Unit V

1

Unit IV: Entrepreneurship

 Tiffany Chism

BUS 8303-21.01.00-4B22-S1

Dr. Harris

February 22, 2022

Entrepreneurship

In entrepreneurship, opportunity recognition refers to the process which is found in ways that individuals as well as businesses with an entrepreneurial mindset often approach new ideas or business ventures. In most cases, it is usually a constant brainstorming where individuals look for improved or new ways to address given problems. For instance, it could be a new business idea or new products and services which fulfill the needs and expectations of the target customers. For example, in supply chain management has experienced a lot of challenges when it comes to efficiency in their operations. Therefore, due to modernization in this area of management, there is need to introduce IoT technologies which will ensure efficient and effective planning for managers through use of low-power sensors, GPS as well as other tracking technologies which pinpoint assets as they move along the supply chain (Neck et al., 2021). This will go a long way in confidently reassuring customers and other stakeholders about the location of items being shipped or received.

Design thinking as tool for generating ideas in entrepreneurial opportunity is an important aspect when it comes to dealing with issues to do with supply chain management. It is usually a human-centered approach which draws from the toolkit of the designer to integrate various needs of people, possibilities of technology as well as other requirements for the success of the business. The main feature of design thinking process is keeping the user at the center. Thus, innovation solutions such as use of IoT are formed to overlap the three elements (Neck et al., 2021). Therefore, it is advisable for the supply chain professionals to embrace the design thinking process in developing new innovative solutions and move their organizations to the next level of greater success and growth.

To experiment IoT in supply chain management, the best testing method will be use of simulation which provides the capabilities of evaluating performance of a system that is operating under either proposed or current policies, procedures or configurations. This process is applicable to the evaluation of both strategic as well as operational level plans for the supply chains. This process is important especially in exploring the viability of the supply chain before the start of production. For instance, simulation in this design will be used to determine the readiness of the supply chain designed for the company. The supply chain must be stress tested at surge as well as mobilization levels in order to meet the requirements. Simulation will provide the ideal methodologies for identifying and demonstrating the behavior of the supply chain under stress and evaluate various strategies required in meeting the defined volumes (Prabaharan, 2020). Additionally, it will prove the readiness of the supply chain by minimizing perceived risks in using the technologies.

Entrepreneurial mindset derives some direct application of various concepts from the design thinking domain. These entails incorporation of formalized design thinking process, allowing use of convergent and divergent thinking, establishing multidisciplinary teams, building on iterations, encouraging and enhancing creative confidence, encouraging reliance on informed intuition as well as foster a conducive learning environment. All these are important in fostering one’s entrepreneurial mindset in the workplace. For instance, in this case, design thinking process is essential in enhancing creative mindset for developing of more creative ideas in relation to various aspects of management in business such as supply chain, marketing, production and so on. It also helps in creation of long-term strategy planning, as well as generation of a business model, tracking progress, measuring of outcomes and evaluation of feedback. Design thinking is also vital in creating psychological and physical spaces which encourage making, building as well as team-based interactions which are important in bringing these mindsets to real life (Chandwani et al., 2019). All these concepts are important in developing a positive entrepreneurial mindset for success of the organization.

References

Chandwani, J., Salvi, S., & Chandwani, B. (2019). A STUDY ON BUDDING ENTREPRENEURIAL MIND-SET. Advance and Innovative Research, 210.

Neck, H. M., Neck, C. P., & Murray, E. L. (2021). Entrepreneurship: The practice and mindset (2nd ed). SAGE. https://online.vitalsource.com/#/books/9781544354644

Prabaharan, M. (2020). How technology makes a difference: Digital, agile and design thinking. Handbook of Smart Cities, 1-28.