Journal Entry 1
Am I an Entrepreneur?
In this point in time I wouldn’t say so. I say this because even though I am thinking about the next step in my endeavors, I haven’t yet devised a plan in business that I can see grow. Though once I get a better understanding of entrepreneurism I will be able to call myself one. Entrepreneurs are always applying ideas to their enterprise that is amounting in any direction.
What is Success?
Success by definition, is an accomplishment by aim or purpose. Success can even just be obtaining a lot of money in this lifetime to live lavishly for generations. To me though, success the feeling you have after doing what you have set your mind to.
Am I a Self-Starter? How well do I follow through on my ideas?
I would say yes I am a self-starter. It does not take much for me to do something I really set my mind on. To be an entrepreneur you have to be self-driven or you will not see success in whatever you set on doing. Self-drive can come from motivation and this helps with following through with ideas. I believe I am pretty good with following through with my ideas. I view myself a certain way in the future so I especially make sure I do whatever I can to carry out as much as I can.
How does ODU view entrepreneurship?
Anyone can be an entrepreneur and the mission model and business model can be a big help in getting started. It is important to distinguish the difference between an innovator and entrepreneur. We must try our best to move forward with our ideas.
What is my role in this ecosystem?
My role in this ecosystem in my opinion is to find ways to make a better society. To keep advancing whether it’s in a technological standpoint or even agricultural, our role is to keep moving forward.
Journal Entry 2
| What is design thinking?
Design thinking is a way of thinking to help solve problems. We utilize this by creating alternative solutions to problems that hadn’t existed. It is deemed successful because it is mainly focused on the needs of the user. With that we can use direct observations along with qualitative data that may produce stories that others can empathize with.
How has design thinking influenced a product I use? Design thinking has had an influence on Airbnb and UberEats. Both companies definitely learned their markets and found ways to maximize their abilities to satisfy them. For example, Airbnb customers were hesitant on booking places to the creators spent time at a place in New York to help owners take quality photos of their place for rent to make potential customers more comfortable.
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| What are the connections between opportunities and planning?
The connection between opportunities and planning are coming up with ideas but wondering if they may sell. There may also be a generic idea but will need to have research done on outside market to develop ideas. Essentially knowledge of the market is what brings the best out of these two categories. We tend to ask the questions What do you want to do? What do they want you to do? How do you do it? We use these to help plan about these opportunities.
What opportunities have I missed? I have definitely missed opportunities on entertainment apps such as YouTube, where I had some ideas in the past. I wouldn’t say I completely missed the opportunity, but I probably would’ve been in a different place right now if I had stuck with it. |
| Can a successful venture be unethical?
I don’t think so. This is because it would be tough to attract and retain clientele if you don’t have a trustworthy establishment. Most successful businesses are ran to be ethical and have support from others. We basically think “do onto others as you would want done to you”. We apply that to customers, employees, bosses, etc. To keep the business running there should be a good standing with everybody. |
Journal Entry 3
| Why do ethics matter in entrepreneurship?
Ethics matter in entrepreneurship because we want the best out of our business as we possibly can get. Treating staff and customers the best we can while still abiding by the law matters the most. Retention of the two will be the determining factor of the success of the business.
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| How does my own personal budget related to an entrepreneurship budget?
Your own personal budget relates to your entrepreneurship budget because essentially you are doing the same thing for both. For example, we are projecting what our potential income may be for a time period. This includes expenses as well, we would eventually determine what our savings(personal) or profit(business) is.
Why do we need budgets? We need budgets because we do not want to run out of money. Our objective as entrepreneurs is to make a profit. Even in our personal lives, we want to make a profit to save money and that is very similar to having a business. Budgets are absolutely necessary for stability and monetary gain. |
| What is social entrepreneurship?
Social entrepreneurship has a bigger focus on making a difference in society. This could compare it to charity, but it has some small differences. The biggest difference is most of the time social entrepreneurship is for profit while charities are majority of the time non-profit. What are the most significant legal issues entrepreneurs face? The most significant legal issues entrepreneurs face are when they consult legal forms. We must know their advantages and disadvantages as well as when to use them. We must distinguish what will provide us with the most substantial legal protection for our businesses and what can help with tax benefits.
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Journal Entry 4
| Why do entrepreneurs get in trouble with the law?
Entrepreneurs may find trouble with the law in a few ways. They may find trouble in taxes potentially. They may even face trouble with neglecting to follow compliance laws. Copyright infringements may also be a problem because they may accidentally use someone else’s trademark. |
| What does psychology have to do with marketing?
Psychology can play a part in marketing because entrepreneurs are trying to think of what will make consumers interested. Once that is figured they have to keep thinking of what will keep them interested. They then must figure how they will persuade customers into purchasing their product. 3. What types of marketing sway my decisions? |
| 4. How can I pitch ideas better?
5. What are my strengths and weaknesses in pitching? |
Journal Entry 5
What are the connections between the disciplines addressing entrepreneurship at ODU?
Connections between disciplines at ODU to me would be how anything is possible with discipline. It seems to me this way because we talk about the technical side which is a given, however there is the creative side in which each discipline seems to lean toward in a way.
Is entrepreneurship an art or science?
There could be a definite answer to this question, however I believe entrepreneurship is a mixture of both. The art in entrepreneurship comes from the creative control we have over our work. We are free to make our business/product/innovation whatever we feel fits us best. The science comes from how we do have to study how our business/product/innovation effects the audience and how we can improve in the future.
How is failure good?
Failure is good because honestly it is the best teacher. Failure helps us see what we did wrong in a situation and correct that mistake in the future. Failure can help others become more disciplined in their actions. I also can prove if you are mentally strong enough to continue forward in what you are working on. Overcoming failure proves you are resilient.
What have I learned from failing?
From failing I have learned a lot actually. I’ve learned what I should do better on in the future. Even mini failures helped me figure out what I should do in the present as well. For example, better time management could help keep me sharp in the things I have to do. Failure has definitely helped me learn how to be more humble and mentally strong. It gave me an understanding of how in order to be a winner, I have to understand the feeling of losing.
What ethical issues might arise related to what I am working on?
Ethical issues that may arise in our product is how we can design the game to fit the interest of the kids. I say this because there is a line between what is appropriate and inappropriate especially in gaming for kids. There could also be issues finding investors, we would have to be very persuasive and hope for the best.
Journal Entry 6
| Describe five businesses or non-profits that have been created in my field.
5 businesses or non-profits would include, Cloud Security Alliance, InfraGard, Internet Security Alliance, National Cybersecurity Alliance, and Center for Internet Security. Cloud Security Alliance is a non-profit that promotes the practice of security assurance for cloud computing. InfraGard is a non-profit that works as a public-private partnership for the FBI and American businesses. Internet Security Alliance is a non-profit that is a collaboration between Electronic Industries Alliance and Carnegie Melton University’s CyLab. National Cybersecurity Alliance is a non-profit that promotes education, awareness, and privacy through cybersecurity. The Center for Internet Security is a non-profit that looks to “help people, businesses, and governments protect themselves against pervasive cyber threats.” What is your overall perspective on the entrepreneurship experience? Honestly speaking, I hated anything that involved business. However, after learning more about the ins and outs of entrepreneurship I’ve grown some interest to it. Would I look to start my own business? Possibly, but if I would decide to I have definitely obtained helpful knowledge. How did the entrepreneurship prepare or not prepare you to be a competitive candidate for vacant positions? It helped because I got a better understanding of how a business/company is ran. I got a chance to really focus on what a company is looking for in terms of growth and advancement. Knowing there are certain routes companies take to select candidates I feel this better helped me prepare. |
| What suggestions do you have to improve the experience?
To improve the experience there are a few things. First I would say come with an open mind. Entrepreneurship is literally what you make of it because you are your own boss. Also I would say to take entrepreneurship more seriously as I definitely had grown interest in it. What’s next for you? What is next for me is finding a job. I intend to start my career in the IT world and build from it. With my better understanding of companies, it may help in how I think and move going forward. With what I have learned though I may have some potential ideas to help some companies. |
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