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The Incubation of a Business Idea Essay


Introduction

Throughout my learning process, the incubation of a business idea has been a core issue. To me, entrepreneurship is an interesting area of learning. Being a member of a group keen to develop a process of incubation from the identification of an idea to finally proposing and assessing the fruits of development is encouraging (Jeffery 1992). In the process, I have learned several insights and developed my interpersonal skills while developing the urge to establish a business using the same guides we applied in the group. As a group, we chose the development of a business plan because of the urge to develop the wellbeing of the society while aiding us in the learning process. The learning process is important to each one of us because the knowledge gained could be used in future to foster individual ambitions i.e. establishing a personal enterprise (James 1960). The objective of this writing is to elaborate briefly the group endeavors while giving my personal point of view of the happenings and the ultimate effect of the group work to my personal development.

My contribution, strengths and weaknesses of the group

The group was the integral part in the development of the business plan. The assignment was sub-divided among the group members; this ensured that each member engagement was felt in the project. We held several discussions with the members to polish out problems that a member might have realized during his/her research. However, due to tight schedules, we held some of the discussions over the media i.e. Skype, where we ensured that all group members were well informed on the group developments. My interest in the project propelled me in the group discussion.

In addition, I ensured that we were all the times on schedule and this encouraged us to hold several discussion groups to ensure each member was well versed with details. Each member equally sacrificed his/her time to avail themselves for the group briefings. However, despite the hard work of individual members, we encountered quite a number of challenges. The time lag in completion of individual tasks was indeed a big problem, all due to the laxity of some group members. The aforementioned hitches were well addressed by the active members who took additional responsibilities to work with our colleagues in finishing their individual tasks. In my part, I engaged in general topic literature searches and reviews. This wide knowledge assisted in the discussion groups as most of the answers were in the fingertips ( Basu & Goswami 1999; Cole 1970).

The strengths and weaknesses of group presentation

Our group was much prepared, each member preparation was commendable as everybody had done thorough research and made quality contribution to the assignment. The initial class lessons largely helped us in the preparation and ultimate presentation. In accordance to the magnitude of the research, our group did a pre-presentation and accorded the presentation enough time from one flow to the other. Those were relatively the strengths of the group. However, during the presentations it was apparent that few group members had done most parts of the assignment. This is because although the group contributed to the entire work, few individuals were well versed with the content of the assignment. The aforementioned issues made the presentation uneven and created an impression that the work was not necessarily a group effort (Denise 2004).

Capability to set up and run my own business and my own views on ‘entrepreneurship’

The research on the topic has elevated the value of entrepreneurship in an individual and society level. The level of transformation which entrepreneurship brings to a contemporary society is huge (Sharon 2005). Knowledge and personal experience in this group has largely changed my perception that one has to have a fortune to venture into business. The wealthy discussion with my group members has largely developed my experience in dealing with different issues that can arise in the course of business. In addition, success of the group in the assignments is a positive indication that a process with an ultimate goal and clear objective sails through. Business planning process is a necessity if success is to be derived in entrepreneurship. From the group task, a business plan gives a platform and acts as a guide to the realization of an ultimate objective. A plan identifies various issues that are paramount for day-to-day development of a business and how to handle and solve issues for the betterment of the society (Armstrong 1985; Steven 2005).

The value of a formal business planning process and conclusion

In conclusion, despite the challenges in the course of the assignment, the project was a success. However, given a second chance, I would agitate for the group members to be more participatory to enhance the value of presentations and to enable it depict a group effort. The project enhanced my analytical and communication skills (Jack 2002). In addition, I developed a wider picture of entrepreneurship in accordance to the planning processes. The project has enhanced my interest in entrepreneurship and has equipped me with necessary skills to embark on the business incubation journey. In accordance to the challenges experienced while conducting the project, it is important to reduce the number of members in each group. This will increase the level of interaction and relatively enhance individual knowledge on the topic (Paul 2008).

List of References

Armstrong, H. 1985, Entrepreneurship within small firms: causes, effects and opportunities, Institute of Manpower Studies, Washington

Cole, A. H. 1970, ‘The role of government, the role of entrepreneurship, corporation history.’ Social Science Research Council (U.S.) Committee on Research in Economic History. Journal of Economic History, 4(1):194.

Basu, A. & Goswami, A. 1999, South Asian entrepreneurship in Britain: factors influencing growth. Univ., Dep. of Economics. NJ

Denise, S., 2004. Group presentation tips. [online]. Web.

Jack, R., 2002. Entrepreneurship: Real entrepreneurs need passion, thick skin — and a life. [online]. Web.

James, J. B. 1960, Industrial entrepreneurship in Madras State. Asia Pub. House, Madras.

Jeffery, B. S. 1992, Public entrepreneurship in Florida local government administration. Florida State University, Florida.

Paul, B. 2008, Corporate entrepreneurship: building the entrepreneurial organization. Palgrave Macmillan, Washington.

Sharon, A. A. 2005, Theories of entrepreneurship: alternative assumptions and the study of entrepreneurial action. Now Publishers Inc, Kent town.

Steven, W. F. 2005, Innovating strategy process. Wiley-Blackwell, New York.

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1. IvyPanda. "The Incubation of a Business Idea." January 14, 2021. https://ivypanda.com/essays/the-incubation-of-a-business-idea/.


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IvyPanda. "The Incubation of a Business Idea." January 14, 2021. https://ivypanda.com/essays/the-incubation-of-a-business-idea/.

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IvyPanda. 2021. "The Incubation of a Business Idea." January 14, 2021. https://ivypanda.com/essays/the-incubation-of-a-business-idea/.

References

IvyPanda. (2021) 'The Incubation of a Business Idea'. 14 January.

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