• Internal Code :
  • Subject Code : 3101AFE
  • University : Laureate International Universities
  • Subject Name : Innovation and Entrepreneurship

Reflective journal

Table of Contents

Introduction 

Discussion

Conclusion 

Reference List 

Introduction

This reflective paper deals with the specifications that were taught to us on different modules. With the help of each module, we were able to focus on the development of our knowledge based on the same subject. The reflective paper deals with the explanation of six different modules that were covered in class. Topics related to entrepreneurship and innovation was taught in the different modules. The different modules that were taught to me in class focused on the use and implementation of certain entrepreneurship theories. Besides this, the third module covered topics of product development and customer experience. The idea about developing a proper business plan was explained to me in the fourth module. The fifth module aimed to explain the different types of entrepreneurial ventures that benefit companies to function in an authentic manner. The final module helped me to gain a clear idea about the post venture period in businesses.

Discussion

After learning the six different modules covered in class, I could understand that entrepreneurship plays an important role in terms of providing growth and development to the organisation as a whole. It helps them to focus on developing the different competencies that helps them to conduct the business in a profitable manner. In order to gain success in the business, it is important for entrepreneurs to make sure that they follow the process of entrepreneurial innovation in the right manner (Kuratko 2016). I was taught about the qualities of entrepreneurship and innovation in the right manner and therefore, I could understand the techniques by which it could be applied in the workplace for executing the operations in a better way. Apart from this, the module helped me to understand the practice of innovation in the workplace and the ways in which it brings growth and development to the organisation was explained in the course of the module completion. Besides this, the key principles of innovation were explained to us in the course of the study. It helped me to understand the requirements of innovation and its application in the organisational premises.

The second topic in the module helped me to understand the importance of creativity, opportunity identification and innovation. After going through the module, it was evident that innovation and creativity is one of the most crucial aspects of entrepreneurship. With the help of creativity in the workplace, it becomes easier for the business owners to ensure that they are able to perform all the activities in the desired manner and gain lucrative business outcomes. The module aimed to explain the characteristics of innovation and its application within an organisational context. As a result, it helped in the process of idea generation and helped me to gain confidence in the completion of the module.

After the completion of the first module, the second module helped me to understand the concept of value proposition design that is regarded as one of the most important tool that supports the level of innovation in the workplace. Apart from this, the module taught me about lean methodology that could be applied in the workplace to enhance the level of business operations and gain success in the market. In order to understand the level of competition in the market, the use of competitive research was done in the module, alongside the use of secondary research. Companies usually look to conduct the research to understand the intensity of competition. It helped me to gain a clear understanding of the different challenges and issues faced by entrepreneurs in terms of conducting their business. The module focused on explaining the different techniques that could be used for dealing with the challenges and allowing companies to gain an upper hand over the other companies operating in the same sector.

The second topic that was taught was aimed to explain the business models and disruption that could be used in the business and would help companies to generate profitable outcomes. The implementation of business model canvas was done to make sure that the companies are able to formulate important and relevant strategies that would assist in their growth and development. Besides this, the use of customer development model is an important aspect of business that helps companies to develop their customer base and increase their level of profitability in the market (Parker, 2018). With the aid of this, companies are able to meet with the requirements of the market and operate successfully. I was explained about the benefits of product-market fit. This helped me to understand that it could be applied in the process of business and would help companies to cater the level of competition.

I think the importance of product development and customer experience allows the companies to provide sustainable growth and development to their business prospect. Companies usually focus on developing their products to suit the preferences of the customers and provide them with their basic amenities in the market of operation (Zhou, 2015). The benefits of user centred design and customer experience was explained in the module. As a result, I could have a clear idea about the importance of providing greater level of customer experience to the potential clients. The uses of customer journey map and product development process was explained in the same module and it allowed me to understand the topic in a better manner. I understood that the selection of right process for product development is important because it allows companies to attract potential customers and enhance the development of their business process.

The following topic in the module was taught to me to understand the different types of engagement technique. The module covered topics related to behavioural designs that could be applied by companies to understand the behaviour of their customers and provide them with the required products or services in the market. In order to know the market trends, it is necessary for the companies to understand the demands of the customers and perform a primary research based on the same. As a result, it will allow them to operate in a profitable manner and increase the strength of their customer base. However, I was taught that companies should perform a proper test of their customer before they launch their products in the market. I could understand that the use of appropriate presentation technique would allow them to overcome the challenges in the market and engage themselves in proper operations of their business.

It is imperative for companies to develop their business plan in the right manner, as it provides enough scope for their business and provide growth and sustainability in the competitive market. My fourth module was based on a providing a clear understanding of the different aspects of a well-developed business plan and the ways in which it affects the business. I could clearly understand the benefits of the business plan, as it would allow companies to enhance the functioning of their different departments and engage in understanding the needs of their consumers. The different elements of the business plan were explained to me in the module and it helped me to understand the ways in which it could be applied in the business context. My lecturer taught me about the requirements of different elements of an effective marketing plan. It helps companies in forecasting their sales in the market and meet with the trends prevailing in the competitive market.

The importance of financial plan and the organisational plan was explained in the next section of the module. This imperative for my growth and sustainability helped me to work way into the progress of the organisation. I was taught to make the use of the balance sheet, which helped me understand the dynamics of the business, in a better manner. The income statement helped me to understand the dynamics of the company. I was able to create a balance sheet, which helped me to identify the sources, which are imperative in an organisation.  I was able to make the use of the cash flow statement and acquired knowledge on resource planning, which helped me progress in my growth in the business. This gave me informative knowledge and helped me comprehend the issues, which would be instrumental for my growth in the business organisation. Understanding the dynamics and the systems of the business is resourceful for making good progress in the system of the business (Gilson et al., 2015).

The fifth module was important because it helped me to understand the necessity of venture and the ways entrepreneurs are able to gather funds for conducting their business in an authentic manner. I was able to understand the different sources of funding that was imperative as it aided in my growth and development as an entrepreneur.  I came across the usage of the distribution channel, which formed an imperative role in the development of the business. The entrepreneurs are also supposed to provide an authentic understanding on the market venture, which should be aided by the businesspersons. It would have an impact on the contact and the effects of efficiency, which was important for an individual.  The entrepreneurs should be able to synthesise on the situational analysis, and the various processes, and market positioning, which is very important component of business undertaking.  The significance of contingency planning and the first mover advantage also helped me to boost my business. 

The sixth module gave me an insight on the core capabilities, which are required for an entrepreneur to function effectively in a business.  I was able to accredit the importance of bench marketing, which helped me to have an impact on growth strategies and cycle, which is imperative for the business.  The nature of the good entrepreneur is spent on maintaining the setup of their business venture, which holds good for the process of the organisation. The good entrepreneurs make the use of the methods of growing a venture, as it aids in the development of the business and maintains sustainability for the same. The entrepreneur was in progress of attainment of building a better and lasting company.  It is imperative to value the venture of the company, as it brings in better knowledge to the ideas of merger and bankruptcy, which, can affect the functioning of the business.  

The sixth module was very informative, as it gave me knowledge and understanding of the key components, which are viable for the functioning of a successful and viable company.  Therefore, the significance of a lasing venture is imperative as it provides the entrepreneurs the knowledge on the types of issues, which are faced by the business. In order to craft a lasting business, venture, it is significant to comprehend the growth cycle and the period of growth for the business. This is useful, as it builds and boosts the various sections, which bring in better understanding to the knowledge of the entrepreneurship that forms an imperative force in the business organisation (Piperopoulos, 2016). Therefore, the role of an entrepreneur is significant as it brings about various changes, which affects the company in a better manner.  The importance of building a lasting business stands firm on the principles of good views, which can boost the profit and productivity of the company in a viable manner. This is useful, as it helps the entrepreneur to realise the possible disadvantages that might affect the functioning of a business organisation. Hence, I was able to devise informative ideas from the learning modules covered in class. 

Conclusion

The reflective analysis has been covered as per the learning modules, which were covered during the learning sessions. It has given an understanding on the significance of entrepreneurship, which is imperative for the company. In order to be able to build a better lasting venture, it provides an understanding on the effects of innovation and creativity, which is imperative for a business.  Therefore, the reflective paper has been covered in a critical introspective manner. This has been useful for the purpose of the research and helped in devising the outcome, which is important for business. 

Reference List

Gilson, L. L., Lim, H. S., Litchfield, R. C., & Gilson, P. W. (2015). 11 Creativity in Teams: A Key Building Block for Innovation and Entrepreneurship. The Oxford handbook of creativity, innovation, and entrepreneurship, 177.

Kuratko, D. F. (2016). Entrepreneurship: Theory, process, and practice. Cengage Learning.

Parker, S. C. (2018). The economics of entrepreneurship. Cambridge University Press.

Piperopoulos, P.G., 2016. Entrepreneurship, innovation and business clusters. Routledge.

Zhou, J. (2015). The Oxford handbook of creativity, innovation, and entrepreneurship. Oxford University Press.

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