This essay will mainly discuss my own current contribution in the venture creation during group meetings. It will be divided into two parts. The first part will describe how I performed in the team exercise of creating an effectual business idea in details by using each principle of effectual entrepreneurship. The second part will discuss my thoughts, means, my positive impact on our business idea, what I have learnt and what should I improve to get myself ready for the next new effectual business.
Our group had 4 meetings in the lectures and I had participated all the meetings. I am going to illustrate the process of how we build an entrepreneurial venture using effectual logic. Our first meeting was in the lecture, I found my group
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Mine was about holding an international league football match in Reading. This was because I found many students like to play football in the UK. I thought we knew many students in the union. We could use our interpersonal relationship to let more people know about our business. For the partnership, I thought we could make partnership with Sportsspark in order to rent the football field. I shared my idea with other people. They said it is a nice idea, but we need more ideas to compare. Then Rami shared his thought about swimming pool party. He told us he knows a swimming pool in Berkshire, which is the perfect place for the party. And his best fiend is a DJ. So it is free for the party. Then I said I would go to other swimming pools and compare the environment and the price of all the swimming pools within Berkshire. For other partnerships, I suggested that we could make a partnership with the student union. They might be able to help us to spread our party to attract more students to join. I also told them I know the wholesaler of water toy. We could buy water toys in a cheap price. Yanlin and Rami agreed with my opinion. At the end of this meeting, we decided that we would do swimming pool party venture.
One week after, we had a discussion again. We continually discussed about how we can create a swimming pool party using an effectual logic. Yanlin said he knows the president of the Chinese student union,
In this article I will be writing about two types of businesses one which makes a profit and the other which does not make a profit. I will inform and explain the purpose of the business so why it is there, also the type of business it is and the ownerships and also what it provides and who’s interests it serves.
Place students in 3 or 4 member per group and ask each group to come up with a business idea that will work. For this activity, each group has to come up with a business idea that will limit funding of only RM50, 000. Groups should consider the following questions: (30 minutes)
The study looks in-depth at the direct effect of new ideas on the progress of any business. The study focused on trying to look past the overt benefits like profit, dividends, revenues etc. that a new business model would bring to a striving organization. The study researched into the adaptability of many of these companies interest into entering the always changing local and international markets, and also what steps that would need from each model to be successful in doing so. It also showed that trust is part of making strong business sense decision.it also spoke of developing more business links and better understanding of standard principles were fostered by the incorporation of new ideas into any business. This study was useful in the sense that it uses a business model which allows companies to follow a business plan and not to go into a major business idea without a sound thought process.
We offer fetures that noone else does and our product is second to none we have to mov locaton to show our fully power.” At this point i was taken aback and so was our investor. I intergected and said,” I apologize sir what my partner ment to say was that we have very high expectaions for our company and ourselves we do belive that with a bit of capital behind us we would do alot better in a new location such as the Westfield Brandon in Tampa.” the investor then relaxed and begain to speak again. He said, “ I understand but i just dont see the vaule.” Alex then inhaled to speak but i cut him off with a hand placed firmly on the shoulder. He then held on to his thought while the investor continued his. The entire time i could tell Alex was not paying attention to what our investor had to say. He was antsy and i could see that he was simply waiting on him to fnnish so he could then say what was on his mind. Alex then begain to explain to our investor why he was entirely wrong to think that about our company and that our company would do amazing in its new location….our investor proceded to stand up, shake my hand, thanked me for my time, and procedded to walk out of the
Having a great idea, and building a team to bring that perception to life is the first step in creating a successful business enterprise. While finding a different and exceptional idea is rare enough; the capability to magnificently achieve this idea is what separates the dreamers from the entrepreneurs.
Introduction: - the paper is used to describe me and my team recently planned to start a career as a group. We followed a particular strategy and rules and thus we are successful to finish our first project by the small company we started recently in India. We started a company that creates websites for different small companies like us. So we thought that this project is like building our own website for our company. We got a contract to give some publicity and market the name of a company that was opened recently and this paper describes the way we built the website and the efforts the group took to create and promote the company.
I’ll now hand out, let me summarize what we’ve done. First thing is establishing a company. Second thing is the quality of product and reward. Finally are development and invention. I would like to recommend that if you can understand the disadvantage of both. You will use it with happiness. I’m done with this. I hope you enjoy my presentation. Any question? Thank
The purpose of writing this report is to show how much I have learned and experience from enrolling in BBA 220. It is also include the impression and my personal reflection about the unit itself, and also the reflection about group project. Before I start this unit, I do not understand much about entrepreneur and entrepreneurship at all. I just know that people who do business are businessmen. However, after joining this unit, my understanding toward entrepreneur become different. Entrepreneur is someone who is willing to take risk by inventing a new business that does not exist in the market or start up their own business to make profit or take benefit of an opportunity. On the other hand, according to Joseph Alois Schumpeter (1883-1950),
Following the underpinning philosophical perspectives mentioned earlier, the researcher decided to choose qualitative research method, as theories are developed by people involving their routines daily (Flick, 2009). This is very much related to the view of social constructionism view for the research. In order to ensure the research to become rigorous and to achieve the comprehensible objective, qualitative method will be a practical way of conducting research (Tracy, 2010). Studying entrepreneurship makes it sensible for qualitative research method because it involves “real-world situation” (Yin, 2010) and contains collaboration with the community. This research will use case study with the application of constructivist grounded theory method (Charmaz and Smith, 2003; Glaser et al., 1968) as it intended to develop theory from the emerging themes and interests (Charmaz, 2008). It is the most relevant method to apply as the researcher has similar background and interests with the participants (Charmaz and Smith, 2003) plus similar passion making it highly impossible for her to make use of the their background stories and natural proclivities (Mills et al., 2006). Charmaz (2008) emphasises that Glaser and Strauss are both “objectivists” (Easterby-Smith et al., 2012) and do not comply with a subjectivist’s view of research.
The economy is composed of enterprises and businesses. Our economy has survived because the industry leaders had been able to adapt to the changing times and supplied mostly the communities’ needs. Entrepreneurship produces financial gain and keeps the economy afloat, which gives rise to the importance of innovation in entrepreneurship. Entrepreneurs are innovators of the economy. The importance of innovation in entrepreneurship is another key value for the longevity of a business. And, being innovative has helped us become successful in all our endeavors.This leads me to choose my higher education in “Master of Business Administration
I took a couple of the color personality quizzes and according to the first color personality quiz I was a Red. I agree with this, I am an great leader. I am a great leader I make sure everyone 's opinions and ideas are heard. I also make sure every person gets an opportunity to speak and have a say about what goes down on the paper or computer. When I am a leader of a group people sometimes say that I am a excellent leader. If teachers give me a task I can be highly effective. I will be highly effective if a teacher gives me a task I try to make sure that the task is done fast ,but make sure the task is right. I took another color personality quiz and the result from that, it says I am Brown. I agree that I am brown I love the outdoors
Business people are also known as entrepreneurs who are willing to stand up and make something new happen. It also required certain skills to become successful in the business world. Therefore, it requires a lot of training and knowledge acquiring these skills. There are many skills that a business person should have in order for him to become the best image of himself. There is balance created within by acquiring those skills so that it can be used in various other accepts of life. This essay will address how basic business skills acquired by a person could possible help him/her in their profession life.
Recent years, due to the burst of the businesses, the competition between companies is becoming increasingly fierce. Therefore, creative thinking catches more attentions from businessmen. Serrat (2009) argues that compared with the past time, importance of creative thinking in products, service, procedures, and processes increases. This argument states that the creative thinking plays a significant role in current situation (the fierce competition). The objective of this essay is to discuss the significant role of creative thinking plays in modern enterprises where exist a large requirement of improving quality and function of products, a more
To begin, the very first part of group development but also the class, was to form a group that you would work with throughout the whole semester. The class discussed ways to assign group members, but ultimately, the decision was to let students pick their groups. In all honesty, I was not fond of this idea, but I selected my group. I began by wanting one of the two boys in my group, because I wanted a male’s perspective throughout the project. I decided I wanted to work with Adam because I had witnessed him ask challenging questions and succeed in debates with previous professors, all characteristics I thought could be beneficial at the time. With choosing Adam came Matt, because since they were the only two males in a lecture dominated by females. Lastly, Alex decided she wanted to work with me because we had a previous class together and she stated she liked the way I handled myself within that lecture.
Before starting a business, entrepreneurs need to take and use the methods to generate creative ideas for product to be marketed and test new ideas. The methods are the focus group method, brainstorming, brainwriting and problem inventory analysis. These methods are best suitable for an organization that needs expansion in products or services