The ideas and thoughts which are conceived in mind are developed when we write it out. Moreover I believe that this blogging experience would stay as a document of my first business experience. Above all the most I gained is my personality development. This course has helped me develop my confidence and communication skills. A true entrepreneur is one who is able to convince others about his idea.
In that way communication plays a major role Sai, I took use of the opportunity to speak to as many customers I could reach. Businesses always are born on ideas. As a student interested in management naturally I was always interested in knowing the business models and the functional advantage of businesses. Despite this running my own business has always been an idea at a distant. But having this experience of running your own business it has triggered me to work on any business idea and do a feasibility study. Feasibility study for any business is crucial and this entrepreneurship experience has given a wide lesson on that area.
A new innovative idea in any existing business can make a wide change. This can be seen in history in development of new products Ellie, Most products now available in the market are part of evolution than stating it as new development. They evolve from the existing product or can be a merger or two or three existing ideas or placing one idea at new place or replacing the existing idea with others. Development of Dyson Vacuum cleaners can be an example.
But for all these the essential thing that is required is to develop your ideas and to work on demands. Demands are mostly hidden and until a product comes into existence certain demands can never be realised. Until iphones were released we never realised that a cell phone would replace laptops. This entrepreneurship experience helps me realise that. For any business to run successfully managing the cash flow is very crucial. This also helps to develop the business model. Pre determining of such factors is essential for any successful business.
I gained the experience of developing the business revenue model, finance model and do the cash flow analysis. Pricing your product is a critical factor for your products success.
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Any product which is over charged might lose its customers. And its the same when it comes to the case of under charging the product. The danger in under charging the product is that the product loses it prestige and people start doubting the quality of the product. This might contradict with the sales offers which come up at very reduced price and attract large number of people sai, The reason behind that success is that these products have once proved that they are of high cost and having a lessened price would attract more customers.
The major pricing factors are determined using the manufacturing cost,competeitor,supplier Sharan, Manufacturing Cost:The first way to determine the basic pricing is to determine the cost involved in manufacturing. By not taking this in to account, any product under sold this price would end up in loss. This should be set as the minimum price for any product. Competitor pricing:Competitor pricing is another crucial factor. At most cases many seller will avoid selling under the manufacturing price. And analyzing the competitor pricing is also one way to understand the markets.ignamant.cl/wp-includes/55/934-rastrear-celular-via.php
Reflective essay examples
Demand based pricing:Pricing factor most commonly depends on the demand. The demand can be studied by market surveys and questioners. Apart from that we can determine the demand by learning the sales volume of the competitor products. The workshop on Business pitching helped develop my ideas and post it in a way the key factors are communicated. I also learnt that the key factors are not only important it is also crucial to post it a very innovative and engaging way. The dragons den experience was a good experience. There are three models in business pitching.
Writing a business Report is as crucial as the business pitch. By writing up the business report for a business we had run it gave me knowledge on factors that has to be mentioned in the business report. Moreover it also gave me learn about the factors on which any investor would focus on. The documenting part of the entire business has helped us realise and identify the mistakes made in the business.
A very important quality for a business person is to learn to work with different people in an effective way Kevin, In this way I have had my experience through this course. A good manager is a person who learns to work under constraints and make efficient use of the resources available. Entrepreneurship at Kingston is a similar scenario. With the limitation on money to be invested and with the group mates all set and the environment known it was the best to make out of it.
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Leadership quality is acquired ,developed and used widely only while working in groups Charry, As a future plan the course has helped me realise the entrepreneur in me. Apart from that it has helped me develop all the skills required for an entrepreneur. Experience is a good lesson for everybody to learn from. And Entrepreneurship has given me the best experience of my course.
I intend to set up my own social enterprise in the future. Through my experiences on working on ideas in the course I think this will help me analyse the need and come up with the best business model which will benefit the society through its service. Increasing the strength of each team member produced greater team success and results. I understood that that collective strengths of team could tackle any problem we face.
By actually participating in a joint research project, I understood the importance of team theory in practice. It provided me confidence to relate the theoretical study with my research. I acknowledged my roles and responsibilities by working effectively working in a team.
Sample Business and Economics reflective essay - Research & Learning Online
My communication and coordination skills improved considerably. During the work, I have appreciated the idea of working together to achieve the common goal.
I have learned that effective team working is the key to success when there are limited time and resources. Different point of views can be brought forward which could help in effective decision making. I found the energy of group participation made me feel more energetic about contributing something. The thing that helped me understand the approach of my team members is the constant contact and consultation with them.
It also assisted me to learn and understand their ideas and experiences. Working with team on a 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 sources and in using variety of research tools techniques and methods to conduct a research. The proposed business plan concentrated on marketing strategies of the company before during and after launch of its business. It focused upon the areas of market penetration, market segmentation and marketing growth.
It also included finding out market trend and demand of the consumers. I forecast market share and business revenues using assumptions and financial projections. I managed to educate myself practically with the knowledge of applying wide range of marketing models and techniques in business plan.
It helped me to formulate strategic aim and objectives of the start up company. The reason of conducting the research was to identify and establish potential market and also to collect valid and reliable data. I understood the importance of critically analysing market information and data related to potential customers before entering the market. I studied to carry out market analysis; learned about market size and forecast; its share, trends and behaviour. This business plan also assisted me in projecting financial position and reports along with knowledge of staffing and resourcing for business.
Despite dividing the tasks according to our strengths, we still faced issues.
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Although all problems were resolved properly but I would still like to change my future approach a little. I would definitely focus on time management and issues regarding motivation and interest.
Individual Reflection Report On A Business Plan
The areas I need improvements are my skills of critical thinking and analysing and assessing the market. I would also try to encourage positive criticism so that team members could improve their work. Experience gained from this project will definitely help to improve the above mentioned areas in the future. There are some factors that developed my understanding and improved knowledge. I learnt to conduct the research practically which were taught theoretically in workshops and lectures during my study in the university.
Meetings provided facilitation in problem solving and strategic planning. These also helped me in decision making and working in a team.
Knowledge and Understanding
It was expected from a student studying master in business administration to think and analyse critically. The lectures I have taken during my studies and the courses that I have attended provided a great help in applying marketing tools and techniques to my research. These also assisted me applying theories into practical scenario. I gained bot theoretical and practical knowledge. I applied my studied knowledge of the books; journals and coursework make and plan a strategy for the company.
Models e. The knowledge from the lectures helped me search various data sources. The effective use of theoretical knowledge in practical scenario proved helpful in understanding the business plan. I applied a number of marketing theories to advance my knowledge of the business plan.