operations of the company does cause minimal negative impacts on the society. The company is a new one and desires to deliver effective results for the people they work. It is located in 46 Balfour House, 390-398 Ilford High Road, IGT 1TL (Fennelly, 2012; A-Star Guard, n.d.; A-Star Guard, n.d.). 4. Critical Analysis of Principles of Reflection with Concepts and Theories The term ‘reflection’ is a mental process that is applied to the students in the process of learning. It has been further learnt that these are also considered as challenges to students in order to examine their thinking regarding their understanding based upon a particular topic. It has been observed that the process allows students to narrow down on a particular solution and eventually come to a conclusion. One of the prime intentions of the implementation of reflection is to enable students to better understand a particular concept. It has been further noted that the process of reflection encourages students to develop themselves as a learner when they evaluate a specific thinking process that would be best suited in determining solutions for a particular task (In Time, 2001). There are various models or frameworks for reflection, out of which the reflection model of Edgar Schon is a well known as well as commendable. Edgar Schon was an influential writer on the concept of reflection. He mainly described reflection in two ways. They are reflection in action and reflection on action. It has been explained by Schon that reflection on action is behaviour of looking back once a particular event or situation is completed, while reflection in action is the occurrence of activity during a particular event. Furthermore, it has been defined that reflection in action is related to thinking about what one is doing while someone is performing a particular task. Conversely, reflection on action is the display of consideration of practices undertaken in order to reveal the knowledge used in realistic situations, by analysing and understanding the information recalled (Serene Communication, 2012). Gibbs model of reflection is also another important framework that was developed with regard to reflective learning. It has been recognised that Gibbs’ model of reflection is quite simple and easily understandable with clear description of a particular analysis of feelings and evaluation of experiences among others. The framework also presents a conclusion where options are provided to examine what would be the solution if a particular situation arises repeatedly. The diagrammatic view of Gibbs’ model is provided below: (Heart of England NHS Foundation Trust, 2010). Fig: Framework for Gibbs Reflective Model (Source: Heart of England NHS Foundation Trust, 2010) Another well known model of reflection would be Johns’ model. It has been observed that this model can be utilised as a guide for the study of critical incidents or general reflection. Notably, this model is useful in case of more complex decision making scenarios and analyses. In the model, Johns depicts that the need for a learner to learn under a supervisor throughout the learning process is quite vital. It has been argued by many of the critics that the model of Johns is one of the better models of reflection as it refers to the development of knowledge through the process of reflection. However, owing to the fact that the model is not effective or does not respond to future needs or situation, it is being highly criticised (Jasper, 2003). 5. Reflective Analysis 5.1 Critical Incident and Use of Critical Incident Methodology It has been learnt that the term ‘critical incident’ signifies the communication situation where it is noticed that the participants have to deal with problematic but imperative circumstances. These are the occasions that remain engulfed for a long time in human brain. It has been further observed that critical incidents at times bring with them situations with unexpected behaviours. There are certain critical analysis techniques which are quite helpful in dealing with the critical incident situations. It is a well established technique that is useful for qualitative research approach which concludes step-by-step analysis as well as a collection of information related to activities and significance of people involved. These techniques are valuable in exploring contextualised data that might reflect the real life experience of human beings (Hughes, 2007). With regard to the research, we have taken an interview of the entrepreneur of A-Star Guard company. We were a team of five people who worked together for the entire research. The following responses are obtained from the interview: Administered Questions The first question that had been asked by us to the entrepreneur was about the reason for the selection of such business. Entrepreneur Response I have observed that the need for security has increased over the years. The threat to property and lives of people has increased enormously. It has been analysed by us that most of the companies irrespective of their size seek for having a better quality security. In this regard, they certainly approach security agencies to take the responsibility of their security concerns. Therefore, I have detected that the opportunity in this kind of business is quit vast and hence I took the decision of starting this business. Subsequently, in the next step, we had asked the entrepreneur about the factors that had been considered by him during the process of commencement of the business. Entrepreneur Response Commencing a new business would never be easy for anyone irrespective of the type of business. There are a lot of crucial tasks that are to be performed in opening a new venture. In case of starting a security services company, the first step that has to be followed is to pass the criminal backdrop check. After that, it is necessary to analyse the technical necessities of a security company. Furthermore, it is also quite essential for the owner to upgrade the credentials of one’s own as the owner of a security company would have high responsibility. The next task regarding the commencement of a security agency would be to gather the capital that would be required. The importance of monetary assistance in any kind of business cannot be ignored. Next task would be to obtain a set of employees who would be effective in fulfilling the goals of the organisation. This is the step that would lead to the beginning of a new security company undertaking (Research Park, 2013). Furthermore, we had asked the entrepreneur about the risks that are involved in initiating a venture like this. Entrepreneur Response Risks as well as uncertainties are important parts of the modern day business. There are risks involved in any kind of business regardless of its kind. The most crucial risk in starting a new business would be the risk posed by the prevailing market context. It has been analysed by me that a new company would never be welcomed in the market. It has also been understood that the success of any business depends on its target audience or its customers. In our case the customers or clients play a major role ass well. If there is a lack of customers for the product offering (i.e. security services) of the company then it would be quite certain that the business would not last for too long. This could also be considered as one of the major risks of starting a new venture. Apart from these, there also cases where expenses of companies rise considerably above the forecasted expenses and create complications in its operations. As for a new entrepreneur, there would be lack of practical experience about such aspects and could also be considered as one of the key risks involved in starting a business. Moreover, competitive pressure is also a prime risk in commencing a new venture. These aspects of risk would tend to be similar in almost every new business undertaking (Dlabay & et. al., 2008). The next question that we had asked the entrepreneur was about how his company is different from its competitors. Entrepreneur Response There is no such difference in the type of business I am conducting with my competitors. The product that we are offering is same as that offered by my competitors. It is the quality and services that make the difference. In a very short tenure of our operations, we have acquired the position of being called as the company that provides quality security services with affordable remuneration. We always intend to go a step further to deliver appreciative results irrespective of the type or the size of the company we are giving security to. Thus, I would consider this as a small but vital difference. The last question that had been asked by us to the entrepreneur was about the current situation of his business. Entrepreneur Response As I have said in the earlier question that we have received certain worthy recognitions in a small tenure of our operations. We have succeeded in acquiring a recognisable place for us in the market. The company is intending to grow and to spread its operations in other parts of the world. In short, we would like to maintain our success in the long-run. Overall Analysis of the Entrepreneur From the overall analysis of the responses of the entrepreneur, it has been assumed that he possesses the quality of being innovative. He wants to provide the best quality services to the customers. It can be depicted from his responses that he is very enthusiastic and seeks to grow his business. He also seems to be quite hard working and desires to get service recognition rather than monetary growth. He further intends to provide the best possible services at the cheapest possible prices. It can be said that he possesses the qualities of multiple types of entrepreneurs and could be considered as a ‘Hybrid Entrepreneur’. It has also been understood from the analysis that the entrepreneur has gained various skills in small tenure as an owner of the company. He has acquired a considerable degree of management skills, financial skills, accountability skills, self-awareness skills as well as creativity skills among others which would be beneficial for him in the future. 5.2. Application of Reflection in Action & Reflection on Action (Schon) And Kolb’s Experiential Learning Analysis From the analysis of the interview of the entrepreneur, it has been observed that starting a new business would never be an easy task. There are various aspects that are to be considered while approaching for a new venture. The interview based research has taught us about how practically a business could be started and the related aspects of it. It has been ascertained from the study that there are certain models or frameworks which would be helpful in conducting a business. In this regard, Schon’s reflection theory is quite crucial. According to Schon, there are two types of reflection components which include reflection on action and reflection in action. Both of them are necessary for an entrepreneur. It has been learnt that a few tasks of business should be completed during its operations and some others have to be done after completion of a particular event. It has been noted that situations that are resolved during the operations of an event would be termed as reflection in action and the task which are resolved after the completion of an event would be signified as reflection on action. Apart from these, it has also been noted that Kolb’s theory is also effective for a new learner or entrepreneur. According to Kolb, learning is a continuous process. It has been analysed from the model that starting a business is a concrete experience as it is a new experience all together. Furthermore, Kolb depicts that reflective observations are necessary for a new venture as learning from observing experiences of others would be vital for an entrepreneur. We have also learnt that the next step would be to conceptualise about the observed experiences and to develop experiences to adopt those. Again, the entrepreneur would need to implement all these steps in making his/her own decisions and rectifying issues related to business. Kolb’s framework for learning is provided hereunder: (McGill University, 2013; Truman State University, 2013; Beard, 2002). Fig: Kolb’s Learning Model (Source: Infinity Internet, 2013) This study helps us to perform as a team and enables us to work efficiently. We have learnt a lot by gaining immense knowledge with regard to conducting and operating our own businesses. The interview with the entrepreneur enables us to understand the real life experiences of how to approach for a new venture and to acquire a unique position in the market. Furthermore, we have also obtained knowledge about the different aspects of business through analysing and observing the responses of the entrepreneur. 6. Conclusion and Plans From the overall analysis of the essay, it can be summarised that reflective learning is one of the crucial aspects of the learning procedure. It has been recognised from the discussion that an entrepreneur of a company was interviewed to learn about his journey and experiences in the process of starting a new venture. It has been recognised that the entrepreneur runs a company named A-Star Guard that provides security services and seeks to maintain safety in the society through its operations. Furthermore, it has been learnt from the responses of the entrepreneur that there are several factors that are to be dealt with in order to undertake a new venture. There are certain procedures that would need to be followed while commencing a new business. Moreover, the present status as well as the future targets of the company was studied through the interview. Additionally, it has also been noted that the entrepreneur possesses the qualities of multiple entrepreneur and could thus be considered as hybrid. Apart from these, it has also been learnt that there are several models and theories that would be effective for an entrepreneur to understand the systematic process of learning. The theories would include Schon’s theory of reflection and Kolb’s theory of learning among others. Schon’s theory explains how a particular situation could be resolved during its occurrence and after its completion with the help of reflection in action and reflection on action respectively. On the other hand, Kolb’s model of learning enables us to understand about how to approach a particular thing or work when it is new to us and have minimum knowledge about it. Thus, from the overall analysis, it can be concluded that gaining practical experiences and working as a team are quite crucial aspects in the process of learning. Moreover, the real life experiences of an entrepreneur could also be learnt from the entire study. After the analysis of the essay, I have learnt a lot more unknown facts about entrepreneurship. I have understood the challenges and complexities that an entrepreneur needs to deal with in commencing a new venture. The information that is generated from the conducted interview would be quite beneficial for me when I seek for starting my own business. It would be effective in developing my entrepreneurial skills and would work as a learning platform in the future. My future plans regarding entrepreneurship development and commencement of my own business have been depicted in the following segment: Action How Sensible Measurable Achievable Realistic Timed 1) Learn more about entrepreneurship From a reputed institution It would improve my entrepreneurial experience It can be measured by my decision making approaches Could be achieved with proper study It is cost effective Within 1 Year 2) Gather practical experiences by assisting an entrepreneur Gaining employment in a company Would certainly improve my entrepreneurial skills and abilities Through decision making in future Through employment in an organisation Cost effective Within 3 months 3) Learn more Languages Through various courses Would enrich my knowledge as an entrepreneur Could be measured and used in the future Taking up courses on various languages Reasonable cost Within 5 months 4) Planning of a new business With the help of research about various businesses Would generate ideas regarding the commencement of business Through performance of business in future With the help of research about various business Reasonable cost Within 4 months 5) Starting of new business Through investing my personal funds or capital and ideas To reach a commendable position in life Through performance of the business in the longer run Through implementing ideas and considerable amount of capital Reasonable cost Within 6 months I would first of all acquire more knowledge regarding entrepreneurship. This would take certain amount of time but would be beneficial for me in the future. In the next step, I would intend to obtain certain invaluable practical experiences regarding entrepreneurship by assisting an entrepreneur. Moreover, I would also intend to learn languages of different countries, which would be fruitful for me when I do my own business. After all these pertinent activities, I would analyse different businesses and allied opportunities in the current market scenario. I would only commence my own business after effectively passing through the above mentioned steps. 7. References A-Star Guard, No Date. About. Home. [Online] Available at: http://www.a-starservices.com/About.html [Accessed April, 10, 2013]. A-Star Guard, No Date. Services. Home. [Online] Available at: http://www.a-starservices.com/services.html [Accessed April, 10, 2013]. Beard, C., 2002. The Power of Experiential Learning: A Handbook for Trainers and Educators. Kogan Page Publishers. Dlabay, L. R. & et. al., 2008. Introduction to Business: Finance. Marketing. Operations. Management. Cengage Learning. Fennelly, L. W., 2012. Handbook of Loss Prevention and Crime Prevention. Elsevier. Heart of England NHS Foundation Trust, 2010. Gibbs Reflective Cycle. Home. [Online] Available at: http://www.heftfaculty.co.uk/sites/default/files/Gibbs_Reflective_Cycle.pdf [Accessed April, 10, 2013]. Hughes, H., 2007. Critical Incident Technique. Queensland University of Technology, pp. 1-13. In Time, 2001. Reflection. Home. [Online] Available at: http://www.intime.uni.edu/model/learning/refl.html [Accessed April, 10, 2013]. Infinity Internet, 2013. Kolb’s Learning Cycle. Home. [Online] Available at: http://www.nwlink.com/~donclark/hrd/styles/learning_styles.jpg [Accessed April, 10, 2013]. Jasper, M., 2003. Beginning Reflective Practice. Nelson Thornes. McGill University, 2012. Kolb's Theory of Learning Styles. Files. [Online] Available at: http://www.mcgill.ca/files/scsd/Kolb_Theory_of_Learning_Styles.pdf [Accessed April, 10, 2013]. Research Park, 2013. Setting Up the Business. Home. [Online] Available at: http://www.researchpark.illinois.edu/sites/default/files/media/Starting%20a%20Business%20in%20Illinois.pdf [Accessed April, 10, 2013]. Serene Communication, 2012. Action-Reflection-Planning: A Vital Leadership Skill. Uploads. [Online] Available at: http://c7962821.myzen.co.uk/wp-content/uploads/2012/10/Serene-White-Paper-Action-Reflection-Planning.pdf [Accessed April, 10, 2013]. Truman State University, 2013. Kolb’s Learning Cycle. Files. [Online] Available at: http://excellence.truman.edu/tutoring/userfiles//Kolbs_Learning_Cycle-TSSC.pdf [Accessed April, 10, 2013]. 8. Questionnaire 1. What were the reasons that motivated you to commence this particular type of business venture? 2. The factors that have been considered by you during the process of commencement of the business? 3. What are the risks that are involved in initiating such kind of business ventures? 4. How or in what terms your company is different or unique from your competitors? 5. What is the current scenario of your business? Read More