Scholarly Journal Reflection

1. The Psychology of the Entrepreneur

- What advice does the author have for the entrepreneur?

There is more scientific psychology studies in this article more than advice to the entrepreneur. The article starts by clearly separating the differences between a manager and an entrepreneur. An entrepreneur is an individual who is able to innovate and manage. However, this definition of the entrepreneur and the distinction of innovation is characterized by three psychological factors entrepreneurs seem to possess. All entrepreneurs seem to have a high "need for achievement" which flows into 1) a personal prefernece for responsibility on decisions, 2) are moderate risk takers as a function of skill, and 3) possess concret knowledge on the results of decisions. The entrepreneur definition is not clearly defined but characterized by these traits throughout the article.

- How might you use this advice now or in the future?

What I particularly took from this article was the definition of the entrepreneur as a manager and innovator. If you read the first couple paragraphs of the article, innovation is what separates the manager - whether it be a new product or service, or a new way to do something. I just might use this knowledge in the future to understand my own characteristics of entrepreneurship. Take responsibility for decisions, take only moderate risks, and know the results of your decisions.

- How might we learn from the gaps/flaws in this article? What does this article ignore?

This article does seem to ignore the other types of entrepreneurs. Although it is common characteristics that these entrepreneurs may have with eachother, many are not that way. The article is very broad. What about those entrepreneurs that made it and are huge risk takers? What is a bit disappointing and is part of the mystique of the subject is that there is no real answer or reason for entrepreneurial success. There are common characteristics but no real answer. Understand going forward that the characteristics of an entrepreneur can be unique and you may have your own style.

Brockhaus, Robert H., Horwitz, Pamela S.
The Psychology of the Entrepreneur. The Art and Science of Entrepreneurship (1986): 25-48
http://books.google.com/books?hl=en&lr=&id=xDe6ilkLCggC&oi=fnd&pg=PA260&dq=entrepreneur&ots=T6G1rUXpdg&sig=VWR5j8aS77Y-L_bbh4s71DwvEeU#

2. The Heart of Entrepreneurship

- What advice does the author have for the entrepreneur?

The entrepreneur needs to overcome one of the hardest things when becoming an entrepreneur - the necessity of change. People become so reliant on easiness of the norm but an entrepreneur spearheads the necessity of that change. The entrepreneur needs to also find what resources and needs they will need. This includes: resource needs, social needs, and external control limits. Also, how to control resources as efficiently and with the most stability possible. How to structure your entrepreneurial venture - which considers how to use resources, the need for flexibility, or an employee's desire for independence. All of these factors can relate back to how an entrepreneur creates a venture.

- How might you use this advice now or in the future?

It is important to identify how to spearhead an entrepreneurial venture and how to break the norm and push change, understand the resources, and structure a venture. This can be used right now with pushing change with any kind of lifestyle or academic/professional activity you participate in. Change forces new ways of thinking or different approaches. Resources play out into everyday life as well - like money, one of my scarcest resources. Structuring a venture can be easily translated into structuring your life and adulthood. All of this can be mirrored into everyday life.

- How might we learn from the gaps/flaws in this article? What does this article ignore?

I actually liked this article. It mentioned some good points of information. The one thing this article is missing is it is a bit incomplete. There are so many aspects that play into entrepreneurship. This only touches on some broad issues an entrepreneur may face - and in this example, the heart of the entrepreneur or what is considered the real life of the entrepreneur. This article is part of a large book about entrepreneurship and I believe some other components of entrepreneurship may be answered along the way.

Stevensen, Howard H., Gumpert, David E.
The Heart of Entrepreneurship. Design and Manage Your Career. Chapter 7.
http://books.google.com/books?hl=en&lr=&id=UuDbmDjy3BoC&oi=fnd&pg=PA89&dq=entrepreneur&ots=gX7Sp_LMHo&sig=pmqDlkXO6aA8J259dfpi4GTcO7k#v=onepage&q=entrepreneur&f=false

Article

The Big Lie - Burnout and ways to deal with it...
http://www.inc.com/magazine/19960301/1586.html

What advice does the author have for entrepreneurs?

This author has advice for entrepreneurs that may be susceptible to burning out. All entrepreneurs must expect to potentially face the challenge. However this author believes that the most stress comes within the maturity phase of the business. At this point, an entrepreneur must learn to diversify their skills, teach, plan your succession, network, and to renew their passion to avoid burning out and avoid the 4 "A's": aloneness, arrogance, adventure seeking, and adultery.

How may you personally use this advice now or in the future?

I think this advice can be applied to my everyday life and schoolwork especially. I can use these five techniques to avoid burning out at school. At this point school can become very boring. We may lose sight of some of the challenge. One of those strategies is to diversify your knowledge - which we do at school everyday - however we can use some of the other techniques to avoid burning out, like teaching others, planning your future/graduation, networking, and renewing other passions.

What might you learn from gaps/flaws in the article? What does this article ignore?

The one flaw I believe this article has is it fails to address those that may burnout from all of the work that is involved in the start. Or possibly how to deal with all of the stresses involved with the startup. Maybe an article can be created to deal with any stresses you may face along the way - because the article does separate stress and burnout very nicely.

Innovation - Making Inspiration Routine
http://www.inc.com/magazine/20080601/innovation-making-inspiration-routine.html

What advice does the author have for entrepreneurs?

This author offers advice on how to create inspiration that leads to innovation. In the article, the authors lays out a list of ways inspiration is triggered the smart way, including: selecting a strategy, connecting customers, generate ideas, selecting ideas, prototyping and testing, going to market, and adjusting for growth.

Selecting the strategy involves almost finding the right market to hit. No adjacent markets, but finding a good market to start in. Connecting customers includes finding the right mix of a social network that may approve of the idea and may be interested in some idea. At this point, you can start to create ideas or brainstorm, then select those ideas. Next, create some type of prototype and have your network try the prototype before going to market. One of the biggest parts is adjusting for growth and fostering the environment for inspiration and innovation in your company.

How may you personally use this advice now or in the future?
Simple enough, this process can be used when thinking of anything creative. You need to figure out some kind a need or market to target, get an approval, brainstorm, select ideas, create a model or prototype and test it, go to market or present the idea, then adjust for your future improvements. This process is so broad that it can be applied to almost anything!

What might you learn from gaps/flaws in the article? What does this article ignore?

Although this article lies our a base for how to encourage inspiration and innovation, sometime it may just be incredibly hard to spark that. For example, in the first step - select a strategy/market - how am I supposed to determine what would be a good market? What I would like from this article is some more guidance on how you can determine these kinds of things, but I guess that can be published in another article. Know what would be nice? Stories of how some of these hit products were inspired! I would enjoy reading that if you know where I can find that easily.

The Art of the Start - Pitching

Below is an outline of Guy Kawasaki's The Art of the Start with references to pitching as discussed on entrepreneur.com and inc.com.

Explain Yourself in the First Minute -

No one wants to know your life story. Do not spend the first 15 minutes of your presentation explaining how you got there. They want to know what you do first and then deduce from there.

Answer the "Little Man" -

Think that there is a little man on your shoulder asking you, "So what?" to everything you say. This should be your chance to respond to your "little man" by giving a strong example and elaborate by saying, "For instance..."

Know Your Audience -

Simple enough, know who you are talking to. Know about the organization, the executives that work there, what is the direction of the company. Learn from them - what got your audience started. Also know how old the audience will be, which leads us into the 10/20/30 rule.

Observe the 10/20/30 Rule -

During your pitch, use only 10 slides, you have 20 minutes, and use 30 size fonts. The real meat of your presentation should be able to be pitched with those parameters. Use the meat and get rid of the fat.

Set the Stage -

Be prepared! If something goes wrong, it is your fault because you have not prepared for the absolute worst. Get there early and make sure everything is going to plan and always have a backup option. Also ask how much time you have and ask if it is polite to go through the PowerPoint before questions.

Let One Person Do the Talking -

Teams are led by a leader. However, when the leader looks like they are not the expert on every single aspect of a pitch, it shows uncertainty within the entire team. Often time, team members will try to "save" the entrepreneur pitching. Do not do this! Allow the entrepreneur to talk and make sure he does the majority of the talking.

Shut Up, Take Notes, Summarize, Regurgitate, and Follow Up -

Take notes on what is being said to you. It looks like you are smart, you are writing down something that is noteworthy, you are anxious to learn and conscientious.

Rewrite from Scratch -

Every pitch and every time you perform your pitch, you will get some kind of criticism and have to make some kinds of adjustments. After a while, all of these fixes will make your pitch something you don't even know anymore. After making the right repairs and taking into consideration all of the advice you have been given, start it all over from scratch with a version "2.0".

Pitch Constantly-

Most importantly, practice your pitch over and over again. After about 25 times, you will be very good at it. There is no such thing as "rising to the occasion". Keep practicing.

What entrepreneur.com says (6 Steps to the Perfect Pitch):

I found an article that listed six steps to a "perfect pitch". The article mirrored much of The Art of the Start, but had some differences. The six steps are outlined below:

1. Less is always more.

- Exactly like The Art of the Start this step says to stick to the meat and bones and drop the fat. Perfect the elevator speech and get the presentation to exactly what needs to be said.

2. Never hypothesize. Execute!

- Use facts to support confidence. Do not use predictions without any support based with facts.

3. Leave the hockey sticks on the ice.

- Be reasonable and responsible. Leave "hockey stick" projections at home when they do not necessarily seem predictable. Don't sound stupid.

4. Learn to love discount stores.

- Learn to find wiggle room in your budget by cutting unnecessary costs. Investors like to see when everything is in line and you are choosing the best options spending-wise.

5. Rome was not built in one day. Your business will not be either.

- Prove how you can create and build with the money you are asking for. Do not allow for any impression that you are biting off more than you can chew.

6. Choose not to be the smartest person in the room.

- Know what you know, know what you don't know, and find the people who will help you find what you don't know. Build a strong and credible team around you. Kind of like The Art of the Start however make sure you still do the talking in the room!

Non-Bug List

Things that do not bug me...

- Good scents -Anything that smells good. It is pretty much awesome.

- Girls - When they are not being crazy...

- Family - One of the best support systems.

- My girlfriend - She seems to make me happy from time to time.

- The internet - Keeps me very entertained almost all of the time.

- The TV - Another thing to keep me entertained and waste time.

- Sports - Almost all of them. Keep me real entertained.

- Money - When I have it...

- Food - I love to eat.

- My guitar - I love to play my guitar.

- Music - Just plain music in general.

- Beer - Simply put.

- Vacations - Time away, down time to do nothing, all that...

- Friends - Love them almost all the time.

- Laughing - I truly enjoy a great sense of humor and laughing.

This is a good set of things that don't bug me.

Defining Entrepreneurship

Entrepreneur -

An individual who uses creativity to form a value added product or service that can have a positive impact on the world.

Entrepreneurship-

The act of using creativity to form a value added product or service that can have a positive impact on the world.

Successful Entrepreneur-

An individual that uses creativity to form a value added product or service that proactively has a positive impact on the world.

Venture-

The process of using creativity to form a value added product or service that has a positive impact on the world.

Creativity-

Thinking outside of the box to add value to an existing product or service or a new product or service that has a positive benefit change to everyday processes.

Innovation-

The process of using creativity to add value to a product or service to have a positive benefit to an everyday process.

Value-

The ingredient that makes "something" better.

Value Creation-

Using your abilities and the process of making that "something" better.

Creativity Basics Discussion Questions

1) What evidence do I have from my past that I can be creative?

I was taught since a young age to be a musician. My mother taught me since I was a little kid and I continued to grow as a musician into my later years. It taught me a form of deep expression. Even though I was taught to play the little black notes on the page, I quickly learned that there is a different way to play each note. A different way to make my own sound. Every musician has his own style and although two musicians can be playing the same piece, they may sound completely different based on their respective styles. This was a form of creativity I learned from a very young age, and unfortunately I admit it has diminished with age.

2) Has my creative thinking lessened over time? Why is that? What changes would I need to make to bring it back?

My creativity has definitely lessened over time. It has lessened with age and the awareness I have of other peers. Unfortunately, I feel that current educational systems are only based on meeting certain quotas. Teachers are required to push their students to achieve only certain goals and students are expected to meet these goals. These requirements and societal norms push students to form to those norms and lose sight of simple creativity they all share as small children. I too believe that I feel into this trap, along with many of my peers. I feel as if it is a lack of specialization at a young age to efficiently push the creativity out of students. I have noticed that creativity seems to come back at a much later age in American colleges. Colleges push to have that creativity unleashed. I am taking those opportunities to specialize my own abilities but also to seek other creativity opportunities. One thing I have done in the last year to release my creativity is picking up another instrument - the guitar. A career as a musician is not as accepted or pleasing to parents as a career in business. However, I am trying my hardest to release my creativity as much as possible, on the side with school, through music. It opens a new way of thinking.

3) Who do I consider to be the most creative person in my circle of family and friends? Why do I think they are creative? What do they do?

For some reason, the first person I think of when asked this question is my friend Bonn. Although it is only one way to think of creativity, he has to be the one person I know that really thinks outside of the box. He is constantly thinking of crazy ideas, like a "Vomitorium". One day, my friend Bonn suggested the idea of having a restaurant solely in existence to push so much food down the consumers throat that they are forced to use a back room and vomit up how much they have eaten. Honestly, I think it is a terrible idea, but it shows some sense of wacky creativity. Unfortunately, what I believe he lacks, is an ability to see out his crazy ideas. Good thing for us all that he did not act on this idea.

4) What would I liked to learn about that would make me more creative? Where might I find this information?

Honestly, looking back on it now, I wish I could learn more about engineering to make myself more creative. I would really enjoy building something that worked for the better of man. Anything, some little device that would make living easier. I unfortunately know that I could find this information through a whole other major - outside of accounting - but luckily for me, I might be able to find some of this stuff online.

5) What do I do that has worked well in the past but is now getting in the way of my creativity/productivity/effectivity?

Like I had mentioned before, I have been a very solid musician. It was always a way to be creative. But I have shyed away from the route, going for a very analytical major like accounting. I feel that with all of the restrictions and regulations in my major, it hinders a lot of my creativity. Because, let's admit it, the really creative accountants have ended up in jail.

Microfirm

I bought a highlighter as my product to sell. It cost me $.67. I sold it to a woman I work with who wanted a different color highlighter than what she had. I sold it to her for $.75. So here is the run down:

Highlighter at Cost - $.67

Price of Highlighter Sold - $.75

Profit - $.08

Net Profit Margin - $.08/$.75 = 11%

Relatively happy with the price I sold my highlighter for. Made an 11% profit margin.