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The Entrepreneurial Process (BUSM 1311) The Entrepreneurial Process (BUSM 1311) Semester 2 2018 Brief on Reflective Summary (Assessment Task 1) (Due in Week 4) Total marks: 20 Word Count: Maximum of 2000 words (excluding references) Submission date: 10 August 2018 by no later than 11:59 pm through assessment link created in Canvas Over the past couple of weeks, we discussed the following critical themes as essential towards understanding entrepreneurship and the entrepreneurial mind. 1. High growth versus life style entrepreneurs 2. Hofstede’s cultural dimensions and entrepreneurship 3. Necessity driven entrepreneurship/Disadvantaged entrepreneurs, women entrepreneurs, ecopreneurs 4. Ethical dilemma in entrepreneurship 5. For-profit entrepreneurship versus social entrepreneurship 6. The role of creativity in pursuit of entrepreneurial opportunities Select any two of the above themes and discuss them in light of the question below. The question Having considered entrepreneurship as an area of interest as evidenced by your attendance in the class, how has the course affected your knowledge and view of entrepreneurship? Has it changed your perspective of who an entrepreneur is? And how do you think you will be able to adapt and adopt these new insights into your future career strategies? Your personal reflections and insights will be supported with theoretical argument and peer reviewed research. The Soft Copy with student name, ID and the class you are timetabled in clearly written on title page should be submitted to the assignment link named ‘Reflective Summary’ within ‘Assessment Tasks’ menu on your Canvas course by no later than 11:59 pm on Friday, 10 August. The reflective summary must contain a list of reference as evidence of research. (A minimum of 8 academic peer reviewed journal article are required to support your theoretical arguments). How to Structure the Reflective Summary You are expected to provide some clear and brief theoretical comprehension of the two themes you have chosen for your reflective summary. However, simply defining the themes according to your recommended text is not enough. You will need to discuss the essence of the two themes by providing a synthesis of wider reading (textbook and academic journal articles) that reflects a higher level of understanding and ability to apply in practice. We will look for evidence of independent research, in addition to the recommended reading, in the way you will discuss/expand the concepts or themes. You must cite references in text and provide a complete list of reference (at least 8) for all your research that meets RMIT’s recommended referencing style. Please consider the following points in preparing your reflective summary Based on experiences and observations from previous semesters the followings are some projected issues that are more than likely to surface when the reflective summary will be marked. Please consider the following comments when constructing your reflective summary and try not to make the same mistakes. 1. Level of rigor of academic research to support your argument. · Need at least 8 references to (generally) to reflect a higher level of understanding. · Lecture notes DO NOT constitute an appropriate reference, nor is Wikipedia. · Text and academic journals are a better source of reference rather than Google sourced web addresses. · Generally the better reflective papers utilized in-text referencing to support their arguments. 2. Intuitive understanding of key themes discussed · The better efforts highlighted the essence of the key themes rather than just repeated what was in a text, an article or in the lectures. · The better efforts reflected their ability to extrapolate some of the themes beyond the basic threads discussed in the paper. · Try to expand on the themes embracing aligned and tangential thoughts beyond that of the obvious discussion points. · There is no need to define key constructs when those constructs are not discussed in the body of the paper or with reflection of your experiences (AKA a brain dump) 3. Evidence of how the new awareness will be applied to address future challenges · Remember address this section and discuss in a reflective nature of the impact of these themes and how they could affect your pathways moving forward · Try to juxtapose how you saw these themes before the course commenced as opposed to how you see them now, during the course, and how they will affect your future actions. · Avoid general “motherhood” statements as they indicate a lack of internal inquiry · Always link theory to experiences · Although nice to hear, there is no need to comment on the presentation style of the lecturers, unless you directly relate those experiences to your own reflective learning 4. Professional presentation – make sure! · One paragraph per point, not a mono-slab of writing · Delineation between reference list and body of work · 12 point 1.5 spacing requested Hofstede’s cultural dimensions and entrepreneurship Hofstede’s cultural dimensions and entrepreneurship Hofstede’s cultural dimensions and entrepreneurship Student name: Introduction According to Drucker (2014), entrepreneurship needs to be encouraged and cultivated, as it is one of the national assets of every country. Entrepreneurs take the risk of implementing a new venture with their innovative ideas and intend on delivering new ideas, business or procedures to the economy. They have the necessary skills and abilities to anticipate the current and future needs and demands of the market and innovate products and services in order to satisfy the customers. As stated by Short, Moss and Lumpkin (2009), since entrepreneurship is associated with a large amount of risk. Entrepreneurs that prove to be successful by taking risks, earn rewards for their innovation and gain aspirations for further opportunities of growth. However, the entrepreneurs, who fail to deliver their ideas, suffer huge losses and ultimately vanish from the market (Short, Moss and Lumpkin, 2009). This report intends to analyse my individual perspective of the entrepreneurial cultural dimensions and the difference between profit entrepreneurship and social entrepreneurship. Hofstede’s Cultural Dimensions and Entrepreneurship In my perspective, entrepreneurship is business procedure conducted by the individuals with the intention of making profit and achieving growth in the market. I feel that the entrepreneurs innovate ideas and start marketing their products in order to satisfy the growing needs of the consumers. However, my perception has changed after analysing the variants of entrepreneurship and the responsibilities ascertained by the entrepreneurs in order to achieve the goals of the organizations. Hofstede’s cultural dimensions to entrepreneurship guided me regarding necessary entrepreneurship models and variants required by an upcoming individual with an intent of establishing a successful venture in the competitive market. According to Hofstede (2011), culture of an organization defines the unique identity of the business and the entrepreneur. Corporate entrepreneurship plays a vital role in the renewal of firms, ideas and the spirit of innovation. However, there are various challenges that the entrepreneur has to encounter while achieving a successful venture and ensuring its sustainability. Hofstede studied the employees of IBM for many years and identified few dimensions of culture that enabled him to distinguish between a follower and an innovator (Hofstede, 2011). He entered into a partnership with Dr Michael Bond and Michael Minov to develop the six cultural dimensions of entrepreneurship. Power Distance Index- As stated by Taras, Kirkman and Steel (2010), the inequality between people with power and without power is analysed. A higher distribution of hierarchical power indicates wide dispersion of abilities of the individual that is accepted by the consumers. As opined by Taras, Kirkman and Steel (2010), the high-power index of an individual has common characteristics, such as the person is in a centralized position in the organization and intends on managing complex hierarchies rather than setting short term goals. Moreover, the individual intends on reducing gap levels in the compensation package and gains the respect of the fellow employees of the organization. Individualism versus Collectivism- As opined by Deschepper, et al. (2008), the strength of people in compared to others in a community is analysed with the help of this index. Individuals with a high individualism index will tend to take more responsibility in trying to achieve positive outcomes for the one’s organization. Moreover, the individuals intended on defending the interests of the group that he is associated with and would contribute to the wellbeing of the team instead of the career advancement of oneself. Masculinity versus Femininity- According to Taras, Kirkman and Steel (2010), the distribution of roles between men and women is expressed through this index. In the society, the role of men normally overlaps that of the women due to the assertive behaviour of men (Taras, Kirkman and Steel, 2010). The success of an individual aspiring to become an entrepreneur is dependent upon the person’s demonstration of positivity in the one’s approach. As stated by Blodgett, Bakir and Rose (2008), although men are more assertive and possess the abilities of becoming a successful entrepreneur, in many societies, the women are able to utilize their opportunity presented to them and take risks to ascertain successful results. Uncertainty Avoidance Index- Blodgett, Bakir and Rose (2008) stated that this particular index demonstrates the ability of an individual to cope up with stress and anxiety. In the competitive market, the entrepreneurs anticipate predicting and controlling situations in order to gain maximum output from their investments. However, failure in achieving sustainability of the enterprise leads to the development of anxiety among individuals and affects their performance. Successful entrepreneurs take an initiative on overcoming the challenges proposed and avoid risks to establish their innovation in the society. Pragmatic versus Normative- As stated by Blodgett, Bakir and Rose (2008), individuals, who are modest and pragmatic and also concentrate on the long-term orientation of the product, are more successful in making the individuals accept their innovation. Few successful entrepreneurs try to maximize their potential, and thus, lay over emphasis to their concept and ultimately result in failure. Indulgence versus Restraint- According to Signorini, Wiesemes and Murphy (2009), the regulation of emotions result in the success of the entrepreneurs in any of their ventures. The dedication displayed by an individual in achieving the one’s goals and being ruthless towards achieving the goals enable them in becoming competent and ultimately provide the person with positive results. My perception about the entrepreneurs and the forces that drive their innovative ideas has been changed with the analysis of Hofstede’s Cultural Dimensions model and I feel that the entrepreneurs, who intend on achieving success, should gather knowledge from the application of the model and work towards an innovative society striving toward strategic development. For-profit Entrepreneurship versus Social Entrepreneurship My perception was that entrepreneurs tend to innovate and satisfy the demands of the consumers for the growth of the organization. I felt that profit making was the only objective of the Entrepreneurs. However, after analysing recent studies, I have gained the knowledge that not all the Entrepreneurs consider profit making as their primary objective. Few among them intend on maximizing the interests of the society in order to help themselves and contribute towards a social cause. The analysis of my studies has provided me with the following differences