REFLECTION ASSIGNMENT 1
Whereveryou go, you will realize that entrepreneurship has become the talk ofthe day. This is basically so because entrepreneurship is not just aform of earning money, but it is as well a stakeholder of the economyof any nation. Entrepreneurship is an idea that helps to boost anynation`s economy. Many young people are having it hard securing a jobeven after completing their studies. This has caused quite a numberof them to diversify their minds as well as resources and ventureinto something new in the market. What better idea than becoming yourown boss and creating jobs for others? After taking five weekslearning about entrepreneurial thinking in the class work and beinggiven opportunities to be entrepreneurial through various activitiesand the group projects that we had, I realized that there are someentrepreneurial skills and ideas that I never knew of, and still somethat the group didn`t talk about. I will highlight the lessons Ilearned from class work practice and experience, and how I can usethese lessons in future. Furthermore, I will look at some changesthat I learned from the project.
Duringthe class project, I had mixed ideas and perceptions ofentrepreneurial thinking. It was so conspicuous that an entrepreneurmust have a creative and innovative mind. The world is changing eachpassing day and to be competitive, one must be full of creativity andinnovativeness of great ideas. To be an entrepreneur, you need tocome up with new ideas that will change the market. You are alwayssupposed to be on toes looking for new things in the market. Come upwith great ideas. It could be something that is already there butgive it a touch that will make it different from the rest.Differentiation comes in at this point in entrepreneurship. You needto be different to conquer the market and beat your rivals. I feltlike these topics of entrepreneurial thinking was well discussedduring the class project.
Nevertheless,there were some failures in the class projects. In as much as theissue of understanding the market in entrepreneurship was mentioned,it did not go deeper. Various market mixes were mentioned but notelaborated. Before coming up with any idea, I feel like one must do athorough market research. One must know about the product or serviceshe/she will offer and at what price. The price is not supposed to betoo high so as to make the possible clients fear away, neither is itsupposed to be too low that the owner does not realize any profit atall. The place of setting up a business is as well vital. But it wasnot so exhausted by the group. The business has to be at a strategicplace where it will be possible to serve all the customers. It has tobe convenient for all the clients to access it. An entrepreneur mustseek opportunities as well as take calculated risks. One should notgive up at the first attempt. Persistence and determination are keyfactors in entrepreneurial thinking. Remember, people who make adifference are the ones that take calculated risks, move out of theircomfort zone and take a different path that has not been traveled bymany. Now I have more than enough entrepreneurial ideas to use infuture.