Research on Learning and Understanding of Entrepreneurship

Entrepreneurship - Learning and Understanding

Learning is the process of getting to grasps something in one's mind. It can also be termed as a way of providing knowledge to human beings. This is achieved through different methods. Group discussions, personal study, interviews are part of the learning methods. Personal study also implies as a method of learning where an individual is able to collect data alone as well as compiling it. This ensures that the student is able to understand the concept easily. The teacher is also able to identify the poor students quickly.

Knowledge-based objectives

- Assess potential market opportunities

This is an exceptional skill in entrepreneurship. Assessing potential market opportunities is the identifying of the workability and acceptability of the products and services idea in a region. During my learning experience, I got to find out that this widely relied on strategic questions that provide answers to the future of the business. This questions place an entrepreneur in a position whereby he can visualize his success and failure beforehand. This prevents unnecessary ventures into businesses with low market threshold and brings about diversification as concepts are put in place to shift the market acceptability of the product or service. During my interviews, I realized that all this entrepreneurs had set up their businesses in a rich market i.e. a region with demand of their products or services.

Main points that impact upon the successful creation and management of a new venture

During the class session, I grasped the fundamental drivers that lead to a successful new venture; this was later added upon during our brainstorms in the group discussion session. I realized that the key drivers to successful ventures are; people, money, assets, profit and growth. All this determine the success of the venture in one way or the other. Money is considered the fuel required for a business, to foot bills and to be used as capital (Barbe). Profit margins should be revered for a successful venture, this makes it worthwhile, the growth of the venture and its acquisition of assets are significantly related growth is marked by the expansion of the business either to other regions or to other fields, a successful business is marked by a constant positive growth rate. Also, the people either associated or managing the venture also determine the growth of the venture broad minded, dedicated and honest people propel a business to greater heights making them an asset to the business.

- Acquiring the required resources in starting up a new venture

This topic was highly supplemented during the interview sessions with the entrepreneurs. I got to learn about the start-up resources i.e. people, physical assets e.g. offices and also financial resources. - The different methods one acquire this are many including loans, and business venture promoters. The capital is used to fetch the minimal number of each of resources and this are used until the company is able to fend for itself.- Appreciate the importance of business planning in new venture creation and growth

2. Skills based objectives

- Generate new business ideas

A business idea is a concept to be used for commercial use. I learned that for an idea to work analysis has to be done that provide an entrepreneur f different platforms and approaches to start his venture. This skill is what defines each and every entrepreneur as each entrepreneur conceptualized original ideas that made him acceptable to the market.

- Critically assess a new business idea

During the class sessions I got to learn the fundamental questions to ask when assessing a new business idea. This actually gives a rough idea of its workability.

- Investigate on the resources required to pursue an opportunity

This skill is necessary to know the cost to start a business. The resources area vital part of the business according to the interviewed entrepreneurs, unmanageable start resources would lead to extraordinary losses and a failed venture hence was an essential skill.

- Critically evaluate a new business proposal

I got to learn that a business plan defines a venture generally and significantly helps one visualize the business. By critically evaluating a business plan one is able to evaluate he risks involved in engaging in the venture and also come up with a blue print that counters this risk for a full-proof venture:

- Appreciate how to develop a business plan for a new business venture. The process of creating a business plan though cumbersome is immensely helpful as it encourages the entrepreneur to study the market and establish his business. It also evaluates the failure or success of the business.

- Understand the skills and resources needed to create an entrepreneurial organization.

From the group discussions that helped us develop some of these skills I learnt that a successful entrepreneur is defined by the following:

- Personal characteristics, Interpersonal skills. Critical and creative thinking skills and Practical skills

3. Non-subject specific skills and cognitive proficiency

Team building skills, Market research skills, net working skills Analytical skills under conditions of uncertainty ,selling skills, Risk Management skills, Presentation skills, - All this skills are quite beneficial for a successful entrepreneur. During the discussions ad interview sessions these skills were explored and instilled, team building skill being fundamentally boosted by the interaction of entrepreneurs to one cause.

By attending these classes, I have gained enough knowledge on the procedure to take when starting a business as well as risk management skills. My negative attitude towards entrepreneurship has changed. I now have a clear understanding of what is clearly entitled in it. The three classes have tremendously affected my life. There was this one interview I held. My main objective on this interview was to be able to develop new skills of handling new and innovative ideas, know when to take a risk or not. The entrepreneur seemed confident enough for someone who had ventured into business like his. This particular entrepreneur dealt with selling and buying the most innovative and creative interior designs of houses. I have vastly improved in my schoolwork due to the important information. I have managed to relate the teachings with other subjects like actuarial science .This has brought a change I my life .I have now managed to start my own business and run it comfortably. An entrepreneur is a person who would be able to see a business opportunity and exploit it. The result is to exploit such an opportunity in to an economic resource.

Entrepreneurship is the quality of an entrepreneur in applying finance and business insight and who takes on new ideas to establish new business ventures or transform existing business. The transformation of existing businesses either transforms them in to new business outfits or revolutionaries business processes. Entrepreneurship has large scope ranging to individual projects to multi-players involving enormous sum of money and job creation. Single individual projects capital can be raised from owner's savings or loan. Normally such enterprises do not have a complex capital outlay. On the other hand, vast entrepreneurial ventures require a large amount of capital. It is this reality according to my observation which set entrepreneurs above ordinary folks. The massive capital outlay is never a bothers to an entrepreneur. Source of capital like venture capital and angel capital is applied to raise the business capital in the long run.

It is the existence of entrepreneurs which have necessitated the formation of science parks, business incubators and Non Governmental Organization. These ventures according to my observation have the clientele in entrepreneurs. The term entrepreneurship has evolved to cover non- business initiatives in recent years. Entrepreneurs have natural beaut managerial skills. This is because, they are able to see an opportunity, conceptualize an idea and organize it to their advantage.

On the hand, new venture creation is the process transforming an entrepreneur idea into a business venture. This is the planning stage of the implementation process. In each venture, each process is guided by type and the environment. The type is dependent on whether it is a service manufacturing venture. The environment on the other hand would mean wide range of external factors to the business venture - examples are legal, social, or even economic factors. New venture creation process determines to a large extent the success of enterprises. This is especially true in the first early years of business. It has been noted a sizeable number of new businesses do not see their second birthday. This makes new venture creation more essential than there before. Another importance factor in this process is to seek viability and feasibility of an entrepreneur idea from a third party perspective. As noted, entrepreneurs are generally risk takers and achievement driven that they may fail to take note of impracticality of the idea. This process should involve experts who have experience in business and finance management. Experts who may come in handy at this point include marketers, land economics, lawyers and investment managers. At the end all facet of a business will be analyzed to avoid or minimize future upsets when the business is up and running. Many entrepreneurial ideas will never materialize without this critical process. New venture creation is incubator between a business idea and market demand.

Linkages between your learning in this course and other subjects studied

The group work and interview with some of the entrepreneur have helped in bringing the class work in to practice. Some of the first hand points offered by entrepreneurs were generally similar to information found in the course curriculum. The skills of starting a new business venture are similar to graduate skills taught as part of the course. Thus, they enhance students' understanding of the real world business realities in relation to course work.

The relationship that exists between the entrepreneurship courses in relation to other subjects studied can be drawn. In the sciences and applies subjects for example, there are clear business links. For example in art design, principles of new venture creation are similar to the process involved in design planning. The consideration given in processes and the environment can be similar.

Many students have had an opportunity in the course of their schooling to study business related courses. Most of them were basic entrepreneurial 'a by the way' courses. They already had an idea of the process of setting up a business, selling a products and factors to consider when opening a business. Their university experience is now building on that.

Also business-start-up subjects are offered in other business and non-business courses. These are accessible as elective subjects by students from other courses. This knowledge will be less put in to use by a student studying textile design more than all others (Swassing). It will be treated as a by the way. This is because it was not presented to them in the context of their course specialty. If such a student was to form a textile design business, then the business knowledge though shallow, will not make a lot of sense.

On the other, a business course student is prepared to view the whole subject from a wide spectrum. The knowledge can be applied in diverse business ventures since the principles are similar.

In relation to a selective module like ethics, the general principles of hard work, discipline, and being focus are parallel. The principles which guide many entrepreneurs are similar to the ones taught in ethic class. An entrepreneur is on who has his mind focused, right attitude, and hard worker. These principles are advocated in ethics class for every person who aspires to succeed.

In comparison to philosophy class, the analytical and questions to a certain way of doing things are an excellent parallel to the principle of new venture creation. Many of entrepreneurs have sharp eyes on things. Through questioning and analyzing, entrepreneurs are able to create new business ideas and opportunities (David, 1999). On the other hand, philosophy train students to critically challenge the status quo and hypothetically sort answer to not obvious questions.

At this point, it is the responsibility of an ardent student of business to find how business start- up can be nurtured across industries. It would not be academically viable to set up a business module as an elective subject I all the disciplines.

In conclusion, the whole was more than an eye opener to me .I now have a better understanding about entrepreneurship. I now contend that such talks should be held regularly. People should also have the inner urge of attending such gathering sine they help us to have a better understanding of things, as well as acquiring more knowledge.

References

David Card, 1999. "Causal effect of education on earnings," in Handbook of labor economics, Orley Ashenfelter and David Card (Eds). Amsterdam: North-Holland.

Swassing, R. H., Barbe, W. B., & Milone, M. N,1979. The Swassing-Barbe Modality Index: Zaner-Bloser Modality Kit. Columbus, OH: Zaner-Bloser.

Barbe, W. B., & Swassing, R. H., with M. N. Milone, 1979. Teaching through modality strengths: Concepts and practices. Columbus, OH: Zaner-Bloser.