First Journal Entry Set (Session 1 & 2 Materials)
How do you stack up against the five dimensions (e.g. achievement drive, creativity, desire for autonomy and internal locus of control?)
Achievement drive
Innovation and entrepreneurship management represent the significant engines applicable in valuing the aspect of wealth creation in the modern-day economy. This relatively contributes to the exploration of relevancy in business with professionalism through relevant, focused and utilizable knowledge body in innovation and entrepreneurship management (Narayanan & O’Connor, 2010).
The aspect of achievement drive incorporates the measurement of the degree to which the application of innovation and entrepreneurship management is likely to have a competitive nature and driven to the successful heights. As a significant dimension in management, this dimension sis significant for the respective jobs that, involve the attainment of the established benchmarks and goals inclusive of the sales jobs. It is also vital in a competitive environment where respective individuals have expectations of growing and advancing to greater heights within the set organization (Bandura, 2002).
Creativity
This dimension is the market with the significant ability of creation, bringing into existence and inventing new forms for the production through imaginary skills. This specifically aims at bringing into existence the new and creative ideas of creativity. The creative ideas in the dimension expose everyone to have the substantial ability that is creative (Bandura, 2002).
Creativity dimension also considers the aspect of attitude with the ability of accepting change and playing of new possibilities and ideas with a flexibility outlook. This considers the subjectivity in accepting and improving permissible and normal situations. Creativity dimension as a process incorporate hard work in order to improve on the solutions and ideas through making gradual refinements and alterations in work. In contradiction to the mythology that surrounds creativity, only a few of the creative excellence are reliable with brilliance of rapid activity (Bandura, 2002).
Creativity dimensions necessitate commitment and passion bringing out awareness and pointing towards success. The experience is considerable as one of the significant conscious ecstasy (Bandura, 2002).
Desire for autonomy
He dimension bases on the past research indicating that the significant concepts involved in autonomy and achievement have a relation to entrepreneur and innovation. The empirical research involved to give the description of the link to concepts involved. The application of the achievement considers the specifications of autonomous worker within the set business. The dimension involves the measure if achievement for the distinguishing of the autonomous groups with the non-autonomous workers. The idea of considering the AO achievement scale indicated of a different group with the applied concepts having the concepts related teeth corded (Bessant, & Tidd, 2009).
The internal locus of control
Internal locus of control mostly refers to the aspect of at which individuals have the belief of controlling the events of innovation and entrepreneurship management. This also involves the basis of internal or internal control with behaviour guided by life personal decisions and efforts. The specified locus of control explains a lot concerning the view about innovation and entrepreneurship existence and role in the determination of the life course. The individuals within framework having the internal locus of contralto are always exposed to hard work with a presentation to access the desired (Bessant, & Tidd, 2009).
What do you need to develop or improve?
The required aspect for development or improvement includes the means of starting up entrepreneurs. The collected data through the combination of the developed questionnaires and interviews with the results shows that the majority involved in the study. The aspect enables the generation and development and the implementation of the new ideas. This is to foster the relative climate considered conducive of the activity of creativity and innovation, enables the provision of the necessary support for innovation and creativity. This also considers the offering of innovative products and services when given the vital innovative method of delivery (Bessant, & Tidd, 2009).
The people considered suitable with the relative interest in managing an innovative venture considers the existing structures through the realization of economic endeavours. Innovations management and entrepreneurship are devised to enable the utilization of the innovative aspects. Through innovation and entrepreneurship management, there is an elaborate opportunity of learning the means to tackle specified work directly through entrepreneurial elements (Narayanan & O’Connor, 2010).
What is the organisation you work for (or have worked for) doing to attract and keep entrepreneurial talent?
The organization i have worked for has laid vital efforts for the improvisation of the entrepreneurial talent. The combination of strategies and entrepreneurship will enable the realization of performance. The company has been in the long run considering the common dimensions in the field of entrepreneurship with strategies to locate the significant factors contributing to an achievement. Basing on the gathered literature, innovation and entrepreneurship management has drawn general conclusions to represent the opportunities meant to keep and attract entrepreneurial talent (Bessant, & Tidd, 2009).
Basing on the aspects of innovation, the principal dimensions always reflected upon includes evaluation, innovation, risk taking and uncertainty to elaborate on the aspect of keeping entrepreneurial talent. The company carries out analysis that relates to the generalised impacts of its framework on performance (Bessant, & Tidd, 2009).
How would you describe and evaluate the influence your working environment has had upon your entrepreneurial orientation?
The working environment characterizes adaptive features with signals to enable adaptation rapidly. The working environment has made the entrepreneurial orientation adaptable to the trends and new demand structure. This has enabled the aspect of capturing, creating, transferring and mobilizing knowledge to enhance the adoptability to the changes made on the environment (D.L, and Vesper, 2002).
The procedural repositioning in the working environment through learning is preferable compared to the ordinary organizational changing procedure. The application of strategic management in the working environment can enable the increment of competitiveness and efficiency following the improvised aspect of learning. The exchanging of information regarded technical is key to enable adoptability in the changing working environment. The introduction of organizational learning in the working environment assists with the sustainable competitive variances basing on continues innovations (D.L, and Vesper, 2002).
Second Journal Entry Set (Session 5 & 6 Materials)
Describe an innovation that has had a profound influence on your life/ work/ the way you live.
The innovation that has a profound influence on my life is the revolution of the technological world. Majority of the enterprises worldwide experiences technology revolution with the aspects of material costs and rising energy, international competition and an increased use of automation. This aspect poses as vital challenges demanding the possibility of positive responses. Creativity and technological innovation have contributed significantly to the expensiveness of finance exposing some of the leading firms to border on crisis. This has shown the necessitate creativity with technological innovation pressing than ever as market competition stiffens with rewards for the successful products being greater (D.L, and Vesper, 2002).
The new technological development instigation is the relative responsibility of the company, which through gained experience reveals the difficulties created following the undertaking of technology innovative investments. The innovation necessitates the outstanding management skills and entrepreneurial cooperation, which has the capability of creating the overall conditions for encouraging success (D.L, and Vesper, 2002).
What type of innovation was it and how has it changed your life?
The type of innovation that significantly changed my life is the incremental innovation of technology. The innovation majorly focused on the enhancement of modest improvements to the processes that are in existence. This has preference to anything in the management field from the aspect of tightening up the workflow through the automation of to process, to website improvisation. This is possible in order to make it easier and enables the reduction of customers accessing through time consuming and costly channels (Hommes, 2007).
Your business can take a number of different approaches to innovation. Usually, this will depend on how much time and money you have available and the respective business strategy. These approaches can be part of a continuous cycle or employed on ad-hoc basis, depending on your needs (Hommes, 2007).
How did you become aware of the innovation?
I became aware of the innovation through design led business exposure with the integrations of designing to daily operations of the respective company. The idea of the design assisted in the unlocking of the valuable information behind the company’s success (Hommes, 2007).
What type of adopter were/are you (innovator, lead user, early adopter, etc..)?
The type of adopter is the innovator. The adopter has helped in the understanding of the business process (Hommes, 2007).
Describe the innovation decision process that you went through up until the innovation became a ‘routine’ part of your life?
The innovation decision process that I went through until the technological innovation becomes a routine in everyday life had the acquisition of the traditional innovation additional information (Hommes, 2007).
Identify key actors within your innovation decision network and how their influence affected your behaviour.
The key factors within the innovation decision network involve the decision stage, confirmations stage and the implementation. The decision stage poses the intention of seeking innovation additional information. The innovation through design led business exposure with the integrations of designing to daily operations of the respective company. The idea of the design assisted in the unlocking of the valuable information behind the company’s success. During the process of making impalements, it is recommended that it use unconfirmed messages, the decision market of recognition to the benefits as a major summary. In addition, the recognition of the major benefits through then use of innovation calls for promotion and integration into the ongoing routine (Hommes, 2007).
Third Journal Entry Set (Session 7 & 9 materials)
How do you feel about the entrepreneurial process? Would you be more entrepreneurial or entrepreneurial in the future?
Entrepreneurial process is the best process. Despite the hustle of setting up own business and acquiring capital for the investment one has the freedom of choosing which type of business to venture into. One implements his or her own policies for his or her own business. The entrepreneur does not have to worry about losing his or her job because of employer decision. In entrepreneurial process the business owner is his or her own boss, he or she therefore strives towards realising the success of his or her investment.
In the future, I would be more entrepreneurial as compared to entrepreneurial. This decision bases on the arguments discussed below. When in entrepreneurial investment, one is in control of his or her own investment. He sets his or her policies and goals, which he strives to achieve despite of the prevailing economic conditions. In entrepreneurial investment, there are no worries of job loss because dismissal.
While in entrepreneurial setting, one strictly follows and implements the policies enacted by the board of a company, this is not the case in entrepreneurial setting where one is in charge of his or her own investment and he or she follows his or her own policies. This open setting in entrepreneurial makes it my favourite choice.
Would you now think about starting a venture (or have you started a venture)? Describe what venture you would like to or have started? If entrepreneurial, what venture inside the business you work for would you suggest?
In my organization, we have ventured in cash crop farming whereby we distribute cash crop to our clients in the capacity they need or orders. This venture involves hiring farms from the locals and cultivating cash crops such as maize, coffee, and beans, which we sell to our clients. Our clients are manufacturing and processing companies who utilize our products to come up with end user products.
I suggested this kind of venture since there is no investment in that field. Those who have ventured in the field do their business in small scale. This implied availability of opportunity in this field. Apart from jus being suppliers to the processors I would like to venture in manufacturing industry to ensure full independency in running my investment. This would save my organization the hustle of looking for manufactures to take our products in case the current manufacturers pulls out.
What kinds of issues might you encounter in starting the venture? What fund-raising process would you use? What resources would you need?
When venturing in a certain field, one encounters a number of issues. The kind of fundraising i would use is seeking donor funds and organizing small fundraising events. The resources required for this venture include land, both qualified and labour personnel, and vehicles and other machineries required for the venture.
How important is implementation versus planning?
Both planning and implementation play a vital role in ensuring the success of an organization. One cannot implement any policy without first having a clearly defined plan. However, implementation is more significant as compared to planning. The following arguments, in implementation process, it is easy to notice vital areas that the planners missed during the planning process. It is undisputed that implementation is more significant than planning process.
Are there any specific issues – benefits or problems – that may arise from your location?
There are a number of issues both beneficial and setbacks that may arise from the organizations location. The benefits of the location include the following, good weather or climate conditions, favourable topography, and availability of power. The climatic conditions of my location makes it favourable for cash crop farming since the conditions favour fast and convenient growth of both coffee and maize. The topography of my location is also perfect since it makes the view of the company visible from all points. This also aid in marketing of the company since it is noticeable by all. Availability of power in my location makes the general running of the company smooth and easy. Running of the machineries of the organization is simplified and realisable.
The problems encountered in my location include the following, poor transport network, lack of qualified personnel, and small incidents of insecurity. The road network of my location is not good. The maintenance of the roads is poor and unpatented making it difficult to transport goods to the manufacturers and to the local markets. The residents of my location are also not learned, this means that most of the employees of my company are individuals from other parts of the nation. This in itself means that the company does not fully benefit the locals since they cannot serve without the required skills. Incidents of insecurity are experienced in my location this discourage investor who have the will to invest in my company since security of their investment is not guaranteed.
Fourth Journal Entry
Finding and cites
This article will reflect on various issues, which relate on business innovations, the value of intellectual property and its protection, team building and business leadership. Generally, it is a business-oriented article published on various business journals. The article contents give motivation regarding business and entrepreneurial relationship. Apart from the journal used, some information in the context come from various business related books such as the Educational innovation in economics and business IV: Learning in a changing environment.
Disruptive technology or service
From the fourth Journal entry, disruptive technology is any service or innovation, which helps in the creation of new markets and value network. The innovation market eventually goes ahead and disrupts a network value and a market, which is exists over decades. The disruptive technology then displaces earlier technology. The term disruptive technology is mainly used in business to describe various innovations in order to improve services and products in ways, which the market will not expect. An example of such business is the glue or the pieces business. Generally, these are small businesses networks, which use their networks to get the required information they need. This type of innovation uses advanced technology, which is able to acquire current data, which is beneficial during the development of good relationship with the business clients (Smilor, 2005).
The value of intellectual property and its protection
Intellectual property rights or the IP rights are not intrinsically valuables. This means that their values are the strategic benefits, which are achieved by omitting others from intellectual property usage. In order to achieve more value, the exclusionary rights will have to be strategically aligned to the objectives of the business. Lack of strategic alignment will make the investment wasteful and experience missed opportunities. In this case, the missed opportunities are important during the capture of valuable market benefits (Hommes, 2007). The most important IP rights are the IP rights, which provide competitive advantages over other competitors. They are also important in building equity in the products and brands. It does not matter whether the products on the market are efficient, provide a different functionality as compared to others or have desirable aesthetics. The marketable values are ensuring that the brand on the market is well recognized as an exclusive source of the offerings (Hommes, 2007). During its protection, their networks are protected properly hence, it helps in limiting other business chances from gaining confidential information in relation to the company.
Team building and leadership within entrepreneurial firms
Entrepreneurial thinking is creating and implementing innovative business ideas. This idea closely relate to new business ventures although entrepreneurial thinking also applies to any established business. Team building and leadership in any entrepreneurial firm is highly values by the company’s workers. This encourages good relationship between the company and its employers. This results into the formation of a strong team thus the workers within the company. The productivity levels will also b on the rise due to the good relationship that exists between the company and the workers. Team building is also important for the company and its workers during their identification with the company’s goals and its success. In other situations, team building is important in helping the workers have a greater control over their own lives. The activity will free the workers from fear of the company’s leaders and their use of power. The whole activity also strengthens individuals and gives them wisdom on how to some of their issues (Hommes, 2007).
The article’s contents and reasons for choosing it
This article discusses on disruptive technology, intellectual property values and entrepreneurial and team building within a given firm. The most fascinating part of this article is where team building and leadership within entrepreneurial firms is talked about. This is an important aspect in almost every company. Team building is important to a successful business and is an innovative way of solving problems within a company. This article is closely related to the journal in regards to the innovative ways of solving problems and intellectual property. The context deals with various issues some of which are not covered in the journal. The article is plain in that, it briefly teaches the reader on how to handle company related issues and how to look at issues differently for their own good (Smilor, 2005).
Despite the shallow context in the journal, I rightfully choose this journal because of its reliability. Generally, the article is educational and interesting to read. This is because it teaches the reader various entrepreneurial issues and company related issues. The reader can also use the journal as a learning curve in that, the reader can use the ideas gathered from the context for future help and references. The reader can compare most of the issues talked about in the context with real life situations. A person reading this article ought to be careful and quick in its understanding. This is because some parts of the article is complex and may seem challenging to a slow learner.
Fifth Journal Entry Set (Simulation)
Students are required to present a succinct overview & critique of their business activities over the simulation year, using the reporting periods (Start-up (week 1), week 12, week 26, week 52) and the reports segments to explain the businesses position, the decisions, strategies and changes taken and the worth of the business at end simulation week 52.
In these four parts, I will assess the performance of my product. This will help me evaluate whether my product is doing well in the market or it is bringing losses to my business. The product that I chose to discuss in this part is Pepsi.
Pepsi Cola is a carbonated drink. PepsiCo whereby its production began in 1893 manufactures it (Stoddard 2011). At this time, the drink referred to as Brad’s drink. The year 1898 saw the drink renamed to Pepsi cola. The management of the company decided to change the name to Pepsi in the year 1961. The person credited to the production of Pepsi was Caleb Bradman. Caleb produced the drink in his drugstore whereby he used pepsin and cola nuts as the ingredients to produce Pepsi cola. The production of Pepsi cola aimed at producing an energy drink that would boost energy and in the same time help in digestion (Martin 1960).
I decide to come up with a business that involves the distribution of Pepsi to the local stores and supermarkets. My business would be a distribution business whereby I purchase goods in wholesale and sell the products to retail stores that sell the product to consumers at retail prices. My business is involved in the distribution of Pepsi. My customers include people of all ages since the Pepsi is not alcoholic.
Start up week 1
In the first week, I face challenges since my business has just stared. My business has not yet established itself and not too many people knew of my business. During the first week, I face the task of advertisement and making my business known to others. In my first week, I also have to prepare myself to visit retail stores and try to make a sale of Pepsi. I am in the most critical position, which is to ensure that my business becomes stable, and can sustain it. I have to retain all the profits that the business will collect to expand the business. This is the best strategy because it will ensure that I do not incur unnecessary costs. With a startup capital of 100 000 dollars, my revenue in the first week is 5000 dollars. The total cost incurred is 3000 dollars. This means that my business made a profit of 2000 dollars. There is a 5 percent rise in growth of my business with a profit of 40 percent profit.
Week 12
In my twelve week of operation, I have already-to some point-established my business. I have gained regular customers where I sell my products. This ensures that I have a continuous flow of income. I am retaining all the profits gained. At this point, my Pepsi distribution has well established itself. Business is good as am gaining more customers than in my first week. By the end of the 12 week, the total revenue is 50000 dollars with a profit of 40000 dollars. The cost of operation is 10000 dollars. The total worth of the business at this point is 142000 dollars. This means that there is a 39.2 percent in growth and an 80 percent in profit
Week 26
This week I face a number of challenges mainly arising from my competitors. I have to restructure my business and expand it. My total revenue by the end of the 26th week is 75000 dollars. Expenses incurred I my expansion program are 40 000 dollars and other costs of operations are 15000 dollars. My profit by this week is 20 000 dollars. The net worth of my business goes up to 60 000 dollars to 202 000 dollars. There is a 42.25 percent growth and 26.66 percent in profit
Week 52
In the 52nd week, my business is well established and able to sustain itself. Business is good and I have marked a place in the distribution sector. By the end of this week, my business has expanded to make total revenue of 120000 dollars. Expenses incurred during this time are 20000 dollars. Total profits by this week are 100000 dollars. The net worth goes up 302 000 dollars. There is a 49.5 percent growth with 83.3 percent in profits.
Supply the 4 reporting periods in a table format giving total revenue, profit, market share, customer satisfaction and employee satisfaction. Give relevant ratios showing growth, solvency and profitability of your business. You may provide other ratios that you feel are pertinent to explain your businesses competency and worth.
Week Net worth (dollars) Growth (%) Profit (%)
Week 1 102 000 5 40
Week 12 142 000 39.2 80
Week 26 202 000 42.25 26.66
Week 52 302 000 49.5 83.33
Students are required to state what areas they had the most difficulty and the areas which were the easiest. Students need to express what they tried and why, what were their expectations from these changes and the results of the changes. What were the most sensitive areas of the business to change? In summation they should state what they would do differently if given the opportunity to re-do the simulation
The areas that were the most hard was to convince potential retail stores to stack their shelves with Pepsi drink. Many retailers believed that customers would not buy the product since most of them preferred to drink coca cola. The hardest part was also to convince the retailers that Pepsi had undergone a rebranding and thus research showed that consumers would be curious to try out the new Pepsi. The easiest part of all this was the expansion program. It was easy to expand because the business had already established itself. I had tried to buy existing stores in my locality but this proved a hard task as nothing came out of it. The most sensitive area for change in the business was trying to introduce other products to sell. This could jeopardize the sale of Pepsi. If I were to do things differently, then I would have done more in my expansion program since this would have helped me make more profits.
Sixth Journal Entry Set (Reflective Overview)
1. What have you learnt during the reading of the text and delivery of the subject, about both yourself and the nature of entrepreneurship and innovation? What did you personally gain from the subject, discuss?
2. Have any changes occurred since Session 1 day 1, in terms of your own perceptions of whether you might seek to be more entrepreneurial or innovative?
During the reading, several aspects point out the relevance of having proper knowledge concerning entrepreneurship as well as innovation to become an appropriate entrepreneur. The relationship between entrepreneurship and innovation require understanding determine the ability of one to make the right decisions as an entrepreneur. Prior focus on acquiring relevant knowledge is one of the most important virtues of success towards entrepreneurship. There are various areas to ensure they are in consideration to set up a solid background in the entrepreneurship sector (Bessant & Tidd, 2009). Commitment is one of the areas that many people tend to overlook though it is a criterion determining efficiency of a business.
The other aspects that is necessary in establishing a solid background that will ensure the success of a business. There are targets that one has to set that will act as a goal in order to acquire more focus. Personal elements are determinants in the guaranteeing of the effectiveness of being a successful entrepreneur. Making sacrifices is another thing that one learns in such a study because being an entrepreneur calls for making certain difficult decisions. Some of these decisions made tend to affect the day-to-day livelihood of the entrepreneur. These decisions made determine the well-being of the business (Bessant & Tidd, 2009). Failure to be wise on the decision that one is making then chances are high the business stands a chance of succumbing to certain circumstances.
Setting up a goal is another one of the important factors pointed out in the study since it acts as a guideline to determining what one is set to achieve. For entrepreneurship and innovation, one has to be knowledgeable and creative to assist him or her in the decision making process. With proper knowledge then it is obvious that the decisions made will affect the entire business. On a personal level, willingness should come first since it happens to be an area of profession that does not require someone to be forced into carrying out certain duties (Bessant & Tidd, 2009). Having the ability to distinguish right from wrong is another self-virtue that comes naturally towards successful entrepreneurship.
Other areas that one learns especially those relating to entrepreneurship as well as innovation are present in the study. They serve a key role in that they equip one with proper knowledge, which is efficient to ensuring a proper understanding of the nature of entrepreneurship. There are personal gains that one acquires through the reading that help in entrepreneurship. Knowledge is power, thus the amount of material acquired is tremendous to putting someone in a significant position of managing any form of entrepreneurship management issues (Narayanan & O’Connor, 2010). With the ability of coming around with affirmative solutions concerning entrepreneurship, it displays the capability of superiority in the field of entrepreneurship.
There are certain areas that require improving at a personal level to ensure that an entrepreneur gets to achieve the goals set. By doing this, it is definite that most of the things will eventually run smooth without facing any kind of difficulties. Challenges are inevitable in entrepreneurship but the role of the study in entrepreneurship management is to equip one with knowledge and skill that is dependable when making crucial decisions that are likely to affect a business. The knowledge acquired is helpful in distinguishing the right from wrong, what would be efficient and not. Being innovative is also a determinant of the effectiveness as an entrepreneur.
There is evidence of numerous changes occurring in that there is need to be more entrepreneurial. The advantage of being entrepreneurial is that it creates more room for building up and venturing into the business world. This makes it more interesting since the more one is devoted to being an entrepreneur the more he or she will see the recompense that come along. This ensures that no effort goes wasted and unpaid. The more the effort put in, the more the returns in terms of profits (Narayanan & O’Connor, 2010). However difficult and challenging the process of entrepreneurship is, it offers a vast range of opportunities for success and growth. On my own perception, one has a greater chance to explore the business sect through participation in entrepreneurship other than being innovative. To be innovative does not create a whole load of chances in comparison to entrepreneurship.
For one to ensure that he or she is successful as an entrepreneur, the basics have to come first and ensure that they are in practice at all times. Setting goals is an important aspect in entrepreneurship since it determines where one is heading. Without a determination of one’s direction then it becomes difficult to inquire, determine how stable one is after deciding to be entrepreneurial. There are challenges that come along the road to success but they are there to build one’s strength as an entrepreneur (Narayanan & O’Connor, 2010). Ignorance and assumption have been the greatest let downs in entrepreneurship and many individuals tend to overlook these negative influences. The knowledge acquired is vital and reliable towards successful entrepreneurship management. All one has to do is ensure that the factors that influence entrepreneurship are in consideration at all times.
Reference
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