Define your own characteristics as an entrepreneurial person: An entrepreneur is characterised as an individual who uses innovation to exploit or create change and opportunity for the purpose of making profit, which is done by shifting economic resources from an area of lower productivity into an area of higher productivity and greater yield, accepting a high degree of risk and uncertainty in doing so (Burns, 2008).
According to Hofstede, Saudi Arabia, my country of origin, is a collective culture with a high power distance, high uncertainty avoidance and is highly masculine. This leads to thinking that a Saudi national is highly unexpected to be entrepreneurial in nature. Through the module "Creating an Entrepreneurial Organization" I was able to identify what makes a person entrepreneurial and used that to my advantage to develop my entrepreneurial skills. (Hofstede, 2012)
Entrepreneurial abilities are till this day ambiguous in nature as they heavily rely on comprising a range of personal characteristics, attitudes, and skills such as problem solving, leadership, communication, and self-awareness skills coupled with business and managerial competencies (Frank, 2007). In our Creating an Entrepreneurial Organization Module we were divided into teams and were asked to draw out our thoughts of what we thought an Entrepreneur looked like in the form of a caricature, the exercise ended up with having about six different drawings of mostly alien superheroes with the ability to adapt into any form of job.
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Some economists have observed that the impact of individuality is more important than what was previously thought, and they have sketched some characteristics of the successful entrepreneurs. For instance, Schumpeter describes the entrepreneur as: "the individual who has the dream and the will of founding his own kingdom and usually a dynasty, he has the will to conquer, the impulse to fight, to prove superior to others, to succeed, not for the fruits of success, but for success itself and the joy of creating, of making things, or of simply spending his energy and resourcefulness." (Grigore, 2012). I was able to realise through the module the importance of being entrepreneurial as an individual and start to challenge myself to constantly think creatively.
Joseph Schumpeter, an Austrian Economist, who has revolutionised the way people perceive entrepreneurship by turning the economy into a different equilibrium position from its tended one. This opened the window for new production labelled as 'Enterprise' by Schumpeter which can be equally called 'innovation' by 'entrepreneurial' individuals. (Burns, 2008) Creativity leads to innovation among other things, as a creative idea lead by an entrepreneur would lead to innovation. Entrepreneurship moulds the innovative idea into an enterprise (the actual business) which is recognised with value.
I've been able to personally develop my personal entrepreneurial skills which involve leadership, resilience, risk, drive and perseverance, initiative and tolerance as well as my interpersonal skills which are: Leadership and motivation, communication skills, listening, personal relations, negotiation and ethics. As a result I have been provided with the skill set to think more laterally causing me to thrive on uncertainty and push me towards working in an entrepreneurial organization that will challenge my way of thinking and make me prosper towards success.(516)
What I learned about others as a result of this module? (How and in what way were my group members enterprising? What did you notice about 'proactive' and 'reactive'? Was the effort you made to the team enterprising? What would you have done differently?
Recognise and comment on the role of entrepreneurial teams as a way of creating entrepreneurial organizations
Learning outcomes assessed: identify and evaluate the different perspectives on what is required for entrepreneurial success within a range of contexts. Access the importance of creativity to business today.
Learned about others:
For our summative assignment we were divided into groups in order to debate in favour of a given company function as being the most entrepreneurial. We were given Human Resources as a function for my group of five. Being driven to be entrepreneurial I took lead of the team and appointed myself as their spokesperson with everyone's consent.
My group members were enterprising with their thoughts and solutions to define what entrepreneurial characteristics were for a company and how that would apply to our function 'Human Resources'. We concluded that the HR department in companies has a major part to play in helping to foster an environment that encourages entrepreneurship and nurtures flexibility, creativity and innovation. The extensive research and studies read made all team members realise the importance of enterprising.
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I've realised that the proactive approach to dealing with raised problems was more efficient as sparked creativity as well as innovation within my team members as pushed us towards being entrepreneurial with our thoughts and strategic skills.
For our formative assignment we were divided into groups to work on a group simulation where members of each entrepreneurial function combined an individual in each group. This worked to our advantage as the strength and diversity of your team determines how thoroughly you analyse the problem, how many different angles you see, and how complete and competent your solution will be. (Katzenbach & Smith, 1993)
In today's competitive world it I easier to succeed as an entrepreneurial team as opposed to a sole entrepreneur, and most successful venture are started by collaborate team efforts, as economic growth comes through collective entrepreneurship in which talent, energy and skills are integrated into a team, and this collective effort has a bigger impact and becomes greater than the sum of individual entrepreneurial contributions. (Chen, 2007)
what are the key factors associated with creation and management of an entrepreneurial organization? (how did you experience the task of coming up with strategies to make an organization more entrepreneurial? How was your group successful or could have been more successful? What are some examples of strategies of real entrepreneurship organizations you did or could have drawn on?
Provide supporting evidence of concepts and ideas which support your evaluation e.g networking, creativity etc.
Learning outcomes assessed: same as above plus communication skills.