Individual Reflection Article On A Business Plan Education Essay

Terms of Reference

This article has been ready as a reflective work of my groups business plan for MBA course. The purpose of this representation sheet is to redirect by domain flipping and my team mates proved helpful while executing the project. The point of writing this record is to include my thoughts and reactions to the knowledge. The reflective journal is a personal record of my learning encounters (White, 2005). I have already been asked by school management to create a person reflective journal on business plan which should consist of my critical way of thinking within an analytical way. It has been written to think about my work that will allow the visitors to understand my achievement being truly a person in a team and my role as a researcher, analyser, critical thinker, reporter and presenter (White, 2005). I attempted to be as specific as possible as this journal is a persuasive essay arguing with respect to myself. It includes where my motivation comes from, the way i used my ideas to develop might work and my knowing of the context where I work. This reflective journal is an individual record that has described my work based upon the business plan that I've participated in. I was chosen to work in a team of five customers to create a business plan regarding launching an enterprise in Cardiff. My team members for this assignment were Archana Ashu, Gagan Deep Singh, Nadeem Khan and Rachit Ajmera. The business plan that people have worked jointly, is regarding introducing a multiplex theatre in Cardiff. This business plan offers a 3 year functioning arrange for a Multiplex theatre with a start-up capital of 5 million. In such a report we outlined and analysed all the factors needed for a start-up. We considered market examination, market strategy and costing, staffing and resourcing, and financial projections for the first three years of the business enterprise. In this particular reflective journal I have identified objectively what took place, I tried to Interpret the incidents explaining what I noticed and read, my insights, my connections with other learning, my hypotheses and my conclusions. I also examined the efficiency and efficiency of what was observed.

In this journal, I have described can certainly make money tackled team issues, interpreted my role as a team member, what does I learn being truly a team member and exactly how I approached troubles. Other than problem solving I have recorded and brought up knowledge and knowledge of relevant ideas, synthesis of what would I really do differently next time reflecting how the workshops/conferences helped develop my study? I have already been asked to indicate an analysis, taking into account aspects of my strategy formulation and describing could built upon and applied knowledge from educated modules. I've made sure that framework of work comes after all the section headings and recognises marking plan, words is concise and this journal is presented according to school guidelines.

Problem solving

I was chosen to work in a team of five customers to create a business plan regarding releasing a business in Cardiff. My associates for this project were Archana Ashu, Gagan Deep Singh, Nadeem Khan and Rachit Ajmera. Although I wanted to maintain a team of my close friends, the supervision allocated teams randomly and put me in several five students. Luckily I already possessed close friendship with one member and I understood an added as he was at a same review group as mine. Originally I had formed objections with the supervisors' decision of allocation but little by little as I started to know my associates, this opposition faded out. I thought friendly and enthusiastic being in this team. Being students from different backgrounds and societies by natural means lifted some problems for all of us but we were able to solve all the problems quite amicably (Gillie, 2010). All of the disagreements were resolved and we worked together harmoniously. To be a contemporary management university student, I understood the ability of your team is greater than the collective talents of the individuals within it. As soon as I got consigned in a team, I called everyone for a meeting to know each other and discuss task in hand. For me, doing the work in a friendly environment and more casually will make the task easier. Rest of the team members did not agree and had some reservations but I encouraged them and persuaded them to follow my arrangement. Inside the meetings, plan was reviewed and ideas were revolved (Gillie, 2010). I also submit my thoughts and ideas. After careful planning, in depth discourse and constructive quarrels I made them acknowledge this issue. We identified our roles matching to our advantages in subject matter and jobs were designated to each member. My team establish its expectations of ethics and behaviours to accomplish positive synergy also to create effective environment (Levin, 2008). All associates were highly committed and motivated. My strong area was marketing, hence id been given with collecting, analysing and analyzing marketing areas of the business plan. I also persuaded them to work tightly and stay in frequent contact. Although we'd to work independently on our jobs but I collaborated to help others in their work and vice versa (Levin, 2008). Apart from problems mentioned above, I and other associates faced some other problems such as insufficient knowledge of how to perform the study, inexperience of research process, insufficient critical examination during research process, less research was done on every individual's part and there have been critical judgements on each other's work, no involvement of critical thinking which made our demonstration look descriptive, and inconsistent decision making. All these problems were fixed jointly (Gillie, 2010).

I have learned that team is more lucrative when associates within it are able to create synergy. Since our goals, targets, duties, and priorities were bigger than any individual, teamwork was required. When associates know how to become more effective collectively, synergy happens and greater organizational success is achieved. I've also understood the value of teamwork (Sugars, 2005). I considered every member of my team as important as each individual brought unique skills, knowledge, and experience. Team members also brought energy, drive, enthusiasm, and conviction. Since not everyone brings different amounts of all of these things, team members needed each other. Increasing the effectiveness of each team member produced increased team success and results. I along with my team members approached all the problems quite confidently when i knew our collective talents could tackle any issue we face (Glover, 2009).

Knowledge and Understanding

By conducting a research as a team, I sensed that there is no doubt team theory is pertinent in practice. I got confident to associate the study and the idea I have analyzed during my MBA course (Sugar, 2005). Past experience in management field also emerged handy. The most important thing I've gained understanding of is the effectively employed in a team. In the later levels of the task, coordination among team members increased significantly. This helped in increasing and polishing our communication skills. We learned that everyone can do their own part to work towards one common goal which there doesn't have to be just one distinctive leader (Glover, 2009).

Although different responsibilities were given to associates, I remained in constant connection with every member and consulted on every possible occasion. This also helped me learn and understand their strategy as well (Glover, 2009). As an individual, working on a business plan has helped me to comprehend steps to make an official statement. It aided me in research technique, how to check on different sources and how to handle research. The proposed business plan was exclusively focused on market penetration and market acquisition with its customer support, facilities, ambience, and projection technology and above all, functional benefits (Sugars, 2005). Beside this, I were able to learn different marketing techniques and acquired a working experience of how to apply marketing models and ideas. I considered myself an important member of a team in formulating strategy and objectives to do this strategy. The main purpose of doing a market research was to recognize and build potential market and also to receive the reliable data for product. I've learned to analyse the market and potential customers before entering the market. I understood the market research for business is to check on the feasibility and the absorbance of product in the market and to understand the developments and behavior of the consumers in market and to apply strategies consequently (Dyer, 2007). All of this provided important and reliable information. I researched to handle market analysis; learned about market size and forecast; its talk about, trends and behavior. I also evaluated opponents 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 (Sugar, 2007).

Synthesis

Although all team members planned the business enterprise plan and divided the duties according to their advantages but we still confronted some problems. I would like to change my approach a little the next time I entail myself in this type of activity. I'd definitely give attention to time management and drive issues (Dyers, 2007). Others areas have to be better are analytical skills and market assessments. The area of critics of team needs some excellence as well. Every member's demonstration skills were poor that resulted in lower marks. The report looked descriptive and associates just read that in the demonstration meeting. Experience gained from this task will definitely help improve the above mentioned areas in the future (Saunders et al. 2009).

There are a lot of aspects and factors that helped me develop my understanding and improve my knowledge. Workshops and lectures educated me how to handle a research in desired domains, what solution to select and what method of take. Meetings provided facilitation in problem solving and proper planning. These also helped me in decision making and employed in a team (White, 2005).

Analysis and Evaluation

As students learning MBA course from a renowned university, I was expected to apply critical thinking and analyse the business enterprise plan. The modules that I've studied during my lectures helped me apply marketing tools and ways to my research. I learned how to use theory into practice. This is a fresh idea to me but I used to be successful in interpreting this. This helped me gained both theoretical and useful knowledge. I applied knowledge from the literature and publications to formulate the proper plan, mission and eye-sight of the business that we was focusing on. I applied different models effectively such as McKenzie 7's model, Porter's universal strategies, Ansoff's progress model, IR model, Porter's five causes model plus some others (Kotler. 2010). The knowledge from the lectures helped me how to search different sources which was useful in strategy formulation. Overall the utilization of theoretical knowledge in functional situation helped me understand the business enterprise plan. I used the ideas to improve my knowledge of the business plan. The practical experience was built upon the theoretical knowledge (Saunders et al. 2009). Theory asked me how to execute a research; based on this I virtually collected data and information for analysis. Theory taught me how to determine; I pretty much used this knowledge to formulate a financial projection; Theory discussed how to apply the latest models of; I managed to use these theories matching to my situation and built a whole survey. I practically worked well in human tool filed to staff and resource my business.

Having completed this task, I have discovered how to better argue a spot in talk. Using facts and example, my quarrels have become far better (Sugar, 2005). The task educated me and my associates to be good team members, cooperative and helpful. I felt a big change as my researching skills increased noticeably. I can better understand this issue and use a variety of options for search purposes which will help me a lot in future research process. I could create a conclusive discussion that can placed a shade of the entire task. Using latest techniques of researching and arguing, my paper will appear clearer and my arguments more clear (Bryman and Bell, 2007). I've also updated my accounting knowledge by working on new accounting concepts. I was in charge of quite of whole lot of report writing. It had been best for me to get practice at writing, at confirmation reading, editing and enhancing, etc. I did so have a feeling of achievement whenever a report was completed. And lastly my computer skills also have better from writing information and through having 24-hour usage of the computer. These skills are not great, however in comparison to my very own skills before working on this project they have progressed well.

I personally believe that business plan is practical as it can help us understand not simply to use critical thinking and analyse the information but to use the idea into practice. This is what I believe MBA requires. It can help the students getting management experience and applying what they have learnt in their lectures and workshops.

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