Entrepreneurship Theory and Practice: Personal Reflection on Project Performance

Running head: ENTREPRENEURSHIP THEORY AND PRACTICE
Entrepreneurship Theory and Practice
Name of the Student
Name of the University
Author Note

1ENTREPRENEURSHIP THEORY AND PRACTICE
Introduction
This assessment is to represent the personal reflection on the performance that I possess
during the project. The Gibbs model of reflection will be used to depict my performance and
experience (See Appendix, Image 1). I will also share my concern on how the business idea of
opening an Indian Snack company in United Kingdom. I will also write about my ability to
engage in to the process of creation, appraising my team members and present my ideas on the
entrepreneurial skills and ability. The management theories that I have learned during this period
for preparing this project will also be explained.
Discussion
Description of the performance
I along with my team members have been asked to prepare a business plan for the
project. I have no prior knowledge off preparing one such project and have many things that
have helped me to complete the project finally. The journey has been fruitful and my team
members also helped me and I learned many things from them. I have taken the initiative to
develop a good communication among ourselves and being a responsible team member I have to
make sure that everyone should have to be compatible with each other. The prime reason is that
it is not possible for all our project members to stay together and share concern directly. Thus, I
can say that my action as a team player has been cooperative throughout the journey. However,
developing this project require many need much knowledge in assessing marketing
opportunities, threats along with the precise calculation of budget that is required for obtaining
desire resources. The evaluation of the opportunities and threats has helped me and my team to

2ENTREPRENEURSHIP THEORY AND PRACTICE
set the strengths and assess the weakness of the snack centre that we have planned to establish. I
have learned about all the required marketing theory for evaluating the external and internal
environment for our company. I have followed all the sources that are given to us in the class
and several internet sources to gather knowledge of these theories. This way, I have excelled my
knowledge base to prepare the project. One of my team members is extra-ordinary at budget
planning and financial calculation. I have learned how to set a financial budget for start ups.
Thus, I can say that I have a transformational skill where I can jell well with others to learn new
things and develop an effective interpersonal relationship with each other. I can also say that I
also emphasized on the concept of knowledge sharing in this project journey and this has helped
me to overcome my knowledge gap.
Feeling about the project
This is the second step of Gibbs Reflective Cycle and a person has to share about the
thoughts and feeling during the entire duration. I have given many psychometric assessments and
found that my strongest parts are Industriousness, taking control and creativity. Though I also
have a good achievement striving but I have to work for developing my passion towards my
work. The assessments that I have given shown me that a fair achievement striving. Yan (2014)
stated that the term achievement striving refers to the internal motivation to work hard towards
goals. I put the work at most priority level but also desire to obtain a work-life balance. I also
like to take challenges in doing a task and I think I can perform well under stressful situation by
analyzing the condition and then select the most appropriate solution for the situation. I have
observed this aspect while researching about essential facts about the project. All our team
members put extraordinary effort to research secondarily about the market demand of United
Kingdom.

3ENTREPRENEURSHIP THEORY AND PRACTICE
During the team work I also play as a leading role in managing all the team members and
confident in taking control of situations. There were times, when conflict arises like in selecting
menus for the snack centre and the decision to set the location for the centre but I have suggested
ideas through which this conflict can be overcome. I have overcome the problem by suggesting a
way to present the thoughts to everyone along with the reason for the selected ideas. I analyzed
the situation and then collaboratively the most optimized yet effective idea for our project, in this
way, I have managed the conflict raised among us. During this discussion, we have found that
the location of Uclan university. The supported argument present was that- in Uclan university,
70% students are from other countries and among them 40% are from South Asian counties like
Pakistan, Nepal, India, Bangladesh and Sri Lanka. We all agree to this argument and finalize the
location. This nature shows that I always value factual ideas rather than selecting what other feel
is right. The Psychometric assessments also help me to find that I am good in creativity and
emphasized more on abstract and lateral thinking compared to traditional and conventional ideas
when taking any decisions. Moreover, the thing that I lack is extreme passion about the work that
I opt. I know that this nature often act as a barrier in making effective decisions making. I value
more on emotional factors and emotions of other people prior taking any decision. This results in
more time in decision making procedure and delay in taking actions.
Thus, my key competencies are creative ideas for the business so that people can
attracted towards our initiatives, working in stressful situation and taking control in obtaining the
ser goals and objectives. The things that I have to rectify are to give more time to business or any
project if urgency comes and enhance my passion level which lack sticking to one decision. I
usually get confused as I mixed up intuition, emotional intelligence and logic.