BSS018-2 Entrepreneurship and Leadership of Business Ventures Assignment Sample
BSS018-2 Entrepreneurship and Leadership of Business Ventures Assignment Sample
Introduction
Leadership plays a crucial role in the business venture in the highly competitive market and evaluation of the skills within an individual is highly required as it helps to lead an organisation successfully. Reflective writing provides an opportunity in explaining any incidents, self-analysis, memory, passing thoughts and many more; therefore, in this report through reflective writing, desired leadership approach, as well as skill, will be discussed. In this report, Gibbs’s reflective cycle will help to provide a detailed analysis by following consecutive steps and the action plan will help to improve both strengths and weaknesses for future entrepreneurship.
Gibbs Reflective Cycle
Description
I think in the contemporary scenario leadership is one of the most challenging tasks and following leadership approaches properly may help to become a successful leader of an organisation. I have come to know regarding the transformational leadership approach is based on four different traits such as intellectual stimulation, idealised influence, inspirational motivation as well as individualised consideration. I have understood that as a business leader, I have to focus on communications campaigns as it helps to attract the targeted consumers through launch, take-off, growth, and create brand advocacy. Deakins and Freel, (2012) stated in the research that entrepreneurs need to focus on different characteristics such as proactivity for initiative as well as assertiveness, achievement orientation, communication with others and many more to get success. I have noticed that the skills of a leader such as honesty, creativity, communication, problem-solving ability and much more help an individual become a good entrepreneur in an effective manner. I think the democratic leadership approach also helps an entrepreneur to launch a new venture because the collaborative approach of a leader finds help from team members which reflects in marketing strategies. Burns (2018) demonstrated in the research that for a new business venture marketing segments, value proposition, marketing plan, financial plan, and resource planning are important based on a particular business model.
I have also observed that for new venture market segments as well as the value proposition is highly required and therefore, the critical thinking ability of leaders is essential. On the other hand, in my opinion, the decision-making skill of an entrepreneur is highly needed to identify suitable foreign entry modes strategies such as sales agent, licence or franchising, joint venture and many more. Northouse, (2014) stated in the research that self-assessment questionnaires help to identify the leadership attributes within an individual and take required actions to boost the confidence to become an entrepreneur. In my opinion, the leaders within a venture need to have the communication skill to implement the BCG matrix or growth options within the new venture for future prosperity. I have also understood that Gibbs’s reflective cycle provides a great scope to analyse desirable leadership approaches and skills through consecutive steps such as description, feelings, and evaluation. From research, it may be stated that Gibbs’s reflective framework is one of the most effective reflective frameworks and it helps in describing an event or perspective of an individual properly (Adeani et al., 2020).
Feeling
I have felt that leadership and entrepreneurial approaches have a positive impact on the operational functions as well as direct the working employees to be productive to bring success in the long run. I have observed that the impact of transformational leadership style leads the working functions of the organisation by enhancing the strengths of the employees through inspiration and motivation to embrace change and bring innovations. Entrepreneurs shaping into future leaders have to work on the development of practices paying attention to encouraging employees and having open means of communication (Flinn and Mowles, 2014). I felt that leadership and entrepreneurial traits lead to managing the organisation with laser-like focus and execution and the intention to establish the current development of the company by strategically using the strength of employees’ skills to build organizational resilience. It is stated that strategic entrepreneurship has integrated the opportunity-seeking approaches resulting in undertaking advantage-seeking approaches for strategic management (Ziyae and Sadeghi, 2020). I have felt while in my professional position as a mid-level management associate that the company is able to develop the entrepreneurial process with the imposition of leadership skills of communication in creating a competitive advantage for future growth.
I have also felt during my professional realm that the approaches taken by the entrepreneurial and leadership aspect revolve around risk-taking and innovation which leads to the development of a specified vision to be achieved for organisational success. The leadership or entrepreneurial approach is stated to be an action which is based on motivation, attitude, innovation and imagination involving technological advances to be used for proper organisational management (Schiuma et al., 2022). I have the feeling the entrepreneurial and leadership approaches lead to building success for organisations along with building stable communities and enabling education and communication throughout the process.
Evaluation
BDC test
I have evaluated that the leadership and entrepreneurial traits in one involve the characteristics for risk-taking and the formation of a vision for the long run as well as developing oneself to be transformative with time. I have observed during my professional field as a mid-level management associate that, in overcoming challenges and developing a resilient organisation, motivation is the key which is derived from the characteristics of the leader to utilise communication skills to inspire employees. The entrepreneurial potential in a future leader is having the strength of skills to be self-sufficient, leadership competencies and self-actualization leading to an effective motivating factor for the working process of the organisation (Firoz, 2022). I have given the test regarding entrepreneurial potential self-assessment which has led me to evaluate my potential for future entrepreneurial skills, identifying a 63 score in aptitudes and a 48 score in motivation (Refer to Appendix 1). I have evaluated that the leading style of transformation fits with my leadership competency. It is stated that the imposition of Gibb’s reflective learning style leads to the learner conducting self-evaluation which leads t highlighting key skills and weaknesses to be developed for the future (Yaacob et al., 2021).
GET TEST
I have analysed my personal entrepreneurial traits and approaches in determining my potential for starting my own enterprise and being successful in the long run, as I have evaluated that highly enterprising people are innovative in their approaches. I have taken the GET test, which has led me to identify my strength in need of autonomy scoring 58% and my internal locus of control scoring 83% (Refer to Appendix 2). The above characteristics point out having a laissez-faire leadership style referring to having trust and reliance and confidence in employees in terms of bringing creativity and meeting organisational goals (Visvanathan and Mavani, 2022).
Analysis
I have analysed from the above tests that I have identified both positive and negative aspects of entrepreneurial traits and skills in me which may be utilised to pursue my future dream for my own start-up. I have analysed from my professional realm that the entrepreneurial approaches and traits of motivation, risk-taking and having a definite vision is key towards the achieving success of the business. However, the lacking of skills observed through the BDC test in terms of not meeting the need for challenges may lead me to not having resilience skills which are stated to be a negative aspect of an entrepreneur trait. The analysis has led to observe that in the process of developing the entrepreneurial skill of becoming resilient, the individual is required to obtain detailed market knowledge to evaluate growth options considering the use of the Growth Share Matrix. The lack of key skills of risk-taking for entrepreneurial approaches in an individual is stated to be a strong negative aspect which may lead to a deficiency in skills for critical thinking and decision-making (Peschl et al., 2021).
On the contrary, the GET test has showcased the positive skills in my need for achievement and locus of control, which states to be positive aspects of hardworking and determination matching aspects with the BDC test. I have analysed that the tests have led to the identification of positive aspects of my skills matching the potential entrepreneurial level to exhibit high levels of communication which need to be improved for future entrepreneur dream achievement. The analysis of the tests has led me to analyse that the positive aspects according to the BDC Test of needing achievement and locus of control may determine in development of control and focus on future business goals which are to be directed strategically in achieving success.
The GET test, in contrast, has shown lacking in terms of leadership and entrepreneurial approaches which are not having a strong holding of self-sufficiency of freedom which may negatively impact taking entrepreneurial or leadership roles for future organisational success. I have analysed that entrepreneurial approaches may be weak due to a lack of development opportunities which may impact future decision-making and management aspects. However, with the appropriate learning opportunities I have analysed that the lacking of entrepreneurial traits may be imported in future for both my career development and the future prospect of a start-up business.
Conclusion
From the above conclusion, I have concluded that leadership attributes such as creativity, communication, decision-making, problem-solving and many more are highly required to become a good entrepreneur. I have evaluated that different leadership approaches such as transformational, democratic, and visionary and many more are essential for launching a business venture as marketing strategies, communication plans, and launching campaigns play a crucial role. On the other hand, I have noticed that reflective writing and other tests help me to find out potentialities as well as weaknesses which reflect on my abilities as an entrepreneur and the vacation plan will help to enhance my potential along with improving my deficiencies.
Action Plan
| Skills to be improved | Ways of improvement | Resources | Outcomes | Time-limit |
| Risk management | 1. Following proper advice from senior entrepreneurs
2. Involving the team members in in-depth market analysis |
Human Resource | Risk management provides ample support to launch a new business venture | 3 Months |
| Self-sufficient | 1. Improving time management with the help of doing projects
2. Doing internships within a company in a similar industry |
Human resource | Self-efficacy supports enhancing the efficiency of performing a particular task and provides a positive impact on entrepreneurial;l intention (Garaika et al., 2019) | 8 Months |
| Communication | 1. Improving interaction with the team members
2. Joining a language training programme |
Human and Financial resources | Communication helps in relationship building with the consumers as an entrepreneur | 4 Months |
| Decision-making | 1. Enhancing the problem-solving ability
2. Improving self-confidence by watching the video of successful entrepreneurs |
Human resource | Decision-making skill improves the business strategies | 2 Months |
| Critical thinking | 1. Solving puzzles from different books, internet
2. Doing Research and development regarding a particular topic |
Human resource | The critical-thinking ability helps in overcoming the different crisis | 5 months |
| Skill of Resilience | 1. Enhancing pro-activity
2. Being optimistic |
Human resource | Resilience skill helps in making a focus | 7 Months |
Table 1: Action plan (Source: Self-created)
References
Adeani, I.S., Febriani, R.B. and Syafryadin, S., 2020. USING GIBBS’REFLECTIVE CYCLE IN MAKING REFLECTIONS OF LITERARY ANALYSIS. Indonesian EFL Journal, 6(2), pp.139-148.
Burns P., (2018), New Venture Creation: a Framework for Entrepreneurial Start-ups. 2 nd Ed., Palgrave Macmillan, London, UK.
Deakins, D. and Freel, M., (2012), Entrepreneurship and Small Firms, 6th Ed., Berkshire: McGraw-Hill
Firoz, F., 2022. Mumpreneurs’ well-being (Doctoral dissertation, University of Otago).
Flinn, K. and Mowles, C., 2014. A complexity approach to leadership development: Developing practical judgement.
Garaika, G., Margahana, H.M. and Negara, S.T., 2019. Self efficacy, self personality and self confidence on entrepreneurial intention: study on young enterprises. Journal of Entrepreneurship Education, 22(1), pp.1-12.
Northouse, PG and Guy; (2015) Introduction to Leadership: Concepts and Practice; Sage, Los Angeles
Peschl, H., Deng, C. and Larson, N., 2021. Entrepreneurial thinking: A signature pedagogy for an uncertain 21st century. The International Journal of Management Education, 19(1), p.100427.
Schiuma, G., Schettini, E., Santarsiero, F. and Carlucci, D., 2022. The transformative leadership compass: six competencies for digital transformation entrepreneurship. International Journal of Entrepreneurial Behavior & Research, 28(5), pp.1273-1291.
Visvanathan, H. and Mavani, B., 2022. The Relationship between Headmaster’s Leadership Style and Teacher Motivation in Primary Schools in Alor Gajah District, Melaka.
Yaacob, A., Mohd Asraf, R., Hussain, R.M.R. and Ismail, S.N., 2021. Empowering Learners’ Reflective Thinking through Collaborative Reflective Learning. International Journal of Instruction, 14(1), pp.709-726.
Ziyae, B. and Sadeghi, H., 2020. Exploring the relationship between corporate entrepreneurship and firm performance: the mediating effect of strategic entrepreneurship. Baltic Journal of Management, 16(1), pp.113-133.
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