REFLECTIVE
JOURNAL #1
- What is the best contribution of entrepreneurship in nursing? Why?
Entrepreurship is the capacity and willingness to
develop, organize and manage a business venture along with any of its risk in
order to make a profit. The most obvious example of entrepreneurship is the
starting of new business. (www.businessdictionary.com)
According to Stevenson, entrepreneurship is the pursuit of
opportunity beyond resources controlled. "Pursuit"
implies a singular, relentless focus. Entrepreneurs often perceive a short
window of opportunity. They need to show tangible progress to attract
resources, and the mere passage of time consumes limited cash balances.
Consequently, entrepreneurs have a sense of urgency that is seldom seen in
established companies, where any opportunity is part of a portfolio and
resources are more readily available.
"Opportunity"
implies an offering that is novel in one or more of four ways. The opportunity
may entail: 1) pioneering a truly innovative product; 2) devising a new
business model; 3) creating a better or cheaper version of an existing product;
or 4) targeting an existing product to new sets of customers. These opportunity
types are not mutually exclusive. For example, a new venture might employ a new
business model for an innovative product. Likewise, the list above is not the
collectively exhaustive set of opportunities available to organizations. Many
profit improvement opportunities are not novel--and thus are not
entrepreneurial--for example, raising a product's price or, once a firm has a
scalable sales strategy, hiring more reps.
"Beyond
resources controlled" implies resource constraints. At a new
venture's outset, its founders control only their own human, social, and
financial capital. Many entrepreneurs bootstrap: they keep expenditures to a
bare minimum while investing only their own time and, as necessary, their
personal funds. In some cases, this is adequate to bring a new venture to the
point where it becomes self-sustaining from internally generated cash flow.
With most high-potential ventures, however, founders must mobilize more
resources than they control personally: the venture eventually will require
production facilities, distribution channels, working capital, and so forth. in my opinion, the best contribution
of entrepreneurship in nursing is to provide innovative opportunities for nurses
thus creating a path of success on their own and can help the country's economy by creating jobs.
- In discussing the different development and growth theories, what do you think is the best? Explain.
Locus of control is an
important aspect of personality. The concept was first introduced by Julian
Rotter in the 1950s. Rotter (1966) refers to Locus of Control as an
individual’s perception about the underlying main causes of events in his/her
life. In other words, a locus of control orientation is a belief about whether
the outcomes of our actions are contingent on what we do (internal control
orientation) or on events outside our personal control (external control
orientation). In this context the entrepreneur’s success comes from his/her own
abilities and also support from outside. The former is referred to as internal
locus of control and the latter is referred to as external locus of control. While individuals with an internal
locus of control believe that they are able to control life events, individuals
with an external locus of control believe that life's events are the result of
external factors, such as chance, luck or fate. Empirical findings that
internal locus of control is an entrepreneurial characteristic
have been reported in the literature (Cromie, 2000, Ho and Koh, 1992; Koh,
1996; Robinson et al., 1991). In a student sample, internal locus of control
was found to be positively associated with the desire tobecome an entrepreneur
(Bonnett & Furnham, 1991)..
3.
How
can economic nationalism help our economy?
Economic nationalism is a body of policies
that emphasize domestic control of the economy, labor, and capital formation,
even if this requires the imposition of tariffs and other restrictions on the
movement of labor, goods and capital. In many cases, economic nationalists
oppose globalization or at least question the benefits of unrestricted free
trade. Nationalism
can help, in certain cases, to keep real output within a nation's borders. It
entails protectionism, nationalization of key industries, etc. This is the
method that is Indonesia taken with regards to their manufacturing industries -
the so-called "infant industry" approach, whereby nascent industries
are protected from competition.
- What is the role of government in economic development?
The role of govermnet in economic development is Stabilization
and Growth. Perhaps most importantly, the federal government guides the overall
pace of economic activity, attempting to maintain steady growth, high levels of
employment, and price stability. By adjusting spending and tax rates (fiscal policy)
or managing the money supply and controlling the use of credit (monetary
policy), it can slow down or speed up the economy's rate of growth - in the
process, affecting the level of prices and employment.
- Relate political stability to growth of entrepreneurship.
The following are some of the ways in which the political environment
influences entrepreneurship:
·
Unstable
political conditions where government policies change frequently discourage
business, as investors fear for the safety of their investments.
·
Government
support to economic development through infrastructure development,
facilitation, industrial parks, and the like all encourage entrepreneurship.
·
High
taxes that cut into the returns usually discourage entrepreneurs. On the other
hand, tax holidays to encourage business attract start-ups.
·
The
availability of infrastructure and utilities such as good roads, power,
communication facilities, and lack of corruption and bureaucratic delays in
obtaining such utilities encourage entrepreneurship.
·
Economic
freedom in the form of favorable legislation and few hurdles to start and
operate businesses encourage entrepreneurship.
·
While
most businesses accept laws related to the safeguard of labor rights and the
environment, some countries have retrograde laws that make compliance very difficult
and time consuming. Such legal hurdles create a barrier to entrepreneurship
- Explain one program of the government for the development of micro or small business.
In
Indonesia we have program that we called consept of empowerment of Micro and
Small enterprises To empower SMEs, improving their ability to do business and
providing them with financial support should be done. All measures and olicies should be focused on encouriging banks to
finance their. Therefore,
eforts that should be made as far as the empowerment of SMEs are as follows:
(1) issuing conducive bank credit
policy (2) providing technical assistance, and (3) developing and strengthening
their institution.
One form of independence of MSEs in carrying out their businesses is their
ability in accessing the
capitals from certain sources. Besides the financial aspect, other aspects such
as coaching,
mentoring, and technical
assistance that support their development should also be provided. Accordingly,
the empowerment and
development of MSEs require a commitment, real involvement, and good coordination
among all actors- both banks and related institutions. Through this commitment,
both in the provision of funds, technical assistance, and
institutional strengthening, it is hoped that MSEs' access to bank credit
facilities can be realized
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