Week 11 Discussion 2
Discussion 2: “Reflection on the course.” Please respond to the following:
Discuss the topics in this course that have changed your perception of entrepreneurship. Justify your response.
Based on the entrepreneurship concepts you have learned from this course, describe the strategies you will apply in your current career and/or future endeavors. Explain in detail and provide real-world examples.
Some basic Strategies for an entrepreneurship which I would follow in food Industry in my career for future endeavors are as follows.
- Researching new products as well as services
By researching new products in the same field as well as providing new services. Entrepreneurship can be Very much benefited by these two terms by developing new products as well as introducing new services to your entrepreneurship business you can easily increase your overall reach and create new catalogue for the company. I will research about New recipes as well as new cooking techniques which can enhance my overall food chain as well as the food store to provide better services to the customers.
- I’ll start with the small markets
Rather than tackling bigger markets, I will start from the smaller Markets and when I will get established in the smaller markets then I will switch to the bigger markets for my company. This specific strategy would reduce the overall risk of failure. Rather than opening bigger food chain in bigger cities I will start with smaller cities with the smallest old to grow constantly and reduce the risk of failing.
- I will listen to the customers feedback
I will listen and analyse the customer’s feedback to adopt the changes. Listening to the customers is one of the most essential part for an entrepreneur as all of their services and products are initially very customer oriented to be more promising . By listening the quality of my food as well as the taste I will definitely provide a better product to the customers.
- Analysing the market and changing according to it
I will analyse the market and change my strategies according to the current market needs. By analysing the competitors as well as that products I will implement my own product range as well as services for the customers. Ability in the food industry hence I have to go and look out for different competitive shops or those who deals in burgers and I will definitely try to improve my burgers in a different manner by creating a unique taste.
- Creating a new market
By creating a new market with my ideas I will easily create a unique selling point of my products and provide extremely good services in the same class to become a Pioneer as well as set up my own Monopoly in the same product section. By applying this is specific strategy I can easily enhance the overall reach of my product as there would be no competition my products in the same field.
- Recognizing the opportunity
I will recognise the opportunity of a business requirement in summer special field and work towards it. Bye properly studying the competition and recognising the market structure I can easily determine which field should I go for the maximum benefits as well as profits for my company.
- Conserving the capital
I will conserve the capital for investing in my business, an entrepreneur should be as conservative as possible in terms of money. Rough patches can arrive anytime in an entrepreneurship program hence getting out from that specific page requires capital which can be rectified with the help of conservation.
Some basic qualities needed for an entrepreneur can be defined as follows.
- Excellent Communication skills
An entrepreneur must be able to communicate properly in every manner to introduce its Idea or business to the society as well as maintaining a relationship between the investors and the investment. To avoid the overall conflict and improve the understanding between the organisation is also very necessary, without a proper communication skill an entrepreneur cannot communicate with its organisation or department to maintain that relationship. Hair excellent communication skills are required and it is a basic quality of an entrepreneur .
- Innovative vision
And innovative vision of working is very much required for each and every entrepreneur in every field no matter what the business lead in what an innovative vision is always required. By implementing new ideas to the organisation as well as visioning new ways of increasing the business is fall into the category of innovative vision. It is also a very much required quality of a entrepreneur .
- Ability to learn
An entrepreneu should always be ready to learn new things and to implement those things into their system. Learning in Hindi and inquisitiveness of an entrepreneur a leader is very much required to keep their market growing and keep their business running.