Write your reflection on the attached reading.It shold be a business writing format and including Important Reading Concepts and you reflection.
Please follow the example below:
Important Reading Concepts
- There are a number of resources needed when founding new ventures. Such resources are often categorized into people and ecosystem. The first category entails the co-founders, advisers, board members, and key employees while an ecosystem consists of a network of customers and suppliers.
- The co-founders, key employees, and advisers are collectively termed talents. Attracting such talents is often the first step of founding a venture. This is then followed by an ecosystem development.
- Owing to the iterative process of raising capital and ecosystem building, entrepreneurs’ decisions are often considered as non-linear.
- Moreover, entrepreneur’s decisions are also interdependent since the attraction of customers and partners relies on the ability to generate finance, which also depends on business networking and presence of high-quality teams.
I believe that each entrepreneur should assemble a founding team that is able to contribute the much-needed skills in business rather than doing business alone. However, there are a number of conditions that need to be considered when selecting a founding team. One of these conditions relates to relationships. I personally believe that co-founding with close people such as a friend and spouse may negatively affect the performance of a business. Having such members in business may limit frank conversations or confrontation of vital areas of disagreement owing to the fear hurting the existing relationship.
Moreover, I believe that an entrepreneur must develop a valuable ecosystem in order to build a successful venture. Entrepreneurs should focus mainly on the customers since they offer more value to the business. Aside from buying products, customers may also give feedback that can guide entrepreneurs on how they should conduct their business.
Lastly, I also believe that entrepreneurs should make peace with the fact that a venture might fail especially when higher risks are taken. Actually, entrepreneurs should know how to react to every event that might occur in the course of business.