LCO_CSF_Week_10_Discussion_Reply

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Hello,

I agree with you that creativity is critical for any entrepreneur. The ability to keep going when faced with challenges and the skill to form a great team are some of the traits that define an entrepreneur. An entrepreneur can also take risks when others are not willing to take them to successfully build a business. Being creative is what an entrepreneur requires to create a tangible product or service. I have learned a few insights from Zetlin’s article, the six beliefs that are wrong about entrepreneurs. Mentioning that entrepreneurs do not necessarily need to be super smart reminds me of how wrong I was, my whole life I thought that I had to be super smart but now I realize that what an entrepreneur only needs is charisma and formulate a team. I also learned that entrepreneurs are not born with an entrepreneurial brain, they love risks and are sometimes undisciplined. I am also happy to learn that your entrepreneurial dream is to provide a service or product which is highly innovative but offers very little risk based on the entrepreneurial strategy mix. Starting a publishing company is innovative and has low risk, this would be perfect. However, I could also suggest consulting company startups, tutoring and a lawn care business. Good work, keep going (Zetlin & Shourideh,2017).

Reference

Zetlin-Jones, A., & Shourideh, A. (2017). External financing and the role of financial frictions over the business cycle: Measurement and theory. Journal of Monetary Economics, 92, 1-15.

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Hi,

This is an interesting post and having read through it, I couldn’t agree more. It is indeed true that innovation is what entrepreneurs need especially in this highly competitive business environment to generate great ideas which are cutting edge and create products that are outstanding or stronger brands to build a huge customer network. I agree with you that familiarity is essential in creating new ventures. However, just to add on what you have written in regard to the entrepreneurship matrix, examples of low risk highly innovative ventures you could take include consulting businesses or direct sale businesses. High risk highly innovative ventures you count venture in include transportation companies like limos, starting a restaurant or a travel agency. Low innovative high risk ideas you could venture in include starting a food storage business or bakery. Finally, a low innovative low risk venture example is starting a massage business. This is an interesting post, keep it up (Spall & Zetlin, 2004).

References

Spall, P., & Zetlin, D. (2004). Third sector in transition–a question of sustainability for community service organizations and the sector?. Australian Journal of Social Issues, 39(3), 283-298.