Provinces Scottish Youth Business Trust - Essay Example

REFLECTIVE ESSAY Name of student Course Title 19th April, 2012 Reflective essay on business plan project Business planning is the process of dealing with all the business variables such as vision and strategy which covers important aspects of business such as marketing, finance, operations, human resource as well as legal plans. All these are compressed into a business plan which is a formal statement of a set of business goals which are believed to be attained in the future or in a given period of time. In this research of formulating the business plan for new world mobile waterless carwash, the contents include executive summary, Industry background, competition analysis, market analysis, operations plan, management summary and financial plan. The above states involve a systematic and procedural statement detailing the actual structure of the business. We are a group of four people namely Mshari, Khale, Ali and I set to undertake this research on the business plan. In the course of our research, we did well in the division of various tasks. I have performed well in the best way possible in the production of the topics such as management structure, operations plan and markets analysis. The group members were able to work on an average scale and able to meet the set timelines. The ideas brought up by the three other members had a great impact. In order to achieve success in any enterprise, it has to have a driven thoughts and opportunities to set the mind, good skills and knowledge of those thoughts and opportunity towards financially viable success (Pinson, 2004). As a result it has its guidance to establish and manage the new venture and the guidelines include: managing of the new venture listing procedure and considering the requirements for various authorities. In addition, identifying the successful factors of the new venture, pointing out the nature of the successful industrialist, recognizing and charge the new venture business opportunity, being aware of appropriate business structure for the new venture, finding out the competitors, figuring out the demand and supply of the price determination in the market sector, finding out the capital required for the new ventures, having a business plan in mind, recognizing and contrasting the funding of the new venture, considering the risks that can be encountered during business, doing calculation on finance after business has being done and this calculations includes cash-flow accounting system also forms the basic steps of establishing and managing a the new venture. Culture and new venture creation is connected between anthropology and free enterprise. The two sides lack conversation thus it takes a few notices of the academic and practical developments. When studying the demands of background on business enterprise the state of relationships tends to be damaging. Research has shown three streams and they include: culture and acknowledgment of the entrepreneurs, culture fundamentals on the formation procedure and lastly the study that enables factors constrain or put off people. The project has been challenging in the sense that the business idea for the company is very new and consequently, the industry of water less car wash services is similarly a very new entry. The ease of the project came about because the group members played their parts well to the contribution of the success of the research. Past experience played a great role in the skills applied on this research. In addition, other factors such as learning entrepreneur courses helped in the execution of the important areas of the research. For instance the startup ideas came up from one of us as an experienced learner. The behavior also played a major role due to its great sense of skill from natural knowledge. In any project, team work dynamics are the seen forces that operate in a term between different people or group. Due to our great team work, we influenced the dynamics of the business plan. Group dynamic therefore influenced the team on how it reacted, behave or performed and we were able to solve complex public. The process of business plan process included very few but procedure steps to follows which include: Comparing other business related to the new world mobile waterless carwash. Collecting data from various sources Formulating the plan outline Diversification of the topics to be researcher about Compressing of the ideas from group to make one business plan The Business Planning Process involved using some of management concepts and theories. Group dynamics play a major role in any business plan project. Belbins Team Role theory is extensively used as counseling and team development tools. Balancing of roles brings about better performance than imbalance of roles in any project. In the group we used, the theory played a bigger role as these was major differences and diversification of ideas. For a new business set up, entrepreneurial skills are very important to guide though the business planning process. Through general knowledge and creative linking, I was able to come up with good ideologies to resource the expenses to be met at start up. The propounding ideas that encapsulated to opportunities available and what to undertake in the long turn to minimize them and minimize Various ideas are exchanged through the process such that there was knowledge transfer. According to Nonak and Takenchi (1995), knowledge transfer is the process through which ideas are not affected by the expense. Knowledge transfer was evident in the group’s activities. For instance I was greatly influence by the experiences of other members who have first hand knowledge on some of the business concepts. The factors that influence knowledge transfer are generation of research capacity, potential for application, users of the knowledge, infrastructure capacity and process by which knowledge to transfer. During the group’s activities, personal development was visible. Cognitive skills entail the ability to have an abstract symbolic reasoning. Piaget a scholar of developmental psychology picked cognitive skills as the ability to think comprehensively and apply the things into practice. There are seven tips of general management on free enterprise and they include: management on journal conservatory, management on assessment academy, the worldwide business studies, management on worldwide assessment, free enterprise theory and put into practice and finally business venture. Some entrepreneurship has the same cultures. This report compares the cultural and cognitive distinctiveness between capitalist and non-entrepreneurs. As an end result, it determines the universal capitalist act. The differentiation between the entrepreneurs and non-entrepreneurs has its ancestry in psychological character. The business plan project enhanced my employability. The main reason why there is a creation of self-employment business is that the project brings about independence to the employer. The employer is the one personally operating the business. He may also be the business owner as self-employment brings about entrepreneurship as a solution to unemployment. As an individual the idea of starting my own business became very desirable as I learned the ease of being self employer. Every business has its own expectation and renting into it is a great idea. The previous people who have ventured into self employment have been successful. There is a great desire, positive forecast. The most amazing thing about being your own boss is that it leaves one happy and imaginable to create an impression of good future. Awareness through support network such as Provinces Scottish Youth Business Trust (PSYBT) creates a network for business creation amongst young people which contributes to economic development. The special matter seeks to put in the growth of a new research on agenda that is geared towards inventive ways of efficiently behind new venture creation. There are many issues that ought to be considered when dealing with new venture research and they include: task and efficiency of learning institution and instruction interventions, giving support to entrepreneurship, the role of the government toward entrepreneurship policy, the role of learning institutions towards incubation, support of creation of high growth firms, the innovative come within reach of to maintain the new venture creation in sectors such as healthiness, inventive come within reach of towards sustaining the approaching groups such as unemployment, new venture creation towards supporting of free enterprise in learning institutions, new ventures creation towards supporting of families and ethics, new venture creations towards financing of starting of business venture capital. In conclusion a Business Plan is the foundation of Entrepreneurship. It presents wish forecast that are able to activate the owner into renting without a business Plan, the concept of a business start up is hard. Therefore a business Plan is important in a new every new business. REFERENCES Nonak, I; Takenchi, H. (1995) the knowledge creating Company. New York: Oxford University Press. Pinson, L (2004) Anatomy of a Business Plan, 6th Edition, Dearbom Trade; Chicago, USA.. Read More

 

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