entrepreneurial knowledge and skills

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One of my long-term goals is to be an entrepreneur and set up my own business. Therefore, this module has definitely aided in developing my entrepreneurial knowledge and skills such as writing up a comprehensive feasibility study, evaluating the risks to its implementation and exploring the necessary business functional areas for running a business. In addition, it has helped me identify my strengths-areas that I am excelling in as an entrepreneur and also weaknesses.in particular, the beer preparation session were of great assistance since I acquired skills that will help me improve on the quality of beer I produce.

The module aimed at helping young entrepreneurs in the beer industry get the skills required to effectively run a business in this field. Notably, it provided a great platform for new entrepreneurs to get an overview of the beer industy.at the same time, they were able to get training in all the different aspects of beer production and marketing.

This was a great opportunity for me since I had not got such a chance before. It was encouraging to realize that I was performing above average in most of the areas that were addressed despite the fact that I had not received prior training. Likewise, I was able to get a new perspective of my strengths in areas that I thought I was underperforming. Generally, it was an elevating experience for me that gave me the courage to address the challenges I face in marketing my beer.

The module was an opener for me that helped me understand that I have many positive qualities that I can take advantage of to propel my business even further. For instance, I am always driven by an inner feeling to do the best I can possibly do to achieve the goals I have set for myself and emerge as the best beer producer in the whole nation. This need for achievement is the key factor that keeps me going even in the occasions that the business proves to be very challenging. As such I have been able to grow my business to get a 5% market share within a period of three years since it started. I am greatly inspired by Mark Zuckerberg the founder of Facebook. Despite all that he has achieved in making Facebook a global platform, he is still striving to diversify his company into new areas such as artificial intelligence with the goal of becoming the best in this field by the year 2026 (Shontell, 2014, Oct 29).In most cases prosperous entrepreneur are driven by the desire to achieve as a way of self-actualisation (Cardon,Drnovsek & Wincent ,2009,pg. 334-338).

Additionally, I am a resource conscious entrepreneur. Even though it was not an easy task, I was able to start my business with the little capital I had from my savings.in the begin, the beer was brewed and packaged at home every night after I came back from my day job. Further, I used the social media platform (Facebook) to get customers for my beer when I first got into the business. Successful entrepreneurs are able to utilize the scarce resources available to them in a creative manner to kick off their business (Mkubukeli, 2016, pg. 14-35). For example, Steve Jobs, the founder of Apple started his business in his garage with two of his friends to help him in his work (Rawlison, 2017, par 1-12).

However, with the aid of this module, my biggest weakness that I was not aware of was brought to light. I have always seen my character as a risk taker as a strength to help me propel my business to the next level. Contrary, risk takers normally focus on the prevailing economic conditions and the opportunities that arise thereof. However, some of them fail to recognize that the market systems are dynamic in nature (Rocha, 2012, pg. 6-7). This has been my biggest challenge in the marketing of my beer since I sometimes fail to acknowledge that the market always change from time to time when planning for the future of the business. Hence the plans turn out to be insufficient in coverage of the major areas such as sufficient production thus forcing me to back to factor in the changes that have occurred in the market.

Taking into account the lessons I learned from the module, I will manage my business more effectively. When planning for the future, I take into consideration the fact that the market systems are dynamic. In addition to taking advantage of opportunities that arise because of current economic situations, there will always be a variable in my future plans that will be used to take into account for changes in the market .On top of this, I will diversify the business by producing more flavours of my beer using the knowledge I acquired during the training. Even more, I will strive to expand my customer base from just the youth in the nation – who proudly identify with my brand- to the middle aged citizens through the introduction of new flavours that specifically meet their expectations on the quality of drinks they take.

 

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