Entrepreneurship - Organisational Entrepreneurial Encouragement Efforts - Essay Example

Entrepreneurship Journal Entries [Lecturer] Journal Entry One Analysis of the Five Dimensions The five dimensions provided valuable insight into my own development within my current employment situation as well as within the organization within which I am employed. These dimensions allowed me to analyse the fact as to whether or not I could consider myself as an entrepreneurial type of individual. Specifically within the dimensions, I came to realize that my drive for achievement, creativity and internal locus of control were not only sufficient within the analysis thereof, but rather formed the basis of much of my motivation on a daily basis. I strive to achieve within the workplace from a customer service perspective, as well as approaching the problem solving (and conflict handling) with customers on a creative basis when dealing with potentially "damaging" situations with respect to the image of the company. The basis of approaching situations on a more proactive and suitable problem approaches to these situations leads me to believe that I have a higher internal locus of control, based upon the fact of such proactive approach within the organizational setting, as well as my personal belief in handling events, and thereby my own development within the direction I wish it to move in or progress. 2. Areas of Development / Improvement Ones personal development and skills can never really be viewed as perfect and the ongoing commitment to personal, and professional, growth development allows for one to make the necessary efforts and initiatives within this process. Although at times the achievement drive requires attention, due to negative influences within both personal and professional capacities, the main hindrance here is often the influence of personal factors that spill over into the workplace, which is seen as perhaps one of the main areas of focus required for improvement. 3. Organisational Entrepreneurial Encouragement Efforts My current employer does not really encourage the talent aspect within employees, however more so on a management level, whereby authority is granted to management to make specific business and customer service related decisions within the normal course of a working day. This allows for management to make suitable decisions, as well as the related autonomy that accompanies this authority within their capacity as a manager, the organization furthermore encourages this decision-making process with adequate recognition in the case of correct and suitable decisions, however within the case of a decision that they do not agree with the company is very accommodating and encouraging in terms of developing the necessary skills to make the right decisions in line with the companys strategic direction and overall operations. 4. Influence upon entrepreneurial orientation There is no doubt that the encouragement factors mentioned above have contributed to skills within an entrepreneurial orientation, and have allowed for a more confident approach towards making decisions on behalf of the company, within my specific area of operation within the company. This increased level of confidence has allowed for self development and realisation of the fact that success and factors under my control can aid me in not only my personal development but also within the achievement of my goals and objectives on a professional basis. Additionally the realization of the fact that many of these issues dealt with on an entrepreneurial basis have the potential to be controlled rather than myself being controlled by these issues under discussion. This pertains developing a more entrepreneurial orientation as compared to a more employee related mindset that has come about by virtue of my employment position within the current organizational setting. Journal Entry Two 1. Creative Thinking and Problem Solving Within the organizational setting, and with reference to the previously described leeway provided by company owners, the possibility of problem solving exists within my function at work. This problem solving process is centred around the customer service and satisfaction aspects of the environment within which I am employed. The creative thinking process is largely fuelled by the need to address problems facing customers, as well as not only seeking out a feasible solution to their problems, but one that will suit the business strategy and profitability too. The need to address any problem from both sides allows for the creative thinking process to be put into motion considering an equitable and suitable solution when dealing with actual and potential problems. One of the key motivations in establishing a suitable problem resolution and the creative thinking aspect therein contained is seeking to establish an ongoing relationship with the customer, not only in terms of repeat business, but the added benefits of word of mouth marketing that may ensue from a customer who notices that we have gone out of our way to accommodate their needs and preferences within our establishment. 2. Barriers and Triggers to Creative Thinking One of the main barriers to creative thinking, as experienced by myself is that of self doubt, which is often brought about by either the lack of confidence or inexperience within a specific situation. This is largely due to the fast paced nature of the environment within which we operate. However as experience is gained so too does the level of confidence, and the dealing with problems, as well as conflict resolution is improved as the level of experience and confidence is gained over time, as well as via continued encouragement by management and superiors within the organization. A central trigger to creative thinking is held within the work ethic and credo of wanting to ensure that the customer is at all times satisfied and treated accordingly, which is an integral part of the hospitality industry. In order to solve problems, one has to arguably employ specific creative thinking in solving issues at hand that ensure the customer both sees and believes in the value being added with respect to their custom at the establishment. 3. Group Problem Identification and Analysis Within the hospitality industry many problems exist largely due to the dynamic nature of the environment within which we operate, coupled with the fast paced service and customer oriented situations many employees, including myself are subject to constant pressure during the rush hours. To this end the policies and procedures of the establishment dictate certain practices that are generally not entirely feasible in terms of meeting the expectations of the guests, such as the expectation of engaging in conversation with the guest as much as possible. Within the busy periods in order to address the needs of all customers one has to ensure that all guests are served accordingly, and one cannot favour one guest over another. Within the current environment we have many regular guests and to this end we are in a position to explain to the guests that during the rush hours, we are not being rude, but rather attending to a variety of guests, their needs and orders and therefore in the quieter times we aim to make up for time lost or not spent with customers during the peak or rush hours within the establishment. The discussion of this particular problem with management and the owners of the establishment has not really revealed any possible solutions, based on their perceived importance of customer engagement and recognition in particular the regular customers who have supported the establishment for many years. Although the management understands towards serving all customers equally, they continue to impress the importance of the regular patrons of the establishment. Journal Entry 3 1. Innovation Description and Analysis Arguably one of the most definitive and profound innovations that has affected my life is that of technology, both within my personal and professional working capacity. This technology based on computers and systems has allowed me to stay in touch with friends and family regardless of geographic location from a personal perspective. Whilst within the professional capacity the use of computers and systems has allowed for effective management within the stock and related function in terms of controls and profitability. The implementation of such technology has furthermore allowed for the ease of use as well as the efficiency within many areas of work functions, coupled with accuracy in terms of reporting and the overall stock function. As technology continues to improve so can communication as well as efficiency and efficacy both within the private and professional lives of people continue to improve. 2. Innovation Awareness Although technology via computers was introduced during formative years at secondary level schooling, it was only within the tertiary phase of my education, as well as within the working and career related fields that I became more fully aware, and appreciative of such technology and the efficiency that came with utilising this technology within these fields. Exposure to this technology and systems within the workplace has allowed me to develop specific skills both within literacy of such technology as well as analytical skills in terms of stock management, and related work functions within the workplace. 3. Adopter Type Based upon Mazzarols (2008) descriptions of adopters, I would have to classify myself within the Innovator classification based upon the fact that once introduced to new technology and systems I will research and get to know such technology and systems until I am fully aware of the functionality that can be achieved by using such technology and the related systems within my professional working life. Although in other areas of my life I may weel be considered as a member of the Late Majority group, based upon a more drawn out consumer decision process, and input from peers, specifically withing the professional or work capacity I strive to achieve as well as meet employer expectations more quickly and hence the classification as an Innovator within this context and instance. 4. Innovation Decision Process Although provides a specific process that one undergoes with regards to the Innovation cycle model, within the context of my employment situation the process of persuasion was not really a factor, as I had accepted the necessity of having to learn the computer systems within the employment setting, and therefore immediately recognized the need thereof. This could be likened to both the decision and persuasion process being combined together with the starting off knowledge. In order to successfully develop and grow within my position of employment this had to be accepted, learned and implemented as a matter of urgency, to ensure that I remained a good choice as an employee for the organization and respective management. The process of confirmation is contained in the fact that I have become fully equipped and able to handle a variety of functions and tasks within the employment setting and based upon the prescribed computer programs and systems as used by my employers. 5. Key Actors Within Innovation Network This issue of discussion can be primarily based upon my upbringing, within which my parents and close family instilled a high work ethic within my ‘nature’ or personality. This has aided me in being able to seek out opportunities and prove to superiors the high level of commitment and dedication to fitting into an environment within which I have been employed. Additionally the involvement and encouragement of management has further allowed me to accept such innovation and the process of learning the basics around such innovations as well as the implementation thereof. This encouragement has allowed for me to ask questions where and whenever required, and the help afforded by management has led to the successful and routine implementation within the workplace. Journal Entry 4 1. Venture Funding / Backing I have not had the personal experience of raising funds in terms of an entrepreneurial venture. However based upon the knowledge and theory gained within my studies as well as the employment related experience albeit on a limited basis I would certainly wish to pursue an entrepreneurial venture, within the hospitality environment, within which I currently work. This would certainly require funding, specifically within the start up and establishment phase, as a lot of equipment and related resources are required in order to commence business within a restaurant or similar type of establishment. 2. Desired Venture Based upon my commitment and enjoyment within the hospitality sector I would wish to continue within this sector with my own restaurant and entertainment venue. In terms of the extensive startup capital and related expenses, and by virtue of the chosen environment, one may well experience a lack of options in terms of suitable financiers or venture capitalists for financial backing, unless a solid history of experience and knowledge is already present within the applicant. To this end I believe a suitable route to follow would be to seek financing within the family setting and environment, within which relevant family investors can provide specific financing on a silent partnership basis. This option may furthermore allow for an easier repayment schedule as well as a less stringent requirement, as compared with bank financing, specifically within the current market and economic environment. One of the benefits of seeking such financing from family and friends may well provide the realization of a lower repayment or interest rate as compared to the traditional lending from a bank or similar financial institution. 3. Fund raising issues Fund raising prior to commencement of an entrepreneurial venture requires specific insight with regards to projected income, sales, expenses and so forth. These “income statement” items are essential to establish whether the new business will in fact be able to pay back any loans or financing before being granted such facilities. Additionally Advani (2009) provides that the legal structure of the proposed entity, within this instance can affect the ability of the individual or organization to successfully raise funds. This very structure of the business in question will determine whether or not the company can sell off shares in raising capital (p.59), which for the entrepreneur requires a decision as to whether or not they are prepared to allow additional people into their business, who may well lack the specific talents and abilities to operate within the very demanding hospitality and entertainment sector. Advani further provides that in the instance of approaching friends and family for venture capital, one has to be certain of the ability to repay the financing, as with any lender, as well as specific trust factors that may be implemented between family members in entrusting one to these large sums of financing capital. Therefore a suitable and well laid business plan, marketing plan and income forecast will be required within the fund raising efforts regardless of whether a financial institution or family members or friends are approached for such money or fund raising efforts. 4. Implementation vs Planning Cullingworth & Caves (2003) provide that it is “reasonable to assume that plans are prepared for implementation”, however often times plans are made to impress or even disguise the true intention of the implementation process. This should not be the case though especially when dealing with a business when one wishes to create a sustainable and long lasting going concern, as well as repay any specific capital debts incurred during the planning phase. In order to ensure that the business in question is progressing along the lines of the projected figures and milestones it becomes necessary that the implementation processes are in accordance with the desired and laid out planning phase, to arguably achieve the maximum amount of success in accordance with these plans and forecasted figures. In particular a suitable, well qualified business plan will have measureables and milestones with possible alternatives and contingencies in order to address any possible shortfalls within the business’ operation. These aspects come about by specific planning, in accordance with an accepted manner and which can act as a suitable mechanism for the implementation of actions where and when necessary. 5. Location Issues Location arguably forms the basis of any business and the resulting business model that will be implemented or decided upon. A physical services and products business requires exposure to passing trade and unless they have a sound, and existing customer base that is prepared to follow them a suitable location should be sought out. Unfortunately though often times a high ‘traffic’ area is accompanied by a high rental or overhead expense, and this needs to be taken into account within both the planning and implementation phases. Journal Entry 5 1. Intellectual Property and Its Protection A company recently highlighted in the media, and more specifically within the Financial Times is that of Fluxxion, a company formed and based in the Netherlands. Scott (2010) provides the impact of the company’s Intellectual Property in the very heading of his article, which is entitled “Fluxxion: ‘Our Value is Basically our Intellectual Property’” (FT.com). This specific article provides valuable insight into the operations of a modern day business, more specifically within the ‘green’ and clean technologies that have gained increasing importance within the sustainability issue. The leadership of the company in question provide valuable insight into how they have applied for patents, which for all intensive purposes are considered as intellectual property. However the Chief Executive further states that the need for either a defensive or offensive strategy is required when dealing with patents and related intellectual property and is the difference of either retaining valuable information or processes within the function of the operations or whether the company should publicize such information, which comes about in a successful patenting application. However by patenting specific manufacturing processes and parts of the overall processes, but not all may reveal some bit not all of the requirements of such trade and manufacturing secrets. Within the ambit of personal experience, and within the hospitality and entertainment sector, intellectual property may not necessarily be as important or relevant as in the above mentioned case study due to the lack of specific manufacturing processes. However these may come about in the form of food preparation methods, and specific recipes which may be unique and special to the restaurant or establishment, as well as the specific relationship that the owners may have with regular customers. Therefore although one might consider the issue of Intellectual property not being specific to the hospitality industry, if one considers the long standing relationships with patrons and customers as well as any specific competitive advantages that one has over their competitors it becomes apparent that such intellectual can and does exist. As provided in the article in question, this may very well be the value of the business itself, especially considering the mentioned aspects of relationships and competitive advantage within specific recipes or control methods within the restaurant setting. Journal Entry 6 1. Simulation and Lessons Learned One of the key areas of personal development and in terms of lessons learned from the insight into entrepreneurship and innovation is that of the possibility of innovation being able to occur anywhere. This translates to the innovative application of existing technology within the workplace, as mentioned and when applied to items such as stock and staff management, one has the ability to cut back on costs and wastage in a variety of areas when implemented correctly. One of the greatest impacts that was experienced within the Coffee Shop environment within the simulation of the program was the variety of issues that were not considered at the outset of the simulation, this resulted in a number of problems that were experienced by myself and can be attributed entirely to the lack of foresight and experience within a number of key areas of operation. Many of these areas were subsequently covered within the learning materials allowing for the benefit of learning about issues such as advertising and employment related issues. Additionally the management of stock and time were of key importance, realizing benefits for the business in many areas of costs and stock related expenses, whilst the issue of staffing and management of both the development and overall morale of the staff was highlighted within the simulation, a very important aspect that was hardly considered prior to the simulation, as well as the course materials. 2. Perceptions One cannot even begin to imagine the significant impact the course, materials and the simulation program has had. There are times now when I will consider issues when out socializing, at specific establishments which were never really important or even noticeable to me. Additionally I have become more aware of wastage within the hospitality industry, and although some of this is unavoidable a more conscientious approach can possibly lead to a higher cost saving in the long run, this is one specific item that I may not have previously been aware of. Lastly the attitudes of personnel within establishments that I frequent has become more noticeable to me, and allows me to gauge the level of professionalism of both staff and management with the establishment as well as the level or lack of training that has been implemented within each respective establishment. Previously some of these issues were hardly noticeable to me, however by learning as I go along and implementing specific areas of focus that have been learned during the course, together with the simulations I will be able to make better decisions within an entrepreneurial capacity. References Advani, A. (2009). In Business loans from family & friends: How to ask, make it legal & make it work. Berkeley, Calif: Nolo. Cullingworth, J. B., & Caves, Roger W. (2003). In Planning in the USA: Policies, Issues, and Processes. Routledge. Mazzarol, T. (2007). Entrepreneurship & Innovation: A Managers Perspective. Tilde University: Praharan Vic. Scott, M (2010). Fluxxion: Our Value is basically our Intellectual Property. Accessed online on June 4th 2010 via http://www.ft.com/cms/s/0/641dffcc-6ddb-11df-b5c9-00144feabdc0.html Read More