BX3173 Innovation Driven Entrepreneurship 2 : Essay Fountain

Question:

Tasks:1

1.You

a. Discuss how do you stack up against the five dimensions (e.g. achievement drive, creativity, desire for autonomy and internal locus of control)

b. Discuss what the survey findings suggest you need to develop or improve? What factors (education, peers, family, experience) in your past or character may have led to these results. These should include negative and positive influences.

2. Personality

a. Discuss your scored personality type.

b. Can you recognise some of these behaviours in yourself? Does this assist in understanding why you see and act in certain ways?

3. Your Skills & Experience

What do you bring to a team; what skills, experience, knowledge, networks that you believe could be of use and value to your entrepreneurial venture.

Discuss. Are you the: Hipster – The idea creator? Hustler – one who can acquire resources and sell Hacker – the engineer, the builder Herder – the project manager, keeps all focused on task, on schedule and on budget Second Personal Journal Entry Set (10%)

Tasks: 2.

Your Poster Entrepreneur Profile an entrepreneur that interests or inspires you. It may be an individual or team from history or current era. Use published sources and print media. Consider their personal characteristics, backgrounds in terms of family and social economic situation, education, experiences and skills, the type of venture and the business and economic climate when launched their venture, their management style, if possible, what is their vision and belief in what they are attempting to achieve, their outlook on life & future, what drives them? What is their philosophy for business? How does this lead to the innovation they brought to their company that created the differentiation from their competitors for their customers? Link to either Kurakto’s entrepreneurial behaviour or Daviddson’s Model of Motivation for Entrepreneurial Activity.

Discuss your personal reflections on the reason you chose this entrepreneur and what inspires you about this person. (The entrepreneur maybe well-known, public or local hero. This person (or team) maybe living or dead, maybe current or historical. They may be successful or not but something about them is a source of inspiration for your journey). Third Personal Journal Entry Set

Tasks 3.

Your Poster Entrepreneurial Company Discuss a business this entrepreneur has developed (it maybe a current business, a past, historical business or business they have sold). In your discussion, tell what the business does, what is it offering, what is its mission and vision.

Discuss its origins and beginnings up to current. Give its history and performance. Its employee relations and its company culture. 

Discuss why you chose this company. What appeals to you about what this company is doing, acting and trying to achieve. State & discuss what you would take away from this company to emulate and why? Forth Personal Journal Entry Set

Tasks 4.

Poster Company’s BMC Using the company in Set 3; and the Business Model Canvas from Text, develop & draw this company’s Business Model Canvas.

Discuss the 9 building blocks of the canvas with respect to the company.

Provide evidence where possible to justify your understanding of this company’s business model. In your discussion, determine the Business Model Pattern

Using the SWOT Assessment Assess this company’s BMC. Discuss your assessment. Attach your copy of the Assessment survey in

Answer:

The Journal – The Personal Journey

First Personal Journal Entry Set 

You

a. The five dimensions 

Analyzing the results from the GET 2 survey questionnaire results, I can easily understand the five dimensions of mine. I possess a tremendous drive for achievement and would go to extremes to attain the outcome. The sense of attaining achievement motivates me to stretch myself towards achieving them. However I lack the creativity to some extent, my scores reflect that I need to work on them. To be a successful entrepreneur, I need to work on my creativity and enhance it. I am unable to arrive at a solution to a complex problem in a creative manner, rather I adopt ways that are already known. I have a tremendous desire for autonomy and like to perform tasks in an individual manner (Malebana, 2014). I do not like being told what to do by others and I can easily accomplish tasks by myself. I enjoy a sense of autonomy as I feel I possess an internal locus of control. My internal locus of control allows me to perform and accomplish my tasks in a diligent manner. It helps me maintain calm while undertaking and performing complex tasks.        

b. Development or improvement factors 

The survey findings reveal that I need to develop and improve the creative skills that I lack. I need to inculcate creativity to be able to arrive at creative solutions in the future to the problems that I will face in my business. I feel my family and experience has led me to be less creative. My family had been very protective of me and did not allow me to venture out to undertake any task. This has led me to be less adventurous in diagnosing ways to find a solution to something. Due to my family, most of my experiences in life had been within the known frame. I did not ever have to find an innovative solution to anything (Kirkley, 2016). This made me less creative and not find separate ways for a task. I feel my family’s protectiveness about me had been positive from their sense, but it has been negative for me now, as I am unable to undertake creative endeavors on my own. When I was a child and was growing up, the care allowed me to grow within a safe environment. This has been detrimental in my adventurous attitude.          

Personality

a. Scored personality type

According to my scored personality type, I am an entrepreneur by birth. I have tremendous self-motivation and personality type that is directed towards undertaking several activities. I have successfully scored well as an entrepreneur but need to adopt creativity skills.  

b. Recognizing behaviors

I can recognize my behaviors being similar to an entrepreneur having a risk-taking attitude. This attitude of mine helps me act and behave in a way by undertaking a lot of activities together.  

Your Skills & Experience

Bringing adequate skills to a team is important and I recognize myself being a herder. I can handle a task as a project manager and keep everyone focused on a task. I have regard for schedule and budget which makes me an effective herder within a team (Coccia & Rolfo, 2010).

This could be of use in my entrepreneurial venture as I can get my team to work for me and stay in the proper schedule as well as budget.

 

Second Personal Journal Entry Set

Your Poster Entrepreneur

An entrepreneur’s profile that is of interest to me is Elon Musk. Elon Musk is a South-African American technology entrepreneur (Mair, 2016). He is a self-motivated entrepreneur and comes from a very poor background. He is an undergraduate in economics with a bachelor’s degree in physics. As per Kurakto’s entrepreneurial behavior model, an entrepreneur is one who recognizes opportunity within confusion and this characteristic in possessed by Elon Musk (Pereira & Hashimoto, 2016). His attitude is to always innovate something new technology.   

Personal reflections 

Elon Musk inspires me due to his immense creativity and opportunity taking skills. He is also a great public figure, who is extremely successful in his endeavor. 

3. Third Personal Journal Entry Set 

Your Poster Entrepreneurial Company

Elon Musk is developing Tesla’s SpaceX which is extremely innovative and major technological innovation. Tesla’s mission and vision are to innovative new forms and methods of traveling. Tesla is an American automotive and energy company focused on innovating new technology for automobiles. It is currently innovating electrical vehicles for the smoother and faster commute (Schmorrow & Schmorrow, 2015). Tesla has a positive employee culture and employee relations. Its employees are focused upon the company’s vision and mission and directed towards innovating for the company.   

Appeals about the company

I selected Tesla as this is an extremely innovative company that has been featuring in several articles and news recently. The company has been performing well and has made remarkable progress in recent times period. The company’s remarkable innovation is very appealing, as it is continuously trying to create a sustainable world. It is trying to decrease the usage of fossil fuels and create a greener world (Biber, Light, Ruhl & Salzman, 2017). I would like to take from this company, its innovative endeavors and emulate the same in my own venture. I feel such efforts on innovativeness can bring a significantly positive impact on creating sustainable environmental practices. 

Forth Personal Journal Entry Set 

Poster Tesla’s BMC

Tesla’s business model canvas reveals that its key resources comprise human resources and technical resources (as shown in BMC in Appendix 2). This is used to deliver value to its customers. The business model pattern used by the company is to bring to the market the best of innovative endeavors (Osterwalder, Pigneur, Oliveira & Ferreira, 2011).  

Assess of BMC using SWOT

SWOT analysis of the company reveals the high fixed cost of the company which needs to be improvised (SWOT Assessment attached in Appendix 3).

Re-invent or improve assumed business model using Blue Ocean Strategy, you can

Applying Blue Ocean Strategy, the assumed business model can be improved as attached in Appendix 4. The assumed improved business model includes customers in developing countries and with the reduced fixed cost structure. With the blue ocean strategy, Tesla will capture new demand in the market and extend products across developing markets (Mi, 2015).

Fifth Personal Journal Entry Set (Reflective Overview)  

Learning during the reading of the subject’s

Self-reflection is crucial to analyze the learning of a subject text and its delivery. I learned a lot regarding myself from reading this subject and the nature of entrepreneurship and innovation. I realized that I possess sufficient skills to emerge as a successful entrepreneur. In order to be successful, I will need to be more creative and innovative (Kautonen, Van Gelderen & Tornikoski, 2013). Personally, I realized that I need to frequently undertake self-assessment and self-development. I will need to be self-directed and goal-oriented to attain my dreams. I personally gained the skills and tools that can be used for self-evaluation such that I can realize gaps and emerge as a successful entrepreneur. I benefitted from the questionnaire tools from this subject and realized that this could come to my help even in the future. I felt learning the theories were of little benefit as it can only help in concept development. The theories cannot assists in developing practical solutions to situations.          

Changes occurred since Session 1 day 1

My learning has increased tremendously during the course, which led to many changes in me since Session 1 day 1. My perception regards to entrepreneurship has undergone a rapid transformation and I feel that I need to be more innovative in nature. 

 

References

Biber, E., Light, S. E., Ruhl, J. B., & Salzman, J. (2017). Regulating business innovation as policy disruption: From the model T to Airbnb. Vand. L. Rev., 70, 1561.

Kautonen, T., Van Gelderen, M., & Tornikoski, E. T. (2013). Predicting entrepreneurial behaviour: a test of the theory of planned behaviour. Applied Economics, 45(6), 697-707. doi: 10.1080/00036846.2011.610750

Kirkley, W. W. (2016). Entrepreneurial behaviour: the role of values. International Journal of Entrepreneurial Behavior & Research, 22(3), 290-328. doi: 10.1108/IJEBR-02-2015-0042.

Mair, M. (2016). Enlightened entrepreneurship: the success of Elon Musk, viewed from <https://tesi.luiss.it/18528/1/180631_MAIR_MATHIAS.pdf>

Malebana, J. (2014). Entrepreneurial intentions of South African rural university students: A test of the theory of planned behaviour. Journal of Economics and behavioral studies, 6(2), 130-143, viewed from <https://www.researchgate.net/profile/Mmakgabo_Malebana/publication/265469814_Entrepreneurial_intentions_of_South_African_rural_university_students_A_test_of_the_theory_of_planned_behaviour/links/54100c7f0cf2df04e75a5491.pdf>

Mi, J. (2015). Blue ocean strategy. Wiley Encyclopedia of Management, 1-1. doi: 10.1002/9781118785317.weom120024

Osterwalder, A., Pigneur, Y., Oliveira, M. A. Y., & Ferreira, J. J. P. (2011). Business Model Generation: A handbook for visionaries, game changers and challengers. African journal of business management, 5(7), 22-30, viewed from <https://www.academicjournals.org/app/webroot/article/article1380791074_Oliveira%20and%20Ferreira.pdf>

Pereira, L. M., & Hashimoto, M. H. (2016). External Entrepreneurial Orientation: A Path to Corporate Innovation. Revista de Negócios, 20(2), 4-14. dx.doi: 10.7867/1980-4431.2015v20n2p4-14

Schmorrow, M., & Schmorrow, D. (2015, August). Innovation Lessons: Implications of Nikola Tesla’s Life for Today’s Engineers, Scientists, and Technology Designers. In International Conference on Human-Computer Interaction (pp. 183-186). Springer, Cham. doi: 10.1007/978-3-319-21383-5_31

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