PRINCESS G.

LINDA 3RD YEAR BTVTED-FSM

(GE11 REFLECTION PAPER)

As what I’ve learned in this subject was developing an entrepreneurial mindset and
skills for dealing the so-called constant change in the entrepreneurial world.
Entrepreneurs should also have the mindset when it comes to the flow and how to run
the business. Entrepreneurship entails identifying new opportunities, solving problems,
and improving the quality of life on our planet. An entrepreneur with an entrepreneurial
mindset sees the world as full of possibilities. Entrepreneurial passion and spirit assist
entrepreneurs in overcoming obstacles and achieving their objectives. Disruptive
technologies use existing technology in novel ways, creating new opportunities as well
as new challenges. Although many entrepreneurs create value by starting small
businesses, buying franchises, or introducing new services in mature industries,
entrepreneurship is transforming some industries and potentially creating others. The
important thing to remember is that anyone can be an entrepreneur, and that new
technologies are lowering the cost of starting a new business, but it is still risky at times.
Ideas are key to innovation. Without them there isn’t much to execute and because
execution is the key to learning, new ideas are necessary for making any kind of
improvement. It's obvious that ideas alone won't make innovation happen, as you need
to be able to build a systematic process for managing those ideas. The point of ideation
isn't just about generating tons of them but about paying attention to the quality of those
as well. We agree that it can sometimes be difficult to come up with more of those high-
quality ideas. It’s not unusual to get stuck in our old habits and routines when we’re
supposed to be creating something new.

We define an entrepreneur as someone who embarks on an entrepreneurial endeavor

to create something new that solves a problem; small business ownership and
franchising are also entrepreneurial options. Depending on the problem to be solved,
the venture could be profitable or not. To reduce risk, entrepreneurs can work full-time
while pursuing their ideas on the side. Entrepreneurs can pursue lifestyle ventures and
become serial entrepreneurs on the other end of the spectrum. Many factors are driving
the growth of entrepreneurship, including job insecurity, the desire to start something
new, financial factors and free time associated with retirement, and a greater
acceptance of entrepreneurship as a career option. Nations' cultures all over the world
have an impact.