Reflective Report: Differences in Enterprise And Entrepreneurship
Task: Analyse and differentiate between the organizational structure and working environment of enterprise and entrepreneurship in the form of reflective writing.
Introduction: This particular study would focus to provide an in-depth reflection on the differences between enterprise and entrepreneurship. After going though the learning module with proper analysis I can easily differentiate the two terms and its differences. Enterprise is the business or a company based on which large number of human resources as well as other resources is associated. On the other hand, entrepreneur is the person or the owner who sets the business by taking major financial risks. In order to found an entrepreneurship I as an individual should have a big leadership personality with the help of which people can identify my talents. I should have the capability of handling numerous business deals with the help of which I can get the peak of success and business profitability.
Discussion: While going through the learning outcomes I have observed that entrepreneurships are of several kinds, which include social entrepreneurship, small business entrepreneurship, startup entrepreneurship and so on. Among most of the dynamic business World New Zealand, Singapore and Denmark has become one of the most recognizable countries where most of the entrepreneurs have expanded their business (Debela et al. 2015). While evaluating UK business World I have observed that large number of small and medium enterprises exist in the market of UK. As a result, the employees associated in this country are the part of those SMEs. Amidst total 28 countries, the business experts have observed that people are from various cultural and religious backgrounds. After being a part of a business organization several kinds of language, barrier or cultural barriers take place (Mozell and Thach 2014). In this kind of situation, the business entrepreneur has to implement diverse management at the workplace. I have observed that diverse management is highly significant in maintaining a good rapport among the employees working within organization.
In case of three widely spoken languages, I have notices that Chinese, Spanish and English got the first priority. If an individual is not comfortable with one of these three languages, the person has to face difficulties in being associated with the organization. As a result, the people have to face challenges in communicating with each other properly (Badewi 2016). From the learning outcome I have gained knowledge that language competency is one of the most significant factors in order to maintain a good rapport among the people (Minton and Jane 2015). At the workplace or outside the workplace effective language efficiency is highly needed for transmitting proper messages to others.
Building a strong relationship inside or outside the workplace is highly motivating for every people. I have personally released that while being associated with an organization I need to maintain a good relationship with other fellow. My language was a major barrier due to which I failed to interact with others. While sharing any professional necessity or requirement I used non-verbal communication method. Non-verbal communication method would allow me in maintaining written communication (Killu et al., 2014). With the help of maintaining formal communication method, I would be able to exchange my views and thoughts. In addition, proper communication enables an individual in maintaining good relationship. While increasing the wide of network an individual person has to be concerned about their listening skill as well as learning skills. People need to grab the attitude of learning from various situations. New learning can enhance the knowledge and wisdom of an individual (Koehler, Woodtly and Hofstetter 2015). As a result, people can easily render effective career.
It is however undeniable that learning is a continuous journey and every individual has to focus on enhancing its process. In the process of learning people have to face several barriers. By overcoming those barriers people have to survive and accomplish the target. Opportunity map is the research tool where an individual has to find out the opportunity in a specific area. As per community, the opportunity varies from high to low. This particular tool finds out where the rich community exists (Glas and Kleemann 2016). Their scope of opportunity varies from one specific area to another. I have evaluated that opportunity map identifies the areas where people from lower community exists and they are in seek of good opportunities. In this situation, I have observed that European countries always in search of reducing the gap between poor and rich. They always prefer to give equal priority to the people of different cultural backgrounds. As per their business, philosophy people of different geographical and religious backgrounds and attitudes should get equal opportunity (Killu et al. 2014). Business entrepreneurs should throw the employability opportunity being unbiased. In this kind of situation, people from different community will get the scope of showing their talents and skills.
In order to render business innovation I have come across that DIFA model should be implemented properly. Demand implies that entrepreneurs would have to always maintain product craze in the market so that customers do not wish to switch their mind towards other brands. As a result, company would be able to build a market craze, which can render organizational image. In order to start a new entrepreneur the business experts have to follow this specific model properly (Gambi et al. 2015). Innovation is one of the most important aspects without which business cannot maintain its sustainability. By implementing new business strategies and policies, the business experts would be able to create a market craze. Business innovation can help in increasing the number of target customers as well. Feasibility implies that business experts have to make the customers sure that their location and their product is feasible for the customers. If the company exists in a remote location customers do not wish to avail the outlet. New entrepreneurs have to be always concerned about the location of their business. Attractiveness is the most important aspects based on which customers’ impression is highly dependent (Badewi and Shehab 2016). If have evaluated that if the customers are not very attracted towards products and services they do not afford the product.
In the concept of “I am not an empty bucket” the business entrepreneur can put their own information with the help of cloud computing system (Jyoti and Dev 2015). After implementing big data technology at the starting of business entrepreneurship the business experts cannot fulfill the data storage. The bucket is called almost empty at this position. After the gradually process of business the bucket becomes fulfilled and the business experts get the scope of maintaining chronological database of the company.
From the learning outcome, I have also observed that social media network is the most effective platform for communication especially in case of a business entrepreneur. At the same time, the study has also evaluated that new entrepreneur by using social media can get in-depth knowledge and understanding about the current market demand. In addition, the professionals can directly collect customers’ review from the social media network. In this kind of situation, both the business expert and the service users can get equal benefits and facilities. I have acquired knowledge from the learning modules that customer segmentation is one of the most important factors based on which the entrepreneurs can get an in-depth idea about the needs and demands of customers (Mozell and Thach 2014). Customers’ segmentation is made based on geographic, demographic and psychographic basis. As per the income status, age group and psychological values and beliefs of the customers the entrepreneurs intend to segregate their market. As a result, the business experts can get a detailed overview about the target audience and their market desires (Cormier and Magnan 2015). Entrepreneurs before designing the products should make an in-depth market review with the help of which they can fulfill the satisfaction level of the customers.
After analyzing the overall learning outcome, I have gained immense knowledge and understanding about entrepreneurship. After being a part of a business organization several kinds of language, barrier or cultural barriers take place. In this kind of situation, the business entrepreneur has to implement diverse management at the workplace. I have personally released that while being associated with an organization I need to maintain a good relationship with other fellow. My language was a major barrier due to which I failed to interact with others. While increasing the wide of network an individual person has to be concerned about their listening skill as well as learning skills. People need to grab the attitude of learning from various situations. It is however undeniable that learning is a continuous journey and every individual has to focus on enhancing its process.
I have also gone through that in the process of learning people have to face several barriers. By overcoming those barriers people have to survive and accomplish the target. As per their business, philosophy people of different geographical and religious backgrounds and attitudes should get equal opportunity. Business entrepreneurs should throw the employability opportunity being unbiased. In this kind of situation, people from different community will get the scope of showing their talents and skills. By implementing new business strategies and policies, the business experts would be able to create a market craze. Business innovation can help in increasing the number of target customers as well.
Badewi, A. and Shehab, E., 2016. The impact of organizational project benefits management governance on ERP project success: Neo-institutional theory perspective. International Journal of Project Management, 34(3), pp.412-428.
Badewi, A., 2016. The impact of project management (PM) and benefits management (BM) practices on project success: Towards developing a project benefits governance framework. International Journal of Project Management, 34(4), pp.761-778.
Cania, L., 2014. The impact of strategic human resource management on organizational performance. Economia. Seria Management, 17(2), pp.373-383.
Cormier, D. and Magnan, M., 2015. The economic relevance of environmental disclosure and its impact on corporate legitimacy: An empirical investigation. Business Strategy and the Environment, 24(6), pp.431-450.
Debela, N., Mohammed, C., Bridle, K., Corkrey, R. and McNeil, D., 2015. Perception of climate change and its impact by smallholders in pastoral/agropastoral systems of Borana, South Ethiopia. SpringerPlus, 4(1), p.236.
Gambi, L.D.N., Boer, H., Gerolamo, M.C., Jørgensen, F. and Carpinetti, L.C.R., 2015. The relationship between organizational culture and quality techniques, and its impact on operational performance. International Journal of Operations & Production Management, 35(10), pp.1460-1484.
Glas, A.H. and Kleemann, F.C., 2016. The impact of industry 4.0 on procurement and supply management: A conceptual and qualitative analysis. International Journal of Business and Management Invention, 5(6), pp.55-66.
Hornstein, H.A., 2015. The integration of project management and organizational change management is now a necessity. International Journal of Project Management, 33(2), pp.291-298.
Jyoti, J. and Dev, M., 2015. The impact of transformational leadership on employee creativity: the role of learning orientation. Journal of Asia Business Studies, 9(1), pp.78-98.
Khan, K.E., Khan, S.E. and Chaudhry, A.G., 2015. Impact of servant leadership on workplace spirituality: Moderating role of involvement culture. Pakistan Journal of Science, 67(1), p.109.
Killu, K., Coba, V., Mendez, M., Reddy, S., Adrzejewski, T., Huang, Y., Ede, J. and Horst, M., 2014. Model point-of-care ultrasound curriculum in an intensive care unit fellowship program and its impact on patient management. Critical care research and practice, 2014.
Koehler, J., Woodtly, R. and Hofstetter, J., 2015. An impact-oriented maturity model for IT-based case management. Information systems, 47, pp.278-291.
Minton, O., Jo, F. and Jane, M., 2015. The role of behavioural modification and exercise in the management of cancer-related fatigue to reduce its impact during and after cancer treatment. Acta Oncologica, 54(5), pp.581-586.
Mozell, M.R. and Thach, L., 2014. The impact of climate change on the global wine industry: Challenges & solutions. Wine Economics and Policy, 3(2), pp.81-89.
Tolessa, T., Senbeta, F. and Kidane, M., 2017. The impact of land use/land cover change on ecosystem services in the central highlands of Ethiopia. Ecosystem services, 23, pp.47-54.