Fifth Personal Journal Entry Set

While reading the texts and delivery of the subject throughout my learning processes, I must say that I have gained a lot on the nature of entrepreneurship and innovation. First and foremost, I came to understand that entrepreneurship in the world of economics is the willingness and capacity to not only organizes but also organize a business venture, in conjunction with any risks associated with it in the process of gaining profit.

Therefore, the nature of entrepreneurship and innovation created by enterprises is essential in understanding the economic and dynamic activities of a business. It ensures optimum utilization of resources based on the business at hand is facilitated in addition to other factors. Enterprises are expected to evaluate effective systems and form modes to optimize performances. Entrepreneurship and innovation are goal-oriented as groups involve have aimed at making profits through satisfying customer inventions which emphasize on achievements, results, and targets. That also adds to value creation depending on the new products and services, transactions, resources, and technologies which indeed have boosted my understanding of the overall concept.

I have greatly benefitted from the subject especially on, “Critical Skills Entrepreneurs Need.”  Primarily, to be one of the most successful and effective entrepreneurs, one should master skills in sales. And, as the entrepreneur ends up wearing several hats depending on the act at hand such as advertisement, recruitment, and administration services among others, one should put into consideration sales subtle skills to maintain its customers. An entrepreneur should look for practices which will sell their ideas via persuasion. Also, communication skills are vital to fit in a competitive world. Communication whether oral or written communication should be done effectively with high-quality content. Magnetic headlines to attract as many customers as possible are vital in addition to gridding the facts about the goods and services rendered. Additional information that I must say I gathered while tackling the above-stated subunit comes with the identification of focus skills and desire to learn skills. As an entrepreneur, one should be open-minded to new ideas in business that are received from reading sales and marketing business books.

As a result of the information gathers, my perception of becoming more entrepreneurial and innovative has taken into a whole new level. Ever since I was ready to take the notch of becoming one of the best entrepreneurs however shaken especially when thinking of challenges associated with entrepreneurs. Some of the challenges that every entrepreneur has faced include problems associated with marketing strategy. It has always been difficult to position one’s product to maximize returns. Even though, I came to understand that indeed, such an obstacle has a solution; entrepreneurs are recommended to conduct efficient research and even have hand-on study to come up with the right market strategy. Finding customers is also a challenge but based on the remedies provided in our textbook, I can comfortably get as many customers only by offering the best quality products that the market wants.

References

Aulet William (2015). Innovation Driven Entrepreneurship: 24 Steps to Help Entrepreneurs Launch Successful New Ventures.