Bcm 211 Entrepreneurship & Innovation Assignment Sample

BCM 211 ENTREPRENEURSHIP & INNOVATION- AS1 Assignment

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Introduction

Critical thinking is an essential aspect for an entrepreneur that helps to make an effective decision. This paper aims to identify how critical thinking helps to gather information efficiently. Due to this reason, this paper will conduct a few questions that assist critical thinking and a few techniques related to establishment management that assists an entrepreneur in making decisions.

Identification of five questions and summarising

Several questionsassist critical thinking in order to collect information by an entrepreneur. However, the most important questions are discussed below:

Who said it?

This question implies that an entrepreneur attempts to identify the person who said about the problem or the solution that helps to make an effective decision. Moreover, it can be stated that an entrepreneur becomes able to make a successful decision by identifying the person who delivers the solution to a problem (Pei et al., 2017). In addition to this, it might be the identification of the position of the thing, which means a speaker identifies the position on an issue through this question.

What did they say?

This question represents a few factors stated by a speaker, and an entrepreneur identifies such factors that are said by a speaker. It helps them think in a critique way by which they become able to make an effective decision for their business. Members of a team represent several situations, and an entrepreneur is responsible for identifying practical solutions for their problems. In this regard, this question helps to recognise every solution provided by their employees. Through this way, an entrepreneur becomes able to identify an appropriate solution and make an effective decision.

Where did they say it?

This question represents the place of identifying problems. In this regard, an entrepreneur is responsible for identifying problems to make an effective decision. Therefore, this question helps to think about the actual problem started and the place where their members ask them for an effective solution. Through this question, an entrepreneur becomes able to identify a potential problem for their business as this question helps them to think in a critical way (Veliz and Veliz-Campos, 2019). Therefore, it can be stated that an entrepreneur can make an effective decision based on this question.

When did they say it?

This question represents the time when a member asks an entrepreneur to identify a proper solution to mitigate their problems. In this regard, this question helps identify when the problems are occurring and when their employees ask them for solutions. It will help to identify the likelihood and possibility of risks that can arise from such problems. Therefore, through this question, an entrepreneur will be able to identify an effective solution for their problems. It can be stated that it will help them make an effective decision for the success of their company.

Why did they say it?

This question represents the reason for asking for a solution and helps identify the reason for the occurring problem. An entrepreneur becomes able to identify the reason for asking for a solution, and this question helps to think of a practical decision that will help to mitigate the problem of their company (Lucas, 2019). Moreover, with the help of this question, an entrepreneur will be able to know the actual reason for asking for a solution, which helps to identify the possible implication of the problem.

Discussing techniques of establishing management

There are a few established management systems, which help entrepreneurs to think in a critical way, and such techniques include Groupthink, Six Thinking Hats, and Rational Manager. All these techniques are discussed below:

Groupthink

Groupthink is a technique of established management that helps the entrepreneur to make decisions by thinking in a critical way. Groupthink generally occurs when members of a group are competent, and some of them are capable of making an excellent decision; however, they end up with a poor decision (Opentextbc.ca, 2021). This information represents that group members become unable to provide any opinion in Groupthink. They feel that other members will go against them for giving an opinion against their leader. Therefore, it is stated that the technique in terms of Groupthink is a problem or issue for other members in making decisions.

Figure 1: Antecedents and Outcomes of Groupthink

(Source: Opentextbc.ca, 2021)

Figure 1 shows that a few Antecedent conditions can arise due to Groupthink, such as pressures of time and stress, cohesiveness and social identity at a high range, isolation by other sources of information, and directive leadership. Moreover, a few symptoms can be identified in this technique, such as a bit of search for new information, favourite group members, an illusion of invulnerability and unanimity, and many others (Opentextbc.ca, 2021). Therefore, an entrepreneur faces a poor decision-making process, and the outcome of the decision is also poor.

However, a few research studies represent benefits of groupthink in their research paper. Through Groupthink, cooperation improved, harmony exists, less stress, and completion of tasks quickly. The research study of Kamalnath (2017) showed that Groupthink helps to improve the ability of the Board in order to monitor the process and ensures that it performs its function with more effectiveness. Moreover, in this technique, members do not argue with their leaders and with other members as well. Team members stay at peace with one another in the time of Groupthink. Therefore, it can be stated that harmony in an organisation is presented due to Groupthink. This technique allows group members to complete a task quickly as members skip a few steps in this technique. Through this way, members of a group become able to complete their job role in a quick process.

On the other hand, Groupthink includes several disadvantages by which an entrepreneur can face difficulties or issues in making a significant decision. The research study of Barrett and Murphy (2019) represents that a few types of Groupthink have a negative implication on the members and outcomes of work as well. Moreover, in Groupthink, group members do not contradict their leaders. Therefore, there might be a high possibility of making wrong decisions that have an implication on the success of this company. In addition to this, it might ruin the relationship between members and leaders. This is because group members could provide different opinions than their leaders, and due to this reason, leaders might not accept such opinions, which can create conflict in their relationship.

This discussion represents that both advantages and disadvantages are included in Groupthink. Despite these disadvantages, it is stated that entrepreneurs can use Groupthink as an effective technique of management to make decisions.

Six Thinking Hats

Six thinking hats is an approach that helps to make decisions by an entrepreneur, which was created by Edward De Bono. This technique helps to identify problems in six different ways, and it includes six different hats, which represent different problems as well. Blue Hat represents the hat of conductor, Green Hat represents the creative hat, Red Hat shows the hat for heart, Yellow Hat represents the hat of optimists, Yellow Hat represents the hat of judges, and Black Hat represents the Factual Hat (Mindtools.com, 2021).

The research study of Al Jarrah (2019) represents that Six thinking hats is considered as one of the most critical skills for recognising feelings of others regarding any matter. In other words, it is considered as a technique that refers to parallel thinking, which represents different ways of thinking, which are used to make decisions. Different types of hats and their roles in decision-making process are discussed below:

White hat: This type of hat deals with information that is based on objectives. Individuals gather essential data regarding any project or agreement without any emotion. Moreover, several ideas to collect information and interpretation can be obtained with this hat thinking. Therefore, it can be stated that an entrepreneur can use this technique to gather information in order to make decisions in an efficient manner (Aithal and Kumar, 2017).

Red Hat: Red hat represents feelings such as anger, pleasure, love, and many others in order to collect reactions and opinions from other members without making guesses. However, the disadvantage of this hat is the rejection of fact (Al Jarrah, 2019). Therefore, it can be stated that this entrepreneur can use this technique to collect opinions from other members.

Black Hat: An individual can avoid risks and mistakes with the help of black hat techniques. This is because in this type of technique, an entrepreneur will be able to identify evidence required to make a decision, whether providing suggestions are fair and reasonable or not, and the drawbacks of such suggestions (Aithal and Kumar, 2017). Therefore, it can be stated that an entrepreneur can use this technique to identify evidence to make suggestions in order to make an efficient decision.

Figure 2: Six Thinking Hats

(Source: Participedia.net, 2021)

Yellow Hat: The research study of Aithal and Kumar (2017) represents that in the Yellow hat technique, an entrepreneur thinks about positive outcomes and positive aspects as well about the situation. This means an entrepreneur mostly focuses on the benefits and attempts to mitigate the likelihood of risks. Moreover, it can be stated that entrepreneurs focus on the benefits of suggestions as well in order to make an effective decision.

Blue Hat: Blue hat shows the thinking of management based on plan, organisation, and control. In the point of view of an organisation, Blue Hat is forecasting, based on the existing system, requires minimum supervision, improves the culture of work, make initiation to change, and manages changes (Aithal and Kumar, 2017). Therefore, it can be stated that it can be an effective technique for an entrepreneur to make decisions in this working culture.

Green Hat: An individual can generate opinions, creative ideas, and unique solutions as the Green Hat includes all these factors. This technique offers a few information and ideas that might not be delivered or shared by many people (Gencel and Gencel, 2018). Therefore, it can be stated that an entrepreneur can use this technique in order to make n unique solutions and to make creative ideas for making an efficient decision for their corporation.

Rational Manager

A rational manager is considered as the process of improving skills of people regarding critical thinking. It is easily learned and can be applied at all levels of an organisation, from the professionals of IT to the CEO (Slideshare.net, 2021). Therefore, it can be stated that through this technique, an entrepreneur can improve the skill regarding critical thinking of their employees in an easier process. Moreover, this technique helps the manager to make decisions in a rational way. Different tools are used by an entrepreneur in this technique, such as situation analysis, analysis of problem, analysis of decision, and analysis of potential problem. Through such analysis, an entrepreneur becomes able to identify the situation and can make suggestions or decisions based on such a situation.

In addition to this, in a rational model, a manager of a company implements several steps, including analysis, in order to review facts and possible outcomes before selecting any actions. In this model, managers generally evaluate the number of possible situations to make an effective decision (Researchgate.net, 2016). Therefore, it can be stated that an entrepreneur can use this model to make an effective decision through identification of different situations and analysis of such situations as well.

The rational process of decision-making includes a fewsteps, which represent the way of analysing the situation and making decisions based on such analysis. There are six primary steps, included identification of problems, establishment of criteria to make decisions, weighing the criteria of decision, generating alternative situations, evaluation of such alternative situations, and selection of best alternatives among all of them (Courses.lumenlearning.com, 2021). It will help an entrepreneur to make an effective decision for the success of their corporation.

This discussion implies that a rational manager is an approach that helps to generate different alternatives of solutions. Through this way, a business manager becomes able to identify a potential solution for their problems and can make an effective decision for their business.

Conclusion

Critical thinking is an important skill required to be a skilled entrepreneur as it helps to identify problems and handle them in an easier way. This paper aims to identify several aspects of critical thinking for an entrepreneur. This paper identifies that there are few questions, which help to identify problems and help to solve them through critical thinking. Groupthink, Six thinking hats, and rational manager are the techniques related to critical thinking helps to make an effective decision.

Reference list

Aithal, P.S. and Kumar, P.M., 2017. Integrating theory a and six thinking hats technique for improved organizational performance. International Journal of Applied Engineering and Management Letters (IJAEML), 1(2), pp.66-77.

Aithal, P.S. and Kumar, P.M., 2017. Lateral thinking in managerial decision making through six thinking hats technique. International Journal of Scientific Research and Modern Education (IJSRME), 2(1), pp.53-58.

Al Jarrah, H.Y., 2019. Six thinking hats: An analysis of the skill level of Jordanian vocational education teachers and the extent of skill application. Space and Culture, India, 7(1), pp.170-185.

Barrett, A.K. and Murphy, M., 2019. Was that logical? Demonstrating decision-making constraints in the contemporary workplace environment. Communication Teacher, 33(4), pp.309-314.

Courses.lumenlearning.com, 2021. Steps of rational manager. Viewed on: 27/11/2021 from <https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/rational-decision-making-vs-other-types-of-decision-making/>

Gencel, U. and Gencel, I.E., 2018. Teaching Tax Law: Undergraduates’ Thoughts Regarding the Implementation of Six Thinking Hats Technique. International Journal of Financial Research, 9(2), pp.31-38.

Kamalnath, A., 2017. Gender diversity as the antidote to'groupthink'on corporate boards. Deakin Law Review, 22, pp.85-106.

Lucas, K.J., 2019. Chinese Graduate Student Understandings and Struggles with Critical Thinking: A Narrative-Case Study. International Journal for the Scholarship of Teaching and Learning, 13(1), p.5.

Mindtools.com, 2021. Six thinking hats. Viewed on: 27/11/2021 from <https://www.mindtools.com/pages/article/newTED_07.htm>

Opentextbc.ca, 2021. Groupthink as an establishment management technique. Viewed on: 27/11/2021 from <https://opentextbc.ca/socialpsychology/chapter/group-decision-making/>

Participedia.net, 2021. Six Thinking Hats. Viewed on: 27/11/2021 from <https://participedia.net/method/4588>

Pei, Z., Zheng, C., Zhang, M. and Liu, F., 2017. Critical Thinking and Argumentative Writing: Inspecting the Association among EFL Learners in China. English Language Teaching, 10(10), pp.31-42.

Researchgate.net, 2016. Rational manager. Viewed on: 27/11/2021 from <https://www.researchgate.net/publication/311761486_Rational_Model_of_Decision_Making>

Slideshare.net, 2021. Rational manager. Viewed on: 27/11/2021 from <https://www.slideshare.net/Learningade/critical-thinking-leaders-as-rational-manager>

Veliz, L. and Veliz-Campos, M., 2019. An interrogation of the role of critical thinking in English language pedagogy in Chile. Teaching in Higher Education, 24(1), pp.47-62.