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Module 1 -Literature Review (Nature of Entrepreneurship

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Module 1 -Literature Review (Nature of Entrepreneurship
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  Literature Review  –   MGMT 731 1 Module 1  –   Literature Review (Nature of Entrepreneurship) By: Nandkumar Niture Professor - Dr. Stanley Nwoji, Dr. Shane Tomblin Course - MGMT 731-50- B-2019/Fall - Innovation and Entrepreneurship Harrisburg University of Science and Technology Author Note Some texts in this literature review are from authors past experience and knowledge.  Literature Review  –   1 2 Introduction & Authors Finding As we discussed in the executive session the basic definition of entrepreneurs lies in the employment generation, vision, adoption to the changes, motivation and good leadership (MGMT 731 class session). Entrepreneurship is the methodologies and implementation of learned theories with the economic and social considerations(self-understanding). I have gone through various research papers for module one and I find one interesting paper “ From Idea to Prototype: Introducing Students to Entrepreneurship”  (Colin Reagle, 2017). In this paper the author mainly focused on task completion, where undergraduate and graduate students often left with the unfinished class projects which will not turn into prototype or products (Colin Reagle, 2017). One of the most important characteristics discussed in the class, entrepreneurs always complete the tasks in time, with the busy nature of the entrepreneurs and zero procrastinations with the work ethics, the development of product or prototype is possible. Another research  paper I f  ound while going through the basic definition of entrepreneurship is “Aspects of Entrepreneurship Education in Higher Education Institutes”  (Mani, 2017) discuss about the teaching of entrepreneurship has to be action oriented with focus on development of behavioral and attitudinal competencies (Mani, 2017). The technical entrepreneurship should be based on the application development, prototype completion, result oriented nature and in time completion of tasks. The productivity of the project work in the entrepreneurship can be enhanced with the  brainstorming process. Some ideas can be developed with workshops, presentations, case studies analysis, interacting with experienced entrepreneurs (Mani, 2017). The prototype-based entrepreneurship will help most of the graduate and undergraduate students to gain the first employment and enhance the level of confidence in the job operations with continuous development habit.  Literature Review  –   1 3 Methodologies The methodologies studies from the idea to prototype and entrepreneurship education in higher institute research papers are interlinked as the nature of the problem is associated with the graduate level studies and the projects in the entrepreneurship learning objectives. The team of 2 to 4 students formed and the idea brainstormed, and few innovative ideas pursued after feasibility assessment (Colin Reagle, 2017). The entrepreneurship education to gain the overall experience and learning from each other is necessary to overcome many problems while working in the industry and one of the main reasons for unemployment is lack of entrepreneurship skills and knowledge (Mani, 2017). The approach of teaching entrepreneurship with the closed lecture theatres and conventional examination system is not a good sigh on progressive learning and gaining substantial experience for the industries or self-employment (Mani, 2017). With reference to the research articles and my own readings, the methodologies for the entrepreneurship development would be 1.   Group-based learning - Learning from one another and learning in a group has valuable impact while educating the new entrepreneurship class. Most of the students lack in brainstorming and group learning abilities when they appear for the job interview. The tendency to complete everything by one individual is not encouraged in the entrepreneurship class 2.   Ideas into action  –   most of the ideas developed without feasibility studies will not get implemented as the plan to develop prototype from the idea is not fully understood. With that is mind the entrepreneurship class should deliver the project based on  protype or product development.  Literature Review  –   1 4 3.   Produce the outcome  –   The project outcome is important as most of the entrepreneurship skills which are developed around the theoretical leadership will not  produce the necessary outcome for the prototype and project contribution. Learning to  produce outcome is one of the methodologies needs to be implemented in the entrepreneurship students. 4.   Motivation to complete the task  –   motivation to complete the given task within the timeline and given requirements framework is another important lesson to learn from the entrepreneurship class and leaders. The motivation behind task completion needs to be enriched and nurtured in the entrepreneurship forum and learnings. The leaning can be enhanced through various techniques including developing business plans, learning from the other entrepreneur’s experience, task interdependencies completions  (Mani, 2017). The start of entrepreneurship on small scale have a great impact, with the swift and high growth potential and the correct methodologies (Hisrich, 2018). The process of innovation and always working on new ideas is an integral part of entrepreneurship where the resources, labor and materials used wisely. As we all know the entrepreneurship is process of creating wealth and  putting the wealth into the new innovation and development activities (Hisrich, 2018). As we discussed in the class, the evaluation of SWOT analysis is one of the methodologies discussed in various entrepreneurship research papers. There are always opportunities to develop and connect to the new ideas and entrepreneurship is skillful adjustment to the business environment (MGMT 731 class session).  Literature Review  –   1 5 Result and Conclusion The ability of finding new opportunities is the key of entrepreneurship and putting the solution to the problem with the actual prototype development is new avenue I have learned from the class and article reading. Creativity and innovation come next once we identify the opportunity or problem in the existing system. Acting entrepreneurially on the new idea is key and with the knowledge and understanding entrepreneur can work wisely with the existing resources to build new product or prototype. The individual who recognize the opportunity and work on the creative solution towards the problem is something where entrepreneurship knowledge needed. The systematic approach in the solution, where the skills of an entrepreneur recognized. The stages are identification of opportunities, develop a business plan, resource analysis and management or resources (Hisrich, 2018). The commitment towards the task completion and continuous solution finding is another learnings from the various reading and research articles. Team success is important along with the individual contribution, as group learning is another factor in successful entrepreneurship (Colin Reagle, 2017). The entrepreneurship knowledge enhancement can be done through brain thinking, group discussions, workshops and case studies analysis.
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