How to Develop a Business Plan - Essay Example

Introduction: The ultimate goal all education is to provide the individual with a further level of understanding and applicable resources that they can utilize later on in their studies or within their professional career. As a function of this particular understanding, the following analysis will be concentric on the major lessons learned during this particular course and how I might apply these within my professional career in the future. Although it is of course impossible to really each of the learning outcomes that took place during the course in question, and during the project which will be defined, highlighting the major ones will form the outline and backbone for what this particular response paper attempts to highlight. Developing a Business Plan: One of the most important, and perhaps most helpful, skills that I learned during the course of this particular project has to do with the process of developing new ideas. Ultimately, my group, which consisted of four individuals, found it necessary to develop a business plan and seeks to implement this business plan in a virtual setting. As such, many ideas were developed and analyzed within this group prior to one being selected. Whereas it is of course important to underscore the fact that each member of the group provided an essential role and ultimately help to the project towards completion, it was my suggestion that was determined to be the best and provided the basis for the business plan that was eventually developed (Bouma et al., 2014). The development of the business plan serves as an essential complement, and perhaps the most important aspect of learning that was achieved during this particular semester. The underlying reason for this has to do with the fact that the business plan is far more than a rough interpretation for what service or product should be offered. Instead, the business plan must make preliminary projections and considerations with respect to how this will be affected, feasibility, economic issues, potential threats and weaknesses, and a litany of concerns involving finance and the way in which such a project would be initiated, supported, and projected into the market (Meadows & Buckley, 2014). In this way, rather than the development of the business plan only taking a few days or hours to complete, this process was one that instilled a level of respect in me with regard to the importance of carefully crafting the business plan and going about it in a thorough and analytical manner (Goodwin, 2002). In terms of how this particular aspect of the project could potentially be beneficial in the future, it must be understood that the need to cautiously approach the given subject with a level of consideration for many different variables will serve me well in whatever future career I seek to engage with; due in part to the fact that the considerations that were made within the project have relevance to the way in which future choices will be made within the real world. Budgeting What business idea was determined, it was necessary to analyze the overall level of budgeting that would be allowed for the project and how this could effectively be accomplished with limited resources. In a sense, this served as the first practical approach to business experience that many individuals within a group were able to have. Ultimately, the business idea in and of itself was nothing more than an idea (Uyar, 2009). However, once the idea was determined and the project move forward, it was then necessary to allocate sufficient resources to be aspect of the business plan and seek to promote its ultimate goal by the correct distribution of these resources. Likewise, this particular process also has a profound level of usefulness with respect to my future career. Regardless of the position that I will be selected for, it will be necessary for me not only to engage with abstract ideas and to promote potential business development expansion, it will also be required that I consider the actual hard resources that will be required as a means of bringing these abstract ideas to fruition. In such a manner, it was a great deal of discussion and disagreement with respect to the way in which the group determined that resources and budgeting should take place. However, rather than viewing these as an ultimate impediments, I came to understand that the level of discussion and argumentation was useful with respect to highlighting some of the weaknesses of the approach that I had initially engaged. Rather than the entire project being one situation after another in which my ideas were accepted, the budgeting process helps to prove that engaging with others ideas and considering alternate approaches was oftentimes every bit as beneficial, and more, than merely pushing my own ideas at each and every opportunity (Pereira-Monteiro, 2013). In tandem with the skill of budgeting that was learned during the course of this particular semester, the need for focusing on cash flow was also an essential complement that was engaged with during this particular process. As such, the development of reasonable and progressive goals with respect to cash flow will doubtless represent an essential complement of my education as I move forward is my professional career. One of the shortcomings that was exhibited with respect to my understanding and application of cash flow was with regard to the continual drive for growth and expansion in the early stages of service provision. However, the benefit of the course is with regard to the fact that even though a desire for growth and expansion of the service line served as a fundamental complement that would be addressed, it was not allowable for this to become a solitary goal at the early stages of cash flow analysis and development. The underlying reason for this has to do with the fact that it was necessary to develop the base of the business and promoted prior to seeking to expand it to a larger number of stakeholders (Vonasek, 2011). Long and Short Term Goals: In tandem with this, our group meetings highlighted the need for thinking like an entrepreneur. In such a sense, the development of both long-term and short-term vision was something that came to be represented with the way in which each member of the group engaged project (Geffers, 2014). Prior to setting out on attempting to craft a business idea and put it into action, most members of the team had not officially considered the need to separate and distinct long and short-term goals for business operations (Li-Wei et al., 2014). Although it is true that prior courses at briefly mentioned and/or highlighted this is a potential approach, we did not become cognizant of this differential up until the point that we were attempting to accomplish too much within two short timeframe; necessarily distracting us from other more salient issues that should have been engaged (Kaikkonen et al., 2014). Expansion Approach and Marketing: Alongside this understanding of long and short term goals, another valuable resource that this particular assignment was able to provide is with regard to the fact that one of the long term goals that soon came to be represented was with respect to eventual expansion outside Qatar. As was listed previously, the incessant drive to expand the business and consider how profitability could be maximized at the early stages led me to recognize that this was ultimately a long-term goal and one that could not and should not be accomplished in the earliest stages. However, just because the place for expansion and consideration of cash flow with respect to maximizing stakeholder anticipation in the market was not the early stages of the project, this does not indicate that he did not have a place with respect to the considerations that need to be made. Because of this, our team eventually began to integrate with issues regarding international marketing and the means by which he and expansion of this particular service could be affected. Naturally, the benefit of all of this can strongly be understood with respect to future career and the way in which these skills might be applied to whatever firm or business entity I might end up working for. Specifically, one of the benefits of the consideration of expansion had to do with the fact that our team determined that the website should prepare for expansion in the sense that it should be offered in a trilingual platform; English, Arabic, and Chinese. Within this particular consideration, easily changed compliments of the website plan in the business model were prepared for long-term goals without expending overtly large portion of resources seeking to accomplish them. Engagement and Learning from Entrepreneurs: Another extraordinarily beneficial aspect of this particular course is with respect to the engagement and learning from entrepreneurs that took place. Ultimately, regardless of the situation and potential business plan that are group determined we would pursue, the reality of the project was only virtual; in other words real money was not being expended, true marketing was not taking place, and true prophets were not being received. However, even though it is impossible to engage in a simulation such as the one we did and make it truly “real”, the interaction and learning that was experienced from exposure to true entrepreneurs, their stories, their business plans, and the means by which they engaged with the client provided an invaluable resource and inspiration with respect to the way in which are group approach the subject matter. Speaking for myself, the relationships that were forged with the entrepreneurs, the means by which they were open to questions, and the realistic approach that they provided has allowed me to understand the entrepreneurial process to a more full and complete/personal level. In my professional career, I will doubtless leverage the understanding that took place with respect to these entrepreneurs and their stories as a means of effecting positive business engagements with whatever employer I am selected to work for. Regulation minimum salaries: As with any project, the abstract nature of our initial business plan did not have me expecting the level of involvement or research that we needed to be performed in order for a positive effect to be realized. However, as the project receded and it became more and more clear that I needed to be well-versed in regulations and issues pertaining to minimum wage regulations in the nations that we were interested in expansion, this provided a further valuable tool that I will be able to utilize within my professional career. Ultimately, regulations and issues concerning the minimum wage varied from nation to nation (Lee, 2014). As such, it was necessary for me to focus on the resources and publications that were relevant to each and every geographic locations we were interested in eventual expansion within. The usefulness of this particular research was that I determined which sources were valuable, relevant, and up-to-date and incorporated these with respect to the business plan and the analysis of how cash flow and profitability could be calculated. In terms of applicability to future career goals, it will be necessary for me to engage in relevant research and understanding regulations regardless of what business seeks to employ me. As such, the resources will not always be readily available or specified with respect to where I find the information and how I feel about tabulated. Because of this, the experience with respect to understanding minimum wage laws and regulations concerning government pay standards was essential in terms of helping me to find credible information and included in an effective manner. Self Analysis Further, one of the benefits that self-analysis provides once a task has been completed is the ability that it gives for the individual to focus upon those areas that could be improved upon as well as noting and further improving those areas that proved to be key successes within the process. As a means of this, the following analysis will seek to provide a level of discussion onto the key areas in which the skills that will be noted developed as a function of individual growth as well as teamwork. Furthermore, the mistakes and difficulties that were experienced will also be discussed as a means of seeking to find ways in which personal and professional development can be promoted to a higher degree in the future. Although an exhaustive study of these personal and professional factors would require a dissertation length response, this brief analysis will seek to hone in on three unique skills which were developed through the course of the project as well as pointing to the related difficulties and weaknesses that proved to be key roadblocks, although not insurmountable, in the process. Group performance was initially less than desired. It is the expectation of this student that the prime reason for this was that the norming process was nowhere near complete within the first few hours in which the group began to operate as a unit. However, as time went on and each of the group members came to develop a feel for the way in which each personality contributed to the group, a dynamic as established which helped to define the way in which group identity would be understood and perpetrated throughout the interactions. One of the key elements that needed additional time to develop is with regard to the fact that the group was unable to ameliorate confrontation or disagreement within the beginning stages. Once again, this was partially due to the fact that the group was not yet fully formed and had not specified a hierarchy or means by which disagreements/disputes would be resolved. However, as progress began to break down and individuals saw that without a clear path to dispute mediation the projects would be sidetracked, all members involved came to pull towards discussion and cooperation as a means of resolving any disagreements that might take place. As the group finished this norming process and proceeded on to performing, the process became much smoother and the overall result of efficiency and productivity was consequently noted. The first of these unique personal skills that was noted throughout the course of the project which will herein be discussed is that of my ability to listen to the group. This is a skill born out of a weakness. Due to the fact that I am of a different cultural and ethnic origin as compared to the majority of my classmates, I oftentimes feel overly introverted and shy with regards to taking charge of the proceedings of the group or actively voicing my ideas and pushing for them to be implemented. As a function of this, I am much more comfortable and accomplished at listening to the ideas and thought processes of the other members in the group rather than taking charge and seeking to command the proceedings. This worked both as a primary skill and a key personal weakness. It acted as a primary skill in the fact that I was able to provide an informed level of input which necessarily drew not only upon my own ideas but also upon those good ideas and thought processes of my fellow team members. Conversely, it actually somewhat impeded the process in that during the times in which there were few ideas being generated and a lack of participation I was oftentimes unwilling to engage with the group as a means of putting the process back on the track that I saw as best with regards to completing the project in a satisfactory manner. This level of analysis does not meant to denote that I did not exhibit any level of growth throughout the process; quite the contrary. As the group frequently met to discuss the way in which the project should proceed, I more and more frequently found myself willing and able to state my views without being timid. Although a great deal of work remains to be done on this, I believe that the level to which I remained thoughtful and quiet in the beginning of the process helped me to provide even more pointed and insightful levels of engagement as the process continued. A secondary skill that was born out of this communication process within the group was the fact that I approached the project with the belief that I was at a disadvantage. Due to my aforementioned ethnic and cultural difference as compared to the rest of the class, I knew that I must work at least twice as hard as the rest of the native students in order to achieve a satisfactory result. This is not meant to draw attention to my level of output, but to state that the realization of my unique drawbacks helped me to formulate a plan in which to tackle this. As a function of realizing my key weaknesses and seeking to minimize them through hard work and dedication, a skill I knew I could bring to the table, I was able to successfully catch up with the remainder of the class and provide both myself and my group mates with levels of analysis and key insights, as well as background research, that others most likely did not have the time nor the patience to pursue. In such a way, I was able to recognize my disadvantage and weakness and through careful dedication, long hours, and hard work – seek to lessen this disadvantage and turn it into an advantage. The final strength that I found myself developing as a result of the group project was actually built as a compound strength from the two areas that I have already discussed. Due to the fact that I was both keen to listen rather than providing initial input as well as willing and able to perform a great deal of extra work on the project as a means to make up for my other failings, I was able to begin to realize some of the key areas in which our own group as well as myself were exhibiting weakness within the context of the project. Once these key areas of weakness were determined, our group was able to focus a higher level of attention on these rather than awaiting the final presentation of results only to see what the ultimate shortcomings of our project were. Facilitated by others within the group, I was able to provide a level of group introspection that helped to correct key shortcomings prior to the final delivery of results. Lastly, as a result of the three previously mentioned areas of personal development and key shortcomings/strengths that have been listed, I noticed that near the end of the group work I had become more dynamic, focused, and able to openly express my ideas and thought processes within my group. Unfortunately, some of this level of success was not directly realized within the final presentation. However, it is my express goal and wish that successive practice within this area will be able to allow me to develop into a more confident individual who is able to express my ideas openly and freely; both with my group mates as well as within the context of the broader audience of the classroom. Further, from the experience that was had, I can say that my particular style of communication can and should be developed; paying special attention not to lose those key strengths of ability to listen, synthesize, and pour a high level of self and group introspection into the final result. With respect to the particular type of leadership style that my participation within the group engendered, I would have to say that it was a mixture of both transactional and transformational. As determined by the class notes, transactional leadership can be defined as: “guiding followers in direction of established goals by clarifying role and task requirements”. Furthermore, transformational leadership, also as defined by the course notes is a style which “instills the ability to question and transcend self-interest”. Similarly, with respect to the key theories of leadership that I utilized within our team during the course of the assignment, I can also say that this also was a combination of both the Hersey theory of leadership and that of the House theory of leadership. With respect to the Hersey theory of leadership, I found that I was both highly willing and highly able; although suffering from a rather high degree of self-doubt. Moreover, with respect to the house theory of management, I noted on multiple occasions that I was increasingly focused on the path – goal approach. Rather than becoming heavily involved in the minute details of how certain details of the work process would be accomplished, I was heavily focused on the overall picture and how each step that was being undertaken would help to move myself and the group towards the realization of that particular big picture goal. With respect to any mistakes that were made in communication, our group did not experience any major issues on this front; however, this was likely due to the fact that we regularly met and kept in close contact via email throughout the entire process. However, I began to notice that due to the fact that my personality type leaned heavily towards introverted, I was missing many opportunities to engage with my team members as a result of my shyness. Although this cannot be understood so much as a mistake as it is a shortcoming, it nonetheless impeded me from being able to bring the full potential that I might have given to the group as a whole. In this way, even though I did not have any major mistakes, what I learned from the process was the value of being in close contact with each and every one of the team members as a way to ensure that we were all on the same path together throughout the entire process. As with any process of learning, the level to which my output could be improved is broad. Even in the areas that I ranked myself as performing well within, there remains a degree or improvement that can and should be realized; however the most important factor to this learning process is the fact that I now am aware of both the areas in which I have key, formerly unrealized strengths, as well as those areas which need further development and differentiation in order to help mold me into a more well-rounded and well-educated professional. Though it will likely be difficult if not impossible to change some of the core aspects of my personality, for instance my preference to be more introverted than extroverted, it is possible to hone my other skills that will allow for me to still engage with the other team members and shareholders within the process. As a result of the project, I am more confident in my own abilities and more aware of those areas in which I need to devote more time and energy in order to develop to a higher level. 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