Fundamentals of Entrepreneurship for growth- myassignmenthelp

Question: Discuss about theFundamentals of Entrepreneurship for Sparking growth. Answer: Sparking growth This is one of the important modules while learning about the entrepreneurship. Every venture goes through a stage of growth. Different business has different growth strategies that might be internal or external in nature (Galindo and Mndez 2014). This module has made me understand the skills required to develop in making effective decisions. Being an entrepreneur is never an easy job. It requires hard work, knowledge and proper understanding of the ways entrepreneurs go about their business. I was lacking the knowledge that different business requires different growth strategies like as stated in the module the tech related ventures need to scale exponentially in reaching the peak of the capability and staving off the competitors, whereas the lifestyle firms would focus on promoting something new rather than the market share. I learnt about the factors through which the growth of the company can be measured like the conventional financial terms, taking in gross profit and revenue, number of employees working for the organization as employee strengths speaks volume about the financial strength of the company. Certain other factors like rate for retention along with customer satisfaction rates also assess the growth of an entrepreneurship. While going through this module, I came across 3 companies of Australia that have recorded the fastest growth which are TripADeal, Australian Skin Clinics and TOBCO Constructions. These are the companies that have shown immense growth, m ainly TripADeal that has witnessed a growth of 401.8 per cent (Davidsson and Wiklund 2013). Internal growth strategies take into account penetration of market, geographical expansion and development of new products. External growth strategies takes in the way an entrepreneurship venture establishes various sort of relationship with the 3rd parties in the market. It is important in being in a healthy and trustworthy relationship with outside parties. I got to understand the various factors like mergers taking place with various other companies, acquisitions, strategic alliances along with joint ventures. I learnt that the external growth strategies are most fast paced than the internal ones. It is important for an entrepreneur to understand the things that are good and valuable for its business. None of the decisions should be taken hastily. An entrepreneur venture should understand the way it would be successful in its operations. Todays market is highly competitive and for a new venture to survive and sustain in that highly competitive environment. The entrepreneur should make up his mind either to merge with another company or go for franchising or merger in order to survive and be successful. As what I have learnt from the module, external growth strategies helps in reducing the competition, creating more space for a new venture to survive, generating time for its products to get access into the market. Another most important thing is new ventures are prone to risks within the market. They are sometimes scared of taking many risks for limited manpower and financial strength, such accessibility of mergers and joint ventures helps in diversification of that risk factor. It is important for small ventures to move along a path that helps them in reaching their goals with minimum risks.. Leadership Leadership is important in entrepreneurship. This module enabled me in understanding and learning the various definitions and theories related to the literature of contemporary leadership. I knew leadership is important and what leadership stands for, though was mostly confused with two terms, management and leadership. I have learnt that the terms differ with management bringing in steadiness and order taking in the structures of the organization and formal plans. Leadership is something that focuses on coping with the alterations. I got to know about the different forms of leadership like the authentic leadership, charismatic leadership along with transformational and transactional. After learning everything about the different forms of leadership that exists in entrepreneurship I have been able to identify myself with the authentic leadership style that is related to individuals who understands themselves, important in every sphere of life. If one is not being able to understand his true self, as a leader he would not be able to understand others and their needs. I am that sort of person who does everything with my heart, something that is done by the authentic leaders. I have started understanding the behaviors of leaders and trying to relate the same with mine. Leaders do need to establish mutual trust and share their feelings with the subordinates at every level. A leader as per my understanding needs to be a mixture of employee centered and job-centered where supportive behavior is as important as meeting the work deadlines (Tedmanson and Evans 2017.). Every leadership style needs to be supportive to its subordinates. I do not possess all the skills that a leader should have but I am getting to know the traits required to be one. Innovation is something that is required big time for leaders, it is important in being creative, I understand it is something that one cannot bring in overnight, it is something that is generally inborn, one should have the ability to come up with new ideas. Not everybody possesses that luxury, but then with experience great leaders learn a lot of things. It is important to learn about the other similar sort of venture s and the way they have gone about their business, the issues they have encountered, ideas through which they have come out of it and have been successful (Liddle and Pugalis 2014.). Good leaders learn from the mistakes of others and do not try to repeat all that themselves. While going through this module, I have been able to learn few important things that would help me in being in a better position while venturing with my entrepreneurship. The future of this course can be a bit more practical with more case studies being enacted, groups getting into role play. It is important to send the students to different corporations where they get to understand the real life situations in the organizations. It helps immensely as being in the real picture provides students with the fair knowledge of the things required to be done. Reference: Davidsson, P. and Wiklund, J. eds., 2013.New perspectives on firm growth. Edward Elgar Publishing. Galindo, M.. and Mndez, M.T., 2014. Entrepreneurship, economic growth, and innovation: Are feedback effects at work?.Journal of Business Research,67(5), pp.825-829. Liddle, J. and Pugalis, L., 2014.Enterprising places: Leadership and governance networks. Emerald Group Publishing. Tedmanson, D. and Evans, M., 2017. 6 Challenging leadership in discourses of Indigenous entrepreneurship in Australia.Critical Perspectives on Entrepreneurship: Challenging Dominant Discourses, p.91.