In strategizing with my colleagues for our business, we engaged in a weekly practice of jotting down questions to assess our understanding of the material covered that week. Additionally, we responded to these questions, fostering a process of self-reflection. Presented below are my responses encapsulating the weeks of journal entries.
Week: 1
1. Am I an entrepreneur?
-I am an entrepreneur in the sense that I enjoy finding creative solutions to nuanced problems. It is not necessarily easy to find solutions, especially with complex problems, but the challenge
intrigues me to think deeply and encourages me to take a different approach to understanding the problem. That’s what is thrilling about it. Yes, the frustration of failing is real, however, when
you finally find a solution that works, it can be the best feeling.
2. What is success?
– Success can be defined differently by the beliefs that are held by an individual. My version of success might be drastically different than others’ version of success. With that understanding, my version of success is the sense that I am doing something meaningful with my life and making a positive difference to the people around me. Success is finding a balance of work/life and maintaining it. Of course, I value making money, but for me, it must have the variable of adding positive value to the society, while finding an equilibrium of staying true to my values.
3. Am I a self-starter? How well do I follow through on my ideas?
-I am a self-starter in the sense that I motivate myself to try new things to gain new skills. I have
noticed that I am more successful when I set intentional steps to follow through on my ideas and goals. However, I have recognized that when I have not been intentional, my ideas seem to just stay ideas. What has worked best for me is writing down a schedule to be productive and being consistent with that plan.
4. How does ODU view entrepreneurship?
-ODU views entrepreneurship as a positive force to make ideas and innovations happen. They greatly encourage their students to take on roles and responsibilities that fuel innovation. They also have great resources available for students to take advantage of when pursuing entrepreneurial endeavors. ODU shows their students that if they have ideas, ODU is here to help support and achieve those goals if the student is willing to do the work.
5. What is my role in this ecosystem?
-My role in this ecosystem is to provide my talents and skill sets to help the system grow in a positive societal way. I understand that staying aware of my actions in this role can help create a healthy work environment for everyone involved. My role is to stay organized, develop a plan, stay focused and consistent to reach those goals, and stay humble in the face of failure. These actions with the right mindset are the formulas for how brilliant ideas are created and executed.
Week 2:
1. What is design thinking?
-Design thinking is a framework that can help generate meaningful ideas. It does this by
laying out multiple internal steps to help identify problems and to facilitate finding possible
solutions. This approach goes through a series of steps to first understand the problems,
brainstorm possible solutions, decide which ideas are best, test those ideas, and see how
to explore any further after failures. This strategy is a recurring process, in that it helps to
recognize when to pursue an idea or when not to and how to continue to learn after
failures by repeating the process of design thinking. Even when an idea is successful, there
will ultimately be parts of it that will fail and thus need to be cycled through the design
thinking process again.
2. How has design thinking influenced a product I use?
-Now that I have learned about the process of design thinking, I can see how the products I
used were possibly formulated by using this framework. Most of the products I use meet a
need/want that I have as an individual. The entrepreneurs who created these products
might have had their ideas influenced by the empathetic stage in this approach. This
highlights the reason why customer surveys are so important to businesses as they help
them to empathize with the customers to give them a better product/service.
3. What are the connections between opportunities and planning?
-A simple explanation of the connection between the two is first identifying the opportunity
and then creating a plan to take advantage of that opportunity. It is important to recognize
that entrepreneurs might experience some “change-blindness” in the environment. To
help combat this, it is helpful to have an analyzed systematic approach set in place. Being
aware of the external environment offers the company a new angle in the environment in
which their potential ideas will operate. This facilitates identifying the best vision of the
ideas that the entrepreneur wants to achieve. Once identifying the mission and surveilling
the environment for opportunities, the next step is planning the necessary steps for
development. This shows the connections between opportunities and planning by
emphasizing the relationship between having a systemically strong idea and taking
advantage of an opportunity by creating a plan based on the approach of systematically
understanding the environment and the vision.
4. What opportunities have I missed?
-So many. I have missed out on multiple opportunities, and it stings when I reflect on those
missed chances. However, I have come to realize that no matter how hard you try not to
miss out, you always will. You cannot take advantage of every given opportunity that
comes your way. It’s impossible -no one has infinite amounts of time on their hands. What
is important, is to reflect on those missed opportunities (the ones that meant something to
you) and to learn from them by understanding how to avoid missing similar opportunities.
Reflecting on past mistakes/missed opportunities can be painful, but necessary to stop
that repeated pattern of not taking action.
5. Can a successful venture be unethical?
-It depends on what is determined as “successful” and what is considered “unethical”.
What metrics will be used to measure success and what metrics will be used to determine
ethics? If the only metric of success is being profitable? Then yes, many ventures currently and
throughout history have been very successful while being unethical. However, one could
argue that being unethical to become profitable usually gives you fast profits in the
beginning, but ultimately causes massive costs in the long run. In philosophy, some may
call it Karma, I see it like a law of overly simplified physics: What you put out in the world,
is what you will receive. Here is an example: If a business treats its customers and
employees unethically, the customers will stop doing business with the company, and the
employees that the company wants to retain will leave because they know their worth.
This example does not take into consideration other external complex factors that
usually exist in the world of economics, but it drives home the point that having “good
ethics = good business”.
Week 3:
1. Why do ethics matter in entrepreneurship?
-Ethics matter in entrepreneurship because the ideas and actions of a business ultimately affect the spaces and people around it. A coined term often used in a business is “good ethics = good
business”. When a company treats its environment, customers, and employees concerning ethics, it sets in motion the long-term effects of good business relations. When unethical measures are taken within entrepreneurship, it will ultimately tarnish the company’s reputation and can lead to legal consequences and public outrage. We can see that the golden rule can be applicable here: when pursuing business goals, treat everyone and everything involved by how you, as a business, would want to be treated, and this philosophy (if executed authentically) will bring you success in your endeavors.
2. How does my budget relate to an entrepreneurship budget? How are they different?
-Personal budgets can relate to entrepreneurship budgets by exhibiting the same characteristics as everyday necessities. I need to budget for everyday requirements (food, shelter, clothing) just as a business needs to budget for everyday operations (materials, production, delivery). These
things are essential for life to sustain, just as it is essential for a business to survive. However,
they differ as the structure of a financial plan for entrepreneurship can easily become more
complex and interact with a personal budget. For example: Usually, a personal budget has a
fixed income, while the entrepreneurship budget has a range of revenues. This makes it
imperative to understand the performance of a company by breaking down the revenue to
analyze the conditions.
3. Why do businesses need a budget or financial forecast?
-For a business to not only survive but thrive, it requires an intentional financial plan to help
execute the desired results. A business needs to predict what financial forecast they will be in for
the next few months, for the next year, for the next 5 years, and so on. This helps to establish
business goals and to allocate necessary resources for these developments. When a business has a well-organized budget, that organization influences the rest of the operations.
4. What is your definition of social entrepreneurship? Give an example of an enterprise you
read about from the Schwab Foundation website.
-Social entrepreneurship is a type of endeavor that looks outwardly to a community and identifies social needs that might be lacking in a population. This approach addresses community-based problems by attempting to solve these needs by combining commerce and social improvement. When I viewed the Schwab Foundation website, I came across the Water For People non-profit organization. Its endeavors are helping to develop sustainable water and sanitation services in nine countries across Africa, Latin America, and India.
5. What are the most significant legal issues entrepreneurs face?
-The most significant legal issue entrepreneurs face is how their company is financially
structured. It is important to be thoroughly intentional during the start of creating a company as
this critical part lays down the foundation of how the business will operate. Deciding if the
business is going to be a sole proprietorship, partnership or a type of corporation will structure
the legal format of the company. This step should be seriously examined to understand the
advantages and disadvantages of each type and should be thoughtfully selected to meet the
requirements of the entrepreneurs.
Week 4:
1. Why do entrepreneurs get in trouble with the law?
-Entrepreneurs can get in trouble with the law by not taking the necessary precautions when designing their business model. Also, entrepreneurs will run into trouble if they do not fully understand the risk of their actions as it could lead them to a lawsuit. If an entrepreneur fails to conduct the proper research on the business environment in which they will work, they could unintentionally infringe on trademarks and copyright laws. It would be wise for entrepreneurs to fully understand all the possible legal issues within a business environment and to consider hiring a lawyer who is experienced with these kinds of legal issues.
2. What does psychology have to do with marketing?
-Psychology is what makes marketing so effective. Having marketers understand how the human mind and behavior functions, gives them a cutting edge on how to sell products to a variety of different people. Understanding the deep wants and desires of the human mind can be used as a strategy to sell. Marketers who sell well know that humans are typically persuaded by emotions rather than logic.
3. What types of marketing sway my decisions?
-The kind of marketing that sways me is when I see a company that either gives back or has a license of fair-trade certification. I want my spending dollars to go to companies that try to conduct business ethically to their employees, to their customers, and to their environment. Another type of marketing that sways my decision is the idea that buying this product is a good investment and will save me time and money in the long run. I am not typically an impulse consumer, and usually spend time researching before I decide to buy a product.
4. How can I pitch ideas better?
-When I first pitch ideas, I think I lack the needed excitement to help persuade an audience. I tend to jump right to the details to logically explain my ideas. After reviewing the material for section 4, I see how I need to first give a 300-foot view of the idea so the audience can then later follow my logic to the important details. I need to focus on zooming out to give the big picture of my ideas, then later, zoom in when it’s needed.
5. What are my strengths and weaknesses in pitching?
-I have the strength of paying close attention to details, while my weakness is communicating my ideas with clarity. I have trouble organizing my thoughts to present my ideas articulately. However, I have found a strategy to help combat this by first writing down all my thoughts and reviewing how I can reorganize the information in a way that is engaging and fluid. Another weakness with pitching is self-confidence. I have gotten better with public speaking over the years; however, the confidence does not always come naturally. For me, the confidence must be earned by being well prepared before I stand up to speak about an idea that I want to convince others to get on board with.
Week 5:
1. What are the connections between the disciplines addressing entrepreneurship at ODU?
-Connecting discipline with entrepreneurship is what successful entrepreneurs prioritize.
They fully understand that motivation can only get them so far, as it is a fleeting
emotion, and that it is self-discipline that makes it possible to reach their goals. Relying
on pure motivation every day is not realistic. To have discipline to reach goals, an
entrepreneur must first set in place a daily routine to work towards those goals. By
deciding to commit to work before the actual time, they ensure that work will be done,
even when they don’t feel like it. Motivation might get you to start, but it’s the
discipline that will ensure that you will achieve it.
2. Is entrepreneurship an art or science?
-Entrepreneurship is an interdisciplinary subject, so yes, it is both an art and a science,
and much more. Combining the two subjects within entrepreneurship broadens the
perspective of the two concepts. By incorporating science into the business atmosphere,
it can bring a sense of logical understanding. Incorporating art within entrepreneurship
can help highlight important ideas and can be utilized to persuade investors and gain
customers for their business.
3. How is failure good?
-For most people, experiencing failure can be a painful experience. It highlights many
uncomfortable feelings of incompetency and inferiority. So, the concept that failure can
be a good thing may surprise people. It’s all about the perception that you have of the
concept. If you view failing as a meter to determine a fixed type of capability, then you
accept that when you fail, that’s it -you’re not meant to do this. However, failure can do the opposite with a growth mindset. By using a growth mindset, you understand that skills take time. Failure is not so much of a measurement of when to give up, but to pause and see why failure happened in the first place and
then try another approach. It is a metric to be used constructively, to give feedback, and
can be utilized to sharpen our skills.
4. What have I learned from failing?
-Failure has taught me patience. To be patient with others, patient with the process, and
patient with myself. I have feared failure all my life as I experienced painful failure in
my childhood and adolescence that left me to make false agreements with myself.
However, in my early adulthood, I’ve been fortunate to have the right people around me
who love me enough to give me the courage to view setbacks in a different light by
modeling the growth mindset in their own lives. Within the last few years, I have just
started to become more comfortable with feeling uncomfortable. Failure is a paradox as
it can be a setback and at the same time, it can be a gift. It all depends on how you view
it and what you do next.
5. What ethical issues might arise related to what I am working on?
-Currently, I am finishing up my degree in cybersecurity, and there are many ethical
issues related to this field. It’s partly why I became interested in the subject. The domain of cyber touches every aspect of our modern lives. Almost everything we do is built on
the foundations of the digital landscape. The networks that support modern life also
lack accountability to many ethical issues as the realm of cyber is ever complex. I want
to be of service in this field especially when it comes to conflicts of ethics. Being
transparent and holding ourselves accountable is an ethical tool we all need, but it is
especially needed for this field.