Aspects of Successful Entrepreneurship
One requirement for the successful completion of this course was to attend an entrepreneurship event, whose invitation details are available at (Client to Provide Link). The event was aimed at empowering young students so that they can move beyond the entrenched mentality of good grades, good job, climbing the corporate ladder, settling down, retiring, and death. Becoming an entrepreneur enables young professionals to leave a legacy by making a difference in the world. The event was graced by four reputable guest speakers, and the host of the event was Austern International. The four guest speakers were Matthew Pinter (chairman of Crowd Funding Institute of Australia), Gen George (CEO and founder of OneShift), Andrew Bowring (Operations Manager at Zomato), and Deeps De Silva (Head of Marketing at Dropbox). The event kicked off with an introductory and inspirational speech from Lily Wu, the founder of Austern International. Later on each of the guest speakers gave a presentation on the current industrial evolution, and how the companies that each speaker represented took part in this evolution. The event was followed by a question and answer panel and lastly, there was a networking session as people shared food and drinks. The event was very informative, and listening to the guest speakers was very intriguing and empowering. I learned a lot in terms of becoming a successful entrepreneur and standing out in the event of searching for a job. In addition, it was explicit that the limitation of experience that is mainly a hindrance to gainful employment should prompt individuals to solve day-to-day problems be delving into entrepreneurship rather than die in search of employment. One thing I realized was that the start-ups represented during the event were founded by young adults; hence, age is not a determining factor for successful ventures. Someone like Deeps De Silva used his creativeness, courage, and innovativeness to stand out and land himself great offers for gainful employment in several companies that ranged from renowned companies like Microsoft to start-ups like Dropbox.
The materials used in class were useful in integrating insight obtained from the host and guest speakers. I applied W2, W1+-+Intro, and W4 modules because they are a reflection of what the guest speakers presented. I was able to relate the ventures of the guest speakers to international entrepreneurship described in W2 (Founders People). The start-ups represented in the entrepreneurship event were all utilizing the Uppsala model. In addition, each start-up had arisen either out of necessity, opportunity, or need for improvement. I would say that Austern International, OneShift, and Zomato arose out of necessity, while the Crowd Fund institute of Australia emerged due to an opportunity, and Dropbox was improvement-driven. It is evident that the founders of the start-ups utilized their imagination to come up with the unique ideas. In addition, they were ready to embrace any risk. While trying to understand the main themes from the start-ups’ business plans, the W1+-+Intro module enabled me to realize the uniqueness of these start-ups. Apparently, companies like Zomato and OneShift transformed the food and recruitment industries, respectively, in a remarkable way such that they were one of a kind. Apparently, none of the companies sought crowd funding, indicated in the W4 module. However, partnerships and other forms of equity financing were used to aid in the successful running of the start-ups. This module, W1+-+Intro, commensurate with the insight from the guest speakers, emphasized the need for using technology to enhance one’s ideas, and in the current context, the internet was an imperative platform that enabled the success of the start-ups. In addition, networking is important because it is through working with people that one gets to learn about new ideas and gain useful recommendations. The W1+-+Intro module suggests the essence of feedback for entrepreneurs, and Andrew augmented this fact by highlighting that start-ups are versatile and keep on changing based on the environment and people’s feedback. Thus, feedback is an important element that should be perceived positively to aid in improving any business. Just like Gen and Silva stated, embracing everyone’s opinion right from the lowest cadre staff is very important for any business. The most interesting and paramount aspect of any business is capital. The Crowd Fund Institute of Australia is an example of a venture capital, and it was easy to relate its functions based on information obtained from the W4 module. Just like this module states, the Crowd Fund Institute supports start-ups in exchange for gaining control of the management and activities of the business to aid in repayment.
The event enabled me to realize that successful entrepreneurship is characterized by innovation, and its ability to fill in gaps that prevail in the daily lives of people. I realized that I had not pointed out the gaps that had led to the development of the new music instrument by AUUG. It is evident that the contemporary society is spontaneous, defined by busy schedules during the weekdays and a buzz of social activities on weekends or holidays. Hence, entertainment including music is imperative. However, the uniqueness of this device in comparison to similar devices was lacking. In the current world where efficiency is key, going viral using the internet is an important parameter that enables companies to spend less while making strong and useful networks with customers and partner companies. I realized that I did not apply the Uppsala model to indicate internationalization or direction of expansion of the product. Now, I realize the need of using the current technology to meet people’s needs when preparing my final project. As Lily said at the beginning of the event, the important thing is creating a venture that will uproot companies that have long been in existence and have not integrated the digital domain into their mission or vision. I realized that I should not stop myself from thinking big because I am scared that I might lack capital; as long as I have a brilliant business idea, crowd funding will be there to support me all the way. I strongly agree with Matthews, who insisted that a lack of IT and engineering knowledge does not limit anyone, and this is clearly demonstrated by Gen George. She was merely 21 when she started her OneShift Company; hence, it is a matter of having the determination and strong will to build on one’s idea. In addition, the fact that she did not have unprecedented knowledge did not limit her potential. The very simple problems prevailing in society lead to the creation of unique business ideas; it may be a modified pen that seeks to meet a variety of needs for a business person to avoid too much paperwork. Having the right values and skills is important to ensure the success of any business, and especially startups because they have to justify their role in the rapidly evolving society. An entrepreneur should not be hesitant about starting small because all the guest speakers represented companies that had started small, but had gradually grown to become global ventures.