Reflection R-Rent A Car - Essay Example

Problems experienced Actually, the problems are not really “problems” but situations that are quite demanding. For example, it was difficult to be schedule the time of interview for different people in the organization. The employees are busy to entertain queries from students like us since their schedule is tight. As for the management group, the Top level managers like the owners cannot be interviewed since they are usually going on and out of the country. The only way to deal with this problem is to constantly make a follow-up on people that should be interviewed until they agree to set a time for us.

The following week, we faced a new challenge and that is handling the scheduling of the fleet. Many customers are demanding and would not hesitate to transfer to another car-rental service company in case the vehicle they specified is not given to them. This is what makes competition in a free trade “survival of the fittest”. Smaller companies cannot compete with bigger ones since they have limited resources and manpower. I just realized that scheduling vehicles even on a daily basis is complicated.

Timely coordination with other staff and drivers are crucial in giving the service on time. If there was one skill that I developed, it would be time management. In the real world setting, there are many things that needs to be done. The key to being organized is managing one’s time very well. Smaller tasks must be put aside so more important ones could be accomplished. Even personal time is sacrificed in the real workplace. One must be very flexible and willing to deal with any sudden change.

Also, I learned that planning is a very important part of handling a project. Like the former project, my soft skills on communicating, negotiating and leading were developed. I had to break out of my comfort zone and feel confident in meeting new people. During interviews, I had to look confident and sure of what I was doing. As I mentioned, planning is very important. I learned that when one is not prepared for a task, then eventually there would be many problems.The Learning Process Among the skills that I really have to develop and master is the numerical skills involved in making financial projections.

As I have mentioned in the report, the Rent-A-Car business is seasonal and the market has few barriers to entry. As a business owner or manager, one must have good financial skills that would help him plan in making the company meet its expenses despite low sales. I have to learn more also about financial planning or maybe budgeting. Budgeting should always be a part of any plan. Although one has good marketing plan, not having a budget for the implementation of the plan would be useless. I learned that at the beginning of any new business, massive capital investment is needed from the pocket of the owners.

My over-all feeling about this project is that running a business is a complicated matter which new entrepreneurs must fully prepare for. Preparation involves mental, social, psycho- logical and financial as well. Recommendations:If I were to go through this project again, I would be reading more books on how to start a business. I would also make sure that I have taken other business subjects such as accounting and strategic management so I can fully understand the business scenario. Perhaps I should also speak or make a network with business owners so I can understand the struggles they have in putting up a business and learn from their experience.

As for the college, I highly suggest that professors must give their students many case studies so that they can deal with problem solving in the actual workplace. Exposure to different cases also teaches the lesson that each business has their own unique culture. Although most management concepts are universal, situational leadership is often needed from time to time.