The problem with most of the businesses these days is they focus too much on the existing business processes and paradigm that they overlook the opportunities available outside the peripheral vision of that business (Spinelli & Adams). We think in a linear way concentrating on few variables that we are continuously working on for longer time so the elements that lie outside the line do not easily come to our mind. For example: A business that has been in producing stationary items for long time span will not be able to see the opportunity that lies in recycling the used stationery items.
In order to spot new opportunities outside the weak peripheral vision of established business, I wish to work with people of diverse background so that I will be able to see and analyze the things from multiple perspectives. I want to work with someone who is directly involved in the business to have idea about how a business is run, how to prepare oneself to adapt to the changes in internal and external business environment and what are the possible challenges and benefits we might come across as a businessman. In addition, I would love to work with people who work deals with the suppliers and customers. I think it is important to know the perception of suppliers and customers as they can provide us with new dimensions about the products/services we are offering that may help in spotting new opportunities available in the industry.
The increasing use of information and technology has made it essential for everyone to know about the latest technological developments and how that can be adapted to expand the business or prevent it from making obsolete. Similarly, research is evolving as an important aspect for every business. So, I want to collect some information how the market research is conducted and the results from the research are analyzed to grab knowledge about customers taste and preferences, market situations and competitors’ actions that will help in identifying the opportunities available.
Instead of working with a particular organization or person, I want to be open-minded and would opt to work with different people from different organizations so that I can have basic knowledge about various aspects that provide opportunities and threats for the business. Being an entrepreneur is multi-tasking. An entrepreneur needs to look after finance, marketing, technology, production, human resource and other functions as well. Working with only one person may make us good at a particular thing or set of skill but we may lack to look at the things from other lenses. So, to have panoptican view of the business environment allowing me to spot the opportunities outside the existing business, I have to broaden my knowledge and acquire different skill sets working with diverse people in the next few years before I engage in something of my own.
References
Spinelli, S., & Adams, R. J. (n.d.). New Venture Creation: Entrepreneurship for the 21st Century (Nineth ed.). Irwin: McGraw Hill Education.
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The problem with most of the businesses these days is they focus too much on the existing business processes and paradigm that they overlook the opportunities available outside the peripheral vision of that business (Spinelli & Adams). We think in a linear way concentrating on few variables that we are continuously working on for longer time so the elements that lie outside the line do not easily come to our mind. For example: A business that has been in producing stationary items for long time span will not be able to see the opportunity that lies in recycling the used stationery items.
In order to spot new opportunities outside the weak peripheral vision of established business, I wish to work with people of diverse background so that I will be able to see and analyze the things from multiple perspectives. I want to work with someone who is directly involved in the business to have idea about how a business is run, how to prepare oneself to adapt to the changes in internal and external business environment and what are the possible challenges and benefits we might come across as a businessman. In addition, I would love to work with people who work deals with the suppliers and customers. I think it is important to know the perception of suppliers and customers as they can provide us with new dimensions about the products/services we are offering that may help in spotting new opportunities available in the industry.
The increasing use of information and technology has made it essential for everyone to know about the latest technological developments and how that can be adapted to expand the business or prevent it from making obsolete. Similarly, research is evolving as an important aspect for every business. So, I want to collect some information how the market research is conducted and the results from the research are analyzed to grab knowledge about customers taste and preferences, market situations and competitors’ actions that will help in identifying the opportunities available.
Instead of working with a particular organization or person, I want to be open-minded and would opt to work with different people from different organizations so that I can have basic knowledge about various aspects that provide opportunities and threats for the business. Being an entrepreneur is multi-tasking. An entrepreneur needs to look after finance, marketing, technology, production, human resource and other functions as well. Working with only one person may make us good at a particular thing or set of skill but we may lack to look at the things from other lenses. So, to have panoptican view of the business environment allowing me to spot the opportunities outside the existing business, I have to broaden my knowledge and acquire different skill sets working with diverse people in the next few years before I engage in something of my own.
References
Spinelli, S., & Adams, R. J. (n.d.). New Venture Creation: Entrepreneurship for the 21st Century (Nineth ed.). Irwin: McGraw Hill Education.