30A – Final Reflection

30A – Final Reflection

Throughout the course, there were many moments that were fun and many moments of drudgery. I thought that it was very fun to be able to take the right approach to develop you own business idea throughout this course. There were multiples experience of drudgery such as waiting until Friday to finish three assignments. I, however, will emit that this is my own fault. Other than procrastination, the assignments where meaningful to the course. During the course, the most formative experience was conducting interviews with potential customers and seeing what their feedbacks were. These interviews really provided insight to how other views your business idea. I think that the experience of developing a business idea is the thing that I am proudest of and the journey of developing the business idea was joyous in itself. Reflecting back, I now think that I am closer to developing an entrepreneurial mindset. I, however, cannot say that I have develop the mindset because I believe it takes more experience and one course in college for you to develop that mindset. After taking the course, one of the recommendation that I would have for future students is to take the course as a way to actually develop your business and believe that one that your business idea will become a reality.

28A – Your Exit Strategy

28A – Your Exit Strategy

1.)   The exit strategy will depend on the business performance and the need for the business. If within the next five years the business does extremely well and the value of the business increases drastically, then I will sell the business. However, if I think that I can grow the business even more after the next five years then I intend to keep the business for several decades and then sell it or pass the business down. Overall, I am more for the idea of keeping the business.

2.)    There are a couple of reasons as to why I selected the strategy to keep the business. I think that within the next five years, I will not have accomplished all of the ideas – or the dreams that I have of what the business would be like. Thus, I would like to keep the business and grow it further and then possibly sell it. In addition to this, the business has a lot of memories and hard work that I have put in so selling would be hard.

3.)   I think that the exit strategy has influenced other decision I have made in made concept. Rather than growing the business quickly and then selling it off, I made decision that would allow the business to grow steadily and possible last for a longer amount of time. Other than the decision of growing the business, the other decisions have not been influenced by the exit strategy.

26A – Celebrating Failure

1) One thing that I failed at this semester was my chemistry exam. It feels like no matter how much energy I put into study, I do not receive the score that I desired. For the third chemistry exam, I studied for about one week. When I received my score, I was very upset and though about changing my major again for dropping the class.

2) From the situation, I learned that college tests are very tricky and that it is wise to reread and redo all of the question before turning in the test. In addition, I learn that rather than doing practice problems and practice tests, which the professor said to not rely on for studying, I should study the textbook and understand the concept.

3) I have thought about the topic of failure before and my conclusion on failure is that it is necessary to grow, both mentally and emotionally. Failure makes you stronger and eliminate the boundaries that you set for yourself. When I failed at a task, there are a couple of ways that I handle the situation. I would either sleep, workout, or eat. However, have doing one of those things or a combination of those things, I would always reflect on what I learn from my failure and tell myself that even though you failed you learned something about life. Rather than changing my perspective on failure, the class add more to my conclusion on failure. Even if the project failed, you still acquire knowledge that will aid you in the future. As of now, I am more likely to take a risk.

27A – Reading Reflection No. 3

27A – Reading Reflection No. 3

1)    What was the general theme or argument of the book?

The general theme of the book, Innovation and Entrepreneurship, is about the behavior and actions of entrepreneurs. The book was split into three parts with the first part focusing on the idea of innovation, the second part was about managerial strategies, and the last part talked about the practices and policies that entrepreneurs follow.

2)    How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

The book enhanced my learning in ENT 3003 by providing insight on how an entrepreneurs think. In addition, the book also informed me about innovation and how to exploit the needs of the people to create a business.

3)    If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

The exercise would involve interviewing people in the community and come up with an innovation that could solve their problem. The other exercise would be to give all the students the same problem and see you can come up with the most creative innovation to solve the problem.

4)    What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

The biggest surprise I encounter while reading the book was when Peter Drucker said that there needs to be more innovation and entrepreneurship in society and the only way to make this happen is to think about it an everyday activity.