The mindset of an entrepreneur is extremely creative and brings a new perspective on management. The creativity fosters product enhancement and product differentiation and gives business new energy. Businesses sometimes end up in an uncontrollable spiral, but creativity will bring differentiation from all other firms.
In the morning, we learned about microeconomics and different markets. Monopolies, Oligopolies, Monopolistic Competition, and Perfect Competition are all different market systems with distinct characteristics. Monopolies Have one firm but have many buyers and can set their prices in the market. Monopolistic Competition firms try to be unique, but are essentially the same. Therefore, there is one firm per segment but their prices have to be set by the market, by themselves and the buyers. Perfect competition is similar, where buyers and sellers set an even prices and products have no differences. PC has no long run or short run profit. Finally, oligopolies consists of few firms who set prices through game theory. However, it is tough to lower prices because lowering prices transition firms into price wars and hurting all oligopoly firms. All of these firms have their own distinct characteristics, but all can be benefited by the mindset of entrepreneurs.
At EY, I was able to hear from many employees, including EY Partner Dom, Senior Manager Jason, Pitt interns, and others. I learned more about what makes EY different from other big four companies, and how EY reaches their clients and personally guides them for cost savings and future business model designs. Through this program, I believe I can not only empathize but utilize the mindset of entrepreneurship in my daily assignments, power points, and other activities. I will implement creativity in my assignments and take the initiative to push new ideas and perspective when looking at the MCE Concepts in each chapter. I will be a risk-taker, and will incorporate unique ideas in my presentations for the class.