Journal #6

There have been several businesses and non-profits created in the field of technology that have made significant strides in their respective areas. Black Girls CODE is a non-profit company that provides training for young girls to lead, innovate, and create in science, technology, engineering, and math. They aim to close diversity gaps in STEM fields by partnering with leading tech companies such as Google, NBA, AT&T, and Deloitte. Symantec Corporation is a cyber security company that offers defense services to consumers. They utilize analytics and machine learning in their cyber defense. The International Association of Computer Science and Information Technology (IACSIT) is a non-profit organization that promotes research and education in the field of computer science and information technology. Darktrace offers threat detection and response services to businesses. They utilize artificial intelligence to provide security for business services such as e-mail, cloud, and networking. CyberArk specializes in privilege access management for organizations. They secure accounts, credentials, and secrets. These businesses and non-profits have made significant contributions to the field of technology, and their efforts have helped to shape the industry in positive ways.

My overall perspective of the entrepreneurship experience is that you must be genuinely passionate to be an entrepreneur if funding is not readily available. It takes a lot of dedication, time, and coordination. This is especially true if you require other employment to supplement your income. I also think that entrepreneurship is very often marketed as a solo endeavor. Apple touts Steve Jobs, Amazon Jeff Bezos and Microsoft states its Bill Gates. These figureheads however had a support network of family, skilled workers and investors that helped them launch their business. I think that it is important to build your network and find people who can create with you.

I’m not yet sure how this experience will assist me with becoming a competitive candidate. I haven’t yet been able to apply this experience. I think it might assist me in standing out against other candidates who have not taken a similar class. I know that it could deter me from being considered for certain roles, as many employers do not like to consider candidate with entrepreneurship experience, as it reflects, they are not looking to invest with their company long term. That came up with my employer when requesting approval for tuition reimbursement. The situation was good experience collaborating on a team with different people. Interpersonal skills are very marketable in the workforce.

To improve the experience in the future I have a few thoughts, but it’s difficult without having tested other options. I do not think that the papers should be a group project. Maybe after completing the papers, students could pitch our ideas to the group and vote on which one is best. The selected product would then be the subject for the pitch video that everyone collaborates on and films together. That would give students more feedback on their innovation and more pitch experience. It’s hard to coordinate schedules when everyone works, has different school schedules and workloads, medical issues, and familial obligations on top of personalities. Having a project that can be completed in a few sessions without regular collaboration would seem to be more feasible. Many students selected the online format for schedule flexibility, and it’s difficult.

I think instead of writing a 15-page paper working with a group to develop and run and actual business for the length of the class would improve the experience. It wouldn’t have to be a large project, but maybe tutoring, creating a hackathon, or a YouTube channel, etc. would be good experience. Another idea would be to pair groups with entrepreneurs who have graduated from ODU for an internship like course.

            I do want to further explore entrepreneurship, but at this juncture in my life I do not have the bandwidth to fully explore to the extent of the final project in the cybersecurity field. I would like to explore doing one off projects and jobs to test my skills utilizing a platform such as Fivrr, Github, etc. This will allow me to see what brings me joy and what is profitable. I will also be able to gain invaluable feedback from consumers to improve my skills and grow my network.

Journal #5

At Old Dominion University, entrepreneurship is approached from various disciplines. The cybersecurity school teaches students how to address critical concerns and legislation that affect many businesses as the reliance on digital systems increases. The business school teaches students how to start and manage their own businesses, and the engineering school focuses on product design and prototyping. When students come together they are able to combine disciplines, to gain a holistic understanding and make connections needed to pursue future endeavors.

Entrepreneurship can be seen as both an art and a science. Entrepreneurship requires creativity, innovation, and risk-taking, which are within the artistic skillset. This visionary mindset affords entrepreneurs the ability to think outside the box to develop new and innovative products. Business is considered a field of science within itself. Business requires research, strategic approaches, and testing of hypotheses. Entrepreneurs need to be able to analyze market trends, develop business plans, and make data-driven decisions to grow their businesses. Entrepreneurs must be able to balance both fields and bring on partners that can leverage strengths in their areas of weakness.

Failure can be a valuable learning experience for entrepreneurs. It can build resilience and perseverance. Failure can also lead to innovation and insights. When entrepreneurs fail, they can reflect on what went wrong and why, and to use this information to improve their future efforts. Failure can help entrepreneurs to identify weaknesses in their business model, product, or strategy, and to adjust overcome these challenges. 

I have learned many things from failing. I have learned how to better develop my communications skills, to rely on others for support, and how to identify my limitations. The most important lesson I have learned is that I am not in control of many things, and attempting to remain in control is pointless. Some people, objects, and events are unmovable, and it doesn’t matter if they are right or wrong.’

Our team’s innovation brings about several ethical issues that require our attention. These issues include data privacy, fraud prevention, accessibility, and discrimination. As we seek partnerships with other businesses, it’s crucial to acknowledge that we may encounter ethical dilemmas that are beyond our control. However, within our control, we must prioritize examining the values and actions of the employees we hire, ensuring they align with our ethical code and guidelines. By doing so, we can create an ethical culture within our organization that promotes transparency, fairness, and social responsibility. Additionally, we need to establish measures to prevent data breaches and ensure that customers’ personal and financial information is secure. We should also strive to make our mobile wallet accessible to all customers, including those with disabilities. Finally, we must actively avoid discrimination against any customer based on race, gender, religion, or sexual orientation. Overall, by addressing these ethical considerations proactively, we can build a foundation of trust and integrity with our customers and partners alike.

Journal #4

Entrepreneurs encounter legal issues due to a lack of legal expertise, bad judgment, and unethical behavior. Entrepreneurs may run afoul of the law for several reasons. It is possible to fail to pay taxes, follow employment regulations, break intellectual property laws, breach regulatory requirements, or participate in fraudulent activity. Disputes over contracts or commercial deals may also provide legal difficulties. Understanding and adhering to pertinent rules and regulations is essential to stay out of legal complications and ensure long-term survival of their enterprise.

Psychology is used to drive marketing decisions. It assists businesses with understanding consumer behavior, so they can improve upon decision-making processes. Psychological theories and principles allow marketers to create effective strategies that resonate with target audiences. Businesses can use the principles of psychology to understand how people perceive and process information. This can help them design advertisements, websites, and other marketing materials that are appealing to potential customers by tapping into people’s social identity and sense of belonging.

To create an effective pitch there are several areas that must be addressed. It’s important to have a clear and concise introduction. The information in the pitch must contain evidence and data to support the central idea. It is important to address potential concerns or objections during the pitch. Visual aids are important to illustrate ideas and make it engaging for the audience. It is important to practice giving a pitch several times to ensure confidence and persuasion. Make sure that the pitch tells a story.

I have several strengths that enable me to effectively present ideas. I am highly skilled at conducting extensive research and identifying the key selling points of my product. My strong communication skills, and ability to articulate my ideas clearly and confidently make me a persuasive speaker. Drawing on my background in Human Services, I am also adept at analyzing and reading people, which helps me to tailor my pitch to my audience. Finally, as an entrepreneur, I am motivated by a desire to create positive change and always strive to offer cost-effective and fair solutions.

Journal #3

The long-term success of any entrepreneurial venture hinges on the perception and trust of its consumers. If a consumer perceives a company to be unethical, the company may create more problems than solutions with their products or services. This can ultimately lead to a lack of customer loyalty and negatively impact the company’s bottom line. Furthermore, unethical practices can lead to legal issues and potential lawsuits, which can result in severe consequences such as fines or even imprisonment. Conversely, a company that is known for its ethical standards will appeal to potential customers and can foster brand loyalty. By prioritizing ethics and social responsibility, companies can build and maintain consumer trust, which is an essential component of long-term success. Ultimately, being known for ethical practices not only benefits a company’s reputation but also helps to ensure its sustainability in the long run.

It’s essential to ensure that your investment is paying off and not draining your resources. Keeping track of your finances is crucial, not only for the sake of your business but also for tax purposes, especially depending on the type of business entity you choose to incorporate. The performance of your business can also impact your personal budget, particularly if the salary from your business is your sole source of income. Depending on how well your business is doing, you may need to adjust your personal budget accordingly to ensure that your personal finances remain stable. By keeping a close eye on your business finances and adjusting your personal budget as necessary, you can make informed decisions and ensure that your business is not only profitable but also sustainable in the long run.

One of the primary benefits of financial analysis is its ability to help identify potential issues within a company and provide a clear picture of its overall financial health. This analysis allows you to identify areas where improvements can be made and make informed decisions about the best course of action to take. In addition, financial analysis can help determine whether an investment is feasible and evaluate the company’s ability to expand in the future. By taking a comprehensive approach to financial analysis, businesses can gain valuable insights into their financial performance and make strategic decisions that promote growth and success in the long run. In essence, financial analysis is a critical tool that enables companies to remain competitive and achieve their goals while ensuring financial stability and sustainability.

The primary focus of socially responsible businesses is to achieve social improvement and create sustainable change in the community. These businesses are specifically designed to address social problems and strive to make a positive impact on society. Unlike traditional businesses that prioritize financial gain, socially responsible businesses also track social value, which includes the positive impact they make on the community, such as job creation, environmental sustainability, and social justice. These businesses promote a better quality of life for individuals and communities. Taking these steps demonstrates their commitment to ethical and responsible business practices. Socially responsible businesses play a crucial role in creating a better and more equitable society while still achieving financial success.

As a business owner, it is crucial to understand the potential liability that comes with owning a company. To protect personal assets and to minimize financial risks, it is essential to take measures to shield your assets from taxation and unlimited liability for all claims against the business. Once you own a business any customer, employee, rival, or person in proximity to your business can potentially sue your company if they are unhappy with the services being provided.

Journal #2

At its core, design thinking involves deeply understanding the needs and perspectives of the people who will use a product or service and using that understanding to develop innovative solutions that meet those needs in a meaningful way. It emphasizes the importance of iterating and testing ideas to refine and improve them, and it places a strong emphasis on collaboration and teamwork throughout the design process. Ultimately, design thinking is a powerful tool for creating products and services that are not just functional, but truly meaningful and impactful for the people who use them.

I think almost every product I purchased has been influenced by design thinking. I might not purchase the first iteration of a product, but I purchase the one that has the best design aesthetic and the most convenient and thoughtful uses out of my choices.  Every product I own fulfills my needs and is also aesthetically pleasing.

Opportunities and planning are closely connected. Planning is critical for identifying and seizing opportunities. Opportunities are situations that offer the potential for some kind of benefit or advantage. Planning involves the process of setting goals, identifying resources, and developing strategies to achieve those goals.

I have missed many opportunities to create products based ff of problems I face in my everyday life. I currently have a perfume bottle design I have not created, books and poems unpublished, art unsold, and I have inventions I have not created a prototype for.

I have missed out on numerous opportunities to bring my ideas to fruition. Currently, I have a concept for a perfume bottle design that I have yet to bring to life, a collection of unpublished books and poems, and a portfolio of unsold artwork. Additionally, I have developed several inventions, but I have not been able to create functional prototypes to showcase their potential. The inability to execute these ideas has left me feeling unfulfilled and regretful at times.

Many current ventures are unethical. For instance, some companies resort to using cheaper parts and/or labor to reduce costs, which may come at the expense of laborers’ well-being and lead to poor-quality products. Stealing someone else’s idea without giving credit or knowingly insulting their culture can also be unethical. Anything that brings harm to another person is unethical. Many times, companies prioritize their benefit or profit over harm.

Journal #1

As a part-time entrepreneur, I am currently working towards my goal of becoming a full-time entrepreneur. My recent accomplishments include illustrating a children’s book in collaboration with a well-known children’s author, as well as successfully selling some of my independent artworks. In addition to my entrepreneurial pursuits, I have also gained valuable experience in childcare by providing babysitting services in the past.

Success is a subjective concept that varies from person to person. However, in the context of entrepreneurship, success can be defined as achieving the goals and objectives that one has set for themselves or their business. It can be a product of consistent hard work, dedication, and a willingness to learn from both successes and failures. Success is not just limited to achieving financial goals but can also involve achieving personal growth and making a positive impact on the community. Ultimately, success in entrepreneurship requires a clear vision, effective planning, and the willingness to take calculated risks and persevere through challenges.

As a self-starter, I have a natural inclination towards taking initiative and beginning new projects independently. However, I have noticed that my eagerness to start multiple projects simultaneously can sometimes hinder my ability to follow through on them successfully. While I am generally able to follow through on tasks independently, I recognize the importance of seeking assistance when needed, and ensuring that I can effectively manage my workload. Moving forward, I am committed to striking a balance between taking initiative and seeking support when necessary to ensure that I can bring my projects to successful completion.

From my understanding, ODU appears to be a university that prioritizes supporting entrepreneurship. In fact, they have an innovation and entrepreneurship program in place that is designed to assist members of the ODU community in launching their own businesses. This program is also offered as a course, which is an excellent opportunity for students to learn the fundamental skills and knowledge needed to become successful entrepreneurs. The university’s emphasis on entrepreneurship is commendable and is an indication of their commitment to providing their students with the necessary resources and support to achieve their professional goals.

My role is that of a student. I am eager to learn about the intricacies of entrepreneurship, including the process of launching a business and working collaboratively with a team. By increasing my knowledge base, I will be better equipped to take my first steps towards expanding my entrepreneurial endeavors. As I gain more experience and knowledge, I hope to become an active contributor to the ecosystem by sharing my insights, collaborating with other entrepreneurs, and providing mentorship to aspiring entrepreneurs who are just starting out.