The Entrepreneurial Journey and Pathway
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TheEntrepreneurialJourneyandPathway.docxWeek 2 Discussion | The Entrepreneurial Journey and Pathway
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Week 2 Assignment
24 points
Learning Objectives
· Identify the steps, decisions, and actions involved in the entrepreneurial journey
· Understand the nine stages of the entrepreneurial life cycle
· Identify common frameworks used to shape an entrepreneurial venture
· Compare how some frameworks better fit certain venture types
Instructions
Every week you will be asked to reflect and respond in a Discussion Board forum. Your contribution to the topic should be clear, complete, and accurate. This assignment also requires that you read the answers posted by your classmates and respond to at least one of those postings. You are required to meet the following guidelines.
· Develop a detailed response using APA format (in-text citation, reference list) and utilizing at least one credible resource.
· Post your initial response by Friday, October 22th by 11:59pm
· Post feedback responding to a classmates post by Sunday, October 24th by 11:59pm
After completing the assigned readings (Chapter 2: The Entrepreneurial Journey and Pathway) answer the following discussion questions.
1. What are the similarities and differences between the life cycle stages of a person and a venture? How can these two concepts assist you in creating a successful venture?
2. What is the connection between an action plan and a framework? How are they different?
3. Consider the multiple pathways to entrepreneurship. How might your own current situation reflect a potential pathway to entrepreneurship?
USE THE ATTACHED TEXTBOOK AS A SOURCE.
FIRST CLASSMATE POST:
Xavier Willcox
YesterdayOct 22 at 11:13pm
Week 2 - The Entrepreneurial Journey and Pathway
1. What are the similarities and differences between the life cycle stages Of a person in and venture? How can these two concepts assist you in creating a successful venture?
Similarities of life cycle stages of a person and a venture:
1. A venture has to get support by resources as the entrepreneur initiates the idea, develop a model, as well as build the infrastructure to support production. An infant needs support through their first stage of, like with eating, being mobile, getting dressed, etc.
2. In the maturity stage of your venture you will be able to determine if it is inclining of declining based on your business plan. As far as a human’s life, we base our maturity on how we acted as children and how we handle responsibility.
Differences between life cycle of stages of a person and a venture:
1. If something minor was to happen inside a venture, it could possibly effect the whole organization, but if something small was to happen to an individual, it would not effect the person’s entire life.
2. The development stage of a venture is based on how external and internal individuals interact with the venture, but the the development stage is based on how internal people(family), before interacting with the world.
How can these two concepts assist you in creating a successful venture?
These concepts could both assists me, by helping understand that owning a business is like life in general. Once you fall, you can either stay down or get back up. It will also keep me consistent with my ideas to enhance my experience with entrepreneurship.
2.What is the connection between an action plan and a framework? How are they different?
While customizing an action plan at the beginning of the entrepreneurial process it will make it much easier to handle, and could possibly effect success in the future. Providing framework will give you the visual and mental outline of entrepreneurial goals, through brainstorming and problems solving. Frameworks helps with problems within the organization, while action plans focuses on pulling all the ideas together as one.
3. Consider the multiple pathways to entrepreneurship. How make your own current situation reflect a potential pathway to entrepreneurship?
Considering that I am still learning about entrepreneurship, it varies but I would say my potential paths would be through a soft launch or research and experiments. The reason why I feel this way is because the route I want to take involves searching for vendors, investors and potential customers, as well as jumping right in and seeing where the journey leads.
Laverty M. & Littel C. (2020) Entrepreneurship: The Entrepreneurial Journey. Open Stax.
SECOND CLASSMATE POST:
· Henriadam Brower
YesterdayOct 22 at 11:34pm
1. The life cycle has six main stages: foetus, baby, child, adolescent, adult and elderly. Although the human life cycle has stages, people continually and gradually change from day to day throughout all of these stages. The four stages of the venture life cycle are Establishing the Venture, Building a Product, Market Launch and Customer Success. These represent the 4 major milestones in the life of a venture according to (Agarwal, 2017). They both have stages and both evolve over time. The difference is the venture cycle is, you can build a product or what you want from ground up while with the human cycle you can’t control how the baby comes out. This concept can help you successfully start a venture because each concept has stages where you reflect and ultimately grow the vision of the brand.
2.Framework contains the underlying vision, strategic priorities, principles, assumptions and strategies. While an action plan explains how you will operate and manage your business. They are connected, a bad action plan affects your framework in a negative way. While a good one affects it in a positive way. Framework is more flexible compared to an action plan. An action plan is more concise and can be long according to (Kluwer, n.d.).
1. I currently own my own business now so this class will help me expand the knowledge that I already have. As I plan for my next business an action plan and framework will be essential for my indoor sports facility.
Work Cited
Agarwal, J., Says:, A. G., & Says:, J. A. (2017, March 21). The Four Phases of a Venture Lifecycle. Retrieved from http://leadingventures.com/2017/03/the-four-phases-of-a-venture-life-cycle/
Creating Action Plans for Your Business Plan. (n.d.). Retrieved from https://www.wolterskluwer.com/en/expert-insights/creating-action-plans-for-your-business-plan
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