Entrepreneurship Assignment: Critical Evaluation of Entrepreneur’s Journey
For this entrepreneurship assignment, you will interview an entrepreneur and evaluate the insights you learned through the interview process. You should select someone who is currently (in the past three years) starting a business, who owns at least 51% of the business and has paid wages to someone other than themselves.
Ensure you allow at least 45 minutes and have the selected entrepreneur commit to this timeframe. Record the date, place of interview, person’s name, the position held, and your relationship to the entrepreneur.
For your written report, you should describe the entrepreneur’s journey and explain several key things you have learned from the entrepreneur. You should not just reproduce your entrepreneur’s interview answers. Rather you should explain what you have learned from the entrepreneur.
The following essay on entrepreneurship assignment discusses the characteristics of entrepreneurship, the type of entrepreneurship, and the challenges, opportunity faced by the entrepreneur. This essay is based on an interview, where a person is involved with a small-scale business. The experience of the interviewer was shared in this essay. This essay includes the background of the entrepreneur, evolutions of the entrepreneur, and the key lesson which is learned by the entrepreneur from the interview session. The study helps to understand the key feature of a successful entrepreneur (communication, team leading, and strategy making). The interviewer also takes some strategy to develop own self for a better entrepreneur. As it is not easy to start a business and run successfully, there are some features that help to do a successful business, and this essay discusses all the key motivations of the entrepreneur.
Entrepreneur Background and Views
I have selected a highly qualified person who knows the proper strategy of the business. He is graduated from a recognised university, and his study is related to business and management. He belongs to a joint family, so it is easy to understand the level of risk that he takes at the time of beginning the business. He has a huge responsibility for the family as he is the elder son of the family. The entrepreneur will starthis business from a small-scale industry, but he has a plan to expand his business (Malecki, 2018). The person is very calm and quiet and knows how to process the business to sustain itself in the market. The self-confidence of entrepreneurship helps to get success in the business and the second point is the person has less fear and fixed goal which help to achieve the aim. I have asked the interviewee regarding the definition of entrepreneurship; his reply was, who is able to take the risk of starting a new business and able to produce good products and services to earn the profit (Kakouriset al., 2016). According to the entrepreneur, an individual person needs to work hard to establish a business or run the business successfully.
As the entrepreneurship has a plan to expand the small-scale business to large scale, he adopts some technology which is helping to earn the profit very easily. But he did not understand that it is not possible to adopt a high level of technology in a small-scale business because it needs proper skill to use the technology in the business. Laboursare not used to the new smart technology; they are still comfortable with the traditional process of business. The labours only knowthetraditional process of business. So, a training session is very important for them, cause at first, they have to know the usage of smart technology in the business process (Fredericket al.,2018). The owner of the business made a wrong decision or did not think about the consequences of the situation so, and he experienced a challenge after adopting the technology cause at an immediate action he arranged a training session for the labour which is not easy; otherwise, the investment for technology will be wasted (Kraus et al., 2020). As the generation has a tendency to adopt the new technology very easily, it works as an opportunity. So, the entrepreneur does not have to work hard; with the help of technology, he can easily target the market and able to attract more customers with quality products and services cause technology help to increase the productivity rate and quality of the product.
The interview process is very effective for me. I get a chance to experience the real situation of an entrepreneur, it will helpin my career. The behaviour is the unique thing I realised cause as he addresses with a new person that is remarkable, which help to attract the customer easily. I understand the behaviour of a person is essential for entrepreneurship (Molina, 2020). Without good communication skills, it is not possible to run a business successfully. It is definite that an entrepreneur needs to take a risk, but his quality and skills help to decrease the rate of risk factors in the business process. It is important to know your own skillset, and enhancing those skills helps to develop a business as the entrepreneur introduces new technology in his business at a sudden moment without any further calculation and takes proper mitigation strategyfor risk management that is excellent (Barba-Sánchez &Atienza-Sahuquillo, 2018). I need to adopt the skill cause an entrepreneur should know how to deal with a sudden moment and cope with the situation. Team building, strategyimplementation, and motivatingteam members are not easy, which I learnfrom the interview. Maintaining good coordination with the team members helps to increase the productivity rate also so that it is easy to run the business for the long term.
The last point which I learned from the interview is determination and dedication for the work, which is a very important factor cause without a fixed aim, it is not possible to open and operate a business. At last, I noticed that economic entrepreneurship theory is not matched with the experience of the entrepreneur which I learn in my academic syllabus, cause classical and neoclassical part of the theory does not support dynamic generation in the industry by the entrepreneur whereas my interviewee adopts new smart technology in the business process for expansion.
Based on the interview, I have learned so many things which helped me to develop myself as an entrepreneur. The main three things I have addressed from the interview are that an entrepreneur needs to have a fixed aim and capability to take the risk, good communication and team-building skill, and strategy implementation skills. I have my own fixed aim, but maybe there is some deficiency in my communication skill, and I do not have experience in the team-building process, so I have to work on that cause I have to build a team for my own business purpose, and I need to deal with my coworkers where it is important to build a good bonding in a team. Without good interaction skills, it is not possible to attract customers also. There will be challenges and a high level of competition, and I have to deal with all things very calmly. The cool and calm characteristics of the interviewee attract me, and I will try to adopt those skills in me, so that I can beable to operate a successful business.
Barba-Sánchez, V., &Atienza-Sahuquillo, C. (2018). Entrepreneurial intention among engineering students: The role of entrepreneurship education. European research on management and business economics, 24(1), 53-61.https://www.sciencedirect.com/science/article/pii/S2444883417300220
Frederick, H., O'Connor, A., & Kuratko, D. F. (2018). Entrepreneurship. Cengage AU.https://books.google.com/bookshl=en&lr=&id=wm15DwAAQBAJ&oi=fnd&pg=PR1&dq=entrepreneurship+2018&ots=CZinMp0JMq&sig=NFmazoYqirfKIEDsjoGc-RJeJRA
Kakouris, A., Dermatis, Z., &Liargovas, P. (2016). Educating potential entrepreneurs under the perspective of Europe 2020 plan.
Business & Entrepreneurship Journal, 5(1), 7-24.http://www.scienpress.com/Upload/BEJ/Vol%205_1_2.pdf
Kraus, S., Breier, M., &Dasí-Rodríguez, S. (2020). The art of crafting a systematic literature review in entrepreneurship research. Entrepreneurship assignmentInternational Entrepreneurship and Management Journal, 16(3), 1023-1042.https://link.springer.com/article/10.1007/s11365-020-00635-4
Malecki, E. J. (2018). Entrepreneurship and entrepreneurial ecosystems. Geography compass, 12(3), e12359.https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/gec3.12359
Molina, J. A. (2020). Family and entrepreneurship: New empirical and theoretical results. Journal of Family and Economic Issues, 41(1), 1-3.https://link.springer.com/article/10.1007/s10834-020-09667-y
Appendix 1: Interview Questions
1) What is the aim of your life
2) When would you start to think to be an entrepreneur
3) What inspired you to develop a new idea
4) What is the policy you take to start a business
5) What is the most enjoyable thing about being an entrepreneur
6) What types of entrepreneurship do you follow
7) What are the basic characteristics of an entrepreneur in your vision
8) What are the challenges faced of being an entrepreneur
9) Who motivates you to do the job
10) How could you overcome the challenges