This paper is aimed at reflecting on my personal understanding of entrepreneurship before the start of the semester and thoughts on this topic after learning the key theories. Micro and macro views on the theory of entrepreneurship will be considered. Additionally, the paper touches upon the issues of the concept of ethics and corruption. In the course of writing, the main points that were learned during the course and their further application in the field of entrepreneurship are described. Thus, the paper is focused on the perception of the topic, its main takeaways, and further developments in the profession.
First of all, it is important to talk about the understanding of entrepreneurship before the start of training and how the idea of this concept has changed during the period of obtaining knowledge. Prior to the course, my knowledge of this topic was limited to the fact that it is an independent activity conducted with the aim of selling goods and services for profit. However, during the lessons, I realized that this issue is multifaceted and occupies a separate niche as an economic category. This concept includes not only financial needs and wages, but also entrepreneurial risk and the possibility of failure, systematic profit and project legitimacy, including all necessary documents (Greene 2020). Thus, considering these factors in the future profession will most accurately establish the possible advantages and disadvantages of the project being implemented.
In addition, it is vital to understand the concept of entrepreneurship theory in order to apply knowledge. It covers different fields of the economy and can be described as an almost limitless activity conducted within the framework of the current legislation (Baker and Welter 2018). At the same time, micro and macro views on entrepreneurship as a theoretical approach emerge (Frederick et al. 2018). The macro approach considers the external environment, which the entrepreneur cannot influence. The micro approach focuses on factors controlled and regulated by the entrepreneur.
The macro view includes the Environmental School, the Financial/Capital School and the Displacement School. Ecological school argues that the development of entrepreneurs depends on the socio-political situation in life (Frederick et al. 2018). The Financial/Capital School focuses its activities on the financial perspective and the search for capital to conduct activities. The Displacement School considers the notion that people choose entrepreneurship when there are no alternatives (Frederick et al. 2018). Considering these factors and approaches, this knowledge can be effectively applied in future enterprise. Based on the conclusions of these concepts, one can draw a conclusion about one’s own readiness for hard work, the desire to withstand difficulties and look for possible ways to replenish capital.
Micro view considers six schools in its concept, which include the Great Person School, the Psychological Characteristics School, the Classical School, the Management School, the Leadership School and the Intrapreneurship School. The Great Person School says that entrepreneurial qualities are born, while the Psychological Characteristics School describes the qualities that make people more successful in their activities (Vlados and Chatzinikolaou 2020). The Classical School decides on creativity and innovation as the main approaches to success in entrepreneurship. The management approach states that people can be trained in essential skills such as budget planning and coordination (Vlados and Chatzinikolaou 2020). Finally, leadership describes the entrepreneur as a manager, and internal entrepreneurship largely depends on helping an organization when there is a lack of innovation.
This knowledge can be applied all together, without a strict division between certain schools. With a successful career, it is important to understand what qualities an entrepreneur has initially and which of them should be developed in the process of becoming (Audretsch and Moog 2020). In addition, this data provides insight into how various factors influence the development of a project or idea (Wadhwani et al. 2020). In the interview, the respondent highlights creativity among other things as their main ability. Thus, using the provisions of the above schools, you can understand how the future entrepreneur is ready to implement the tasks.
Another important knowledge was information about ethics and its functioning within the framework of entrepreneurship. Thus, I discovered that in business this is extremely important. Before taking the course, I knew that this phenomenon meant communication with people, but I was not fully aware of its complex role in doing business. However, lessons have shown that this is a set of behavioral traits that can be extremely useful when negotiating or communicating with clients. Ethics within entrepreneurship is based on generally accepted norms and rules of conduct in society, along with professional ethics in certain areas of business (Doern et al. 2019). These foundations play a significant role in the manifestation of negative and positive outcomes of the sale of a product or service.
In addition, this knowledge can affect the success of a business. The ethics of communication with people, employees and partners has always represented a large layer. As a future entrepreneur, it is important to understand how to establish trust and respect (Ahsan 2020). In this case, ethics allows one to show how honest and polite the business owner is. Entrepreneurship is a difficult path of interpersonal relationships and expectations (Doern et al. 2019). Accordingly, behavioral and ethical standards must be clearly established and regulated in the company.
In business, ethical challenges can arise all the time and tend to be faced by consumers who are protected by the government. In this regard, the skills that I learned during the course can be used to implement ideas. First of all, it is connected with the rules of presentation and acquaintance (Bradley et al. 2021). Presenting oneself as a successful person and having confidence in business allows other people to feel trust and interest.
Second, ethical guidance provides an understanding of the rules for conducting business contacts. In this case, the entrepreneur can conclude successful transactions based on the cultural and social basis of the partners (Kuckertz et al. 2020). In addition, the requirements for speech, appearance and manners provide the first impression (Vallaster et al. 2019). Knowledge about this will be useful when establishing a corporate culture in the project. Potential partners and clients will see a conscientious personality in an entrepreneur (Pathak and Muralidharan 2020). While for employees, this can become a partial guarantee of a friendly atmosphere in the workplace and a respectful relationship with superiors.
However, it should be borne in mind that such difficulties as corruption can overshadow business activities. In the long term, corruption has a negative impact on any production, project or idea (Liu et al. 2019). This is an illegal phenomenon through which a person or group of people can benefit from bribery. It causes serious damage to the development of the country and can result in criminal prosecution for the entrepreneur. In addition, corruption reduces business activity on the territory of the state, since at the official level some enterprises are not given permission to organize their own business due to the payment of competitors. Therefore, the government fears because of the perception index of the phenomenon.
Figure 2
The table shows the level of corruption in the institution of different governments. This leads to a decrease in small business and the overall economic development of the country. As a future entrepreneur, it is important for me to understand that corruption is a criminal offense. Bribes and payoffs can have a negative impact on a business and destroy it (Uribe-Toril et al. 2019). Accordingly, it is vital to comply with the law and the legal aspect of doing business (Anguera-Torrell 2020). Before attending the lectures, I did not think that corruption could cause such serious damage. However, as a forward thinking entrepreneur, I understand the gravity of the problem.
In conclusion, it should be said that the completed course brought a lot of new information and allowed a deeper look at the field of entrepreneurship, including its theory and challenges. Accordingly, it is important to comply with the norms of ethics and appearance, as this allows one to attract investors and buyers. In addition, knowledge of legal regulations and the dangers of corrupt activities can keep businesses successful and prosperous. Applying knowledge of the micro and macro approach to entrepreneurship highlights the strengths and weaknesses of the individual as a leader and negotiator.
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