Understanding Enterprise and Entrepreneurship in Practice

The enterprise is defined as the process by which the new business should be formed so that the products or services are offered in the market. The entrepreneur is defined as an individual who want to start a new business and the individual should be aiming on the risks which is related with the business (Bridge and O’Neill 2012). The entrepreneur should be encouraged to undertake the entrepreneurship practices which are useful for making the entrepreneurs to start their own business (Tippmann Scott and Mangematin 2012). It is evident that in the UK there are around 4.5 million businesses of which there are 3.3 million which does not have any staffs.

The study should be focusing on the development of the personal enterprising manifesto which should be drawing on the idea of problem framing. The study should be explaining the concept of problem framing and how it should be related with the development of entrepreneurship practices and implementing in personal life.

The problem is basically an idea which is generated from the minds of the individuals where the mind does not know how to get the idea to be executed and solved. The problem is deeply associated with the entrepreneurs as well with the entrepreneurial practices as well. It is important that for the framing of problem, the entrepreneurs need to understand the problem (Wright et al. 2015). It is useful for the entrepreneurs to frame a problem and then the solution needs to be retrieved it and It should be analyzed deeply so that the problem should have a comprehensive solution. In the context of the entrepreneurs and the entrepreneurship practices it is quite evident that they are trying to develop and start a new business where they have to overcome problems and before doing that they need to frame a problem so that they can be able to identify and judge it in a proper manner (Drucker 2014).

The problem solving is one of the most important aspects of entrepreneurship. For the entrepreneurship practices to be implemented, the entrepreneurs need to identify and solve the problems of the stakeholders of the business (Pott and Pott 2012). So the strategies for solving the problems for the entrepreneurs has been depicted below

Identification of the problem- In this step before I launch any ideas, I need to understand and identify the problem present in the market. . The entrepreneurs like me who are implementing good entrepreneurship practices should be trying to identify and analyze the problems first and then they need to reframe it according to the resource capabilities they have it.

Writing an Enterprising Manifesto

Staying Calm- It is important that I need to stay calm and hold their emotions after getting successful as well as when they are trying to cope up with the stress they are facing on reframing and identifying the problem.

Attainment of Organizational Goals- It is obvious that there should be the attainment of the organizational goals to be established for me as after identifying the problem, I would be doing constant efforts in analyzing the situation and trying to focus on reframing the problems which should be associated with the attainment of the organizational objectives.

Starting with General ideas-For enterprising when I will be addressing the problem, I need to understand and identify the problems in a general way. After that I should be working on the details of the problems and going into detailed ways of how to solve the problems.

It is important that for enterprising there is the need to develop enterprising skills which is required for me to become a good entrepreneur in future (Kuratko 2016). So the skills which is required by me in order to have enterprising are depicted below

Digital Literacy- I think I would like to have digital literacy to be at the highest standards in order to cope up with the digital trends useful for developing a business. I should be aware of the digital trends and statistics available on secondary sources as in internet to understand the trends and patterns of the market where I will be enterprising.

Critical Thinking- The critical thinking is the skill which I need to develop for enterprising. I need to think in a critical way in order to understand the proper points and ideas to be scrutinized for me to develop my critical thinking skills as well as applying it for enterprising as well.

Innovation- The next sill which I need to be adopted for enterprising should be the innovative skills. I should be able to cultivate new ideas and knowledge on the aspects which are completely innovative in order to get a strong hold in enterprising my distribution business in future.

Presentation- I also need to be adopting the presentation skills which are useful for me to present and organize my ideas and knowledge for executing it. This will certainly help me to influence my clients for enterprising currently as well in the future.

The 4R model of strategic thinking is important in enhancing the thinking as well the decision making skills for an individual (Schoenfeld 2013). I will be applying the 4R strategic thinking model in order to improve my thinking as well the decision making skills required for enterprising. Strategic thinking is considered as the important tool which is making the individuals to think, assess and view about how an entrepreneur will be enterprising. So the analysis of the 4R strategic thinking model is illustrated below

Problem Framing for Entrepreneurship Practices

Resources- It is important for me to analyze how much resources I have in with me before thinking about enterprising. It is important at to think of the tangible and the intangible resources which are useful for me to make enterprising. I will be doing this by prioritizing the ideas which I have in my mind. After that I need to sort out the problems which I am facing while enterprising.

Risk- After the resources are identified and analyzed by me I need to identify and understand that any kind of risks I am getting involved while enterprising or not. For example, I am running a small distribution business and I have my own money invested in enterprising this. At this time I need to be very careful of how I will be using my own money for proper enterprising my business.

Reactions- I think that reaction is very much important for me to understand that whether I have been doing the enterprising in the right way or not. I need to understand and analyze the reactions of the other people involved with me in enterprising. It is seen that reactions matters a  lot in taking effective decisions and for solving the problems in enterprising.

Return- This is important to understand for running a enterprise that whether I should be getting sufficient return or not is useful to investigate. The return could be in the form of cash or in the form of skills as well the new ideas which I will be experiencing from my ongoing enterprise. I think that if the return from the enterprise is right then I have been able to evaluate that feasibility of running an enterprise.

It is important for me to meet with the social and enterprise ideals for cultivating new ideas and knowledge about how to make my enterprise running in the future. The meeting with the social and enterprise ideals will basically help me to improve my loopholes in organizing and managing an enterprise. This will help me understand that how I should be reassessing my ideas and also tells me that whether I am on the right track for the future or not in developing sustainability for enterprising. The meeting with the social and enterprise ideals will also provide me the inner motivation and self belief for running an enterprise and also for improving the enterprise in future as well. I also want to be able to personally reflect on my development and gather innovative ideas and knowledge of how I could be able to run enterprise.

Conclusion

It is evident that for the entrepreneurs to become successful they need to possess some of the entrepreneurial skills. The entrepreneurs need to be passionate, should have the proper vision. They should be energetic and driven. They should be able to make quick and effective decisions and they were self started. They should be calculated and risk taking and they should be focused as well. It is concluded that there is the need of organizing and managing the new ideas for running an enterprise properly. It is evident that for running an enterprise it is useful to self assess and should try to focus on the 4R model of strategic thinking in order to enhance the critical thinking and the presentation skills. It is evident that meeting with the social and the enterprise ideals are very much essential in order to get inspired and motivated to run an enterprise.

References

Drucker, P., 2014. Innovation and entrepreneurship. Routledge.

Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.

Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social Entrepreneurship and Sustainability (pp. 34-42). Routledge.

Bridge, S. and O’Neill, K., 2012. Understanding enterprise: Entrepreneurship and small business. Palgrave Macmillan.

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

Pott, O. and Pott, A., 2012. Entrepreneurship. Unternehmensgründung, unternehmerisches Handeln und rechtliche Aspekte, Heidelberg.

Storey, D.J. ed., 2016. Entrepreneurship and new firm. Routledge.

Payne, T., Gallagher, K., E. Eck, J. and Frank, J., 2013. Problem framing in problem solving: a case study. Policing: An International Journal of Police Strategies & Management, 36(4), pp.670-682.

Wright, S.M., Rutgers, E.M., Daly, S.R., Jablokow, K.W. and Yilmaz, S., 2015. Exploring the effects of problem framing on solution shifts: A case study.

Tippmann, E., Scott, P.S. and Mangematin, V., 2012. Problem solving in MNCs: How local and global solutions are (and are not) created. Journal of International Business Studies, 43(8), pp.746-771.

Nickerson, J., Yen, C.J. and Mahoney, J.T., 2012. Exploring the problem-finding and problem-solving approach for designing organizations. The Academy of Management Perspectives, 26(1), pp.52-72.

Schoenfeld, A.H., 2013. Reflections on problem solving theory and practice. The Mathematics Enthusiast, 10(1/2), p.9.

Personal Enterprising Skills Required