Entrepreneurial Mindset And Opportunities Creation

Entrepreneurship theory works on the discovery, analysis and exploitation of opportunities, in other words, new products and services. Searching new markets for products and services which did not existed previously. The process of designing, launching and running a new business, which is initially a small business is called Entrepreneurship. An individual undertakes the creation or forming, organization, ownership, and calculated risk of a business with motive of profit and societal benefits.

Areas where i am sufficiently developed

Passion and determination

First area where I find myself possessing entrepreneurial skills is the passion and determination. Passion is the most important trait for a successful entrepreneur. They are determined to make all of their attempts successful, so will keep trying until it does. During my internship, I was working for a Plastic Manufacturing Company. Initially, it was very challenging for me understand the working of machinery, the plastic terminology, the passion to learn and determination to complete the job never allowed me to quit it. I never gave up and learned the things gradually. It was quoted in Georgie's story her motto is 'just do it'. This quality of being determined and passionate made her successful.

Risk-taking

Secondly, I believe I am a Risk-Taker. I started a plastic company with my father, where in the initial times the revenue was not that sufficient to break even. The courage to take risks and the ability to remain patient during the hard times; the company has now turned profitable and successful. Risk is something from which you cannot escape from. It is something that is with us every time we drive, every time we sit or sleep, every time we eat or drink. "One has to take calculated risk in one's entrepreneurial career".

Learning

An entrepreneur invests significantly in learning and updating their knowledge. Coming so far with number of obstacles and mistakes, I found myself welcoming all the learnings and failures. While working at my company, I learned how to manage orders, purchase, sales and working within a team. I believe, from failures you learn something and these learnings lifts you to success. Shami Ahmed - Director of Juice Corporation says that he is learning all the time and he also said losing is a part of learning curve. Thus, upon reading this I realized you learn more through your mistakes and you come back stronger.

Areas which require further development

Product and market knowledge

I have been working for my father's company for the past few months. In such a small span of time it was difficult me to study the target market and other market forces. Entrepreneurs have knowledge about their product inside and out, and product target market. Most entrepreneurs became successful because they created some valuable product or service which did not exist. Having product and market knowledge is the most important characteristics to become a successful entrepreneur, (Johnson, 2013). The Hotelier - Surinder Arora, was always alert to the opportunities. He realised his target market was the British Airways who booked several hotels for their crews and tapped this opportunity by buying nine houses and building a Hotel.

Vision

A entrepreneur should have the ability to see the things as they might be and should possess power to anticipate change. An entrepreneur has a clear vision in which direction the company is heading. He exactly knows what is the current problem in the market or need in the market and how you can fill the gap. Being Visionary is the most important characteristics of an successful entrepreneur. This the area I believe where I should develop myself. A leader like Dhirubhai Ambani, who manages huge projects and its product line with excellent HR team and practices, could all be possibly happen with a vision. Me as learner and an amateur in the plastic industry, have to develop a quality of being visionary and proactive.

Creative

Entrepreneurship is like doing any other business but with a distinguish characteristic of being creative and innovative. Entrepreneur revolves around the concept of creation and exploration of new ideas. The secret to successful entrepreneurs career is not its product, services, packaging, messaging, pricing, but it is having an innovative and creative practise. Innovator like Elon Musk who is revolutionising the whole world by his creative products and services. He is entering the unimaginable spaces with founding Zip2 and PayPal, building rockets from scratch, juggling with Tesla and SpaceX. Dealing in traditional business in my case, I consider I need to make the existing product innovative and generate a new demand for the product in the emerging markets.

Summary

In the end I would summarize the whole assignment by conveying that an entrepreneur possesses various well-built attributes and also some weak qualities. Keeping myself persistent in my strong qualities and increasing my abilities and skills in the areas which needs further development. I look forward to expertise in qualities like creativity by constantly updating myself with innovative products being launched commercially. By getting an experience in a start-up or any organisation on how to assess business opportunities in a dynamic environment. Stepping into the shoes of an successful entrepreneur will enhance my ability to plan, organise, and execute a project or a new venture with a vision of bringing new products to the market. Combining all sets of objectives will give me a in-depth knowledge of the existing products and services with the aim of building a successful career in entrepreneurship.