Reflection Paper A Change in Perception about Entrepreneurship

ReflectionPaper: A Change in Perception about Entrepreneurship

ReflectionPaper: A Change in Perception about Entrepreneurship

Entrepreneurshipis one of the fields of study that dives the national and the globaleconomy, but becoming a successful entrepreneur is a major challenge.Although many people desire to start up their own business and becometheir own bosses, entrepreneurship demands more than just starting upa business. In my case, my goal is to become an entrepreneur aftergraduation instead of going for employments like the most of thefresh graduates do. Although I have been reading articles and bookson entrepreneurship since I got the idea of becoming an entrepreneur,the five week course on entrepreneurship enhanced my understanding ofthe field and changed my former perceptions.

Thecourse changes my views about entrepreneurial in three major ways.First, the course gave me a new dimension of viewing an entrepreneuras a person who finds business opportunities in scenarios thatordinary people see chaos and confusion. Although I knew thatentrepreneurs are a person who takes risks to invest their funds, ithad not come to my mind that an entrepreneur can take advantage ofadversities to invest funds and expect returns. In my understanding,this means that as an entrepreneur, I should be able to convertchallenges into opportunities.

Secondly,the course widened my view of business opportunities by informingabout the key benefits of acquiring an ongoing venture. Prior toundertaking the course, I used to think that buying an establishedbusiness is a waste of capital. My thought was based on the notionthat the seller of an ongoing venture must have made losses andbuying such a venture would mean making loss from the first year ofpurchase. However, I know that purchasing an ongoing venture reduceseffort and time required to screen the environment for businessopportunities and lessens the fear of success of the futureoperations.

Third,the course informed much about different ways of searching forinvestment capital, some of which I had never thought of in life.From my personal research about different sources of capital, Imanaged to find out four major sources of capital (including personalsavings, equity, debt, and profits) that I would use to finance mybusiness after graduating. However, I did not know that thesecategories of funds are diverse and one can use them in differentways to source funds. For example, an entrepreneur can use theinternet-based sites to borrow funds from investors at an agreedinterest rate in a method known as social lending. Although thismethod has several limitations (including the disclosure of businessplan and low success rate), it shows that competent entrepreneurshave an opportunity to harness the modern technology for the good oftheir business. This will be one of the several methods I plan to useto source funds for my business after graduation.

Lastly,the course emphasized on the importance of having a business planbefore starting up any business. I knew that a business plan wasimportant to an entrepreneur, but I never thought it was a mandatoryrequirement. In conclusion, the course was challenging, but veryenlightening. It was quite involving and all activities undertaken in(including the course project) opened a new avenue to acquire newentrepreneurial skills. For example, the group project on fast foodprovide me with an opportunity to learn that social media incurrently among the most significant methods of marketing, especiallywhen targeting the younger generation.

References

Kuratko,F. (2014). Entrepreneurship:Theory process practice.Stanford, CT: Cengage Learning.