Individual Reflection Statement On A Business Plan

The following reflective journal has been made by me as a work that redirects my business plan that is prepared by my group of five members. The main reason for writing the journal is to represent might work and my role as a team member while executing the study for business plan. Other purpose of preparing the statement is to provide my personal data and include my thoughts and experiences that I've achieved during the task work. The MBA supervision of the university instructed me to write a person reflective journal on business plan that must definitely be critical and analytical. I've made certain it is written to reflect on my work that may also permit the examiners to comprehend my accomplishments as an individual and as a member of an team. It will also provide help for supervisors to appreciate my role as a person who can confidently research, get information, critically analyse, record and present. I have tried my best to be as specific as possible to make this reflective statement as a persuasive article arguing with respect to myself. This journal also includes information of research options, my use of ideas and critical thinking to build up my knowing of the context where I work. Combined with the above mentioned areas, I have detailed my role as a tackler of a predicament, as an important person in a team and since somebody who contacted any issues and difficulties to representation sheet with confidence and passion. Also one of them journal are understanding of relevant theories, problem resolving, synthesis, strategic research, and explaining can certainly make money built after and applied knowledge from taught modules. It's been guaranteed by me that wok structure must follow section headings and recognise marking scheme. Language is deliberately retained concise and the task is presented taking into account the school rules.

Problem solving

The MBA supervision has allocated in a team of five students (including me). The task given to us to work on was a business plan relating to launching a business in Wales. The team members for this activity were Ram Lakshmankumar Konda, Soto Santiago, Wayne Joji and Yuvraj Singh. The business enterprise we chose to launch in Cardiff was Variety International Travel Firm (SITA) which offers services in corporate and commercial vacationing.

SITA is a partnership firm comprised of five lovers with equal shares with a start-up capital of 400, 000. We organized to launch the business in the month of Apr, 2011 with a star-up capital of 400000 pounds jointly invested by partners who've equal stocks and similar voting privileges. The assignment required us to produce a plan comprising data regarding marketing, human learning resource and financial areas of the contemporary management studies. Within this journal I shown upon my individual encounters as well as an important person in a team explaining occurrences such as planning, gathering data, analysing, confirming and delivering what I observed, I observed my hypotheses and my conclusions. I also evaluated the effectiveness and efficiency of that which was observed.

I was preferred to be inside a team of five users that have already been mentioned above. Although I specifically asked the supervisor to form a team with my friends but the groups were allocated randomly by the management. I used to be lucky that you of my good friends was on my team. The rest of the team members have previously had good associates with me as they were my fellow workers and classmates. My preliminary objections faded away once I started dealing with my friendly natured team members. All of us were motivated, driven and enthusiastic of doing the business enterprise plan. We attained for an initial meeting and chosen the kind of a business. I used to be quite influential as for my managerial record and working experience in marketing and financial pathway. My associates recognized this and realised my natural control qualities. It had been not difficult for us to select the business enterprise type. After careful consideration and brainstorming ideas with customers, we were able to think of a brilliant plan. Luck was on our aspect as we members experienced different analysis backgrounds and I was normally multi-skilled. It demonstrated easy for us to split the tasks matching to our strengths. Once responsibilities were assigned and potential obstacles to search determined, we consulted on how to maximize our strengths to lessen our weaknesses, and how to exploit the possible opportunities and remove hazards. From then on we constantly performed meetings to discuss our progress and consult each other to boost our work. We continually stayed touching the other person via audio video recording conferencing and undoubtedly mobile phones.

Being students from different ethnicities brought on some tensions plus some problems such only a small amount knowledge of each other's ideas, lack of understanding of some business management areas and conflict in decision making process. I again turned out visible and persuasive and were able to resolve all the issues harmoniously. Disagreements among associates were settled and we proved helpful together pleasantly. As being a modern-day business management pupil, I had an idea anticipated to my studies that the team capabilities is more advanced than the collective skills of the individuals within it. I found that working in a friendly environment make the work easier for team. Blended strengths can be employed if team members work jointly in dedicated and motivated stance. Aside from problems mentioned above, my team encountered some problems such as lack of knowledge in some areas, lack of experience in doing research, lack of ability to analyse critically, and critical of the other person work. We managed to resolve these issues expertly. As a team member my learning experience grew when i learned that team becomes successful when members work jointly to create a synergy. When team members know how to become more effective alongside one another, synergy happens and higher organizational success is achieved. The lessons that I've learnt being in a team are very essential and I realized its significance. People bring their unique skills, knowledge and experience which when found in combination with skills and understanding of other team members, helps in making a synergy that positively effects the procedures and functions of the team. This happened in my situation. Every member was determined and caused passion and perseverance. Increasing the strength of each team member produced better team success and results. I known that that collective talents of team could handle any issue we face.

Knowledge and Understanding

By actually taking part in a joint research project, I understood the importance of team theory used. It provided me self confidence to connect the theoretical research with my research. I recognized my roles and tasks by working effectively employed in a team. My communication and coordination skills upgraded considerably. During the work, I've appreciated the thought of working together to attain the common goal. I've found that effective team working is the key to success when there are limited time and resources. Different point of views can be helped bring forward that could assist in effective decision making. I came across the power of group participation made me feel more energetic about contributing something. The thing that helped me understand the strategy of my associates is the frequent contact and assessment with them. It also assisted me to learn and understand their ideas and experiences. Dealing with team on the business plan has helped me equip myself with critical and analytical skills to make an official report. I felt more skilled in searching various data resources and in using variety of research tools techniques and methods to conduct a research. The suggested business plan concentrated on marketing strategies of the company before after and during kick off of its business. It targeted upon the areas of market penetration, market segmentation and marketing progress. In addition, it included learning market trend and demand of the consumers. I forecast market talk about and business profits using assumptions and financial projections. The business's approach was to recognise the value of consumer service, facilities, ambience, and projection technology and functional benefits. I managed to educate myself practically with the data of applying wide selection of marketing models and techniques running a business plan. It helped me to formulate strategic aim and aims of the beginning up company. The reason of conducting the study was to recognize and establish potential market and also to acquire valid and reliable data. I grasped the value of critically analysing market information and data related to potential prospects before entering the market. I studied to handle market analysis; learned all about market size and forecast; its show, trends and behaviour. I also assessed rivals and their strategies, targeted market sections, analysed our business' key competencies and critical success factors; marketing and charging strategies. This business plan also assisted me in projecting budget and studies along with knowledge of staffing and resourcing for business.

Synthesis

Despite dividing the tasks according to our advantages, we still faced issues. Although all problems were settled properly but I'd still like to change my future strategy a little. I'd definitely give attention to time management and problems with respect to motivation and interest. The areas I need improvements are my skills of critical thinking and analysing and assessing the market. I'd also make an effort to encourage positive criticism so that associates could enhance their work. Experience gained out of this task will definitely help to improve the previously listed areas in the future.

There are some factors that developed my understanding and improved upon knowledge. I learned to conduct the study practically that have been trained theoretically in workshops and lectures within my study in the university. Conferences provided facilitation in problem handling and tactical planning. These also helped me in decision making and employed in a team.

Analysis and Evaluation

It was expected from a student studying master running a business administration to think and analyse critically. The lectures I have taken within my studies and the lessons that I have went to provided a great assist in making use of marketing tools and ways to my research. These also aided me applying ideas into practical situation. I gained bot theoretical and functional knowledge. I applied my examined understanding of the books; journals and coursework make and plan a technique for the business. Models e. g. Porter's common strategies, McKenzie 7's model, Porter's five pushes model and Ansoff's progress model, have been applied effectively. The knowledge from the lectures helped me search various data resources. The effective use of theoretical knowledge in practical scenario did wonders in understanding the business plan. I applied a number of marketing theories to advance my knowledge of the business plan. I progressively built my working experience upon the theoretical knowledge. Theory trained me the ways to carry out research; I almost gathered data on filed. Theory taught me various ways of measuring the data; I pretty much applied some in financial projection; Theory discussed how to use the latest models of; I were able to use these ideas regarding to my situation and created a whole survey.

After successfully doing the task, I learned to better argue, use facts and instances and debate effectively on management issues. The business plan helped me to be good, comfortable, cooperative and effective team member. My researching skills increased considerably. Now I can use different research which can help me in future research process. It taught me to make a conclusive debate, present the paper clearer and quarrels more apparent. Collecting data, analysing it, writing it in an effective format and showing it to the board has given me a feeling of success and pride. In comparison to my own skills before focusing on this project I did so make a lot of progress.

I personally believe that business plan is more possible as it helped me understand not just to applying critical thinking and analysing the information but to use the idea into practice. It helps the students getting management experience and making use of what they have learned in their lectures and workshops.

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