Vital Lessons Learnt from the Experience of Designing the Business Plan - Essay Example

University

Reflection

The process of designing a business plan is a fundamental step in starting a new business as it allows for adequate preparation of entry into a new market. This is because starting a business requires adequate preparation and research to ensure that the business survives unforeseen issues such as challenges posed by competition, inadequate funds of insufficient market analysis. We developed a business plan on applied technology in the transport sector by introducing YoBike, bike sharing system in the wearable devices market, which is a combination of health and environment-friendly [1]. Prior to venturing into the operation of YoBike, my team undertook to design a business plan that we completed by following all the key stages of the entrepreneurial process: company structure and business; company structure and business; the market; market entry strategy; financial considerations; and project management. This is my individual reflection and evaluation of my experience in designing the business plan, and I seek to objectively describe and interpret what happened, what I learned, my insights, connections to learning lectures and my conclusion based on the whole experience.

Experience

The team was made up of five members with equal roles in undertaking research for the topic and coming up with ideas on how to effectively execute a business plan that was both feasible and profitable [2]. On our first meeting that took place on the 15th of January 2016, we deliberated on the viable business ideas and how we could arrange the timetable and divide the tasks among members. Members came up with different ideas so that we could resolve the idea to venture into. Tomohiro suggested that we start a business on lending a monitor device for tourists and application for their smartphone or a laundry service for students at cheaper price. Zhumo recommended products/services related to formal wear rent for students. I thought we could opt for an app for smartphone and a website selling home-made cooking from their homes. Yanyu thought of 3D printers run under high technology. Lastly, Yaoyi suggested that we venture into a public toilet and hot drinks station. Members collaborated with each other in the discussion of the best topic to choose even though everyone wanted their topic chosen. Eventually, we decided to focus on the choice between laundry and renting bicycle.

During our next meeting held on 15th of January 2016, there were heated discussions on whether to choose the laundry or renting bicycle and we all settled for the renting bicycle. During our third meeting held on 1st February, 2016, we divided the tasks among ourselves so that everyone can handle a specific segment of the business plan. At this stage, I learned that the success of a new business depended on careful planning and ensuring that every individual in the team contributed towards the optimal output of the business by putting their strengths forward [3]. Every member of the team had the opportunity to voice out his or her plans and thoughts about the direction of the business plan, which allowed all of us to ultimately take up a role they felt would give out business a competitive edge [4] Hence, the roles we undertook were defined according to our strengths, which reduced much conflict going forward. My area of strength was “background and trading history” involved conducting sufficient research into our target market to identify if there was a gap that our business was going to fill in the industry [5].

During the subsequent meetings, we discussed all the components of the business plan to come up with the whole presentation in a comprehensive business plan. Throughout the meetings and the discussions, members were much focused and observed time ad dates for the meetings. We did not experience any case of absenteeism and lateness that could have stalled the progress of our project. Developing the business plan was a great experience as it allowed to implement all the entrepreneurial concepts we had learned in the course. Although members of the team seemed confused and uncertain at the beginning of the projects, we were able to come up with a remarkable idea that fits well with the target population, market and fills a gap in the industry. The YoBike product is a real and not a hypothetical one, which means that this idea will be easily conceptualised and marketed [6]

My role in the business plan in researching about the trading history and the industry in which we were venturing in exposed me to important aspects of the business in the transport industry. This role enhanced my knowledge and skills about the company structure and business by researching the background of cycling transport industry, particularly the bike sharing segment [7]. The knowledge gained as a result of participation in this project empowered me always to think of new ways of doing things and making use of technological advancement to solve most of the complex problems as it has been used in other places. [8] Moreover, my contribution allowed learning important aspects of business that I never than the exposure before such as the legal aspect of the business, business operation, and insurance arrangement. Moreover, all the members of the group discussed their parts of the business when compiling the business plan, and I learned many aspects that lead to the success of a business. This knowledge will be helpful in my future endeavours as an entrepreneur as I will put all these factors into consideration as experience has taught me.

Vital Lessons Learnt from the Experience

Other than exposing me to a wide range of business concepts on the real work rather the hypothetical business I’m used to; the business planning experience has taught me many important lessons that I hope to implement in my future entrepreneurial ventures. I learnt the importance of a team and that the overall productivity of members when working together is more than when working individually [9]. As a business student, I learnt that the team carries a greater capability compared to the collective abilities of the team members as it equips all members will the ability to apply their strength, capabilities, and core competencies for purposes of making the outcome better in every aspect.

Following the dedication that we put into designing out business plan, I understand that the success and viability of a business largely depends on the dedication of the members and working in a friendly environment and in a more causal environment that puts all individuals at ease with each other without any cases of intimidation and judgement attitude. This is because, at the beginning of the team, members had their reservations about the direction of the group and how the commitment of the members toward achievement of the overall goal. However, the friendly environment we created for each member led to establishment of respect and trust within the group, thereby allowing the group to fall into a cohesive arrangement.

It is also prudent to note the role of diligent planning in the influencing the success of a business. Out team ensured that effective planning was emphasised from the beginning of the project. This involved allowing each member to take up roles based on their core capabilities and strengths. Moreover, ideas and concepts were exhaustively discussed to ensure we all moved in the right direction. Despite the fact that each member had a different role to play in the designing of the business plan, we ensured that we discussed all the aspects before they were compiled into the final report to ensure that all members understood and we all fine with the outcome.

Evaluation of the Experience in the Context of my Course and the Future

The experience gained from undertaking the project revealed to me that comprehension of entrepreneurial theories is very important for an entrepreneur. One of the concepts that made a major impact on our experience in the group is the team production theory, as it is highly relevant in business practice [10]. While I learned a lot from doing research from my selected role and from the lectures, I also gained important knowledge by effectively working in a team. The implication of this theory of a firm is that a successful business venture is an entity that is made up a team effort. Working together allows people to be highly productive as opposed to the level of productivity when working at arm’s length through the market. I realized that out participation in the team was consistent with the team production theory as we were able to accomplish our goals effectively by working together and improving on our strengths. As an entrepreneur, I understand that strategy is the key to success of a business idea [11] As such, regardless of having a good economy opportunity, a business requires an effective strategy, which is easy to achieve when people come together inspired by the same goal, as they eventually constitute a productive business team. The productivity of a team can be enhanced by focusing on the qualitative attributes of the interpersonal relationships of its members and how they collaborate to form a synergy [12]

The knowledge and skills I acquired from this experience will have a significant influence in enhancing my employability and entrepreneurial skills in the future. The business expertise I gained can be summarized as forming an extensive global, open mind-set that allows me to identify a feasible business plan, conduct sufficient research to back up the business idea and then working with like-minded people to collaboratively achieve great business outcomes [13]. I believe that I currently more equipped with some entrepreneurial skills in learned in this course including analytical skills, creative thinking, marketing research skills, and communication skills. These skills will open many opportunities by making me a potential competent entrepreneur. Moreover, I have enhanced my communication skills that have enhanced my strength in tabling my views and carrying out constructive arguments to defend my position, backing up my arguments with evidence and facts from extensive research. However, I have noticed that our teamwork was not without any weaknesses that should be addressed in the future. For instance, given that the market we were venturing is a new one with no bike-sharing in the city of York, it would be wise for the business to partner with other already established businesses to minimize risks and take advantage of the economies of scale [14].

Peer Assessment

Individual allocation (0% to 100% per group member)

Include reasoning behind your marking for each group member.

Share Allocation: (Max 100%)

Student name/identifier: Tomohiro Hida

21

Student name/identifier: Ibrahim Alhowaish

20

Student name/identifier: Zhumo Liu

21

Student name/identifier: Yaoyi Hu

22

Student name/identifier: Yanyu Feng

18

The marks allocation for peer assessment was based on the contribution of the members to the overall production of the business plan. Tomohiro got 21 marks for making the suggestion of business idea related to the one we settled for ultimately. Moreover, his expertise in the development of market entry strategy was very important for the business. Ibrahim got 20 marks because his role is the background and trading history provided the foundation for the research provided by all the other members. Zhumo got 21 marks because I feel that he played a great role in the development of business opportunity through analysis of the market. I believe that Yaoyi’s role was more involving than the others and the financial part was more involving hence I gave her 22. Yanyu got 18 marks because her part was highly dependent on the parts of other members and was not as involving.