Individual Reflective Report: A Process Of Idea Initiation & Teamwork (Coursework Sample)
2. Individual Reflective Report
Please submit an Individual Reflective Report (1500 words), based on your experience working in a group on your Group Business Plan. The report should cover the different stages of the development of your plan, including idea initiation, plan development, preparing the presentation, responding to presentation feedback and group planning processes (see details below). You should aim to include academic references in your work and ensure that these are properly referenced using the Harvard system.
Your individual reflective report should include the following elements:
I. Summary of your Group's Business Idea You should outline, in your own words, the context and features of the business idea that was developed by your group in the Group Business Plan. Outline what you feel to be the strengths and weaknesses of the plan (include in this section, and in your bibliography, any academic or other references to small businesses and the start-up process that you feel are relevant)
II. A process of Idea Initiation
How did you come to the idea of the business plan? How did you choose between possible ideas? Reflecting on the process of idea initiation, what have you learned? (You can include in this section information on any points that you have learnt from existing entrepreneurs, including visiting speakers to the university. Also include in this section, and in your bibliography, any academic or other references to the start-up process that you feel are relevant.)
III. Team Work
BUSI1151 / 1494 Small Business Development 2017-18
The roles, specializations, and contributions of team members. The team forming process, the efficiency of teamwork + how the experience of working in teams can aid your future career development (include in this section, and in your bibliography, any academic or other references to team working that you feel are relevant in this section).
IV. Presentation Experience
Why is it important to present the business plan instead of just submitting paper documents? Please provide concrete examples of what you learned, both in terms of presentation effectiveness and issues concerning your business idea, from presenting the idea during the Dragons' Den sessions (include in this section, and in your bibliography, any academic or other references to delivering effective presentations that you feel are relevant).
V. Alternative Scenario
You have predicted the growth of your business in the business plan. Looking back, do you think your prediction was optimistic, pessimistic or just about right? Have you considered alternative growth trajectories in your business plan? If not, how would the inclusion of alternative scenarios help to make a better plan?
Individual Reflective Report
Working with a group in college is often very challenging. Nonetheless, learning to work with others effectively is crucial for anyone planning on pursuing a career in business. Working together was one of the primary things my team did well. Our meetings were very productive and each group member promptly accomplished their elected task. Another thing we succeeded at was collecting information. Our research ensured our presentation was informative and further aided us in persuading the audience to purchase the self-heating lunchbox. Regrettably, as earlier discussed in class, only seven percent of what individuals take from a presentation is the presented content itself. Our group could have certainly done a better job at presenting the collected information. Our group made some errors when transitioning between speakers, and I can recall two instances when two of us said the same exact thing. On an individual level, I feel I did well as is restricted myself to only mentioning details that were significant to our argument. To evade rumbling, I incorporated a few solid facts and disregarded items that were not persuasive. Additionally, although my public speaking has significantly improved during the semester's first weeks, I still felt fairly uncomfortable speaking before the class. Consequently, I ended up rushing my speech and I recall almost forgetting what I was uttering. Overall, my group did very well, and we were able to produce an excellent presentation primarily due to how well we functioned together.
I. Summary of my Group's Business Idea
To successfully sell the self-heating lunchboxes, we agreed as a group to pay special attention to the marketing aspects of the self-heating lunchboxes. Since our group was not involved in any form of manufacturing or service rendering concern, we were fully cognizant that the marketing and promotion of our product will be the deciding aspect of our activity. Our idea involved working jointly with the product's developers, which then led us to acquire a letter of certification from the product's developers and booking a table in our College lane. Another important idea was the timing of the start executing the activity. We utilized the ‘bottom-up' strategy as suggested by Wilson and Stokes (2006, p 365) and established our business based on relationship marketing techniques. We identified the need of self-heating lunchboxes and approached individuals to inform them the purpose of self-heating lunchboxes. Our initial consumer base was rather small but as time advanced, we successfully generated more business, and our consumer base grew reasonably as people began purchasing the self-heating lunchboxes and displayed an overall positive response towards our overall effort.
II. The process of Idea Initiation
In this fundamental process, our first and crucial concern was identifying an idea that would set us apart. To effectively sell the self-heating lunchboxes, we needed to go off an idea that was feasible, innovative, and we all needed to have the necessary knowledge and passion for it. Primarily, through the brainstorming process, our group had various business concepts to select from. By the elimination process, using our checklist, we settled on something innovative which is advertising. We designed leaflets, sticker logos, and posters to raise awareness about the importance of the self-heating lunchboxes and posted them in densely populated areas. We individually spoke to people in aims of acquiring a better idea of their issues and how the product will be helpful for them. We then interacted with our friends and fellows through text messages, emails and social networking channels like Fac...
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