Asha Pradhan

Although I am only beginning my Independent Study and Mentorship experience, the first two weeks have already made me excited about the opportunities this year will bring. So far, we have explored the foundations of the class and completed a couple of activities designed to help shape our experiences throughout the year. I have chosen entrepreneurship as my topic of study, and through this course I hope to further my understanding of what it takes to start, manage, and grow a successful business.

Ever since I was young, I have looked for creative outlets through singing, playing different instruments, crafting, and other activities. My interest in business and entrepreneurship began when my brother and I decided to turn our shared passion for music into an opportunity to make a positive impact in our community. Together, we founded The Notes of Joy, a nonprofit organization that provides opportunities for student musicians to perform for residents at retirement homes in our community. Through this experience, I developed valuable business skills, including managing event logistics, cold calling retirement homes, marketing through social media, and more. More importantly, I discovered how much I enjoy building something from an idea and seeing it create value for others.

This past summer, I further explored my interest in entrepreneurship by attending a two-week program at the Wharton School of Business. Through interactive lectures, team collaboration, and venture creation, I was introduced to the essential concepts of entrepreneurship and gained a greater appreciation for the creativity and problem-solving involved in building a business.

To me, entrepreneurship is about turning an idea into something meaningful. I am particularly interested in how a business can create value through a product while genuinely helping others. Through connections with local entrepreneurs, independent research, and guidance from my mentor, I hope to strengthen my ability to think creatively and approach challenges with an entrepreneurial mindset. Throughout ISM, I would like to develop a product idea and work towards turning it into a functioning business that provides meaningful value to others.

Though this journey has just started, I am interested to see how my understanding of entrepreneurship develops throughout the year. Within this class, I hope to grow not only in my knowledge of business, but also in my communication, presentation, research, and professional skills. Most importantly, I look forward to discovering where my curiosity and creativity take me!

During these first couple weeks of Independent Study and Mentorship I have conducted preliminary research on the current state of my overall topic, entrepreneurship. We have completed a couple of assignments in class where we have read, annotated, then written about the rising trends, current disruptors, and what the future holds for our chosen topic.

From my research, I have learned that while the fundamental principles of entrepreneurship such as identifying customer needs, solving problems, and creating value have stayed consistent, the different methods entrepreneurs use to grow their business continue to evolve. For example, some rising trends include new technologies, alternative funding models rather than traditional reliance on venture capitalists, solo entrepreneurs and smaller teams, and the shortening of supply chains.

Furthermore, the rise of Artificial Intelligence is one of the most significant forces disrupting entrepreneurship currently. From my research, I've gathered that not only is AI changing how businesses operate, but also how entrepreneurs develop and test ideas. It has also allowed for greater advancements in market research, product development, marketing, and customer analysis. However, many entrepreneurs and sources warn that though AI can accelerate production and experimentation, founders must still understand their customers, create value and meaning behind a product, and provide human creativity and judgement.

Looking at the future, most articles encourage current and future entrepreneurs to adopt more customer focused methods and have a meaningful impact in their business, possibly through building communities before launching a product or donating to different causes.

Overall, this research has helped me understand the current state of entrepreneurship and the importance of having this awareness, which will further help me narrow my topic down and navigate my Independent Study and Mentorship journey.

Within these past couple of weeks of Independent Study and Mentorship, in order to research with a greater focus I have narrowed down the broad topic of entrepreneurship to specifically social entrepreneurship and how social enterprises can measure the impact of a business venture.

My narrowed research began with exploring how social entrepreneurship combines running a business and generating revenue with social impact. I learned that an entrepreneurial opportunity does not always have to be creating a product that does not already exist, instead it can also involve identifying a social problem or underserved cause and then developing a sustainable solution. I also explored how social entrepreneurship connects to the United Nations’ Sustainable Development Goals and how businesses can balance financial sustainability with creating positive change.

From there, I began researching how entrepreneurs can determine whether their intended social impact is actually occurring and to what extent it is helping their cause. One specific article I found introduced three methods of measuring this social impact: the Balanced Scorecard, Social Return on Investment, and Cost-Benefit Analysis. These models showed me that revenue alone cannot determine the success of a social enterprise because many forms of social change are difficult to measure numerically. I then began questioning whether one measurement method can fully represent the impact of a business and how qualitative and quantitative information can work together to create a larger point of view.

In my future research, I want to start exploring real world social enterprises and examine how they measure their impact while balancing social goals with financial sustainability. Overall, this research over the past couple of weeks has helped me narrow my focus and gives me a new perspective to consider when developing a potential business plan or product within ISM.

During the classes leading up to the ISM Business Symposium, I spent time polishing my resume, practicing my All About Me pitch, and preparing for the questions I might be asked during my interviews. Overall, I found the symposium very helpful, as it provided an introduction to professionalism and the expectations of the business world.

My group first met in a classroom where we had the opportunity to converse with other students by introducing ourselves and sharing our topics of study. I found this experience both useful and enjoyable because it allowed me to connect with like-minded peers who are interested in developing their professional skills and exploring topics they are passionate about. We then participated in our interviews with professionals and although I was initially nervous, I tried to approach each interview as a conversation and share my passions, interests, and goals for ISM. Both professionals I interviewed were welcoming and resourceful, and I also enjoyed learning about their experiences with leadership and entrepreneurship within their specific career path. Additionally, the presentations from ISM II students and professionals provided valuable guidance on improving my resume, reaching out to potential mentors, and navigating the remainder of my ISM journey.

My biggest takeaway from this experience was that you get out of an opportunity what you put into it. Because I was prepared, I was able to ask thoughtful questions and actively engage with professionals, which might be able to help me when building future connections for finding a mentor. In sum, the symposium helped me build confidence in professional settings and gave me a clearer understanding of how to make the most of the opportunities ISM provides.