Brexit's Impact on Real Estate

This assignment investigates the effects of Brexit on the real estate industry. It involves gathering information from various sources to analyze the intensity of Brexit's impact on real estate prices, regulations, and policies. The assignment further explores problems faced by real estate entrepreneurs due to Brexit, analyzes current and future market trends, and compares the real estate situation in the UK with other developed countries. Finally, it evaluates and compiles all gathered information to provide a comprehensive analysis of Brexit's influence on the real estate sector.

ENTERPRISE IN
ACTION:
REFLECTIVE
SUMMARY

Table of Contents
INTRODUCTION...........................................................................................................................1
GIBBS REFLECTIVE CYCLE.......................................................................................................1
Description..................................................................................................................................1
Feelings.......................................................................................................................................2
Evaluation...................................................................................................................................3
Analysis.......................................................................................................................................5
Conclusion...................................................................................................................................5
Action Plan..................................................................................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9
APPENDICES...............................................................................................................................10
Appendix 1................................................................................................................................10

INTRODUCTION
Entrepreneurship refers to activities undertaken by individuals to design, launch, manage
an run a new business enterprise (Drucker, 2014). In the era of modernisation and technological
advancements, it is imperative that entrepreneurs come up with innovative ideas to set and run
their businesses. Innovation is a process of modifying the offerings in a way which adds up to
their value. The following assignment is about challenges of entrepreneurship and innovation. In
the current business scenario, the UK has been subjected to various changes in regulations and
policies post-Brexit. This event has its impact on all the sectors of the economy and the country
is facing quite a downfall and uncertainty as per the political and economic scenarios are
concerned. The following assignment is about the reflection on the module reflecting the
challenges of entrepreneurs and innovation. It covers a detailed reflective report based on the
challenges faced during creation of the module and ways these were overcame.
GIBBS REFLECTIVE CYCLE
To effectively satisfy the agenda of the report, Gibbs Reflective cycle model is used
which was created in 1988 by Professor Graham Gibbs. This model is used effectively to assist
individuals to explore the situations faced during their research and reflect upon it (Gibbs'
Reflective Cycle, 2019).
Description
It is a very complex yet effective task to work on a module and successfully carry out
research which serves its agenda in an appropriate manner. Working in a group of individuals
has always been quite fruitful experience for me and being an equal member contributing in the
teamwork is a very learning experience. I was supposed to carry out effective research that could
help the other members of the group to successfully accomplish the goals of this module. During
the initial stages, I expected myself to work with utmost dedication and passion to cover almost
all the aspect it required to bring in information which is necessary. Since its a very complex
activity, I decided to approach my tutors who could guide me through each step of the module
and help me gain a better understanding of the factors and aspects needed to carry out this
research. In my opinion, my tutors play an effective and outstanding role in facilitating my
learning as they helped me to broaden my understanding about various concepts which I didn't
have much knowledge about. Initially, it was learnt that working for a real-estate firm it is very
1

crucial for an entrepreneur to know their customers (Eraker and et. al., 2015). There are various
ways in which this could be done. Some of the methods I learnt was that entrepreneurs must
maintain an effective customer life-cycle and could also personally acquire data highlighting
their preferences and expectations. After few weeks, I learnt various factors that how Brexit is
affecting the country's business and how big is this impact on real state. For instance, Investors
are abandoning real estate businesses as there is high uncertainty about the interest rates as well
as office values and house prices ('Safe as houses'? Brexit looms over UK real estate market,
2019). Later during this period, I analysed how this could be overcome and what steps could
entrepreneurs take to effectively manage their enterprise during this Post-Brexit market. In
addition it came to my knowledge as to how customers choose between competing offers and
what are the needs that are yet unmet. This according to me is one of the major challenges of
entrepreneurship in the country.
Feelings
Throughout this module, there were several days when I thought quite confident about
the information I was gathering. There were various sources on the internet and various
newspaper articles that helped me gain a keen knowledge about Brexit and the likely effects it
could have on the businesses across the nations. However, the information I gathered had quite
loopholes which made made me nervous as during the initial weeks of the module. Post-Brexit,
the situation of the market completely changed and there were new information every day which
caused a feeling of uncertainty and lack of confidence in each of us team members. However,
there were various journal articles throughout these modules that helped us gain an inside-out
view over the impact of this event on organisations.
Various aspects and situations had an impact on our thought processes and how the group
members felt about the information and the research approaches used to develop a better view on
our findings and could be as accurate as possible. There are various research approaches used to
find certain information are divided into data collection approaches as well as data analysing
approaches. For the module, almost all the approaches were applied to conduct research and all
the group members, including me started feeling quite confident of the information that was
being acquired using different approaches for various different purposes.
Whilst working on this module, there were various problems that were faced by all the
team members together as well as on an individual level. The feeling and thought process of each
2

of us started to become somewhat negative. My approach towards problem-solving as always
been quite cautious. I just dip in briefly into the situation and analyse how aspects around me
develop. Such cautious learning of things and various factors help me to carry out my research
stepwise which, according to me is quite efficient for time and effort.
Personally, I felt I received quite valuable input from my peers in the iteration. My peer
members were quite keen to help me with my problems and evaluated my study to help me grasp
the most relevant information from the various sources. This was quite beneficial for the module
and helped all of us to regain the confidence and feel optimistic about the information as well as
the way this project was being shaped-up.
Evaluation
During my time working on this module, the experience I gained from the work would be
very advantageous for me as well as my team members in the future. Gaining knowledge about
various aspects related to entrepreneurship and business scenario post-Brexit helped all of us to
shape the research in a systematic way. There were various things that went well while some of
the aspects negatively contributed to this module. However, all these things set a strong base for
learning and developing approaches for future iterations.
During the module, the most important task for all the team members was to acquire and
present relevant and authentic information. What went right was that the information gathered by
me was quite effective and authenticate. My approach was to refer to various journals and
internet websites that are known to give authenticate data about various multiple aspects.
Through my sources, I got various information about the challenges that are being faced by the
entrepreneurs and how well could they still attract investors for their real-estate business. My
sources gave me a clear indication of the irregular business environment scenario in the country.
The changing value of money and uncertain market conditions are quite harmful for the profits
and business plans of entrepreneurs working in real estate in the UK (Bouoiyour and Selmi,
2018). My sources also gave me an insight on how these entrepreneurs and real-estate firms
could thrive their business enterprises despite the impacts of Brexit. Its negotiations have caused
evident drawback in the real-estate market but still, there is a chance for entrepreneurs to recover
themselves from its impact. I acquired various information about how entrepreneurs could be
better than their competitors in the market event though the economic condition of the country is
uncertain. I was quite appreciated for information I gathered about the module. Another thing
3

that went right was that all the information gathered by me was acquired within the allotted time
which helped us save a lot of resources and time for other major activities required by the
module. The research approaches used by me have proved quite well for my module which also
had quite a great impact on my knowledge and ways of working in future iterations. The support
I got from my team members throughout this module contributed to the timely accomplishment
and successful completion of this project. Teamwork, if used in an effective manner, is quite
useful for problem-solving as well as for accurate accomplishment of tasks (O’NEIL, 2017).
However, there were various situations that enhanced the problem that were faced by us.
The information acquired by others during sometimes were in complete contradiction to what I
had sometimes. This was one of the major challenges faced by us. Each group member
assembled various useful information. There were times, however, where the members presented
informations that were either irrelevant to the research or were inauthentic. This once resulted in
conflict which shaped into a heating argument. Conflicts are the main reasons by which many
tasks fail to accomplish successfully (Tjosvold, Wong and Feng Chen, 2014). Both the facts
presented in the argument were theoretically correct, but authentication of information when
applied practically was utmost important. It takes a great deal of effort and time to evaluate such
facts and make it certain that only authentic information is used. When the conflict came to an
end, information segregated by me was ultimately used. The biggest problem which rose
throughout the project was that although I am familiar with the methods of carrying out research
to acquire effective and authenticated data, my input on the methods used by my group members
could really have given them a clearer idea on how to carry out the research.
Another problem faced by us were the uncertainty of the Brexit situation. With much
changes in the policies and regulations ongoing in the country, it was very difficult to determine
the exact impact that it could have on real-estate. With Brexit debate still ongoing, it is still
uncertain to determine the magnitude of the problem. Initially, it landed us in a situation where
no clear choice could have been opted by us in regards with the issues. For a group study, it is
imperative that decision-making power lies equally with everyone for smooth completion of
activities (Kaner, 2014.). Such aspects didn't go well and presented us with various challenges
requirements of some of which are still unmet.
4

Analysis
The various situations that have possibly led to ineffectiveness during the module were
quite severe as per the requirements of the project. Any of the mentioned scenarios could have
led to incompletion of the project. As for the situation where conflicts are concerned, these
aspects are inevitable and could be quite demotivating for the team. Better understanding and tea,
efforts could have led to reduction of the conflict about the information. It happened because
each team member employed their own methods of conducting researches, which satisfied them
on theoretical basis but not practically. These conflicts were the result of using various different
approach to satisfy a single agenda. The biggest challenge faced by me during the conflict was to
prove my point and authentication of my information without causing disharmony within the
team. As for my team members, it was also quite hectic to restore the pace in the iteration after
the conflict. Another thing which challenged me most was to examine the information presented
by my teammates for authentication. Such analysis required me to effectively go through various
sources from which information was collected. Some of these resources were quite difficult for
me to find.
As for information on Brexit, I analysed that the biggest challenge was not to carry out
authenticate information, but to review and revise that information regularly to check its validity
as per the present situation. In addition to this, it was also imperative for all of us to pick out
newspapers and journals that are updated with the local news and current political and
economical scenarios. In addition, with such extreme changes and Brexit negotiations, it was
very hard for me to acquire the exact impact of all of this scenario on real-estate business.
A more extensive research could have really contributed in enhancing the effectiveness of
the module (Spector and et. al., 2014). Various real-estate agents and entrepreneurs might have
provided us with a more valuable data on how Brexit is becoming a challenge for them and for
their business operations.
Conclusion
The module have been quite contributing in enhancing my learning about various
concepts and general aspects of how best to carry out research. It enhanced my effectiveness and
alertness towards the ongoing scenario in the country. In addition to this, it broadened my
spectrum about the sources and research approaches that could be used to effectively collect and
analyse different data.
5

From the positive aspects, such as effective teamwork, peer support and timely
acquisition of information, I learnt that it gets very much convenient to utilise resources available
while working with a group. Different tasks carry out by each individual within the team
contributes effectively towards the success of a module. In addition to this, research approaches
also support the accomplishment of tasks in an efficient and effective manner. I learnt in my
experience working on this module, that it is imperative that effective type of research approach
is necessary to acquire a certain kind of information. Approaches such as qualitative,
quantitative, inductive and deductive serve various respective agendas within the research
(Bernard, 2017). Thus, my experience working with almost all these approaches clearly notifies
their importance within collection of data and information. I also learnt, that to effectively ease
the pressure on yourself and team members, it is very crucial that each activity carried out by the
members be completed within the set schedule. This would effectively help to allot time to all
the activities required to be carried out by the research.
As for my experience with the negative aspects, I felt that it is quite crucial for a group to
minimise the scope of conflicts by implementing practices like mutual understanding and group
discussions. I learnt that it is very important to determine the roles and responsibilities equally
and to set a fix time schedule to carry out each activity within the certain time period. It came to
my knowledge that conflict could decrease the effectiveness of the team and the project. In my
situation, instead of clarifying and comparing my information with my teammates, I could have
defined the sources through which information could have been carried out. In addition to this,
instead of coming into an argument, I could have opted for reasoning to make my teammates
understand how information could be segregated to acquire relevant data and what they should
do to carry out effective information.
Authentic information is also necessary for successful accomplishment of the project.
Irrelevant data could cause loopholes and validity of the project presented. I learnt, that it was
necessary for all the members to keep reviewing their information on regular interval to keep
those valid as per the current business scenario within the country. In addition to this, Brexit
debate is still on a high which could cause further changes in the business scenario.
As for describing a final outcome, my experiences whilst working on this module has
been quite beneficial in terms of enhancing my learning abilities, collecting relevant information
6

and working with study group. It helped me gain a broaden mindset about the issue and how best
I could deal with the situations that were presented to me and my teammates.
Action Plan
It is imperative for an individual to develop an action plan before arising of any uncertain
or negative situation. Action plan is a strategy that could be used to develop various measures
required to handle the negative and uncertain situation with more effectiveness and better
understanding (W Creswell, 2016). For any of the above situation arising, it is quite important
that I take corrective action to either stop them from arising or to reduce the magnitude of these
problems. For the situation revolving around conflicts, in future iterations, I would suggest my
team mates to follow unanimous research approach and authenticate resources to carry out
information that is relevant and serve the research agenda. In addition to this, weekly group
meetings would allow me to discuss the approach took by each member and would allow all of
us to review the information of each other. Furthermore, in future, if a similar situation arises,
instead of opting out for staging a conflict, I would rather indulge the other member into a
creative discussion explaining them areas where the information lacks and how it could cause
ambiguity in the module. In relation to this, another manner in which conflict could be reduced
by me in the future is to set up guidelines for my team members to follow on how data should be
acquired. This would allow each member to gather relevant information regardless of their
familiarity with the research project.
As for inconsistent information, in future, my research approach would be in a manner
that the information assembled by me is flexible enough to undergo various changes rather than
updating the information as per the current standards and validity. In other words, information
opted out by me would be satisfactory even if an uncertain future activity occurs. Moreover, to
satisfy this aim, I would gain a better understanding on the concepts associated with the module
and would effectively go through each of its aspects to present effective information in my
project.
CONCLUSION
Thus, it is concluded from the above report, that it is imperative for individuals to
effectively apply various models in order to present reflective summary on various chosen topics.
Gibbs Model used in the report is quite effective and is very useful as it covers all the aspects
7

related to form a reflective summary. It is crucial to identify the problems and challenges faced
along with the favourable factors to determine effective learning outcomes from the same. It is of
vital importance that each challenge be analysed effectively to determine alternative course of
action in case of future happenings. Lastly, action plans must be developed by individuals for
future iterations in order to prepare corrective measures that could enhance future effectiveness.
8

REFERENCES
Books and Journals
Bernard, H.R., 2017. Research methods in anthropology: Qualitative and quantitative
approaches. Rowman & Littlefield.
Bouoiyour, J. and Selmi, R., 2018. Are UK industries resilient in dealing with uncertainty? The
case of Brexit. The European Journal of Comparative Economics.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Eraker, D., and et. al., 2015. Online marketplace for real estate transactions. U.S. Patent
9,105,061.
Kaner, S., 2014. Facilitator's guide to participatory decision-making. John Wiley & Sons.
O’NEIL, H.F., 2017. Measuring Collaborative Problem Solving in Low-Stakes Tasks. In
Assessment of problem solving using simulations (pp. 187-210). Routledge.
Spector, J.M., and et. al., 2014. Handbook of research on educational communications and
technology (pp. 413-424). New York, NY: Springer.
Tjosvold, D., Wong, A.S. and Feng Chen, N.Y., 2014. Constructively managing conflicts in
organizations. Annu. Rev. Organ. Psychol. Organ. Behav.. 1(1). pp.545-568.
W Creswell, J., 2016. Research Design.: Qualitative, Quantitative, Mixed Methods Approaches.
University Of Nebraska-Lincoln.
Online
'Safe as houses'? Brexit looms over UK real estate market. 2019. [Online]. Available Through:
<https://www.reuters.com/article/us-britain-eu-realestate/safe-as-houses-brexit-looms-
over-uk-real-estate-market-idUSKCN1L81G2/>.
Gibbs' Reflective Cycle. 2019. [Online]. Available Through:
<https://www.mindtools.com/pages/article/reflective-cycle.htm/>.
9

APPENDICES
Appendix 1
WEEK 1
Targeted Work Days
Market Research 4 Days of First Week
Analysis of Impact of Brexit Remaining 3 Days of First Week
Work done Days
I performed a market research on real estate In starting 3 Days of First Week
Studied the impact of Brexit within the UK. Remaining 4 Days.
10

WEEK 2
Targeted Work Days
Determination of influence of Brexit on real-
estate market operations
2 days of Second Week
Information Gathering from various journals Remaining 5 Days of Second Week
Work done Days
I determined the influence Brexit has on Real-
estate operations.
In starting 2 days of Second Week
Gathered Information about the same from
various journals, newspapers and magazines.
Remaining 5 Days.
11

WEEK 3
Targeted Work Days
Identification of the intensity of Brexit on real-
estate
4 days of Third Week
Study of past real-estate records Remaining 3 Days of Third Week
Work done Days
Identified the intensity of Brexit on Real-estate
prices, regulations and policies.
In starting 4 days of Third Week
Studied the past real-estate records available
online and through library.
Remaining 3 Days.
12

WEEK 4
Targeted Work Days
Determination of problems caused to
entrepreneurs of real-estate because of Brexit
3 days of Fourth Week
Study of current and future estimates Remaining 4 Days of Fourth Week
Work done Days
Determined all the problems faced by
entrepreneurs due to Brexit Negotiation.
In starting 3 days of Fourth Week
Studied the current trend and future estimates
for real-estate from various journals.
Remaining 4 Days.
13

WEEK 5
Targeted Work Days
Comparison of real-estate condition of the
country with other developed countries
5 days of Fifth Week
Identification of investing opportunities Remaining 2 Days of Fifth Week
Work done Days
Determined all the problems faced by
entrepreneurs due to Brexit Negotiation.
In starting 3 days of Fifth Week
Studied the current trend and future estimates
for real-estate from various journals.
Remaining 4 Days.
14

WEEK 6
Targeted Work Days
Compilation of Information acquired 2 days of Sixth Week
Evaluation and Analysis of the present
information
Remaining 5 Days of Sixth Week
Work done Days
Compiled information gathered from various
resources like journals, newspapers, internet,
etc.
In starting 1st day of Sixth Week
Effectively evaluated and analysed the
information present.
Remaining 6 Days.
15