Entrepreneurship

Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise, along with any of its uncertainties to make a profit. Over the past few years, there has been a great deal of attention to the subject of entrepreneurship, because it can improve standards of living and create wealth. When the entrepreneurs succeed they will boost economic growth by introducing new innovative technologies, products, and services. Therefore, for economic development entrepreneurial development is necessary

As an undergraduate, I need to study and learn entrepreneurship due to many reasons and to demonstrate I can learn how businesses work, and my thinking skills, research skills, and creativity will be greatly increased. Furthermore, if I start a new business later it has a great chance of succeeding without failing. Entrepreneurship will help me in many ways. I can know how to identify and solve problems accurately as well. I will get to know how to build and navigate strong teams. Another fact is that I learned to use limited resources effectively. However, the most important thing is I can practically try all the techniques and skills learned in the university and learn how things work in reality.

Some people may think that starting a business soon after graduating will be not a good idea because lack of experience and capital but nowadays through much research, it is said that the new graduates are launching highly successful businesses straight out of university or even during the studying periods. The main reason for this is that they are fresh-minded and trained for entrepreneurship already and full of energy. The learned various developed skills of entrepreneurship lessons are still on my mind. Hence as an undergraduate, I have the possibility of succeeding is higher. So, I will be able to create a successful empire if I follow all the entrepreneurs’ skills such as patience, innovation, motivation, etc.

 I have some experiences with poor entrepreneurship characteristics in my previous semesters at the university. Now I am a second-year undergraduate at the Sri Lanka Institute of Information Technology (SLIIT). This incident occurred in the 1st semester of my university life. I was not aware of anything about time management and work-life balance at that time. I was a fresh student at the university at that time. The 1st-semester exam was my first exam since the advanced level exam. I had no idea about the structure of the exams at the university. When the exams came, I did not have a clue about what should I do. Most of my friends felt the same. They were also fresh undergraduates. Since I was a biological science student at the school, mathematically related subjects were very hard for me. I spent lots of time understanding some things when it comes to mathematics modules. That was also a reason that my time management and workload balance was so poor at that time. I struggled with many things in my life at that time since that was my first experience outside the home.

The 1st-semester exam was the most unsuccessful exam in my undergraduate life. I think poor time management is the main reason among the plenty of reasons that caused that unsuccessfulness. But that experience was a lifetime experience for me. But after knowing this lesson, I can do things differently in the future.

 This lesson discussed many opportunities of entrepreneurship in education, such as leadership, decision-making, creative thinking and flexibility among undergraduates. According to that, developing an entrepreneurial mindset can have significant benefits in both their professional and personal lives. To become a successful entrepreneur, an individual must first learn and sharpen his or her entrepreneurial skills. Furthermore, to be a successful entrepreneur, an individual must possess the necessary personal qualities like motivation, innovation, patience, effective communication skills, not afraid to take risks. This lesson has also outlined the main risk types for entrepreneurs are face as demand risk, technology risk, execution risk, and financing risk. furthermore, it also discussed the value proposition. Then I learned about key success factors in four sections. They are skills, Expertise, and Aptitude, personal attributes like passion and motivation, adaptable and flexible, product and market knowledge, strong money management, effective planning etc. under the strong management skills, I learned how to manage time , employee, customer, sales, financial and, business. I also learned about PEST Analysis under the external factors and business canvases.

Without a doubt, in order to succeed in the entrepreneurial field, each individual or entrepreneur must learn and apply the selected entrepreneur characteristics. So, entrepreneurship education is essential for undergraduates. It also helps to build our problem-solving abilities, leadership, time and money management, teamwork, creativity, decision-making and lots of abilities. As an undergraduate, I will face many challenges in my day-to-day life, but I can overcome them and build a successful positive outlook