Business Perspectives Corporate Entrepreneurship

Question: Discuss about the Business Perspectives for Corporate Entrepreneurship. Answer: Introduction Developing a business in the market and working under a reputed company in the desired designation is considered as the beginning of the career growth of a person. I always wanted to be an entrepreneur that requires a lot of experience, confidence and information regarding the area of business I want to develop. Currently, I am working in a multinational retail company as an executive of the designing department. I am a knowledge seeker, hence I want to grab knowledge from my field of work and want to utilise whatever opportunities coming in my career life. The courses of GB500 are helping me in gaining a wider perspective of business while developing ideas regarding venturing my own business in the coming years. I have gained the fact that having an idea of opening a new business is not enough. It requires a proper planning of opening a proper business in the market. The study will describe the benefits of the learning courses in my present field of work. It will also describe about my critical reflections in the applications of ideas that I have learned from the course and from my workplace while venturing my own business. However, I want to open my own venture in the sector of fashion and retail that will be dealing with manufacturing and selling garments for men, women and fashion accessories. Implementation of the ideas that I have learned from the course will possibly help me out in developing the thinking of my business in future. Critical Reflection and Changes I can say that before entering the course of GB500, my views regarding business and entrepreneurship was different. However, after joining the course, my experience regarding my field of work and in the field of entrepreneurship has been gradually developing day by day. I have the habit of gaining knowledge and develop skills and expertise that will help me in the growth of my career. In the initial phase of my career life, I am clueless about things that I want to proceed with in my future career life. My academic courses have helped me in gaining theoretical knowledge about various theories and its practical implementation in business, but it was generalize. However, I have managed to figure out that I want to proceed with fashion and retail sector and probably someday, I will open my own venture of selling fashion garments for men and women (McKelvie et al. 2014). I can also admit the fact that, before joining GB500 I have a different perspective of viewing the career I am in. In the multinational company, as an executive in the designing department I am in the responsibility of managing my team that comprises of designing engineers that are into designing trendy fashionable clothes for the company in the particular branch. Managing a team is not an easy task. As this is my first job, hence I need to learn and grab many skills while performing my current role in the company. Managerial skills will help me in solving the queries of the team members and the managing them in progressing with the work (Turr et al. 2014). I can say that the professional course of GB500 is very different from my academic course. It is a professional course, which is helping me in clearing my doubts in the perspective of entrepreneurship as well as in my current field of work. The course is consisted of various current topics and information that an entrepreneur or a manager must know to proceed with the work. An effective professional manager requires an effective knowledge of managing a team with all the leadership and managing attributes of the problems faced by the team members. The managing skills when I have joined this company were not enriched. However, there is a requirement of a professional course regarding entrepreneurship that I have felt while I am doing my current job (Bloodgood et al. 2015). I have felt the essence of starting my own venture of a small and medium enterprise of selling fashion accessories and garments for men and women. I have also find difference in the levels of expertise that I have learned while pursuing my academic courses and pursuing my career in the organization as a manager in the designing department. The roles and responsibilities of mine changes from one situation to another in the perspective of different situat ions based on the team members issues in the workplace (Sahut and Peris-Ortiz 2014). The environment of the workplace is very different from that of academic institutions. Hence, there are many attitudes and behaviour that I am learning in my workplace for becoming a successful person in my designated job role. My knowledge about the concept of entrepreneurship is incomplete as there are many things to learn if I want to open my own venture in the coming years. I need to learn many things both by conducting a thorough research and from my workplace for providing a success in my plan. The zeal of learning new things and giving a success to my entrepreneurial plan have pushed me in joining the course of GB500, that have all the essential information of running a business and the various strategies adopted by business leaders in their companies (Nason et al. 2015). Critical Reflection on application to future roles and workplace The decision of entering GB500 course is to fulfill my aspires and desire of opening a new retail venture in the market. To increase my knowledge, I have joined the entrepreneurial cell and the leadership development program inaugurated by my company. Apart from my field of work, I usually keep myself engage in many activities that will help me in developing my skills and expertise both in professional life and personal life. A sound balance of personal and professional life is necessary in order to make the entrepreneurial idea fruitful in the coming years. I can say that the courses in GB500 are very helpful in developing my expertise and grooming me for becoming a better individual. There are various types of theoretical frameworks such as PESTEL analysis, Porters generic strategies, Porters diamond model, Porters five forces, value chain analysis, SWOT analysis, Gap analysis, external analysis, etc are mentioned in the study with their theoretical description along with implement ation in the real business scenario. Apart from that, there are many other theoretical concepts strategic management decision making, value creation, strategic development, corporate strategy, business strategy, external market analysis, internal market analysis, employee management, basic human resources, etc. are clearly mentioned in the GB500 course that will be helping me in the progress of opening the entrepreneurial venture in the market (Kuratko et al. 2015). The study has helped me in gaining knowledge not only in venturing new business but also it will help me in developing my current role as a manager in the designing department of the multinational organization. The strategy building process along with the knowledge of various entry modes of business helped me in knowing the current position of my company in different parts of the world. As I have already told earlier that my company has its presence in different countries of the world, now I am keen to learn how my country opts for various modes of entry while entering a country (Karimi and Walter 2016). What are the factors my company is following while starting a new branch in a company or other miscellaneous aspects. GB500 helped me in gaining the theoretical knowledge of these concepts. On the other hand, my job helped me in learning the pros and cons of different strategies they are adopting in progressing their business operations in different parts of the country as well as in different countries of the world (Kuratko et al. 2014). The field of entrepreneurship is not an easy thing to do. To become an entrepreneur a person must possess some characteristics and attributes. Apart from that, a sound knowledge of the different attributes and knowledge about the particular sector of the industry is essential which I am gaining. The learning experience from the course has helped me in acquiring knowledge about the process of conducting a thorough market research about the particular field of entrepreneurship. After conducting the research, SWOT analysis will be done for both the external and internal market analysis. It will help me to understand the strength, opportunities along with threats and weakness of the external market and the internal market. The topic of innovation and developing business model is mentioned in the learning course of GB500 that I think is very important while running a business in a particular region (Hsu et al. 2015). It is seen that most of the companies in the world irrespective of sectors are driven by innovation as a part of their product development strategy and formulating business model. I have heard of only innovation, but the course has made me understand the types of innovation and the implementation of innovation in the business. It can be said that fashion and retail industry is volatile in nature. The industry runs on innovation. As I am working in the designing department, I have seen people who are coming up with latest exclusive designs for the garments and accessories that are sold by my company. Fast fashion requires innovation in a very fast pace. I will implement this knowledge in my business of fashion and retail (Hornsby et al. 2013). Apart from that, some other personal development skills that I have gained through this course and I am successfully implementing these in my workplace. The skills are effective communication skills and general presentation skills. Before joining the class of GB500, I was not so much confident of my presentation skills as I thought that I am lacking sufficient information and knowledge that is responsible for creating a sense of inferiority among me (Chen et al. 2015). My communication skills have been improved when I gained a confidence after joining the leadership development organized by my company and continuous efforts of my supervisor. The general skills of delivering a presentation are confidence and effective communication skills that I have learned from my supervisor and in the course of GB500. Apart from that, course materials of GB500 have provided me knowledge of implementing the presentation skills to the clients for the profile of client acquisition. The convincing powe r is the important skill that is related to the general presentation skills (Behrens and Patzelt 2015). Conclusion The study discusses about the reflection of the learning experiences of GB500 both in the development of my entrepreneurial plan as well as my personal development skills and in my professional development in my field of work. I can say that I have learned many things from the course that is discussed in the study in a detailed manner. The description of the reflection of the learning experiences is critically mentioned in the study so that I can implement it in my present and future field of work. I have researched the fact that I have to learn many things and to change my thinking for becoming an entrepreneur in the fashion world. As I am already working in the fashion industry, I am aware of the level of innovation, business strategy, operational strategy that is required for achieving a successful position in the market. There are high competitions in the market regarding small medium enterprise of fashion retail outlet in the market. Among them, for coping up with the competitiv e nature of the market, the courses of GB500 have helped me. The information of the learning courses is enriched and encompasses various practical experiments that business leaders implement in their activities of entrepreneurship in their businesses. However, it can be mentioned that I have developed communication skills, convincing skills, presentation skills in my course of GB500. The presentation skills are important in terms of convincing the investors, clients of my current designation of work in my company as well as for my new start up in the market. For developing my presentation skills, my supervisor in my company has also helped me in gaining confidence while delivering speech towards huge number of audiences. References Behrens, J. and Patzelt, H., 2015. Corporate Entrepreneurship Managers' Project Terminations: Integrating Portfolio?Level, Individual?Level, and Firm?Level Effects.Entrepreneurship Theory and Practice. Bloodgood, J.M., Hornsby, J.S., Burkemper, A.C. and Sarooghi, H., 2015. A system dynamics perspective of corporate entrepreneurship.Small Business Economics,45(2), pp.383-402. Chen, Y., Wang, Y., Nevo, S., Benitez-Amado, J. and Kou, G., 2015. IT capabilities and product innovation performance: The roles of corporate entrepreneurship and competitive intensity.Information Management,52(6), pp.643-657. Hornsby, J.S., Kuratko, D.F., Holt, D.T. and Wales, W.J., 2013. Assessing a measurement of organizational preparedness for corporate entrepreneurship.Journal of Product Innovation Management,30(5), pp.937-955. Hsu, C.C., Tan, K.C., Jayaram, J. and Laosirihongthong, T., 2014. Corporate entrepreneurship, operations core competency and innovation in emerging economies.International Journal of Production Research,52(18), pp.5467-5483. Karimi, J. and Walter, Z., 2016. Corporate entrepreneurship, disruptive business model innovation adoption, and its performance: The case of the newspaper industry.Long Range Planning,49(3), pp.342-360. Kuratko, D.F., Hornsby, J.S. and Covin, J.G., 2014. Diagnosing a firm's internal environment for corporate entrepreneurship.Business Horizons,57(1), pp.37-47. Kuratko, D.F., Hornsby, J.S. and Hayton, J., 2015. Corporate entrepreneurship: the innovative challenge for a new global economic reality.Small Business Economics,45(2), pp.245-253. McKelvie, A., McKenny, A., Lumpkin, G. and Short, J.C., 2014. Corporate entrepreneurship in family businesses: Past contributions and future opportunities.SAGE handbook of family business, pp.340-363. Nason, R.S., McKelvie, A. and Lumpkin, G.T., 2015. The role of organizational size in the heterogeneous nature of corporate entrepreneurship.Small Business Economics,45(2), pp.279-304. Sahut, J.M. and Peris-Ortiz, M., 2014. Small business, innovation, and entrepreneurship.Small Business Economics,42(4), pp.663-668. Turr, A., Urbano, D. and Peris-Ortiz, M., 2014. Culture and innovation: The moderating effect of cultural values on corporate entrepreneurship.Technological Forecasting and Social Change,88, pp.360-369.