Experimenting with New Ideas and Business Opportunities - Report Example

Week 2: Part 1 Passion I have a passion towards sports and exploring the new business opportunities towards the development of myself and the society. I love to experiment with new ideas and business opportunities as it provides me an opportunity to show my skills and at the same time ensure that provides me an opportunity to move ahead of others. This is something which in inculcated in me since my childhood and have helped me take new and innovative ways to ensure development of myself. My love and desire towards being something different from the world has helped me excel and brought about widespread changes in the way I conduct my business. This has shaped my working arena and brought about widespread ramifications in the working style. The most excitement thing about life for me is that it is uncertain. Every day I encounter something new and have to develop the required skills and strategies to be able to face the changes. Since, it involves a process which brings uncertain things and to encounter those I need to ensure that all my skills are applied has helped me to ensure better results. I love to face challenges and life helps me to encounter new challenges everyday which has resulted in making life more exciting and gradually developed the process for better results. My secret ambition is to start off a business which is different and new so that I have a firsthand advantage. I am looking towards a business opportunity where I am able to hone my skills by using all that is required for the business to flourish. I want the new business to be developed in such a way that it helps to bring out innovative ideas in me and helps to use my skills towards the development of my business Talents I am good at developing new ideas and have the ability to influence people. I have always looked towards being innovative and coming up with new ideas is an aspect that I like in myself. I also look towards ensuring that a conducive working environment is created so that all the members in the team can be committed towards it. I look towards motivating people and looking that they are able to give in their best by ensuring that the problems faced by them are solved in the first instance. The quality of being able to mix with people and ensuring that they are motivated towards their work has been a quality in me which has received accolades. I have also been complimented by my peers and associates to be punctual and in getting the work done in the most effective way. This has been mainly due to the fact that I look towards building a strategy and ensure that the task is accomplished in the most efficient way and before time. There have been situations when I have been able to use my qualities and excel in the work on hand. I have been a part of different committees and also ensured that while working in a group on various projects the efforts are coordinated. I have worked on a project where I had to look after the construction work going in the society and had to handle the man force. I was able to ensure that I was fully committed to it and ensured that the work was completed before the deadline and in the most effective way. This example highlights some of the strengths that I have. Some of my strengths are that I am innovative and look towards using new and different ideas so that the work is accomplished in a better way. I am also a good team player and look towards ensuring proper coordination and environment within the team. Along with it I look towards being punctual and completing the work assigned before time so that if changes is required or any unavoidable circumstances occur even then I am able to deliver the best results. Values I look towards being ethical and adopting ways which will ensure that I am able to take the correct decision. I believe that people have to set high values and look towards accomplishing those as ensuring those will automatically ensure the goals. I always look towards being ethical and pay the respect and tribute to others so that I get the same in return. I always look to ensure that people are treated with respect and look forward to being ethical in all my doings. I like to stand for people who are hard working at the same time ethical. I support people who look to take the correct step instead of taking the wrong step to accomplish the work in hand. This helps me to keep my values intact and also ensures that people who are ethical and use the correct ways get the respect from me. I look forward towards people who act fairly and don’t adopt unethical ways in any task they look forward to. I won’t stand for people who look to cheat and adopt wrong ways to complete the task and earn the fame. I am against people who for their well being look to cheat people by adopting wrong ways. This creates a bad impression and in the long run the brand image of the person gets affected and results in the person loosing the respect of others. This is an aspect of life which I totally dislike and look towards meeting people who are ethical. I would risk my life for being on the correct side of the coin. I am willing to go an extra mile to help people who are correct and ethical as they are people who always look towards setting high standard. I am even willing to lose some business but would look towards adopting the right path and helping people who have done the correct things. Destiny I believe that I born to be an innovator and develop new ideas so that I become successful in life. I also believe that I have the required skills in me which will help me to ensure that I am able to accomplish the task for which I was born. I have also witnessed some instances in life where I was able to work towards accomplishing the different task by being an innovator. I have seen that I am able to use different ideas and look towards building on it which has resulted to conduct the task for which I was born in a most efficient way. My unique mission in life to establish high standards in the work life. To ensure the high standards I look towards ensuring that I am innovative at the same time ethical in my doings. This will help me to bring about the change I want to see in the world and will ensure that I am able to work towards the wellbeing of all people and ensure that the skills in me fetches better results. There are various opportunities that I feel life will provide. Joining the course and learning the skills of management is an area that will help me to improve my skills. This will ensure that I am able to work in a better way and will help to bring about the changes that I want to see. This course will help me to learn the skills and mixing those with the talent that I have I feel that I will be able to work towards my mission in life. I feel that I can make a difference by showing the world that you can be ethical at the same time innovative. I belief that this is possible because I feel that I have the talent in me as I can motivate people. I feel that if I am able to understand the minute aspect of life and look towards implementing those towards the betterment of the society by adopting high ethical standards I will be able to deliver on the promise that I have set for myself and ensure that I am able to contribute towards the society. Part 2 Retrospective Diary The last one year since October 10, 2010 there has been many instances in my life which have been very memorable and has taught me a lot. One of the greatest moments for me in the last one year was that I was able to join the course on entrepreneurship as I have a dream to start my own venture by developing an idea which is new. I have been longing to be a part of this course and be being a part of this course has helped me overcome my dream. I had dreamt that I would learn the different art an entrepreneur depicts while doing business this is one of the most memorable moments for me as it will help me to move ahead and fulfill my dreams. I remember that people use to doubt me and use to say that I will never be able to become an entrepreneur and joining this course has helped to get to the first step towards achieving it. I know that my dream is still far away but at least the work has begun. The day when I was accepted for the course my joy multiplied and I was excited. This was one of the most memorable moments for me. This achievement also taught me one thing that if you strive for something and use all your effort towards achieving it then there is high probability of achieving it. This also taught me that people need to accept criticism in a positive way and working on the weak areas help to ensure better results. 5 years from now I feel that after 5 years I will be able to move towards my dream. Joining this course has already provided me the impetus that I need. I feel that the learning from the course will help me to develop my skills and will enable me to move towards my dream. I feel that I have taken the first step towards my goal and after completion of the course I will be a new and developed individual who will be ready to take on new opportunities. I also need to ensure that I have the same ignite and fire in me that have helped me to be innovative and I feel that I will be able to achieve my dreams. I am of the vision that after 5 years I would have initiated my own business by identifying some opportunity and looking towards building on it. The different opportunities that I will help during this period will ensure that I am able to take advantage of all the surrounding factors around me and I am able to ensure that I move towards my dream. I feel that after 5 years I will have earned the required reputation and skills to be able to move towards my dream. I feel that after 5 years I would have also nurtured my skills and gained the required expertise mo move one step ahead towards my goal. I realize that the goal is still far away by I will ensure that I keep on working towards the accomplishment of it. Your perfect day The perfect day is a difficult thing to describe as making something perfect is difficult as human wants are unlimited. At this moment a perfect day for me when I am able to ensure that I have earned a good fame and reputation for myself and am known in the society for my good deeds. The day to be perfect ahs to ensure that I have done all the things correctly and have taken decision which is not against anyone. I know it is difficult to have such a day as there will be some sections of the society that will feel that I haven’t acted unfairly. So describing a perfect day is difficult and I feel that when I am able to make most people happy including me will be a happy moment for me. I feel that a perfect day for me will be something which I achieve in the latter stages of life especially when all my needs have been met. This will provide me an opportunity when I can look towards the society and for this to happen I have to achieve a lot of things. I still believe that it is possible some day later in my life when I feel that it is a perfect day. I would like each day to be perfect and if I consider the way I have grown and moved in life I find each day very near to be a perfect one because it has helped me to develop and improve to be a better person. 5 things on the bucket list The five things which I want to do before I die are as follows Firstly I want to start my own business and excel into it. For this I want to ensure that I am innovative and look towards exploring the different opportunities which come my way. This will help to fulfill my first wish and will make me a satisfied person Secondly, I want to roam the entire world and see all the beautiful places around the world. The places which I want to see include mountains, sea and land as I love to travel. Thirdly, I want to experience a bungy jump from the maximum possible height as it will help me to overcome one of my weakness and will help to reduce my fear of height Fourthly, I want to travel to the moon and want to see the earth from there. This will help me to see the beautiful earth from the highest possible point and will help to enhance my experience as it will be something worth watching a million times. Lastly, I want to remain young and active till I die. This will ensure that I am able to do all the work by me and the exuberance of being young will help to be independent and handle all my responsibilities well. Week 3 Personal Reflection The self evaluation quiz helped to identify the different talent that I possessed and the manner in which I will be able to ensure that I am able to fulfill my role as an entrepreneur. I was surprised to see that being innovative resulted in fetching the best result as it helped me to differentiate myself from others. I feel proud of the fact that my strength of being innovative helped me to ensure that I was able to take the responsibility of being an entrepreneur in the future. This helps to identify my strengths which are being innovative and being able to motivate the people. This has helped to ensure that I was able to work with the group and develop a mechanism which ensures that I bring best results for the group. The strength show that I can start my own venture as I love to take risk and doing so will enable to ensure that my strength is used in the best way. The weakness which I noted was that I want to ensure that the work is accomplished on time and in case the work is not done on time then I get angry. I would like to work on this weakness and can ensure that I develop myself by controlling my weakness and listening to people as there can be some circumstances which might have resulted in the members not accomplishing the task on time. This brings to the fact that I have the risk taking ability and innovativeness which will ensure that I am able to take the role of an entrepreneur. This will help me to fulfill my dreams and I want to ensure that when I become an entrepreneur I look towards using ethical ways at the same ensuring that the business prospers Creating Business Ideas The two business idea which I am able to think at the moment and will be creative is as follows Firstly, I would like to develop a business model which looks to use the waste being dumped and generate something useful from it. The waste which I am looking forward to are car that emits pollution, plastic materials, electronic equipments and similar other substance. I plan to develop a business model where the different plastic materials are molded and given some shape for further use. For example, I plan to mould the plastics and create grains from it. These grains can then further be processed to develop materials that are made from plastics like bucket and others. Also I am looking towards exploring the opportunity of using this waste with some petroleum products to improve the strength and usage of the waste materials. Secondly, I would look towards starting a joint venture with people who have the required knowledge and specialization in their domain and am looking towards developing a car which has the ability to fly so that in traffic jams the wheel can be diverted towards area which is empty. For this I require specialist people to provide me the necessary guidance as I have the required business idea. I am also looking towards ensuring that the business model be tested in different conditions so that it doesn’t create panic. This will help the society and will be a new discovery as it will help people to communicate without the fear of being stuck in traffic jump. This will provide the required push the society needs and will help to ensure that human lives improve. Week 4 Personal Reflection The resources which I already possess are my ability to be innovative and being able to mould the team members towards achieving the goals. I have some skills like the ability to motivate people and getting the best out of them. Along with it I am also able to ensure that I will be able to use the different contacts which I have and will help me in difficult situations. Also learning the course on entrepreneurship will further provide me with the skills and assets that will help me to improve my performance. The resources which I will gain access are the human capital which I will be able to find out. During the period of my development and understanding the various factors I will be able to find out the different factors which I can use towards ensuring that my business yields maximum benefits. Also I will be able to devlop more contacts and skills which will match with the requirements of the business and will ensure that I am able to deliver better results. Generate Business Ideas Some of the social problems which I am aware of and will act as a hurdle in my role of entrepreneur are as follows The problem encountered due to employee unions which will always look towards rasing doubts about the employer and look towards making the employer pay more that employee deserves The problem of the society where certain section will raise the voice and put forward the notion that the business is looking towards adopting wrong means to arn profit and is harming the society The other problem relates to the increased corruption level which will make it difficult to ensure that the work is accomplished with little people being given to people The problem due to wage differentials and over exploitation of employees which will create a bad image and will make organization consider employees as machines instead of people The changes in the society perspective towards business as they look towards exploiting the society instead of looking towards the well being of the society Week 5 Personal Reflection The simulation game on entrepreneurship was very innovative and it taught me important lessons. Since, the game highlighted the different issues which I might face while doing business it helped me to understand the actual business scenario better. The game provided me with an opportunity to understand the different problems that a business could face and the manner in which decisions needs to be taken The simulation game provided me a scenario which highlighted the various difficulty faced while conducting business. This has prepared me better and if a similar situation is encountered than I will be better prepared to handle it. It also helped me to understand the various areas which an entrepreneur needs to work on and also helped me understand the manner in which difficult situations could arise in the business. The simulation game provided me an opportunity to use my ideas as it was on a hypothecal situation and the gain or loss from the business was not going to affect my profits. This would not be the case in the actual world which makes it necessary that I use the idea about much planning so that it doesn’t affect the business. The overall learning was great and it will help me to ensure that in the fulture when I become an entrepreneur I am able to handle the problems in a more deligent and effective way towards the well being of the business. Generate Business Idea The learning from the simulation idea which will help me to generate abusiness idea is that I need to plan my finance wisely. This is an important aspect of every business and the life line of business. This makes it important that while planning for a business I look towards developing a mechanism which will ensure that I am able to finance by business efficienctly and there is no liquidity crunch. The simulation game helped me to understand that I need to look towards using different ways of financing like equity and debt. I need to ensure that the leverage while looking towards finamcing doesn’t affect the dusiness. I learnt that I need to choose them method of debt financing wisely so that the business dosen’t get affected in the long run. The simulation game helped to understand the different mechansim which needs to be looked into so that the financing is sound. The game provided me an example to use different sources of financing and has helped me to look towards using similar ways of finance my business. This will help to ensure that I am able to provide the required leverage and ensure that the business doesn’t get involved in a liquidity debt. Week 6 Personal Reflection There have been situations whee I have failed but that have also taught me to learn new things. One instance which shows my failure is when in the simulation game I looked towards increasing the marketing budget so that I was able to penetrate the market and increase the market share. The increased cost of marketing resulted in decrease in profit but I thought that the situation would be matched by increase in sales and would result in the same profit but atleast growth in sales. The strategy backfired as the competitors instead reduced the prices drastically which resulted in a decrease in market share and also a decrease in profit. This was a situation which highlighted that I failed as my mechanism was based on my own perspective and I didn’t look towards looking what the competitors could have done. This strategy backfired and resulted in my failure as that stage moved be behid others in the market. The learning from this failure was great as it taught me the importance of using a strategy after looking towards what other competitors could aim at. This helped me to learn the importance of looking towards understanding the market competiton and developing a mechansim which will ensure that I am able to understand the market conditions better so that the strategies reap the benefits for which they have been used. Generate Business Ideas A product which already exists in the market is car. The characteristics of a car are It helps people to travel Provide comfort and at the same time protects the travellers from weather Ensures that a family is able to travel together An alternative means of communication Opposite of the characteristics are Increased cost Increased pollution level Increase in traffic congestation Differentating the wealthy from the poor This helps to create a new product like a dual cycle which allows carrying four people like a car but is cheap so that people from all sections of the society can purchase it. This will also ensure that the pollution level comes down and will help to reduce traffic. On the other hand it will possess the characteristics of a car as it will be covered protecting against weather and ensuring an environment where the whole family can move together. Week 7 Personal Reflection I believe that to be successful it is imperative that I give in my best and use the different resources in the best possible manner. This will ensure that I have done all that could have been done and with sheer hard work and dedication it is assured that I will be able to achieve wonders. I believe that I succeeded in each situation because of my fighting ability and not feeling dejected when something doesn’t goes my way. I have the skills to ensure that I keep motivated myself and look towards giving my best. This has helped me immensely and has ensured that I am able to do justice to my skills and have been able to ensure that I give in my best. I still feel after the work is done or I have failed in certain situations that I could have done better by bringing some changes in my working pattern. The changes would have helped me to encounter the required changes and would have endured that the situations provided with fabulous results. I believe that I can replace this by ensuring that the next time when I encounter such a similar situation I look towards more options and the learning from this part helps me to shape my performance towards my well being. Generate Business Idea Businesses today require huge investment but people who are able to find a way where investment is minimized so that the risk of losing money reduces are able to witness a high return on investment. A business which I can look from $5 capital without any further investment is to help tourist by providing them description about the place. The investment required in this case is minimum and the $5 which I have can be used for purchasing the required books and materials which will provide me the required information regarding the heritage places. The business of being a tourist guide requires little investment and I can look towards having an office the rent of which will be paid at the end of the month. During this period I will be able to earn money to look after all the small and day to day expenses and will ensure that the business will work on good. To ensure reduced capital investment I will myself act as a guide in the beginning. This will help me to understand the people better and will also not put pressure on me regarding the salary to be paid to the employees. Slowly, with the passage of time as the business grows I will be able to ensure that I am able to get the required return which enables me to move one step further and establish myself as a bigger hub which has different facilities. Week 8 Personal Reflection The learning from this course was great and it provided me insights into various areas which will help me in the future. The course helped me to understand the different type of risk which an entrepreneur faces and has to be ready for it. This course helped me to understand the importance of building a team so that I am able to come up with motivational tools to extract the best from the workforce. The course highlighted the importance of thinking ahead of competitors and looking towards the different viewpoints and options that will help to improve the business. The course also highlighted the importance of being active and looking towards exploring opportunities so that I am able to take advantage of the situation and move ahead. The course provided very useful insights into different directions which will ensure that I am able to make difference and at the same time ensuring that I remain ethical in all my doings. The course has helped me understand various aspect of entrepreneurship and helped me to understand the importance of being innovative and ready for the changes that will be witnessed every day. Generate Business Idea The business which I would like to work on is developing a house which provides different business solutions to people. In this house I would look towards providing different facilities like it will provide information regarding tourist places, availability, and information on employees, different rules, travel destination, business solutions and all other information that will help to improve the lives of customer. This is basically a house which will look to provide the customers with all relevant information under one roof and will not have to go elsewhere. This will help to create ease for customer and will also help them as the business will look towards providing correct information and will look towards helping the customer with regular feedbacks and methods which will help to improve it. I am very excited about it because it will be something unique as it will have different functions working together. This is available to the customer but have to visit different offices and providing them at a single spot will ensure better productivity. This will also ensure that I contribute towards the society as the business idea will help to provide employment opportunities to people and will help everyone associated with it. Read More