Article Reflection Paper



Article Reflection Paper

Introduction

An entrepreneur is a person that makes money by making an initiative and taking risks. In order to be a successful entrepreneur, one must possess qualities of effective management, team formation, and leadership skills. The main characteristic of entrepreneur is brining innovation into his idea and applications and innovation is related to individual's personality attributes such as sociability, self-confident and risk taking ability. The competencies of entrepreneur may include revolutionizing, creating new products, brining new and advance technology in market, work efficiently and mounting productivity (Bhide. A., 2012).

Discussion

In order to become a successful entrepreneur, one must answer some basic necessary questions that describe the goal, strategy, type of business, nature of risks, resources, abilities, estimation of growth, and nature of organization or business for being an entrepreneur (Bhide. A., 2012). Therefore, keeping in mind these basic questions, I have stated my goals and strategies with respect to entrepreneurship, which are explained as follow:

Where do I want to go?

My business goal is to initiate a business of clothing line particularly Tees, Colored Shirts and Ties that changes the shade of color every time its washed. I would like to innovate the color dyeing procedure in such a way that chemically changes the shade of a specific color every time people wash it. So that every time customer wears the shirt looks like a new shirt with new color. I think it would attract everyone's attention throughout the world as people are suffering from high inflation everywhere and can hardly afford number of cloths to wear in office or on casual occasions. This idea would definitely revolutionize the textile industry.

What you want personally from your business?

My goal is to introduce a new product in the field of textile particularly clothing line that clearly differentiates with regular clothes in market in terms of color flexibility. My personal aim is to earn higher profits than key market players with the help of technology innovation and take the position of market leader in short time spam. I think this business idea would work for me because I am personally very much interested in designing and buying clothes. Its like a obsession to me whenever I go for shopping, I love navigating shops and trying to find the best Tees and shirts in the town. I always prefer quality over quantity that is why I had to compromise many times over quantity.

What Kind of enterprise do I need to build?

Since I am looking forward to replace key market player in the targeted market therefore, I need to initiate my business at a larger scale with grand opening. As it already involves technological transformation, so I need to regularly work on advancing technology to create more innovative products in future in textile industry. I am willing to spread this innovative clothing line in abroad as well thus I would build a strong and automated infrastructure to complement my business goal (Bhide. A., 2012).

What risks and sacrifices does such an enterprise demand?

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