MGT607 Innovation, Creativity & Entrepreneurship Report Sample

MGT607 Innovation, Creativity & Entrepreneurship Report

Context:

Self-awareness creates an opportunity for further development and personal success. This reflective analysis is designed for you to explore the subject’s content and importantly, identify how it relates to your own experiences and how you may use it in the future.

Instructions:

At the end of the each Module, you should complete a learning activity where you write up to 200 words on your learnings and reflections about the key topics discussed and materials reviewed. This will help you to build your analysis throughout the subject and will form the basis of your fourth and final assessment - a reflective journal covering all of the content in the subject.

In writing your reflective journal, you should consider the learning resources provided in the respective modules as well as reading more broadly on the relevant topics.

Reflective Analysis:

• Is an academic analysis using your own opinions as well as those of others.

• You need to critically reflect on your own thoughts and rationale, then integrate these   reflections with appropriate theoretical concepts.

• Should be written in both the first and third person.

• May consider actions, reflections, evaluations.

Think carefully about what you are reading and what has been discussed in class or in online discussions. Don’t repeat facts and models – reflect on how the subject content changed your understanding of entrepreneurship, and business in general.

In reflecting upon the module topics, you should explore questions such as:

1. What is in the content and why is this topic important?

2. How is the topic relevant to you?

3. What has been your past experience in this topical area?

4. What have you learnt from the content so far and how will you use it in the remainder of the subject or in your workplace?

You will be assessed against the learning rubric below and your level of insight and application of knowledge from Modules 1 through to 6.

Solution

Reflective Analysis

The potential of reflective writing for improving understanding or assessing insights in detail for management student is praised and suggested by various scholars. The specified practice is considered more significant when coupled with critical analysis of experience within complex organizational environment of emerging market. Present reflective report provides assessment of my analysis, experience, learning and perception attained during learning period. As per the MBA Assignment Experts, It comprises assessing the manner in which my analysis throughout the subject would assist me to make prominent decision in future and attain success.

Journey of Learning and Experience 

The learning period offered me an opportunity to assess terms entrepreneurship and innovation with new perception. I selected this course as I had a creative side and was seeking something new to adopt. The various contents that the first module consisted related to explanation of entrepreneurship and its process, how to practice innovation using creativity etc. Entrepreneurship is an approach applied to develop something new by putting in effort and time keeping in mind the risk associated with it (Eisenmann, 2013). I came to know about various methods which I can follow to avoid the risks. These methods were working systematically, managing resources properly, and lastly choosing a purposeful goal. Thus, these learning would assist me in being successful entrepreneur as I would be able to mitigate risk adequately and even being manager I could provide thoughtful recommendation for the business of which I would be part in order to enhance its efficiency to significant level (Dhahri & Omri,  2018).

I learned that the entrepreneurship process consists of four steps. To begin with, I will be required to identify a new chance which will be followed by a business plan. Next, the resources will be determined and this will result in a new firm. Even brief about different kinds of entrepreneurship was provided so that one could assess all available options i.e. corporate entrepreneurship, government entrepreneurship, and lastly social entrepreneurship. 

The fact cannot be denied that in order to succeed in existing competitive era; innovation is necessary variable for successful entrepreneurship (George, Merrill & Schillebeeckx, 2021). The topic of innovation was covered in module 1. It made me understand where and how I can pursue or take initiative in context with innovative thoughts or idea. Some of the mistakes that were advised to avoid are that not to do anything too clever and starting small is better rather than putting a hand in many things at once. The main focus which can promise success is accepting that customer is everything. Hence it is very necessary to keep in mind what the customer wants to buy and ensure that we are working in that direction.

New Perceptions Acknowledged During Course

I gained information related to secondary research which can be done by sitting at a desk. It uses the data which is available on the internet. This refers to diverse researches which have been conducted previously (Business Queensland, 2018). Previously I did not give main emphasis to secondary research but this course changed by perception. However, during one of my project I assessed that it is possible to assess detail finding with assistance of secondary research. As the cited approach provides summary of analysis done by various researchers and one could attain the crux of large findings through this method easily.

Learning and Acknowledgement relating to business model framework would help me in my career in future. Its concepts were explained in detail in Module 2. Some of the key concepts that attracted me to the business model framework were finding out key activities, key resources, channels, and revenue streams. The consumer development model which was given by Steve Blank intrigued me the most.  The core concepts learned from same are consumer discovery and consumer validation, consumer creation and company building, etc. Many other models were also described briefly like the disruptive business model, sharing economy business model, etc.

Even I got opportunity to assess the manner in which design the product could interact with the user as well as what will be the development process product. Module 3 briefed about what is user-centred design. It can be defined as a process where in the phase of design the main focus is on the needs of the user. I came to know about the general phases which I will use to design my product. The first phase is to identify for whom we are designing and what are the conditions where they will use it. Secondly, identify user goals that will make the product successful. Thirdly start designing some designs. Lastly evaluate all designs and find out the best one. The main benefit of learning relating to application of user-centered designs is that assists in ascertaining  problems faster ; thus I would be able to understand the issue in a better manner.

Assistance of Learning’s in Achievement of Future Goals

The most exciting part of my learning period was to know about customer journey maps. Consumer journey maps tell a story of consumers' experiences. It started from the time when consumers knew about the product to how consumers established a long-term period with it. While working on the projects of the course I applied consumer journey mapping and assessed that it combined two instruments. Firstly, storytelling and secondly visualization. In the future when I will be launching my product I would make sure that I use the concept of user testing which is explained in module 3. It will help me to avoid the common problems which would arise if I will avoid usability testing. For instance, there are errors on site design is not properly layered out, etc. I understood how user testing will help me to generate more revenue and reduce costs shortly.

By the end of module 3, all the concepts that were discussed were theoretical. The practical portion popped in module 4. In the future when I will establish my start-up I would be required to make a business plan. This module helped me to develop an understanding of the concept of business plans and marketing plans. A business plan can be defined as a document that describes as well as analyse what a business is about and also helps to develop predictions regarding its future (Australian Government, 2018). 

While doing the assignment relating to business plan I got to know the manner in which one could ascertain  the resource that I would need, in which direction I should lead my business, and how I will be able to avoid the conflicts that would come up.  Even strategies that could be used for the marketing plan were also explained. It helped me in excelling knowledge regarding which strategy should I consider in specific scenario. 

Later in module 4 financial plan and organizational plan were discussed. To ensure that a business is successful, it is required that finances are balanced. It gave me assistance on how to make a balance sheet, income statement, and cash flow. I gained information about organizational plans that suggested to me what I want my organizational environment to be. It also stated how my environment will help me to reach my goals. Not only organizational plans were explained but recourse plans were also discussed. Resource planning consists of staff, facilities technologies, relationships, time, capital required, and leadership (Apostolopoulos et al 2018). Thus, these learning would assist me in future to develop complete business plan including financial and organizational plan. Overall, I attained opportunity to learn the manner in which one could assess it business before actually making big investment.

Module 2 of the course covered various tools and frameworks that could be used to promote innovation. Value of a firm refers what a company has to offer which makes it better than other firms (George, Merrill and Schillebeeckx, 2021). For example value for the brand, product, etc. I was able to gain knowledge about value proposition design. The learning would be helpful in future to identify the pattern which would lead to the creation of value. It can be done by assembling what a consumer needs and that would help to target the consumers directly. Secondly, it will save me from wasting time with ideas that would not work. 

The step which is most difficult in starting up a business is gaining resources. Module 5 consisted of various sources of finance that a firm could select. The most effective source that I assessed according to the knowledge provided was taking up bank loans. Due to the reason that in the future I would not invest much in advertising, I would take the help of bank loans. In bank loans, entrepreneur could take up any of the following loans accounts receivable loans, Equipment loans, Inventory loans, Real estate loans, Character loans, Instalment loans, Long-term loans, and straight commercial loans. Other options which I could adopt in long run are the private equity market, venture capital, and going public. 

For a business to turn into success there is need for capital resources along with other resources. An additional thing to be kept in mind is to select distribution channels properly. Two distribution channels which I learned during the course were wholesale distribution and ecommerce platforms. Wholesale distribution channel promises more sales by purchasing the product in bulk. For my new business in the future, I would go for an ecommerce platform.  The reason behind that is it is cost-effective and provides a large audience. 

The 5th Module emphasizes on learning relating to  launching of a venture. I realized that before launching the venture I was required to conduct an analysis based on 4c’s. The four C’s stated that I had to find what my firm’s short-term and long-term goals were. I had to keep in mind consumers' demographics.  Next, C said that had to evaluate the strength and weaknesses of the competitors. Lastly, I needed to analyze my collaborators. I could also develop a product that could lead me to have a first mover advantage.

In module 4 financial plan and organizational plan were discussed. To ensure that a business is successful, it is required that finances are balanced. The learning’s of this module provided me assistance on how to make a balance sheet, income statement, and cash flow. I gained information about organizational plans that suggested to me what I want my organizational environment to be. It also stated how my environment will help me to reach my goals. Not only organizational plans were explained but recourse plans were also discussed. Resource planning consists of staff, facilities technologies, relationships, time, capital required, and leadership (Dhahri and Omri, 2018). Thus, these learning would assist me in future to develop complete business plan including financial and organizational plan. Overall, I attained opportunity to learn the manner in which one could assess it business before actually making big investment.

The last module i.e. Module 6 provided information on how to grow the venture. The first prerequisite was to know about the core capabilities of my business. Then conduct internal benchmarking as well as external benchmarking is made to know where the company is lacking (Best Practices 2018). Initially I was confused in specified approaches but with assistance of my team members and mentors I was able to enlighten myself in context with effective use of specified approaches. As explained in the course five phases explain a business. Phase one is when the venture is just launched and has low sales. Phase 2 states that it is when there is an instantaneous increase in the number of sales. It is also called the growth phase. It follows shake out where sales increase but slowly. The next Phase is maturity where sales decrease and profits grow thinner. And lastly, during the phase of decline due to a decline in sales companies chose to exit from the market (CFI. 2018). During my learning period I also develop ideas while establishing new venture such as providing samples for free and set up a referral program. To ensure that my venture last long I would use the knowledge that is provided in the course as it will not only assist in dealing with existing constraints but also in attained desired goals.

Overall the whole learning journey was appreciable as it provided me opportunity to enhance my skills for being prominent entrepreneur. Further, I gained new experience and knowledge in context with establishing a new venture along with the strategies and framework to be applied for managing a business. These learning would assist me in future to take effective decision and deal with complicated scenarios with confidence. Lastly, the main learning which I gained is that it is possible to ensure success of product or business through considering the need of customer. 

REFERENCES 

Alexander, J., (2018). Financial planning & analysis and performance management. John Wiley & Sons.

Apostolopoulos, N., Al-Dajani, H., Holt, D., Jones, P. & Newbery, R., (2018). Entrepreneurship and the sustainable development goals. In Entrepreneurship and the sustainable development goals. Emerald Publishing Limited.

Australian Government. (2018). Writing a business plan. Business. Retrieved from https://www.business.gov.au/Info/Plan-and-Start/Develop-your-business-plans/Writinga-Business-Plan
Best Practices. (2018). About Benchmarking. Retrieved fromhttps://www.best-in-class.com/bestp/domrep.nsf/insights/what-is-benchmarking-definition-types!opendocument

Business Queensland. (2018). Market research Methods. Retrieved from https://www.business.qld.gov.au/startingbusiness/planning/market-customer-research/basics/methods 
CFI. (2018). What is the Business Lifecycle. Retrieved from https://corporatefinanceinstitute.com/resources/knowledge/finance/business-life-cycle/

Dhahri, S. & Omri, A., (2018). Entrepreneurship contribution to the three pillars of sustainable development: What does the evidence really say?. World Development, 106, pp.64-77.

Eisenmann, T. (2013). Entrepreneurship: A working definition. Retrieved from https://hbr.org/2013/01/what-is-entrepreneurship.

George, G., Merrill, R.K. & Schillebeeckx, S.J., (2021). Digital sustainability and entrepreneurship: How digital innovations are helping tackle climate change and sustainable development. Entrepreneurship Theory and Practice, 45(5), pp.999-1027.

Kravchenko, O., (2017). ORGANIZATION OF FINANCIAL PLANNING IN THE UNCERTAINTY. International Journal of New Economics and Social Sciences IJONESS, 5(1), pp.17-28.
McKenzie, D., (2017). Identifying and spurring high-growth entrepreneurship: Experimental evidence from a business plan competition. American Economic Review, 107(8), pp.2278-2307.

Rushchyshyn, N., Nikonenko, U. & Kostak, Z., (2017). Formation of financial security of the enterprise based on strategic planning. Baltic journal of economic studies, 3(4), pp.231-237.