More Than Imparting Knowledge And Teachings This Course

More Than Imparting Knowledge And Teachings This Course Further Insti

More than imparting knowledge and teachings, this course further instilled in me the passion to be an entrepreneur. Prior to enrolling in the course, I had a degree of experience with new venture enterprises due to my involvement in a start-up online radio known as KrossRoad Global Radio (which serves as my project) and a past summer internship in The Silicon Valley with a venture known as Ubereal that is in the internet and gaming domain. Up until I had attended my first lecture of this course, my primary takeaways from my entrepreneurial experiences were that being an entrepreneur meant making sacrifices/trade-offs with regards to decisions of the firm, putting in many hours of labor (both individually and as a team) and most importantly finding and cultivating your passions into whatever opportunity you decide to pursue for whatever purpose it is.

Thus far at Bryant, I have made it a habit to pay attention to what my peers contribute during in-class discussions. With regards to this class, this habit is especially important since I am the one junior student amongst seniors who are about to graduate. I have attended a number of sessions conducted by Bryant Ventures and have learned that this group (and what it has to offer) has helped hone my entrepreneurial skillset primarily through the many guest speakers that visit Bryant who have offered me insight in their lectures. During multiple classes of this course, my fellow classmates have touched upon other groups such as Bryant Collegiate Entrepreneur’s Organization (CEO) that also assist student-entrepreneurs in enterprise creation.

I previously has no knowledge of any other on-campus organizations that aspiring entrepreneurs such as myself could use. Now, I do plan on being actively involved with not only Bryant Ventures, but also Bryant CEO next semester so that I can learn more about entrepreneurship and therefore contribute further to KrossRoad Global Radio. With regards to the takeaways I had from outside readings, the foremost was from reading an e-article discussing a lawsuit that could potentially change the regulatory framework of franchising. The legal battle is between labor unions and McDonalds and involves unfair working conditions and alleged wage violations. The National Labor Relations Board is presiding over the matter, and if they rule in favor of the labor unions then McDonalds will be treated as a joint employer with its individual franchisees and this would have a major impact on all corporations that possess individual franchised units.

My overall learning from this outside reading was that the franchise business model could be upended and that, like most industries and marketplaces, the fast food industry (and more importantly the approach of franchising) is never static but constantly changing in contemporary times. The last semester I was enrolled in two entrepreneurial courses (marketing and finance) that taught me how to create a Go-To-Market Plan and carry out valuation techniques for start-up ventures. I used these to improve my understanding and knowledge of KrossRoad Global Radio and during this course I chose it as the firm to execute my project on. This project taught me how to work and communicate effectively within small teams (of 3).

Most importantly, I learned from this project the importance of a business plan and the steps required in compiling one. In class, when discussing the business plan, I learned that an appropriate business plan is well under the maximum limit of 30 pages (usually just over 20 pages). Outside class, when observing the guidelines of the business plan on the website, I learned of the various important components involved in creating the business plan i.e., sales and marketing plans/products and roadmaps. While working on my project, I learned of the various streams of revenue that KrossRoad Global Radio has, and this extended into another takeaway of mine that was the learning I had with regards to how a business model is created.

One of the guest speaker lecturers that I found particularly interesting was that of Ms. Alice who is a lawyer for NASA. In her lecture I learned that the investment industry is a regulated industry. During her lecture a key takeaway of mine was with regards to index funds, which (according to Alice and many authorities on investment) are the best way to invest your money because they are inexpensive and tax-free. Since I have a passion for finance, this piece of information led me to experience an “AHA†moment.

Learning that Robo-Advisors (which are computerized versions of index funds and money management) exist was something that really resonated with me because it is my ambition in life to found an enterprise which digitizes a concept or series of procedures within the financial realm, much like the Robo-Advisors which I have now begun to follow closely on the web. Some of my major takeaways and overall learning were a result of reading the text and participating during in-class discussions. During the chapter of social entrepreneurship I learned that firms that undertake social entrepreneurial initiatives are those that do not possess goals/objectives of generating profit, rather they are those firms whose missions are to provide good and services to do good.

I also learned that some companies that engage in social entrepreneurship donate certain amount of their products to communities that are in need of them so as to add a philanthropic piece to their business culture. I anticipate using this learning about entrepreneurship by discussing (with the founders of KrossRoad Gloal Radio) the possibility of having the venture engage in social entrepreneurship. For example, KrossRoad Global Radio can enter into a contractual agreement with a non-profit organization that, like us, supports unsigned artists so that its image rating improves and consumers perceive us as an organization that seeks to do good for the community at large. Overall, I learned many things related to entrepreneurship.

I retained my key learnings from previous courses (one must commit labor hours and be passionate etc.) while taking away lessons on entrepreneurship from the text, in class, our guest speakers, the project, outside readings and fellow students. I.) Answer The Following Questions 1.) Many successful private investors and entrepreneurs are of the belief that it is just as bad to start out with too much money, as it is too little. This is due to a number of reasons. In general (statistically) 29% of start-ups have stated that management’s inability to manage money and how it is spent as a reason for failure. Thus, it can be inferred that (within the start-up environment) having an excess of cash can be harmful to the operations and activities of a business since it may inhibit the development of necessary know-how/enterprise knowledge.

Firstly, having too much money does not come free of cost to the entrepreneur. The price that the venture must incur ultimately manifests itself in the dilution of stock in the company. Essentially, the more money that the firm acquires, the more shares it is relinquishing. For a new venture enterprise, an entrepreneur sacrificing the holdings in the company in order to accrue too much cash is simply not advisable. This is because a start-up must focus it efforts on innovation that adds value to the firm and its offerings.

Such innovation is often only possible when resources are not abundant i.e., too much money and instead must be used carefully. With too much money, a mindset of complacency develops and teams would take decisions too quickly without concern of the consequences of their actions. An example of why starting out with too much money is just as bad as it is too little can be seen in companies that develop poor decision making skills due to the fact that they believe failed decisions can simply be rectified by injecting more money into the decision making process. Examples of bad decisions that follow as a result of starting out with too much money can take place in the form of firms scaling up too quickly.

This occurred with a company that started with too much capital (Pano Logic, 2006). Its founder Nils Bunger said that having too much money raised expectations of the board on the company and it eventually ran into numerous problems while trying to deal with them. Furthermore, the entire process of thoughtful validating and testing so as to pave the path for growth can be compromised.

Paper For Above instruction

Entrepreneurship is a dynamic and multi-faceted field that encompasses various experiences, lessons, and insights. My journey in understanding entrepreneurship has been significantly enriched through formal education, practical experience, and exposure to influential industry perspectives. This paper explores how my educational pursuits, experiential learning, and external readings have collectively contributed to my comprehension of entrepreneurship, highlighting key lessons and their implications for future ventures.

Before enrolling in this course, I possessed practical experience with startups, notably through my involvement in KrossRoad Global Radio, an online radio startup, and an internship in Silicon Valley with Ubereal, a company in the internet and gaming industry. These experiences shaped my initial understanding that entrepreneurship involves sacrifices, dedication, and transforming passions into viable opportunities. My participation in this course further deepened my understanding, emphasizing the importance of strategic decision-making, effective teamwork, and the criticality of a well-structured business plan. For example, working on my project with KrossRoad Global Radio enabled me to appreciate the significance of developing comprehensive business plans that are concise yet thorough, usually around 20-30 pages, covering all vital components like marketing, revenue streams, and operational strategies.

In addition to practical experience, outside readings have played an essential role in broadening my perspective. An article discussing the legal challenges faced by McDonald's and their potential impact on franchising regulation highlighted the industry's dynamic nature. This reinforced my understanding that business models, particularly franchising, are subject to change due to legal, regulatory, or societal shifts. Such insights are crucial for entrepreneurs aiming to innovate within established industries.

Participation in class discussions and guest lectures also contributed significantly to my learning. I found Ms. Alice, a NASA lawyer, particularly inspiring. Her explanation of investment options like index funds and the emergence of Robo-Advisors resonated with my passion for finance and entrepreneurship. This exposure led me to realize the potential of fintech innovations and inspired me to pursue ventures that digitize financial procedures, emphasizing the importance of aligning entrepreneurial aims with technological advancements.

Furthermore, the study of social entrepreneurship introduced me to organizations prioritizing social impact over profit. Recognizing that firms can engage in philanthropy and social initiatives expanded my understanding of entrepreneurship's broader societal role. I am now considering integrating social entrepreneurship into my ventures, for example, by collaborating with non-profit organizations to enhance community engagement and corporate social responsibility.

Critical lessons from this course emphasize the significance of resource management, especially the detrimental effects of starting with excessive capital. As illustrated by the case of Pano Logic, the overabundance of funds can lead to complacency, poor decision-making, and unrealistic expectations from stakeholders. These insights underscore that a balanced approach to funding—neither too much nor too little—is vital for sustainable growth and effective management.

In conclusion, my entrepreneurial journey continues to evolve as I integrate lessons from coursework, practical experiences, and external sources. The combination of strategic planning, technological awareness, social impact considerations, and prudent resource management provides a comprehensive foundation for future entrepreneurial endeavors. This holistic understanding is essential for navigating the complexities of modern entrepreneurship and achieving long-term success.

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