ENTR501 Introduction to Entrepreneurship and Innovation

Part 1 – Entrepreneurial Mindset Reflection (700-750 Words)

Identify and critically reflect on the top three traits of your entrepreneurial mindset. Use personal examples to illustrate specific traits and how they act as strengths, or opportunities for improvement, for entrepreneurial practice.

Write three paragraphs in total, each outlining and reflecting on a different trait.

Remember, to cite at-least 4 relevant, academic (peer-reviewed) research articles throughout.

NB: Pages 47-50 of the course textbook: Frederick, H., O’Connor, A., & Kuratko, D. (2019) (available on Canvas under ‘Course Resources’) provides an overview of important entrepreneurial mindset traits, that you may research further through Google Scholar and other databases e.g. AUT library search.

Part 2 – Drafting An Entrepreneurial Opportunity (200-250 Words)

Now that you have identified and reflected on aspects of your entrepreneurial mindset above, it is time to put this mindset to action.

Below, write one paragraph outlining a specific entrepreneurial opportunity that you would like to pursue. Make sure you discuss:

• The problem that you will be solving, including who experiences the problem and the impacts this problem has.
• How you might develop a product or service that solves the problem.
• Who specifically might pay for this product or service (think businesses, specific groups of people, government agencies).
• Provide at-least 2 citations (APA7th style) of news articles, reports, or other sources that provide evidence for your key points.

Experts Answer on Above Questions in Entrepreneurship

Entrepreneurial mindset reflection

The three important traits of entrepreneurial mindset I have considered are opportunity recognition, resilience and creativity.

Opportunity recognition

With respect to opportunity recognition, I believe that I am good at identifying the unmet needs in my community. For example, I have observed that small Maori owned food businesses struggled to reach customers because of poor online visibility at the farmers market in Auckland. I have immediately realised a good market opportunity, and developed a small affordable digital Marketplace that primarily promotes Maori products.

Resilience

The entrepreneurial trait of resilience helps me in dealing with setbacks. For example, one of my proposed ideas at the University was rejected initially, and rather than ignoring it, I have tried to find alternatives, and finally came up with a stronger idea that was immediately accepted. Research findings indicate that resilient entrepreneurs are better able to adapt to uncertainty and recover from failure.

Creativity

Finally my creative entrepreneurial mind set helps me in developing practical solutions from the available resources. In the New Zealand market, there is growing demand for sustainable products, and I have explored ideas for reusable food packaging for take away businesses. Rather than creating a new product, I tried to utilise existing compostable packaging and it aligns positively with New Zealand’s increasing focus on reducing single use waste.

Drafting an entrepreneurial opportunity

One of the most significant opportunities, especially in the New Zealand market is to connect households with surplus food from local supermarkets, cafes and restaurants at discounted prices. Food waste is a major environmental issue, and to overcome the problem, a platform that would allow participating businesses to upload unsold meals and fresh food nearing expiry would allow the customers to purchase them at reduced prices before disposal. With this solution it will be possible for the businesses to minimise waste while providing affordable food options to consumers.

Want Detailed Answers with References?

The analysis on the entrepreneurial mindset along with opportunity development and critical analysis revealed important aspects of my entrepreneurial traits and entrepreneur opportunities available in the market. With our business management experts, you can also seek assignment help in New Zealand for your business and other subjects assignment. You can also explore the assignments written by our experts for Auckland University of Technology (AUT) to enhance your confidence before ordering an assignment with us.