Week 12 Reading Reflection

In this weeks reading of chapter 13 in the text, one of the biggest surprises for me was all of the different steps that go into making an entrepreneurial decision. All of the different stages are unique and separate, but they all contribute to the final decision that the people in charge must make. Another surprise for me was reading that planning must switch from informal, to formal conversations and vice versa. This is important because it is important to have informal conversations to try and see what the people truly want, but it is also important to have formal conversations about specific logistics as well. The one part of the reading that was confusing to me was the entrepreneurial strategy matrix with independent variables. I understand how to read the chart and what the different boxes entail, but I think it is hard to judge exactly how hard a "risk" is in terms of a chart. A risk is a risk because you truly don't know the result and you're taking a chance. I think they could have maybe defined risk a little bit better in the text. The first question I would ask the author would be, "What is the most important step in the strategic planning of a new entrepreneurial idea?" I would ask this because I want to know what to focus the most amount of my time on. I would also ask, "Which stage involves the most research to be done to obtain the results you're looking for?" Research is so important for innovations so I want to make sure I am on the right track and have as much prior knowledge as possible. I did not see anything wrong in the chapter, but I do agree with everything about how important the growth stage in the process.