This piece of work is a reflection based on the personal experience acquired by me for the group consultancy project. It discusses the issues faced at Preston and the importance of creating a cleaner and healthier environment for successful business management.
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Running head:NEW ENTERPRISE VENTURE DEVELOPMENT New Enterprise Venture Development Name of student Name of University Author note
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1NEW ENTERPRISE VENTURE DEVELOPMENT Assignment 3: Individual reflection This piece of work is a reflection based on the personal experience acquired by me for the group consultancy project. To ensure that he reflection based on the project is done correctly, I will like to use the reflective cycle by Kolb’s to manage concrete experience, manageactiveexperimentation,abstractconceptualisationandmakingreflective observations too. I personally think that Preston has experienced poor management of the environment, transportation issues and lack of ability to manage a proper shopping centre. The environment was clean and because of the materials and resources transported through waterways, there was need to maintain a clean and healthy environment where business could be set up as well as managed effectively. I have been appointed as the leader of the project and have learnt about these issues faced at Preston, which are needed to be mitigated as soon as possible for successful management of a business in the concerned location (Bruton et al. 2015). I have also learnt that to establish a proper business in Preston, first of all, it is importanttocreateacleanerandhealthierenvironment,furthermoreensurethatthe transportation of goods is done properly too. The group is formed by me as well as organised though with the consideration of various issues and at the same time, facilitate having an experience, based on which, the project can be commenced with ease. The work reflects my personal experience while working in a group for the consultancy project while at the same time, facilitated individual skills, knowledge and expertise to work as an unit and in coordination. The thing that most importantly, worked well, has been the communication and team work, which assisted me to ensure that the project is managed properly and positive outcomes can be derived. One of the most important that did not work well is the lack of communication between individuals, becauseofthedifferentviewsandopinions,whichoftencausedconflictsand misunderstandings too (Danes and Jang 2013). I would like to try out something different like
2NEW ENTERPRISE VENTURE DEVELOPMENT creating a forum online and make them discuss about the project by sharing and exchanging their individual views and opinions, furthermore ensure making a perfect decision in the end too. The Kolbs learning cycle is known for its effectiveness to facilitate learning from the experiences obtained in life consistently, furthermore improve the learning approach through reflection and making reflective observations. The four stages comprise the learning cycle proposed by Kolbs and it starts from doing something to obtain experience, reflect on the experiences by thinking what I have done, conceptualising the facts and finally developing a proper project plan for successful and positive outcomes. Gaining a concrete experience is essential and this has been possible by actively taking participation in various projects and leadership campaigns. I have assigned various individuals who have the relevant skills, knowledge and expertise about the concerned market. I communicated with them via telephonic conversations and emails to take part in the group and even facilitate group thinking and teamwork (Keating, Geiger and McLoughlin 2014). As it was necessary to develop a proper strategic plan and make the clients decide
3NEW ENTERPRISE VENTURE DEVELOPMENT about how the space should be utilised, so the local individuals are contacted with to become a part of the team or group. There were communication issues and varying opinions and views of the people. The choice of the host organisation is made according to the availability of space for the containers and according to the charges for rental purposes too. The boxed market has beenfocusedon,whichispresentneartheMarketcanopy,whichalsooffersgreat opportunities for the management of trade relations along with the usage of ship containers too.I have used the skills of people to achieve an own coaching style and followed the democratic leadership style to gather the opinions of team members, furthermore ensure acquiring their opinions and views. I have gained access by consulting with few of the members associated with the management of Preston to ensure that the business project can be successful (Kuratko and Hornsby 2017). Yes, there have been evolution of roles, as I served the role of leader within the group while the group members are provided with the roles of delivering advices with the help of a strategic plan to the owners of business and allowing them to improve the business management within the box market area corresponding to the Preston’s market. The group members also assessed the market conditions and analysed the responses of the people I the area to understand what the market can offer and how the business can be successful. I have managed good relationships with the host organisation by interacting with the different types of stakeholders, especially the suppliers, shareholders or investors, employees of the organisation and even the clients (Manolova, Manev and Gyoshev 2014). Constant customers’ services were provided to handle the relationships, furthermore to overcome any issues that might be associated with the formation and implementation of strategic plan.
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4NEW ENTERPRISE VENTURE DEVELOPMENT Issues included lack of communication and not adhering to the organisational laws, policies and programs. I made sure to resolve any conflicts that might affect the communication and understanding among individuals. I made sure to access proper communication medium to make sure that the group members can communicate with each other freely without any hindrance (Mason 2015). Varying views and opinions might also have resulted in poor decision making and thus my role was to acquire each and everyone’s response before making any decision. From the processes, I learned to actively analyse the market conditions, which is all about active experimentation while observations have been made by my team to assess the behaviours of ctch clients in the boxed market area. I have also understood that there were concerns about the availability of space and charging for rental purposes too, which further allowed me to gain concrete experiences regarding the space availability and selection of right containers too. Thus, the development needs include forming a proper plan that can be suitable for the clients to us the space effectively and even attract more potential clients (Urban 2015). One thing I need to do differently is that I should follow laws, legal rules and regulations of the Government and make sure to align the project scopes and activities with the financial aspects. This should ensure managing proper budget and even determine the feasibility of unit calculation and cost of overhead too. Yes, from the above aspects, especially the assessment of market conditions and analysing buying behaviours, forming plan for effective usage of space, I have made observations and gained concrete experience, which has facilitated the conceptualisation and allowed for doing active experimentation too. I have learned the importance of teamwork,
5NEW ENTERPRISE VENTURE DEVELOPMENT coordination and even the importance of valuing the group members (Williams and Martinez 2014). I have also acquired skills of conducting in-depth research and determine the space availability of containers along with forming a strategic plan with the opinions of group members too. The marketing and promotions are not done properly while failing to attract the younger generation clients have been issues as well, though I would like to prepare the strategic plan in such a manner, so that a permanent solution is offered and a better environment is created within the boxed market for easy management of business. This piece of work has not only allowed time to conduct market research and asses the suitability of business in the location, but should also be beneficial for becoming successful in my professional career in the future too.
6NEW ENTERPRISE VENTURE DEVELOPMENT References Bruton, G., Khavul, S., Siegel, D. and Wright, M., 2015. New financial alternatives in seedingentrepreneurship:Microfinance,crowdfunding,andpeer‐to‐peerinnovations. Entrepreneurship Theory and Practice,39(1), pp.9-26. Danes, S.M. and Jang, J., 2013. Copreneurial identity development during new venture creation.Journal of Family Business Management,3(1), pp.45-61. Keating, A., Geiger, S. and McLoughlin, D., 2014. Riding the practice waves: Social resourcingpracticesduringnewventuredevelopment.EntrepreneurshipTheoryand Practice,38(5), pp.1207-1235. Kuratko, D.F. and Hornsby, J.S., 2017.New venture management: The entrepreneur’s roadmap. Routledge. Manolova, T.S., Manev, I.M. and Gyoshev, B.S., 2014. Friends with money? Owner’s financial network and new venture internationalization in a transition economy.International Small Business Journal,32(8), pp.944-966. Mason, C., 2015. Spatial variations in enterprise: the geography of new firm formation. In Deciphering the Enterprise Culture (Routledge Revivals)(pp. 94-126). Routledge. Urban, B., 2015. Evaluation of social enterprise outcomes and self-efficacy.International Journal of Social Economics,42(2), pp.163-178. Williams, C. and Martinez, A., 2014. Is the informal economy an incubator for new enterprise creation? A gender perspective.International Journal of Entrepreneurial Behavior & Research,20(1), pp.4-19.
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