Discuss the below in detail:
Response 1:
Do you think that the personal entrepreneurial skills assessment is a good predictor of your abilities as an entrepreneur?, In general, yes, I think the results are very close to my world view. My results indicate that all but one entrepreneurial self efficacy (ESE) set are above 75%. The highest skill set, coping with unexpected challenges, rated at 93.33%. The lowest, initiating investor relationships, is my lowest efficacy, at 46.66%. In 2015 I met with my financial analyst, who happens to be one of my younger brothers, who has created a very successful accounting firms and who is now the principal of that firm, to discuss investment options for a new product launch. i was attempting to start a new company that was focused on one product, a peripheral device for use on unmanned aerial vehicles (UAV's) used for search and rescue applications. My brother's response, after listening to my pitch, was for emerging companies, the three typical investors are family, friends, and fools. Initiating investor relationships is a skill I have never had a need to develop. The second lowest, coming in at 77.14% is developing new product and market opportunities. referring back to the previous paragraph, the new product development idea was not mine, but rather an engineers who asked me to help him start a company so we could develop and market the product. After not acquiring funding, I approached the CEO of my employer at the time, and the C-level sent me on a seek mission for a partner company to develop the product. The trip was successful in that I was able to establish a partner for my employer. That was my first experience with developing new products and market opportunities. According to Kaplan & Warren, (2016); Aspiring entrepreneurs dream of starting a business; they hope for a chance to be their own boss, but they have not yet made the leap from their current employment into the uncertainty of a startup" (p. 6). My uncertainty is directly related to funding, and having the financial support to provide for my family. A new enlightenment is figuring out why my business would exist (Sinek, Ted.com, 2009).
Response 2:
My assessment came in pretty much where I expected it to be. Moderate across the board, but HIGH in Building an Innovative Environment. Frankly, nothing surprises me about this, I have always been a very conservative person and investor who takes very calculated and well thought out risks. I've always liked the idea of working for myself and starting my own company. If I were to do so, I think it would be as a lifestyle entrepreneur that Kaplan describes. I can truly appreciate the idea of living life on my terms. However, being conservative I've always been unwilling to put all of my eggs in one basket, especially when my family's wellbeing is on the line. With all of that said, in my professional career I've always been attracted to the excitement of winning new business or starting something from scratch, or better yet fixing something that is broke. I believe this is why I scored high in the Building an Innovative environment area. I honestly can't stand the status quo when there are always things that can be improved. One area I could certainly improve on is coping with unexpected challenges. More so when it is something that could and should have been avoided and especially when you think you've made all of the necessary preparation.