Week 1 Journal Entries

1,I am considered an entrepreneur. I and my brother started a dump truck company. As entrepreneurs, dump truck companies are frequently overlooked. Entrepreneurship is the action of a person who introduces new products and services, ideally for a profit. Owners and drivers of dump trucks are considered labor workers, but our job is completely different; our job is to collect soil from the construction site and deliver it to other locations. We have three dump trucks and three drivers, which we hired to work every day. I maintain our truck and make sure everything is good. I also drive the dump truck when the drivers take a day off. My method of innovation is that most dump truck owners only own one truck because they are scared to take the risk of expanding their business. I came up with an innovation to buy more dump trucks, pay for people to learn how to drive dump trucks, and hire them in our business to multiply our profit.

2, Success for me is accomplishing the goal I set before starting a business. For example, before I started the dump trucking business, I tried being a seller on Amazon, but I couldn’t accomplish my goal of earning enough profit to continue the business, so I was forced to close the Amazon store. I learned from this failure and started my dump truck business, becoming successful. Also, success means turning your idea into a product.

3, Yes, I am a self-starter because I always take responsibility to do everything that I can to achieve my goals and also take risks to accomplish them. When I face a new challenge, I don’t give up; I come up with new strategies to combat the problem. I also motivate myself to achieve anything I plan.

4, ODU sees entrepreneurship as a vital part of their student’s academic and social knowledge. Also, ODU sees entrepreneurship as a potential opportunity for students looking for a more creative approach to joining the workforce. ODU has a class for students who are interested in entrepreneurship to help them become what they want.

5, My role in this ecosystem as a student is to learn about entrepreneurship and apply it to my life after graduation. I am also using the knowledge I gained in this class to create a product that will change people’s lives in this world. My role is to enable rapid exchange of talent, knowledge, and resources, enabling business owners to easily find the resources they require to create a product.

Week 2 Journal Entries

1, Design thinking is solving a problem by first understanding the user’s requirements, then developing prototypes and testing them until they meet all of the needs. Design thinking applies in many areas, including business and product design. The main goal of design thinking is to create a unique and effective way to meet the demands of the users who will use it.

 2, Many of the things I use every day have been influenced by design thinking. Companies develop products that are not just effective but also simple to use. This makes sure the product meets the needs and desires of an audience, which can lead to a better user experience. For example, iPhones are designed with the user’s experience in mind. Understanding user requirements, prototyping, and testing new features necessitate design thinking. As a result, iPhones are powerful and simple to use.

   3, The connections between opportunities and planning are that a person requires an opportunity to begin planning. Opportunities are potential situations or possibilities that can be used to achieve a desired goal. Planning must be created to capitalize on the opportunity. For example, if a company sees an opportunity in a new market, it must create a plan. The plan needs a market researcher who can identify customers and a rival company and create a successful plan. The opportunities will be missed without a great plan. 

    4, I have missed a lot of opportunities in my lifetime. For example, in 2017, I was selling an expensive gaming desktop, so one person offered me 3 bitcoin, which at that time was worth 1500 dollars, but I refused because, at the time, I thought bitcoin would drop. Unfortunately, those 3 bitcoins were worth $180k in 2020, which is a lot of money. I missed that opportunity because I didn’t plan and do research on bitcoin; if I had, I would have accepted it. Due to my not planning I missed the opportunity and missed 178k in profit.

5, It is possible for a venture to be financially successful while still being unethical. If a venture pollutes the environment, abuses people, or engages in price manipulation, for example, it would be regarded as unethical regardless of its financial success. However, it is important to note that short-term success does not mean long-term success or sustainability. Unethical activity can result in legal action and a loss of consumer trust and reputation.

Week 3 Journal Entries

1, Ethics are important in entrepreneurship because they demonstrate trust and credibility between the company and its stakeholders, which include consumers, workers, and investors. Ethical activity may help a company’s reputation and contribute to long-term success, whereas unethical action can have legal and financial ramifications, as well as harm to stakeholders and damage to the company’s brand. Furthermore, ethical concerns may assist entrepreneurs in making responsible decisions that benefit all parties involved while also promoting sustainability and social responsibility.
2,A personal budget is related to an entrepreneurship budget because both personal and entrepreneurship budgets save money to achieve their saving goal. Also, both use budgets to track and get rid of unneeded costs. The most important aspect of personal and entrepreneurship budgeting is not going over budget and getting into debt.
3, Budgets are crucial in enterprise and personal life for a variety of reasons. One of the reasons is that a budget assists enterprises and individuals in effectively planning their expenditures and allocating resources to meet their financial objectives. A budget may also aid in the tracking of costs and the reduction of wasteful spending, resulting in higher savings. A budget ensures that there is adequate money to meet required costs and improves overall cash flow. A budget, in general, is an important instrument for managing personal and corporate finances and maintaining long-term financial stability.
4, Social entrepreneurship is a sort of entrepreneurship that seeks to have a good social effect rather than profit. Through creative and sustainable business strategies, social entrepreneurs identify and address social and environmental challenges. They aim to solve serious social and environmental problems by combining conventional entrepreneurship’s creativity, invention, and drive with a strong commitment to social impact. The objective of social entrepreneurship is to generate financial returns while simultaneously causing systemic change and improving people’s and communities’ lives.
5,Entrepreneurs encounter a variety of legal concerns, one of the most pressing of which is Assuring the correct protection and registration of their ideas, trademarks, and copyrights. Providing security for important consumer and corporate data. Making sure that the business follows rules and receives the relevant licenses. 

   Week 4 Journal Entries

 1, Entrepreneurs can fall into legal difficulties for a variety of reasons, including fraud, tax evasion, and other criminal. Some entrepreneurs may also engage in unethical to acquire a competitive edge or raise revenues, which can lead to legal ramifications. Furthermore, entrepreneurs may face legal issues as a result of a lack of legal understanding, and poor judgment.
      2, Understanding human behavior and decision-making are important for marketers because it allows them to develop effective messages and experiences. Marketers may gain a better understanding of how individuals act and think while making judgments about purchases by researching consumer psychology. They can utilize this information to develop marketing techniques that are specifically aimed at influencing customer behavior. In addition, psychology may assist marketers in creating user experiences that are simple to use.
        3, There are many different sorts of marketing that may sway my decisions. For example, some websites track my Google searches and sell them to companies so they can display their ads in the YouTube videos I am watching. This marketing sways my decisions most of the time because I am already interested in the product and the commercial will help me decide whether I want to buy it or not.
        4, I can pitch a better idea by beginning with a solid opening with a compelling remark that grabs my audience’s attention and piques their interest in my topic. also, Explain my concept clearly and be precise in my explanation of what my idea is and how it works. Also communicating easily to avoid confusion with my customers. 
        5, My strength in pitching is having the ability to express my concept or offering briefly. Also, confidently communicate my idea, which will help me connect with and influence my audience. My weakness is a lack of connection with people with power who can help me turn my pitch into a real product.

Week 5 Journal Entries

1,The connection between the disciplines addressing entrepreneurship at ODU is that ODU offers a lot of enterprise opportunities to its students, even if they have different majors. This helps students use their enterprise skills in different major jobs to create their products or services. Also, ODU helps the student use their knowledge to improve locally owned businesses.

2,I believe entrepreneurship is an art because it involves using creative ideas to make a successful business. It involves experience and knowledge, just like art, to be successful. Also, just like artists, entrepreneurs must be well communicated for people to believe in their ideas. 

  3,Failure is good because it makes you learn from your mistake and prepares you to make a better choice. Failure also helps people plan for a bad day. It also assists you in determining your strengths and weaknesses to select a business that is a good fit for you. 

4,What I learned from my failure is how to never give up and how to improve my weaknesses. It helps me adapt and take risks until I become successful. In addition, my failure motivated me to work hard until I met my goal.

5, The ethical issue that may arise with what I am working on is paying the task’s cost to the government. Also, it describes my product to users without misleading them. produce my product with environmental safety items.