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Entrepreneurship in Practice

   

Added on  2020-11-12

17 Pages6074 Words278 Views
ENTREPRENEURSHIP INPRACTICE
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Table of ContentsINDIVIDUAL REFLECTION .....................................................................................................1.........................................................................................................................................................5BUSINESS PLAN ..........................................................................................................................6.......................................................................................................................................................14REFERENCES..............................................................................................................................15
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INDIVIDUAL REFLECTION Gibbs reflection model plays an important role in encouraging people to thinksystematically towards their experiences and activity as well. With the help of this, individualcan easily think about improvement in next time. Along with this, by using this model peopleeasily understand the situation and also determine how they could do well in the upcoming time.In context of Wedding Bells, they prepare business plan with the purpose of establishing theirbusiness in market for longer period of time. For this, company provide various services such asWedding planning, Food management, Event management, marketing and many more.Furthermore the main concept of making business plan is to invite number of customers towardsits offering so that company make their brand presence strong in market. There are six stages inthis model which are as described below:Description- As a team member of project, I was executing business plan activities onthe basis of increasing market share In this, I will determine the main concept of developing newservices in market related with the Wedding events. In this, our team also evaluate thecompetitive analysis to determine the main competitors at market place. While givingpresentation on the basis of business canvas model , we also provide necessary information aboutits services and products as well so that customers get easily influenced and motivated. Howevery, when we present our presentation I tried to provide necessary and unique information tothe audience so that they get understand our points and message as well. For this project, me andmy team also find better resources to develop effective ideas. Along with this, we alsocommunicate with each other to generate effective ideas. With the help of this, we easily selectthe best idea for development of the business and its project as well. But on the other side, teamalso faced issues at the time of presenting views because all the team members are not effectivelycoordinate with each other. I am college going student to whom assignment is given related withnew idea and creativity. This project is based on group activity where four members areincluded. After viewing market, wedding plan idea came in our mind. As there are very fewcompanies which deals in wedding planning. We will be providing all facilities related withwedding such as catering, decoration, foods and others. The dealing will be with high, middleclass people of society. When we create business idea, our teacher also supported us a lot andprovide appropriate guidance in terms of activity.1
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Feelings- I felt extremely hesitated at the time of giving presentation on business plan ofWeeding Bells. By this, I was also demotivated because my speaking skills is not much effectivein front of audience. Along with this, we also faced issues while collecting data because we failin gathering relevant data and information towards the business plan of Wedding Bells. Thus, wehad decided to keep all the activities in group in which entire task easily completed. By this teammembers also share their views to analysed the data. We also discussed with our senior tounderstand their experience in wedding events. Mainly, we focused on the attaining set target sothat me and my team members implement each and every ideas provided by seniors. By this wewas easily present our views to invite audience towards the Wedding Bells services. It was greatfeeling to create such new idea and develop business. It was supported by our friends, teachersand professors. When such ideas come into our mind it was little bit hard to show that plan toothers. The main purpose for this idea is to solve problems of people at pace. When we didpromotion of this idea through website and social media, people did not focus on such plan. Thisbrings negativity feeling in us whether plan will be success or not. Our friends also help a lot tous to create more promotion in their families regarding our plan. As being college students it isnot easy to convenience people living in society. Before creating such plan we were totallyunaware about outcome which we can gain through this project. When we fully created our idea,analyse competitors, market it creates some good feeling in us. When we created this ideacoordination was not matched with our team members. So being team leader I decided to listento each and every view and implemented into success plan. There was also issue regardingfindings about new plan. I focused on doing survey before implementing plan.Evaluation- In this stage, when assignment was given to us we were very much confusedabout selecting plan for our task and also creative and innovative idea should be used. This wasdifficult stage for us to select such innovative and creative idea. Finally after doing lots ofresearch, survey, we came to conclusion that wedding plan is suitable idea for our assignment. Itwas little difficult to convey such idea to teacher, friends. In this, my role was gatheringinformation related with business canvas model to create innovative ideas. Some of themlaughed on us after hearing such plan. This idea created positive as well as negative feeling forus. As being student it was very difficult task to force people to show our plan to them. I feltpositive when our teacher appreciated our hard work and efforts. He like our ideas very muchand assist us in performing other activities. The most good experience was getting appreciation2
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