Reflection Essay: Developing Creativity And Entrepreneurship Skills.

Topic 1: Introducing Creativity

This reflection report presents the different activities that were performed by me during this lecture. It also depicts the skills that I have improved in lectures, while undertaking the topic/session. It also defines the certain aspects that I have learned from this lecture. It evaluates my interest in engaging in lectures. This report demonstrates the ways by which I and my team members have organized the tasks. It also exhibits the good and bad point that I have observed in the lectures. It also explains the key activities that I can perform differently in the future. It discusses the activities which I did after finishing the session.

Earlier this session, I have participated in nature and nurture debate on the creativity. I have gained my creativity skills from this session. I undertook this topic to build my knowledge about the older and modern models of creativity. From this session, I have learned that creativity is the creating and interacting on comprehensible new connections as it helps me to think on different perspectives. This lecture also gained my experience in different ways of creativity. As a result, now, I am proficient to perform the creative activities. During this session, I felt better because this lecture has developed my understanding regarding different theories of creativity such as accident, association, grace, cognitive and personality.  Consequently, I have used these theories to organize the task. Furthermore, I and my team members have involved these theories in the vertical thinking and creative procedure. The good thing that I have observed during this session is that creativity is essential to improve the organizational performance and to make a feasible decision. From this lecture, I have developed my knowledge about the different form of creativity techniques like provocation, divergence, and convergence. This lecture has increased my knowledge about the different path of perception like human thinking, linear thinking, and lateral thinking as I am proficient to implement the path of creativity. In the last, I have pointed that there are six thinking hats which could be used to focus on facts, data, figures, and information. These hats are known as white, yellow, black, blue, red and green hats (Bygrave and Zacharakis, 2011). Although, each hat has different roles from another hat yet each is used to develop creative ideas. As a result, it would be beneficial to improve my professional career in future.

From this session, I have increased my understanding regarding creativity and entrepreneurship. In this way, I have learned that entrepreneurship is about addressing and developing an opportunity. Together with, I have observed that creativity can be moved into practical and reality such as products and services could be developed via innovation. I have learned the difference between entrepreneurs and entrepreneurship. Along with this, I increased my experience about difference between entrepreneur and enterprise.

Topic 2: Developing Creativity and the Business Idea

This lecture was beneficial for me to increase the experience regarding certain kinds of opportunities for the business. In this way, I have learned that customers and suppliers can get opportunities. These opportunities can be in different forms of demand, attraction, feasible and innovation (Kaplan and Warren, 2013). After completing session, I felt good because ‘Developing Creativity and the Business Idea’ topic was very interesting for me. This lecture gained my knowledge that when an entrepreneur make 11 ideas regarding development of new product then only one idea could be successfully launched. Hence, I need to generate many ideas regarding new product development.  I have organized the task by sourcing the new ideas from internal and external sources. I have developed my knowledge about the characteristics of creating a good idea which would be beneficial to develop a good idea within an organization as I can become a good entrepreneur in future. In the last, I have built my knowledge about techniques of generating innovative ideas for a business model. These are customer insights, ideation, visual thinking, prototyping, storytelling, and scenarios (Osterwalder and Pigneur, 2010). It would be beneficial to develop my personal and professional career. 

This lecture was beneficial for me to develop the concept regarding the business model. In this way, I have learned that a business model defines the rationale of how a company produces, allocates and retains value. Consequently, this lecture was effective for me to generate business idea by using business plan along with it makes competent to develop the financial plan. It was also significant for me to gain my understanding regarding key components of the business model. In this way, I have learned that value proposition, value chain, competitive strategy, market segment and cost structure is a component of the business model. This lecture enables me to assess the business models by using business model canvas. It also develops the understanding that customer can be segmented on the basis of demographic, geographic and ethnicity. I have developed the knowledge on key motivation for building customer relations. This motivation could be customer retention, acquisition of customers, and increasing sales (Meyer and Crane, 2010). This session was also significant for me as it has developed understanding about designing of the innovative business model using the business model canvas.

During this session, I have gained knowledge about nine building blocks of the business model canvas. It has also increased my experience about how these nine building blocks are linked to the four main areas of business: customers, offer, infrastructure and financial viability. In this way, I have learned that there are nine basic building blocks of business model canvas which was beneficial for me to make a feasible innovative decision. These nine building blocks are value proposition, customer segments, customer relationships, key resources, revenue streams, key activities, key partnerships, cost structure, and channels (Henriksen, et. al., 2012). In this lecture, I have increased my understanding about different forms of the revenue stream. These revenue streams could be asset sales, licensing, advertising, subscription fees, leasing, brokerage charge, and usage fees (Drucker, 2014). Along with this, I have learned that cost can be segmented in different forms like economies of scale, economies of scope, variable cost and fixed cost. This session was effective for me to develop an understanding of the basic financial statements like cash flow statement, balance sheet and profit and loss statement. As a result, it helps me to become a good entrepreneur by learning technical skills.

Topic 3: Introducing the Business Model Canvas

This lecture was effective for me to learn the impact of business model environment on strategy. I have increased my knowledge regarding four main areas of the business model environment. These are macroeconomic forces, industry forces, market forces, and key trends (Kuratko, 2016). It also boosted my experience in assessing the feasibility of start-up business by using the main areas of the business model environment. This lecture was also beneficial for me to design the innovative business model for start-up. However, I have analyzed that design of the innovative model is based on a number of drivers and constraints at the workplace.

In this way, I have pointed that key trends of business start-ups are technological trends, strategy and the internet, regulatory trends, societal and cultural trends, and socio-economic trends. It was beneficial for me to start-up the business effectively. From this lecture, I have also analyzed that there are certain market forces like market segment, issues, needs and demands, revenue attractiveness, and switching cost. I have also pointed that there are some macroeconomic forces such as global market condition, commodities and other resources and capital markets. Along with this, industry forces are competitors, substitute products and services and new entrants and stakeholders (Storey, 2016). 

From this session, I have identified five business model patterns which were beneficial for me to enhance my professional career. I have gained my understanding of how these five business model patterns are built. In this way, I have learned that the long tail, unbundling, multi-sided platform, open models, free and over time new patters are considered as types of business model patterns. This lecture was also significant for me because it has developed my knowledge about five business model patterns with respect to existing business. As a result, it would be beneficial for me to enhance my professional career. Further, it would be effective for me to become a good entrepreneur in the future.

During this lecture, I have identified the creativity within the business model of an organization. This session has increased my knowledge about the challenges and opportunities of a business model of a business. It has also built my creative thinking as an individual or in the group by analysis of challenges and opportunities for the case study business. It is analyzed that different components of the existing business model have been used by the case study firm such as value proposition, customer segment, channels, customer relationships, key resources, revenue streams, key partnerships, and cost structure (Drucker, 2014).

Topic 4: The Business Model Canvas-Part Two

From the lecture, I have increased my knowledge about the drivers and constraints facing business in the case study. I have built my understanding regarding different elements needed for the business model design process. It has also built my knowledge about the application of creativity in the identified sector. By using this knowledge, I am competent to design the feasible business model for case study business.

During this phase, I have learned that business model design procedure includes different steps such as start-up mode, new product development, seeking new growth potential, and reacting to a crises situation. I have also built my experience about the motivation for business model innovation. I have learned that the Tata car and Grameen Bank uses business model innovation for satisfying existing but unrequited market needs. Along with this, Xerox, and Swatch implement business model innovation to carry out new technologies, products, or services to market.

I have increased my experienced regarding challenges in business model innovation that was beneficial for me to face the challenges. In this way, I have learned that finding the right model, managing uncertainty, inducing the market to adopt the new model and continuously adapting the model in response to market feedback is several challenges in business model innovation that may be faced by the company. This lecture has also developed my understanding regarding motivations in longstanding enterprises. In such way, it can be stated that bringing new technologies, products or service to market, and crises with the existing business model are key motivation in longstanding enterprises. I have observed that company faced different challenges in longstanding enterprises. These challenges are developing an appetite for new models, focusing on the long-term, aligning old and new models, and managing vested interests (Burns, 2011).  I have evaluated that process of business model design considers different phases. These are mobilizing, understand, design, implement and manage.

During this lecture, I have increased my understanding of the uses of SWOT analysis for business model innovation. This topic was beneficial for me to analyze both external and internal influences on an organization. Thus, understanding about SWOT analysis is effective for me to make decision and innovation regarding business models for both longstanding and start-up enterprises. I have also built my experience regarding how the blue ocean strategy facilitates business model innovation. In such way, I have observed that blue ocean strategy is a growth strategy which is based on the discovery of new industry, invention, and the market segment which creates new demand. I have also increased my understanding the value innovation entails the increasing value for customers via the creation of new benefits and services. It also entails cost reduction via the elimination of less valuable features and services (Storey, 2016). This lecture enables me to understand the creative responses to identified business problems. I have also increased my knowledge about the Galbraith’s Star Model. In this way, I have observed that Galbraith’s star model specifies to align the business with five areas such as people, processes, rewards, structure, and strategy.  

Conclusion

From the above discussion, it can be summarized that these lectures were supportive for me to enhance my personal and professional career. It has also built my knowledge and experience in different areas such as creative decision making, innovative business model, business canvas model and creativity in business start-ups. This lecture enables me to become a good entrepreneur in the future.    

References

Burns, P. (2011) Entrepreneurship, and Small Business. Basingstoke: Palgrave Macmillan.

Bygrave W.D and Zacharakis, A (2011) Entrepreneurship. Hoboken: Wiley.

Drucker, P. (2014). Innovation and entrepreneurship. UK: Routledge.   

Henriksen, K., Bjerre, M., Grann, E.D., Lindahl, M., Suortti T., Friðriksson, K., Mühlbradt, T., and Sand, H (2012) Green Business Model Innovation: Business Case Study Compendium. UK: Nordic Innovation Publication.

Kaplan J.M and Warren, A.C (2013) Patterns of Entrepreneurship Management. Hoboken: Wiley.

Kuratko, D. F. (2016). Entrepreneurship: Theory, process, and practice. USA: Cengage Learning.

Meyer, M. H., and Crane, F. G. (2010) Entrepreneurship: An innovator's guide to startups and corporate ventures. Thousand Oaks, CA: SAGE Publication Inc.

Osterwalder and Pigneur, (2010) Business Model Generation. USA: Wiley.

Parnell, J.A. (2013) Strategic Management, Theory, and Practice. USA: Sage Publications

Storey, D. J. (2016). Entrepreneurship and new firm. UK: Routledge.