How Entrepreneurial Skills Integrate with the Company's Development and Success - Coursework Example

Business Perspective Name: Course: Tutor: Institution: Date: View before Joining the Course Prior to my joining the course, my perception on business development and competitiveness in the market was rather limited. One of the areas I felt I lacked enough information was on the issue of existing business resources in the market. In this case, to my understanding prior to joining the course, I understood business resources in two categories namely the financial and physical assets such as the used equipments. In this case, my perception was limited to the tangible organizational assets. However, I lacked the required knowledge and skills on the determination of any other intangible resources in an organizational and how to identify them. In addition, prior to joining the course, I had minimal understanding of the process and strategies through which to analyze organizational competitiveness. In fact, I was of the initial opinion that it was impossible to evaluate the external environment with accuracy, and thus I perceived business development as a consequence of the external forces. Thus, I was of the understanding that business development can only adopt reactive and risk management strategies to counter external environmental impacts. Course Goals and Aims In enrolling into the course I had many ambitions and expectation of learning and kills development by the end of the course period. However, among the key goals I had on the course were the development organizational analysis tools. In this regard, I expected to learn the various approaches and alternatives through which I could evaluate the external business environment as a future business practitioner in the future. As such, with learning of the alternatives through which to analyze the external and industry business environment, I was of the expectation that I could learn of the required managerial and operational skills that I can apply in the future as a manager to evaluate and accurately analyze the external business environment (Rao, Rao and Sivaramakrishna, 2008, p.190) In addition, by enrolling into the course, I was of the expectation that I would learn more on organizational resources. According to the modern global environment conditions, there is a growing shift from tangible assets and resources to the use of intangible assets as an alternative to competitiveness. Therefore, it was my expectations that I would learn more of the issues on intangible organizational assets. Moreover, I expected that through the course process, I would learn and evidence through case studies and practical applications how each of the learnt intangible assets are applied and used in increasing the overall organizational market competitiveness. Finally, my objective and expected goal was learning the existing interrelationship and relationship between business development, success and entrepreneurial skills (Ries, 2011, p.112). Thus, I hoped to learn how entrepreneurial skills integrated and interacted with the overall organizational development and success operations in the market. In this context, I expected to learn how I could integrate and harness my skills and entrepreneurial abilities with the process of business development in the market. In this case, my main expectation was how I could use my entrepreneurial abilities to effect my success as a potential business leader in the future. Thus, as illustrated above, among the other objectives and course expectations, the three formed the main pillars for my engagement and inclusion in the business perspective course. Lessons Learnt and Key Interest Areas Over the course period, I learnt a wide range of issues and factors that enhanced and changed my overall business perception. The course was diverse and had in-depth learning on a wide range of issues surrounding the business development, management and overall managerial perspective issues. However, based on my expectations on the course, I had special interest in the external macro environmental factors analysis, integration of entrepreneurial skills in business management, as well as identification and development of intangible organisational resources (Cadle, Paul and Turner, 2010, p.7). My interest on these various issues was informed by my existing understanding of my social entrepreneurial abilities. As such, in the learning process, I sought to learn and understand key among the issues that could facilitate and enhance the development and actualisation of my future business management career growth as a professional social entrepreneur and successful business manager. Therefore, my key interests were on the practices through which to incorporate the external business stakeholders’ needs in the business management process, as well as the strategic approach through which to set a business enterprise apart from its competition, by developing its overall intangible assets as a sustainable competitive edge (Grgic and Simundza, 2012, p.1145). Among the key issues I learnt over the course period was the aspects of macro-environmental analysis, industry analysis, and resources analysis and business entrepreneurship skills integration. On one hand, I learnt in details the issues surrounding business external environment analysis, with a special focus offered to both the macro environment and the industry analysis aspects. As such, I learnt that a macro environmental analysis involves the use of the PESTLE analysis tool which evaluates factors such as the political, economic, social, technology, legal and environmental analysis tools. In this context, I learnt that a key important tool in evaluating the external market environment future development is through the use of trends analysis, which evaluates the emerging issues, their development process, and how they are expected to advance and project into the future. Hence, through this I recognized that rather than focusing on the external environment as a wholesome aspect, it is imperative to join and subdivide the various sections of the market into respective categories (Gurel, 2014, p.37). In this regard, I established that through strategies evaluation of different trends in the distinct stages, it was possible to not only evaluate but also plan and proactively develop relevant business strategies. In addition, I learnt that in order to evaluate an external industry business analysis, the critical tool is the evaluation of the market situation as well as the future expectations. In this regard, I learnt on the use and application of the porters’ five forces model that involves an evaluation of the buyers and suppliers bargaining power, which is an illustration of the existing and expected trends in the market demand and supply factor elements. Moreover, it involves the evaluation of the existing armlet competition through a review of the industry rivalry, new market entrants threat in the future, as well as the threat of substitution in the market. Through such an analysis, the process allows organisations to evaluate their strategic performance, as well as the process through which to retain and attain a strategic market objective in the long run period. Through learning on the application of both PESTLE and Porters five forces analysis, I developed improved skills on strategic management. This involves the process of strategic management planning through which I will be able to include and apply all the relevant external analysis tools in planning and developing future business policies, strategies, and decisions respectively (Christiansen, Yildiz and Yildiz, 2014, p.291). In addition, I learnt on the existence of both tangible and intangible assess in organisational resources analysis. In this context, I established that besides the tangible organisational assets such as finances and physical assets, there is a new intangible assets category under human resource workforce and others such as corporate culture. In this case, I learnt that while as the tangible assets are unsustainable competitive edges in the long run period, the intangible assets are sustainable in the long run period. In this regard, the elements such as intellectual property and intelligence gained through organisational workforce quality and development, as well as the corporate culture values and practices are hard for the competition to emulate in the market. Thus, I discovered that increased competitive market positioning, organisations should strive to apply and develop their intangible asset bases rather than the tangible market elements. In this regard I learnt that as a future business manager, I should not only establish intangible organisational elements, but also seek to develop them as means of enhancing market competitiveness in the long run period. Finally, I learnt that it is imperative to apply entrepreneurial skills in management and business leadership. In this regard, I learnt that through the application and use of entrepreneurial ability in business management. In this case, the course analysis demonstrated to me that transformational leadership involves elements of entrepreneurship. As such, the analysis and the course demonstrated to me that successful business managers are those that harnessed their entrepreneurial skills and abilities with the overall organisational needs and goals to increase their overall market success and competitiveness (Effelsberg, Solga and Gurt, 2014, p.86). Thus, through enrolling into the business perspective course over the semester I learnt a wide range of key business issues such as external market environment analysis, integrating entrepreneurial skills with business needs, and the role of intangible assets in creating long term business market competitiveness. Future Career Development Proposal Based on the key lessons and issue I have learnt over the course period, I intent to apply the gathered skills and knowledge in developing future career advancement and success in the long run period. Individually, I aspire to become a business manager, hopefully with an international business enterprise running international business corporations. In this case, one of the areas that I intend to improve is in entrepreneurial skills development. Personally, I have social entrepreneurial skills and I am motivated to developing businesses with a social orientation. As such, I intend to improve on ways and strategies through which to enhance improved ability to develop social business enterprises by developing my communication skills (Adair, 2009, p.7). Thus will promote my ability to connect and relate with the society as well as employees in developing future business strategies and decision that support their overall well being. Through improved communication skills, especially ability to listen and respond to the respective society needs, I will facilitate the connection between my social entrepreneurial skills with business needs to design successful business strategies and systems. In addition, based on my understanding of the role of external macro environmental factors as well as the industry factors, I have learnt that in business, I need to improve on my critical analyses skills. In this regard, good critical analyses skills will empower and enable me develop the required asset base and develop informed business and strategic decisions. In this regard, I will improve my critical analysis skills through increased engagement in group activities. I will join various teams and learning groups in the institution where we will embark on practices of developing situational analysis of various issues and consequently critically evaluating such situations. I believe that with good critical analysis skills, I will be in a good strategic position to formulate proper business strategies and decisions in the market (Gunn and Durkin, 2010, p.63). Virtually all the business activities involve and require a critical analysis element. This is because, in all the business activities and strategic decisions, there is the element and issue of opportunity cost. An opportunity cost is the cost of the best foregone alternative in business decisions and strategies. In this case, a good decision making process is one that ensures that the selected action gains and benefits exceed the opportunity cost of the foregone alternative. Thus, this requires good critical evaluation skills where the impacts of organisations are evaluated not only based on the positive impacts but also the potential impacts of such strategies and actions, as well as any indirect implication in the organizations. Hence, with this diverse understanding on the role of critical thinking in evaluating external environment variables, I will seek to improve my skills into the future. Finally, I will seek to improve my managerial skills through increased transformational leadership in the market. I have leant that transformational leadership is vital for enhancing strategic management success through harnessing both the tangible and intangible assets. Therefore, in order to increased and develop the required organizational strategic intangible assets (Falkenreck, 2010, p.34). In this case, I will improve on my social relationships and interactions with peers. This will enable me develop good social skills to facilitate my future engagement with employees, as well as other organizational stakeholders in developing leadership skills as well as improving and developing relevant organizational corporate cultures. References Adair, J. E. 2009, Effective communication: The most important management skill of all, Pan Books, London. Cadle, J., Paul, D., & Turner, P. 2010, Business analysis techniques: 72 essential tools for success, British Computer Society, London. Christiansen, B., Yildiz, S., & Yildiz, E. 2014, Handbook of research on effective marketing in contemporary globalism, Business Science Reference, Hershey, PA Effelsberg, D., Solga, M. & Gurt, J. 2014, "Transformational Leadership and Follower's Unethical Behavior for the Benefit of the Company: A Two-Study Investigation", Journal of Business Ethics, vol. 120, no. 1, pp. 81-93. Falkenreck, C. 2010, Reputation transfer to enter new B-to-B markets: Measuring and modelling approaches, Physica-Verl.Berlin. Grgic, D., & Simundza, M., M.Sc 2012, "Intangible Assets: Management Framework", University of Zagreb, Faculty of Economics and Business, Zagreb, Jun, pp. 1143. Gunn, R., & Durkin, C. 2010, Social entrepreneurship: A skills approach, Policy Press, Bristol, UK Gurel, P.A., 2014, "A Strategic Approach to Reputation Management and its Reflections on Sustainable Competitiveness", International Journal of Research in Business and Social Science, vol. 3, no. 2, pp. 31-55. Rao, C. A., Rao, B. P., & Sivaramakrishna, K. 2008, Strategic management and business policy: Texts and cases, Excel, New Delhi, India Ries, E. 2011, The lean startup: How today's entrepreneurs use continuous innovation to create radically successful businesses, Crown Business, New York. Read More