Individual Reflection Report On A Business Plan Education Essay

Individual Reflection Report On A line of stool Plan Education EssayTerms of ReferenceThis report has been prepargond as a reflective range of my groups stage business externalise for MBA rush. The economic consumption of this reflection sheet is to redirect how I and my group mates worked period undertaking the externalize. The point of writing this report is to include my thoughts and reactions to the go through. The reflective daybook is a personal record of my learning produces (White, 2005). I extradite been asked by university management to write an individual reflective daybook on business plan that should consist of my deprecative way of cerebration in an analytic way. It has been written to reflect on my work which will bothow the readers to guess my achievement being a constituent of a group and my subprogram as a interrogationer, analyser, critical thinker, reporter and presenter (White, 2005). I assay to be as specific as possible as this journal is a persuasive essay arguing on behalf of myself. It includes where my inspiration comes from, how I do use of my whims to develop my work and my awareness of the context in which I work. This reflective journal is an individual report that has described my work based on the business plan that I pee-pee participated in. I was elect to work in a aggroup of atomic number 23 shares to demonstrate a business plan regarding launching a business in Cardiff. My group members for this assignment were Archana Ashu, Gagan Deep Singh, Nadeem Khan and Rachit Ajmera. The business plan that we make water worked together, is regarding launching a multiplex cinema in Cardiff. This business plan provides a 3 year operating plan for a multiple cinema with a start-up capital of 5 million. In this report we highlighted and analysed all the factors essential for a start-up. We considered grocery store analysis, market strategy and costing, mental facultying and resourcing, and financial pr ojections for the frontmost 3 years of the business. In this reflective journal I father described objectively what happened, I tried to Interpret the events explaining what I adage and heard, my insights, my connections with opposite learning, my hypotheses and my conclusions. I similarly evaluated the effectiveness and efficiency of what was observed.In this journal, I have described how I tackled group issues, interpreted my role as a team member, what did I learn being a team member and How I approached challenges. Other than trouble solving I have recorded and mentioned knowledge and discovering of relevant theories, synthesis of what would I do dissimilarly next era reflecting on how the workshops/meetings helped develop my study? I have been asked to reflect an analysis, taking into account aspects of my strategy formulation and explaining how I built upon and applied knowledge from taught modules. I have make confident(predicate) that structure of work prolongs al l the section headings and recognises marking scheme, language is brief and this journal is presented check to school guidelines.Problem solvingI was chosen to work in a team of five members to build a business plan regarding launching a business in Cardiff. My team members for this assignment were Archana Ashu, Gagan Deep Singh, Nadeem Khan and Rachit Ajmera. Although I wanted to be in a team of my a providedting friends, the administration allocated teams randomly and put me in a group of five students. Luckily I already had close friendship with one member and I k young one other as he was in a same study group as mine. Initially I had objections with the supervisors decision of allocation but gradually as I started to know my team members, this opposition faded away. I mat up companionable and enthusiastic being in this team. Being students from varied backgrounds and societies by nature raised some problems for us but we managed to solve all the issues quite an amicabl y (Gillie, 2010). All the disagreements were resolved and we worked together harmoniously. As a contemporary management student, I dumb the capability of a team is greater than the collective abilities of the individuals within it. As soon as I was consigned in a team, I called eitherone for a meeting to know each other and discuss task in hand. For me, doing the work in a friendly environment and more casually could make the task easier. Rest of the team members did not agree and had some reservations but I motivated them and persuaded them to follow my arrangement. In the meetings, plan was discussed and ideas were revolved (Gillie, 2010). I also put prior my thoughts and plans. After careful planning, thorough discussion and constructive statements I made them agree on the topic. We defined our roles according to our strengths in subject areas and tasks were appoint to each member. My team set its standards of ethics and behaviours to achieve positive synergy and to create e ffective environment (Levin, 2008). All team members were highly move and motivated. My strong area was selling, hence id been assigned with collecting, analysing and evaluating marketing aspects of the business plan. I also convinced them to work closely and stay in aeonian contact. Although we had to work individually on our tasks but I collaborated to help others in their work and vice versa (Levin, 2008). Apart from problems mentioned above, I and other team members go ab out some other problems such as lack of knowledge of how to demand the study, inexperience of research process, lack of critical analysis during research process, little research was done on every individuals part and there were critical judgements on each others work, no reckonment of critical thinking which made our presentation look descriptive, and inconsistent decision making. All these problems were solved conjointly (Gillie, 2010).I have learnt that team is more victoryful when members within it are able to create synergy. Since our goals, objectives, tasks, and priorities were larger than any individual, teamwork was required. When team members know how to be more effective together, synergy happens and greater organizational success is achieved. I have also understood the importance of teamwork (Sugars, 2005). I considered every member of my team as important as each person brought rum skills, knowledge, and experience. Team members also brought energy, drive, passion, and determination. Since not everyone brings different amounts of all of these social functions, team members indispensable each other. Increasing the strength of each team member produced greater team success and results. I along with my team members approached all the issues quite confidently as I knew our collective strengths could tackle any problem we face (Glover, 2009).Knowledge and UnderstandingBy conducting a research as a team, I felt that there is no doubt team theory is relevant in practice. I was confident to relate the research and the theory I have studied during my MBA course (Sugars, 2005). Previous experience in management field also came handy. The most important thing I have gained knowledge of is the effectively working in a team. In the later stages of the project, coordination among team members increased considerably. This helped in improving and embellish our communication skills. We intentional that everyone can do their own part to work towards a common goal and that there doesnt need to be only when one distinct leader (Glover, 2009).Although different tasks were assigned to team members, I remained in constant contact with every member and consulted on every possible occasion. This also helped me learn and understand their approach as tumesce (Glover, 2009). As an individual, working on a business plan has helped me to understand how to make an official report. It assisted me in research method actingology, how to check different sources and how to carry out research. The proposed business plan was solely concentrated on market penetration and market acquisition with its customer service, facilities, ambience, and projection applied science and above all, operational benefits (Sugars, 2005). Beside this, I managed to learn different marketing techniques and got a practicable experience of how to apply marketing models and theories. I considered myself an important member of a team in formulating strategy and objectives to achieve this strategy. The main think of conducting a market research was to identify and establish potential market and also to get the reliable data for product. I have learned to analyse the market and potential customers sooner entering the market. I understood the market analysis for business is to check the feasibility and the absorbance of product in the market and to understand the trends and behaviour of the consumers in market and to apply strategies whence (Dyer, 2007). All this provided cruci al and reliable information. I studied to carry out market analysis learned about market size and hope its share, trends and behaviour. I also assessed competitors and their strategies, targeted market segments, analysed our business core competencies and critical success factors marketing and costing strategies. This business plan also assisted me in projecting financial position and reports along with knowledge of staffing and resourcing for business (Sugars, 2007). entailmentAlthough all team members planned the business plan and divided the tasks according to their strengths but we still faced some problems. I would like to convert my approach a little next time I involve myself in this type of activity. I would definitely focus on time management and motivation issues (Dyers, 2007). Others areas need to be advanced are analytical skills and market assessments. The area of critics of team needs some perfection as well. Every members presentation skills were weak that resulted in lower marks. The report looked descriptive and team members just read that in the presentation meeting. Experience gained from this project will definitely help to improve the above mentioned areas in the succeeding(a) (Saunders et al. 2009).There are a lot of aspects and factors that helped me develop my judgment and improve my knowledge. Workshops and lectures taught me how to carry out a research in desired fields, what method to select and what approach to take. Meetings provided facilitation in problem solving and strategic planning. These also helped me in decision making and working in a team (White, 2005).Analysis and EvaluationAs a student studying MBA course from a renowned university, I was expected to apply critical thinking and analyse the business plan. The modules that I have studied during my lectures helped me apply marketing tools and techniques to my research. I learned how to apply theory into practice. This was a new idea to me but I was successful in inte rpreting this. This helped me gained both a priori and practical knowledge. I applied knowledge from the books and journals to formulate the strategic plan, relegating and vision of the company that I was working on. I applied different models successfully such as McKenzie 7s model, Porters generic strategies, Ansoffs growth model, IR model, Porters five forces model and some others (Kotler. 2010). The knowledge from the lectures helped me how to search different sources which was useful in strategy formulation. Overall the use of theoretical knowledge in practical situation helped me understand the business plan. I used the theories to advance my understanding of the business plan. The practical experience was built upon the theoretical knowledge (Saunders et al. 2009). hypothesis asked me how to conduct a research based on this I a great deal collected data and information for analysis. conjecture taught me how to calculate I lots used this knowledge to formulate a financial projection Theory explained how to apply different models I managed to use these theories according to my situation and constructed a whole report. I practically worked in human resource filed to staff and resource my business.Having completed this project, I have learned how to better entreat a point in discussion. Using facts and example, my arguments have become much(prenominal) better (Sugars, 2005). The project taught me and my team members to be unspoiled team members, conjunct and helpful. I felt a change as my researching skills increased considerably. I can better understand the topic and use a manikin of sources for search purposes which will help me a lot in early research process. I can create a conclusive argument that can set a tone of the entire project. Using latest techniques of researching and arguing, my paper will seem clearer and my arguments more apparent (Bryman and Bell, 2007). I have also updated my accounting knowledge by working on new accounting p rinciples. I was responsible for quite of lot of report writing. It was good for me to get practice at writing, at proof reading, editing, etc. I did have a sense of achievement when a report was finished. And at long last my computer skills have also improved from writing reports and through having 24-hour devil to the computer. These skills are not great, but in comparison to my own skills before working on this project they have progressed well.I personally timber that business plan is viable as it helps us understand not just to apply critical thinking and analyse the information but to use the theory into practice. This is what I think MBA requires. It helps the students getting management experience and applying what they have learnt in their lectures and workshops.