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MAN303: Entrepreneurship and Innovation - Entrepreneur Interview - Report Writing Assignment Help
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Internal Code: 1AFCDD
Code: MAN303
Entrepreneurship and Innovation Report Writing Assignment Help
Assignment Task: MAN303Entrepreneur Interview
This exercise is based on the “Visit with an Entrepreneur” Exercise in Timmons, Jeffry A., Gillin, L.M., Burshtein, S., and Spinelli, Stephen Jr. (2011). New Venture Creation: Entrepreneurship for the 21st Century – A Pacific Rim Perspective, 1st Edition. McGraw-Hill Irwin (pp. 29-31). Identify a suitable entrepreneur who has been in business for at least three years and you would like to learn about and from the most. He or she could have also had a successful ‘exit’. This could be someone you see as an example or role model in a field to which you aspire, or which you know the least, but are anxious to learn. Do not interview relatives or close friends. The business should be generating revenue and exhibit innovation in its products or services, systems, processes, etc. You are to prepare and conduct an interview with this person using the questions below as a suggested guide. Preparation is crucial if you are to derive maximum benefit from this assessment. If you are unable to secure an entrepreneur to interview, you may research an entrepreneur. You will still have to use the questions below as a guide to structure your report. Step 1 Make contact, set up an appointment and be sure to explain why you want the appointment and give a realistic estimate of how much time you will need. Step 2 Identify specific questions you would like to have answered and the general areas about which you would like information. (See sample questions below) Step 3 Conduct the interview. Only record the interview with permission in advance from the subject. Step 4 Reflect on the responses obtained during the interview. In your report, (a) summarise the answers from the questions you asked (not writing a transcript). Include the entrepreneur’s key learnings, best moments, worst moments, etc., and (b) reflect on what you learned through this exercise. Reflect on the MAN303 ASSESSMENT most important observations and insights you have gathered from these interviews. Contrast especially what patterns, differences, and similarities exist between lifestyle and high potential entrepreneurs. What surprised you the most, what was confirmed about entrepreneurship? What new insights emerged? What might be the implications for you personally, your goals and/or career aspirations? You can structure the report the following way:- Introduction (background of the entrepreneur and his/her business) II. Findings from the interview III. Reflections from the interview IV. Conclusion
- Who else did you know growing up that owned a business; did they influence you, anyone currently? b. Were your parents, relatives, close friends entrepreneurial? c. Did you have role models? d. At the time of your startup, what was your education and job experience? In hindsight was it helpful and, if so, in which ways? e. In particular, did you have any marketing or sales experience? How important was that, or the lack thereof? f. When, under what circumstances, and from whom did you become interested in entrepreneurship and learn some of the critical lessons?
- How did you spot the opportunity? How did it surface? b. What were your goals? What were your lifestyle needs of other personal requirements? How did you fit these together? c. How did you evaluate the opportunity in terms of the critical elements for success? The competition? The market? Did you have specific criteria you wanted to meet? d. What kind of financing did you start with? How much capital did it take to start your business? e. How long did it take you to reach a positive cash flow and break-even sales volume? If you did not have enough money at the time how did you keep going? What type of bootstrapping did you undertake? f. What outside help did you get? Did you have experienced advisors to fall back on, lawyers, accountants, etc.? How did you develop these experts and how long did it take? g. How did outside advisors / mentors make a difference in your business? h. What did you perceive to be the weaknesses and strengths of your venture? i. Describe your most triumphant moment? Your worst moment? j. Did you find or need partners? Did you want to have partners or go it alone? Why?
- What were some of the most difficult gaps to fill and problems to solve as the business began to grow?
- When you looked for key personnel, either employees or partners, were there any personal
- attributes or attitudes you desired because you knew that criteria would fit with you and were important to the future success of the firm? How did you find these individuals?
- Are there any attributes or attitudes that you would avoid when looking for new employees or partners? d. Do you spend more, less, or about the same amount of time with your business now than you did early on? e. In terms of the future, do you plan to harvest, to maintain, to expand? f. In your ideal world, how many days do you want to work? Explain. g. What are some keys that you learned from both success and failure? h. What were / are some of the most difficult tradeoffs you face (e.g. tradeoffs between business, family, hobbies, community)? i. Describe a time when you ran out of cash, what pressures did this create, how was the issue resolved and what lessons were learned? j. Can you describe a venture that previously did not work out and how that might have prepared you for this one?
- What do you consider your most valuable asset - the thing that enabled you to make it? b. If you had it to do over again, would you do it again, in the same way? c. As you look back, what do you feel are the most critical concepts skills, attitudes, and know-how you needed to get your company started and grown to where it is today? What will be needed for the next five years? d. Some say there is a lot of stress in being an entrepreneur, what have you experienced? How would you say it compares to other hot seat jobs such as running a big company or partner in large law or accounting firm? e. What have you found personally rewarding and satisfying as an entrepreneur? f. Who should attempt to enter entrepreneurship as a career and who should not? Can you give me any ideas there? g. Do you have any final words of wisdom before we conclude this interview?
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