Entry 1

1. Am I an entrepreneur?
   According to the Oxford Dictionary, an entrepreneur “organizes and operates a business or businesses.” This is not exclusive to individuals with specific economic or social statuses. Anyone can become an entrepreneur with the right mindset and guidance. Pursuing a business idea is what defines someone as an entrepreneur. Many activities that students engage in during their educational journeys develop skills essential for entrepreneurial success. Currently, I do not perceive myself as an entrepreneur.
2. What is success?
   Success can have various interpretations depending on the individual. However, they generally share a common foundation. This entails the presence of an idea or activity that leads to a favorable outcome. I believe success is achieved through consistent positive outcomes over time. For instance, in the context of a business, acquiring the first customer could be seen as a success since it signifies attracting an initial customer. Nevertheless, does this necessarily indicate overall success for the business? From my perspective, I would consider it an accomplishment but not yet a true success.
3. Am I a self-starter? How well do I follow through on my ideas?
   I consider myself a self-starter. When it comes to ideas or activities I wish to complete or accomplish, I typically see them through independently. This applies mainly to smaller, short-term tasks. However, when it comes to long-term ideas, I initially make a strong start but often require a boost from peers or family members to maintain motivation and complete the task. I find it difficult to easily disappoint others. So, when they become involved, it serves as a significant motivator for me to follow through with my ideas. Thus, I tend to excel at following through on smaller tasks but struggle more with larger endeavors or ideas.
4. How does ODU view entrepreneurship?
   ODU places significant emphasis on entrepreneurship and has allocated numerous resources to support students in becoming entrepreneurs. For instance, ODU has established programs like EED and STROME. EED, which stands for Entrepreneurship and Economic Development, imparts skills through curricular activities. Additionally, it researches regional economic development and identifies emerging best practices. Moreover, EED assists startups and existing businesses at every stage. ODU has also established STROME, a dedicated space aimed at fostering an entrepreneurial culture and initiating economic development in the region.
5. What is my role in this ecosystem?
   In this ecosystem, my role is to recognize the opportunity to become an entrepreneur. Then utilize the assistance of ODU programs, resources, and staff to follow through with my business ideas. With the goal to establish a successful business that aligns with regional economic growth. ODU’s supportive staff and peers serve as motivating factors that help me stay focused and committed to learning new entrepreneurial strategies.

Entry 2

1. What is design thinking?

Design thinking was created by two individuals at Stanford University: David Kelly and Tim Brown. This process offers a novel approach to problem-solving, incorporating fresh perspectives that were previously non-existent. Design thinking is widely embraced due to its emphasis on user-centric solutions and the generation of new possibilities. To practice design thinking, one must employ two essential elements: direct observation and qualitative data. After utilizing these tools, individuals strive to identify solutions through ideation, prototyping, and early testing, aiming to maintain cost-effectiveness and replicability in their proposed solutions.

2. How has design thinking influenced a product I use?

Without knowing of design thinking until recently I can think back on how I’ve used it in the past. For example, smartphones are a product I use that was influenced by design thinking. They have a multitude of uses which range from problem-solving to communication, and entertainment. A smartphone provides the user with new possibilities and points of view on a subject matter. They can tap into thousands of research studies to provide insight into a problem.

3. What are the connections between opportunities and planning?

One of the most significant connections between opportunities and planning is that they should be approached systematically. These decisions need to be thoroughly considered and well-structured. Without proper planning, it could potentially lead you down a more challenging path or hinder your ability to deliver the desired quality of the idea or decision. The second connection between opportunities and planning is research. It is a crucial step that allows you to prepare for the hardships and obstacles that may arise during opportunities or in the planning of a product.

4. What opportunities have I missed?

When it comes to missed opportunities, one incident springs to mind. My friend and I made a substantial investment in a laser cutter at the time. We utilized it to create various items, mostly through word-of-mouth referrals from friends and co-workers. Initially, I had hoped to launch an online site to enhance its promotion. Unfortunately, it appears that the current market is saturated. While we could still establish an online store, significant upgrades would be required, along with diversifying our product range. Personally, when it comes to online stores, it seems that well-established ones with a broad audience would be preferred over brand-new ones.

5. Can a successful venture be unethical?

Yes, a successful venture can be unethical. There is a theory used to explain this called non-consequential theory. According to this theory, the morality of an action depends on factors such as rights and duties. An individual can engage in an unethical act that yields a positive outcome. This falls under normative theories. However, if an individual consistently engages in unethical behavior, it could lead to entirely different consequences.

Entry 3

1. Why do ethics matter in entrepreneurship?

Ethics are one of, if not the best, forms of advertisement for an entrepreneur. It is often stated that good ethics equate to good business. Many people bring up the scenario and ask someone if they would do business with an unjust and sketchy company. Most people would argue that they would not because it doesn’t align well with their values. Good ethics are a balance between trust and confidence that entrepreneurs should greatly consider.

2. How does my own personal budget related to an entrepreneurship budget?

Your personal and entrepreneurship budgets are similar in many ways and work with each other. If an individual practices financial stability they will be able to spend more on things that are involved with their entrepreneur budget. An individual should also consider having enough income to cover both personal and entrepreneurial costs. This way they can still be able to provide for themselves and the business they created.

3. Why do we need budgets?

Budgets are extremely important to keep an entrepreneur’s dream alive. Without the correct management of money, things can spiral out of control quickly. An individual should estimate the revenue from sales and set targets to reach. Then, calculate how much of the revenue will be reinvested into the company and how much will be kept for later projects or profit. Entrepreneurs should also consider seasonal trends in their business. This is where budgeting relieves a lot of potential stress. Planning to spend or save more depends on how sales are going.

4. What is social entrepreneurship?

Social entrepreneurship and business entrepreneurship are quite similar, often leading to confusion between the two. However, there is one key difference that sets them apart: the bottom line. Social entrepreneurship emphasizes social improvement and sustainable system change, while business entrepreneurship focuses on wealth accumulation and driving economic progress. It is important to note that social entrepreneurship applies business principles to address the problems that arise.

5. What are the most significant legal issues entrepreneurs face?

The most significant legal issues entrepreneurs face depend on the legal form under which they created their business. For example, a sole proprietorship’s most significant legal issue is that the company’s success is 100% dependent on the owner. Additionally, sole proprietors have unlimited liability for all claims against the business. Partnerships, as a legal form, also face legal issues. For instance, each partner is liable for the obligations of other partners in the company. This can harm the business’s reputation if one partner engages in misconduct. Furthermore, individual partners can be sued for the full amount of any partnership debt. It is wise to carefully consider the choice of partners when creating a business.

Entry 4

1. Why do entrepreneurs get in trouble with the law?

There could be a variety of factors, but some of the most significant ones include intellectual property infringement and tax-related issues. Entrepreneurs may unknowingly copy existing products, logos, or copyrighted materials. Secondly, entrepreneurs can mishandle tax obligations and must accurately report all taxes, which can be challenging for very small businesses.

2. What does psychology have to do with marketing?

Psychology plays a significant role in effective marketing as it focuses on experts’ ability to influence individual behavior. To successfully sell a product or idea, marketers must be skilled at modifying behaviors, encouraging individuals to make a purchase, or conducting further research. One of the most powerful psychological factors employed in marketing is emotions. By leveraging emotions, marketers can attract like-minded individuals and compel them to buy their product or service. This approach can swiftly reshape people’s opinions, as it taps into the hearts of most individuals.

3. What types of marketing sway my decisions?

As mentioned earlier, emotional marketing greatly influences my decision-making process. For instance, advertisements from animal shelters promoting adoption have a significant impact on me. Such marketing strategies have been employed for decades and are continuously becoming more ingenious. Additionally, I appreciate the presence of comedic elements in marketing. These are the types of things I would share with my peers and family, allowing us to share a good laugh. This aligns perfectly with the marketing strategy of reaching as many people as possible. I tend to remember something for a much longer time if it evokes feelings of sadness or incorporates comedic marketing strategies.

4. How can I pitch ideas better?

There are four essential foundations for creating a better pitch. The first is to address and solve a problem, enabling individuals to understand why they need what you have created. This helps to differentiate your product or idea from others. Secondly, an entrepreneur needs to explain how the product or idea works to others. For instance, is it a process, or how does the product function? Another important aspect to consider in this foundation is explaining how the entrepreneur is generating revenue for the project. Thirdly, it is crucial to demonstrate that there is a market demand for the product or service. This can be achieved by showcasing initial sales or highlighting the number of people who have already purchased the product. Lastly, to enhance the quality of pitching ideas, it is valuable to showcase the team’s expertise. By sharing the creator’s background and skills, it proves to others that the team or individual is the right fit for the idea or product.

5. What are my strengths and weaknesses in pitching?

In my experience, my strengths lie in conducting research, gathering information, and effectively documenting it on paper. However, my weakness lies in the presentation aspect. There is a peculiar dynamic where I feel at ease when presenting to strangers, but it can become a bit shaky when presenting to individuals I know. Interestingly, after one or two presentations, I regain my confidence when presenting to familiar faces. This might be attributed to my anticipation of their reaction to the idea.

Entry 5

1. What are the connections between the disciplines addressing entrepreneurship at ODU?

Many disciplines at ODU address entrepreneurship. For example, there are courses within the SEC that focus on business, engineering, and humanities. These disciplines offer valuable insights for entrepreneurs, providing them with a well-rounded understanding of various aspects related to starting and running a business. By adopting a multidisciplinary approach, entrepreneurs can enhance their chances of success by leveraging the diverse skill sets acquired from each discipline. This integrated knowledge allows them to take on challenges from different angles, think creatively, and develop innovative solutions.

2. Is entrepreneurship an art or science?

When considering whether entrepreneurship is an art or a science, it is challenging to determine immediately. Entrepreneurship is a fusion of fundamental principles from both disciplines. From an artistic perspective, one can identify elements such as creativity, subjectivity, and expression. Shifting gears to a more scientific viewpoint, one can observe systematic approaches, frameworks, and experimentation. It takes creative thinking combined with systematic approaches to enhance an entrepreneur’s chances of success. Once an entrepreneur incorporates these elements, they establish a strong foundation for transforming their ideas into reality.

3. How is failure good?

Failure is surprisingly a good thing because it allows individuals to learn from past mistakes or experiences. It is unlikely to accomplish something complex in a single attempt. One key takeaway from failure is to plan for it by limiting the extent of failure through short iterations. Additionally, there are a few short sayings associated with failure, such as “fail fast, learn fast” and “fail systematically to identify what went wrong.” Failure is an experience that many people will go through. It is better to fail repeatedly because, for instance, a product will eventually become the best version it can be. The same principle applies to mastering a skill, it will eventually become natural with minimal effort.

4. What have I learned from failing?

In my experience, the best thing I’ve learned from failure is openness. Sharing my experiences with others allows me to understand that it is okay to fail. Secondly, discussing it provides me with invaluable feedback to make repeated attempts. In many cases, peers or others have had similar experiences, enabling me to systematically identify areas where I can improve and gain additional insights. This makes the next attempt more hopeful and open-minded.

5. What ethical issues might arise related to what I am working on?

Group D and I have decided on a cloud migration and data protection business. Consequently, several possible ethical issues might arise. For example, data privacy could be a potential concern since the business will be handling sensitive data, which could lead to an invasion of privacy. Our business will prioritize customer data privacy by implementing robust measures to safeguard it from outsiders and hackers. Another issue that may arise is transparency, whereby customers will be informed about how their information is collected, stored, and retrieved. This will enable customers to make more informed decisions regarding the information they would like to have migrated to the cloud and protected.