Personal Reflection On Business Plan Development

BUSINESS DEVELOPMENT
PROPOSAL- RESEARCH
REFLECTION REPORT

Research Methods &
Processes
On basis of selecting research methodology, I did full assessment of each research type and approach
which is appropriate for getting right conclusion. There was presence of initial source of observation
for business development. It might be because of particular techniques as ineffectual compromising
the final selection of research processes. My mentor has helped me for selecting research process as I
came up with multiple reasonable explanation of methods to attain success in event industry. In the
similar aspect with context of this feasibility research, I have used qualitative research to ascertain the
viability of business. Furthermore, with reference to research approach I have chosen inductive
approach as with qualitative nature of research as data has been gathered, then pattern is observed and
then theory developed.
While with research design, there are two types of research design such as descriptive and
explanatory research whereas there is implication of descriptive research which handles research
problems along with execution of research according to criteria. Apart from this for getting in depth
information there is application of interpretivisim philosophy to analyse the viability of business idea.
I have assessed feasibility with reference to secondary source such as reliable sources like journals,
books and articles published on internet related to event management service statistics of Birgu in
Malta. The main reason behind selecting secondary sources is about availability of other sources and
might already used in past research as makes easier for carrying further research. This will lead to
save time and cost efficient as well which data was gathered through someone instead of researcher.
I discussed my research methodology to mentor by giving justification for selecting specific
study and even I was capable for evaluating each research methodology which helped to give
appropriate description. Simultaneously, I have presence of some evidence in report which directly
compliments related to my evaluating skills. I have also used basic knowledge related to
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methodologies as in rush I have performed the reasearch on the basis of a wide range of sources such
as internet, journals and previous literature on the similar topic which provide the knowledge
regarding collecting and analysing information for appropriate results. The most important point
about analysing data, thematic analysis has been used so in this aspect, each research methodology
was chosen to develop effective event services offered through Exhilarating event planners in market.
It was difficult for me to trace responses of numerous population so I took representative but
laid special focus on secondary research. On the top of that, I have done market and service feasibility
with reference and according to the nature of the bunsess through qulaititave and quantitative methods
and as well as with the secondary dats. With context to organizational feasibility, business would be
highly efficient to establish position in market and significant to resolve queries of people. So, in this
context, it might create capability to accomplish level of satisfaction in possibility of the best method.
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Literature & sources In the present report, I have considered various sources of literature as it refers to combination
of scholarly writing with reference to particular topic as I have implied peer viewed books, articles,
conference papers and dissertations. On basis of data collected from the research so that the various
methods and techniques through deploying the questionner and surveys of the data of literature as
featured to high level of detail and requirement of little time to published. I found that it has broadly
embodied every sources which are original as helps in offering first hand information which is closely
associated as object of study. In the similar order, there is evaluation of secondary sources of literature
with context of this research as it is a source which offers second hand and non- original data or
information. Generally, it is written about original data from the external sources which assisted me to
collect the relavnt information and data related to the topic of research. and these summaries stated in
magazines, text books, newspapers are replicated in secondary sources. In my opinion, secondary
sources of literature gives global description of outcomes with little details related to methodology
whereas it considers biographies and critical study as well.
The literature review is significant as it provides description of proposed research on basis of
initial research in statistics. It also replicated relevance and originality of entire study and gives
justification of this proposed methodology. With these sources, I have demonstrated preparedness for
completed this business development and spend lot of time because this has direct relationship with
accuracy. It is very essential to do appropriate literature as it create rapport with audience as with
outcome of credit related to due diligence. As outcome, more articles, books along with other listed
sources then presence of trustworthy scholarship along with expertise. The key is to stick for gist of
sources where source is synthesized and this will lead to avoid incidental plagiarism.
I have integrated broad range of sources like books, magazines, newspapers and online
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articles. In my opinion, I give high priority to textbooks as source to extract theories and models on
basis of event planning services. While researching, the respected authorities in this area along with
the latest editions. Malta is growing with various business and especially in event industry as recent
magazines are usually rich with help of scholarly articles and very effective source about the latest
trends along with development. In my opinion, reading industry magazines is most enjoyable part with
assumption that research area reflects area of professional and personal interests which could be any
ways case.
In the present generation, newspapers could be referred as important source of updated news
related latest events held in Malta. On the other hand, proportion of application of newspaper in
literature review is recommended less comparatively to alternative sources of these secondary data
like magazines and books because of facts that its articles has lack of depth discussion and analysis.
In the present scenario, online articles are replicated as most updated information especially
related to event held in Malta or throughout the world. This lead to extract online versions of above
sources as with context of reliability level; of online articles could be highly compromised depended
on source because of ease of high level which articles could be published. There are various opinions
stated in broad range of online discussion blogs which could not be used in literature review and
simultaneously, assessors of dissertation are not keen for appreciating references to this range of blogs
unless articles in blogs are cited with author with expertise authorities in event planning industry.
REFERENCES
Books and Journals
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Your Knowledge With consideration of this study, I have gained knowledge about ascertainment of event
planning services, personnel, operational functions along with financial planning of business. While,
doing market research about developing business in Birgu (Malta) I have formed innovative business
concept, feasibility research, development of business model and most essential in business plan. On
basis of business concept I have planned to launch the best event planning and managing services
which will be relevant to organising musical concert, wedding ceremony, musical concert, business
meetings, party planning, destination events etc. There will be facilitation of services with appropriate
decoration along with catering services at affordable rate.
Moreover, I have introduced value added services which will influence multiple technologies
and techniques that would assist business to up bring the best event program. With reference to
existence of window of opportunity for building share along with customer satisfaction in effective
manner. The most important area is related to feasibility is requirement of potential ambition should
be aligned with commercial viability. In this series, I have done industry feasibility of overall event
industry which should be analysed that it contains services appeal or its absence. I found that labour
cost is significant amount influencing and impacting bottom line of firm at certain extent.
The economic disruption, unpredictability on industry is referred as major barriers for making
smoother operations of business. I have observed that Malta's economy is raising at fast rate which is
good signal and company might gain advantage in form of profit margin. Furthermore, with reference
to service feasibility technology usage leads to create high demand among consumers because of
presence of tech-savy generation especially in event industry.
Undertaking financial feasibility, financial resources are to be managed in the best manner
along with optimum utilisation of resource could be made with adequate income sources and
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accounting of related expenses. In this context, I gained knowledge about requirements of working
capital as it could be termed as excess of current assets over current liabilities as management of
working capital is of vital importance with absence of ability to make up availability of funds as daily
operational needs could not be fulfilled.
I have undertaken knowledge about service and industry feasibility which proves overall
success must be attained through business. It has been observed that Maltese market is highly
beneficial for business with in low population along with grabbing of market share in quick aspect. In
my opinion, huge demand on services of event management are reflected in market which govern on
clear basis that this business would be capable for accomplishing desired sales along with adequate
position related to profitability.
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Your Learning This research has helped for extracting learning about various business models such as STP,
business model canvas and various areas of research such as feasibility, market and service. In this
aspect, I have attained high knowledge about adaption of appropriate research methodology for
extracting the right outcome and findings. I have attained information that process used for gathering
data and information with context of purpose to make business decisions. Thus, methodology might
include research publication, surveys and other research techniques along with both historical and
present information. To qualifying research, process should have certain characteristics with
possibilities should be systematic, rigorous, controlled, verifiable and valid, critical and empirical.
While, with use of STP model, segmentation in form of creating image in market for business
of event management and targeting by developing consumer base for every category such as adults,
old age clients and kids as well. I think that, this will directly lead to create memorable experience via
events among its guests and customers. Simultaneously, with positioning model, there is presence of
approach for creating unique identity in market. This made be learn for developing services via
marketing mix.
This study helped me to learn about business canvas model as it is useful for communicating to
clients that what business should do. This will lead to pull into special emphasis about what business
does along with its continuation and to attain success in the future. It helps to visualise about
significances and forces users for addressing key areas and helps in understanding relationships along
with reaching agreements. In the similar aspect, it offers concise tool for thinking via business and
keeping key points with high visibility as it has briefed itself in 11 elements which are key partners,
key activities, value proposition, customer relationships, core segments, customers segments, key
resources, channels, competitive strategy, cost structure and revenue streams.
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I have assessed that Exhilarating Event Planners has comprised itself in service sectors and
ensuring about delivering events in high structured format along with execution and contribution
related to facets about different meetings and events. The growth of GDP per capita due to various
optimistic indicators with increment in income and recommending mid to strong prospects for long
term perspective in Malta. Furthermore, there is adoption of collaborative marketing strategy which is
replicated as process to align company's interest, marketing muscle with resources by the minded
companies to accomplish with itself capability.
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Critical Thinking and your
ideas
While carrying this research, it had been assessed that website developer, user experience
designers, data engineers, software and hardware each are key partners which will help in launching
success business idea. As there key activities would be of starting digital change for organising any
event as per order. The atmosphere would be set for designing and planning the customized events. I
feel that, these activities would directly contribute for attaining business success whereas it has been
extracted that key partners and key activities are linked to each for implementation of this business
plan. Simultaneously, there is adoption of collaborative marketing strategy through which information
of this start up would spread in market and lead to effective promotional tools.
In the same series, I have stated value proposition as clear statement which offers explanation
related to product resolving customer issues and lead to improving situation. Further, ideal customer
would be informed related to reason of purchase by offering specific benefits. However, Exhilarating
Event planners would provide solutions to ensure about giving particular customer benefits which will
lead to improved and unique customer experience. On basis of customer relationships driven through
acquisition, retention to boost its sales. To attain objectives in short term, there are requirements of
giving customer satisfaction and latter is very critical for business with potential for producing
repeated sales to enhance long term financial performance.
The utmost building block is related to customer segment for business purpose along with
implying to business is replicated as key to accomplish success. There is consideration of budget,
permits, lodging, on site staff and transportation which could directly extend to hire third party service
providers such as musicians, catering and food service, security and speakers. However, while
performing market analysis I found that event management had dealt with activities through
origination to execute any occasion. Generally, event consists of conference and exhibition services,
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party planning, promoters and producers of art shows, live music with event planning services.
Simultaneously, tangential products and services such as event managing software and tent hiring is
considered. There is revaluation of events which had positive influencers and online audiences.
I have articulated about online presence, which will list itself on event planning website and
with online customer review would influence customer's buying decision. Critically, it is very
significant to develop cost effective training and development strategies for managing events
effectively and this will help in gaining high benefits and margins.
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Barriers met On basis of developing this business development plan for Exhilarating Event planning reflects
existence of limitations. Its existence is because of multiple constraint on research design along with
methodology. In the similar aspect, I have extracted various factors which had impacted findings of
our study. In this study, I had faced challenges because of methodological issues which are stated
below:
Issues related to sample and selection: On basis of questionnaire, I have limited access for
more geographic scope of participants so this sample does not reflect general population so this will
lead to sample or selection bias.
Lack of past research studies on topic: Referencing and citing past research study comprises
basis of literature review with context of this study as these prior study offers theoretical foundation
about this business idea. In the same series, there is presence of very little and no past research on a
particular topic one might be required to develop an entire typology of research.
Limited access to data: This research has involved surveying people, I faced issue of having
limited access to specific respondents. Due to limited access, there are requirements of redesigning
and restructuring research in unique aspect. I have undertaken both sources but because of limited
access I could not perform appropriate research from the relevant data through the investigation so I
also have highly weighted to secondary data from different literature, booksand articles comparatively
through the different sources.so there is presence of reliable finding and validating despite limitation.
Time constraint: The available time for designing business development plan and for
measuring change over time is directly constrained with assignment's deadline.
Scope of discussion: I found this point as major barrier for this study as I don't have experience
of many years in research area and generating academic papers of large size on individual aspect. So,
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in this context, depth and scope of discussion is compromised on various levels comparatively to
scholars who have high experience.
Lack of interaction: There is absence of appropriate interaction between me and the
government institutions, business etc. its outcome in substantial amount of data is not tapped. In my
opinion, interaction program should be properly arranged with above specified parties along with
other establishments on daily aspect. In the same series, it would highlight issues which should be
researched as there is acquirement of data to perform research with its beneficial.
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Your Professional
Development
By undertaking this study, I have attained overview of event planning industry especially in
Birgu (Malta). I have found that event industry is directly flourishing along with management of
events which is increasing popular in tourism, hospitality, sports and leisure sectors. It has been
extracted that Malta is a destination which has presence of high “feel good factor”. In the similar
aspect, I got information that Malta assures adequacy of local infrastructure along with know-how and
eagerness for hosting events. The initial market is obviously with traditional one as Malta has already
presence of connotation for gaining excelling in hospitality with proven track record to reflect the
entire western Europe with which Air Malta, National airline has easy connections.
Birgu in Malta could be elaborated in three words which are diverse, historic and accessible.
On the other hand, I found that being an event planning company has presence of safety as major
consideration with obvious mild climate along with local will to deliver. While performing this study,
I have developed various models and concepts such as break even analysis, financial, service and
industry feasibility, STP model and Business model canvas. In the same series, there is conduct of
feasibility research which could be directly ascertained through business which might be capable for
accomplishing huge margin over feasibility research reflects positivity for business perspective. I have
evidence through fact which is directly through initial stage, resources and strategies which are
effectively framed as it directly implies to business success in upcoming duration.
On basis of its financials, I have projected income statement, balance sheet and cash flow
statement. So, in this context, cash flow is replicated as outflows and inflows of funding organization
which signifies cash receipts and payments are produced and leads to either increment in cash amount
or decrement with same. Simultaneously, while estimating break even, I have shown financial
performance as with clarity of business to attain break even within its first 2 years which reflects to
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healthy growth of business. It could be meant that business would recover its operational cost along
with capital expenses used for operating business at initial stage in comfortable perspective.
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Objectives Exhilarating Event planners is directly approached for introducing business which will operate
in field and offers service in Event planning industry in Birgu, Malta. On basis of term of reference,
its first objective is to generate unique idea along with innovative business concept. So, in this
context, business objective is to reflect euphoric experience in its consumers by facilitating technically
innovative service and offering multiple services like wedding planning, business meetings, award
ceremony, destination events, party planning etc. There is presence of probability to retain high
revenue via its appropriate business concept. I have planned this business concept as per offering
qualitative and effective services in affordable price to its consumer.
Furthermore, with reference to determining validity of business proposal, I have articulated
appropriate market, industry and service feasibility. In the similar aspect, there is investigation of
business set-up, core competencies, resource requirements along with multiple strategies of business
plan. I have reflected business which has need of various expenses for meeting operational tasks of
regular nature. In this aspect, financing requirements would be formed by approx €34,500 expense
amount to accompany funding of start-up. It could be directly ascertained with specified duration as it
would imply amount of expenses and as outcome, business would initiate about operational activities.
Moreover, it is expected that business has attained growth in coming future and high avenues for
purpose of funding will be directly opened through internal accrual along with term loans as well.
Henceforth, the other reference is for drafting blue print related to business idea along with
operational functions. In this context, I have designed several tasks which would directly accomplish
through scholars within 60 days as time scale. The business idea was developed in approx 5 days
which comprised communicating ideas to other members and developing teams. Simultaneously,
concept of business was designed in 7 days where area of operation was analysed in maximum days.
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In the same series, business model would be developed in 12 days and operational plan will be framed
in 5 days. At last, final business plan will be evaluated in 17 days and in remaining 6 days, plan would
be completed in 6 days.
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Findings & outcomes I have extracted that to attain business success such as cost-effective training along with
development strategies for purpose of effective event management which would be highly refereed as
successive factor to retain gain. In the similar aspect, I have planned this plan which will produce
increment in revenue by 10% in second quarter and for recruiting professional goods at computer
along with operational skills which will lead to develop website for online booking. Thus, this will
lead to attain competitive advantage because in the present scenario, users are preferring to save time
with application of technology.
The best event management business has been initiated as Exhilarating Event planners which
would be technically innovative services which are directly served in Birgu, Malta. The business idea
is proposed on basis of delivering efficient cost along with unique event management services to its
clients. In this study, I have stated all underlying assumptions along with time scale for attainment
along with business concept and opportunities with window of opportunity. These all aspects are used
for present and future employers to consider them for generating margin, success and to gain brand
positioning in this industry.
In my opinion, this study will help various other future researchers as there is presence of
proper, valid and reliable data such as feasibility research which has market, industry and service
feasibility. Moreover, I have performed business canvas model with detailed description every
element. Furthermore, to prove it logically, there is evaluation of industry, company, services, market
and especially break even analysis which is important factor for every business. I have implied all
critical success factors which will ensure business viability along with exit strategy and viability as
well. For instance, any other entrepreneur has desire to initiate its business but with budget friendly so
in this project I have stated financial projections which is major reason about significance of this
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business development in Birgu, Malta.
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