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Reflective Learning Report: Developing New Venture for an Entrepreneur - Essay Example

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Name: University Course: Instructor: Date: Executive Summary The paper seeks to reflect upon the fundamental issues which became an important milestone in this module. Indeed, the module has inundated me with much information on the subject of entrepreneurship…
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Reflective Learning Report: Developing New Venture for an Entrepreneur
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Download file to see previous pages As such, it is fundamental to realize the imperative nature of entrepreneurship and how the scientific process can be used to enhance its efficiency. The module has therefore illuminated me with sufficient knowledge that can make me a better entrepreneur. It is further seen that entrepreneurship is certainly inundated with several challenges and the entrepreneur must always be prepared for such situations. In a way, the module is an important step to anyone who aspires to be a better entrepreneur. Reflective Learning Report Introduction Indeed, the module has been very illuminative and has sufficiently inundated me with much knowledge on the imperatives of entrepreneurship and how to succeed as an entrepreneur. Time and again, it is assumed that entrepreneurship is a field which anybody can venture without much knowledge on the workings of business. However, it should be realized that a difference certainly exists between entrepreneurship and success in entrepreneurship. Not all new ventures will always succeed. In most cases, people fail to succeed because of certain little mistakes and inconsistencies conducted in the course of the practice. In this regard, challenges emerge and the venture might be doomed. In this regard, the module has greatly furnished me with a lot of important knowledge on how to improve myself as an entrepreneur and to apply the skills learnt in real practice. While challenges are always part and parcel of any venture, a well-equipped entrepreneur will always be prepared and in a better position to address the challenges. Effectuation entrepreneurship Effectuation entrepreneurship is one of the areas which have illuminated me with very critical information on how a business manager should address different situations facing the business. It is imperative to note that business operations will always experience varying situations which require the entrepreneurs to make timely and relevant decisions. For instance, when a new competitor has ventured into the market and the prospects of the business are threatened, the entrepreneur should make very critical decisions that can ensure the survival of the business despite the looming challenges (Sarasvathy, 2008). Effectuation is essentially a set of principles used in decision making by expert entrepreneurs which dictate that proper decisions have to be employed in situations of uncertainty. It is basically contrasted to causality which involves making decision based on prediction. It is imperative for the entrepreneur to build much known capabilities for possible ends and ensure success for the venture. As an entrepreneur, I would greatly apply the principles of effectuation in making decisions within my business. It should be realized that the success of any business largely depends upon the quality of the decisions. In this regard, the entrepreneur should be in the position to make very proper decisions which will ensure success. Effectual thinking is basically concerned with imagining possible new ends and seeking ways and means of reaching such ends (Bassi, 2011). It is basically a scientific process which is used to achieve goals in the organization. The focus in this regard is the fact that entrepreneurs must always have a sense of purpose in the organization. Entrepreneurship should not simply be a matter of managing the business and hoping for the best. Rather, it is a question of setting high goals and seeking the best strategies of realizing the goals ...Download file to see next pagesRead More
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