Week one Journal

1. To be an entrepreneur, you must first understand what the term means. Entrepreneurship is a way of thinking about, approaching, and solving problems of various kinds. I believe I am an entrepreneur because of my creativity; I am always looking for creative ways to solve problems or deliver frequently with the limited resources I have. I am also willing to take risks and am willing to fail and succeed because each failure is an opportunity to learn and improve on my ideas.

2. Success can be defined in a variety of ways and can mean different things to different people. It can be defined as achieving a specific goal or objective, attaining a certain level of wealth or status, or living a fulfilling and satisfying life. Success can also be personal, professional, or a combination of the two. Finally, success is subjective and can be measured by an individual’s values and aspirations.

3. I am a self-starter because I set high expectations for myself. I usually set a minimum goal and an ideal goal to ensure that I am always motivated to progress higher each time. I am also very good at following through on my ideas because I have developed the habit of writing them down in order of importance from most important to least important, and I avoid procrastination.

4. Old Dominion University encourages students to pursue entrepreneurship because it sees it as a critical component of innovation and economic growth. One of the resources that gives students the skills and information they need to launch and develop their own businesses is the Strome Entrepreneurial Center. ODU provides a range of engineering and business programs.

5. As an entrepreneur, I contribute significantly to any economy by using the skills and initiative required to foresee needs and generate radical innovations. Finding and filling a market need, starting and managing a business, making strategic decisions, and taking financial risks are all parts of one of my roles as an entrepreneur.

Week Two Journal Entries

1. Design thinking is a problem-solving strategy. Design thinking encourages creators to create previously unimagined alternatives. Design thinking is a user-centered approach that encourages creativity, collaboration, and rapid experimentation and iteration while helping in the innovation of solutions that meet users’ real needs.

2.Every aspect of my life has been impacted by design thinking. Design thinking has influenced products like automobiles, smartphones, homes, and other building materials through direct observation and qualitative planning. Our daily lives would be much more difficult without design thinking because I would not have a way to get around without a car, I would not be able to contact my family without a cellphone,

3. Opportunities and planning are inextricably linked because planning allows people to identify and capitalize on opportunities. Individuals can identify potential opportunities and take steps to capitalize on them by setting goals and developing strategies to achieve them.

4. I’ve passed up many opportunities in my life because of my own laziness or an uncontrollable event. However, a recent missed opportunity was not being able to join a club before graduating. I passed up an opportunity to network with others who could help me both personally and professionally.

5. A venture may be deemed profitable or successful in other ways, but it may still be regarded as unethical. Ethics and success are two distinct, independent ideas. Even though a business may be successful, it still has the potential to be unethical, harm the environment, or exploit its employees.

Week Three Journal

1. Making ethical decisions can have a big impact on a person’s reputation, which is why ethics
are important in entrepreneurship because good ethics equal good business. Transparency,
sincerity, credibility, and trust are all ethical business principles. Since trust is a prerequisite for
both customers and investors, having a solid reputation as an ethical businessperson is extremely
important.

2. Personal budgets and business budgets are related in many of ways. A budget is a way to
organize your income and outgoing expenses. You will not be able to budget on a larger scale if
you do not first learn to budget on a small scale which is personal budget
3.We need a budget because keeping track of how much money you have and how much money
you spend is essential for financial stability. Budgeting keeps everything in check and puts you
in charge of your finances. Budgeting can help individuals save money and achieve long-term
financial goals.

4. Social entrepreneurship is a type of business that seeks to address social and environmental
issues through business-driven solutions. Social entrepreneurs work to create long-term, scalable
businesses that provide both social impact and financial returns. Social entrepreneurship focuses
on creating positive social outcomes rather than just maximizing profit.

5. The biggest legal challenges that entrepreneurs face are misinformation and intellectual
property rights. Intellectual property rights are a type of legal protection that allows a business
owner to appropriately protect their inventions and works of art in order to settle disputes.
Businesses and individuals would not be able to fully profit from their inventions without
intellectual property protection.

Week Four Journal

1. I’ve heard a lot of entrepreneurs get in trouble for not filing their taxes correctly. There are numerous rules, regulations, and laws that govern the operation of a for-profit business. Making certain that you have the proper processes and software in place to keep detailed accounts of all monies coming in and going out; a seemingly minor detail could potentially cause serious financial hardship down the road.

2. Psychology is important in marketing because it helps marketers understand the motivations, beliefs, and emotions of consumers and use this information to develop more effective marketing strategies. This understanding can lead to more powerful and memorable marketing messages, stronger brand identities, and more effective persuasion techniques.

3. The four Ps of marketing (product, price, place, and promotion) influence my decision. I always make certain that I need something before purchasing it. Because I usually set a monthly budget for myself, price is an important consideration when purchasing a product. Also, I’m big on promotion because sometimes I don’t like something the first time I see it, but the more I see it, the more I tend to be interested in it .

4. It’s important  to understand  who you’re speaking to and what their needs and concerns are. You’ll be able to customize your message and present a stronger case as a result. Additionally, make sure your audience understands exactly what you’re proposing and what the benefits are. Avoid technical jargon and speak plainly. 

5. One of my pitching strengths is story telling. Having an authentic story will set you apart from someone making a marketing, sales, or investor pitch for a particular business or solution. Investors can see the true you through your story and how you tell it. And authenticity fosters trust, which is a necessary component of any relationship. One of my pitching weaknesses is nervousness. My ability to engage with the audience is hampered by my nervousness. When I’m nervous, I tend to speak faster, mumble, or stumble over my words, making it difficult for my audience to understand what I’m saying.

Week Five Journal

1. Entrepreneurship is a multidisciplinary field that draws on many disciplines, such as business degrees, economics, psychology, computer science, and many others.

2. Entrepreneurship is an art in the sense that it requires creative thinking, vision, and the ability to see opportunities that others do not. Entrepreneurs must be able to think outside the box, take risks, and develop innovative business ideas. Entrepreneurs must be able to make decisions based on their own judgment and experience, so there is an element of intuition and instinct involved.

3. Failure is good because it helps you learn When you fail, you have the opportunity to reflect on what went wrong and what you could have done differently. 

4. l learned the importance of preparation after failing the drivers permit exams without studying when I was 16 years old.