New Venture Development

Running Head: NEW VENTURE DEVELOPMENT
New Venture Development
Name of the Student
Name of the University
Author Note

1NEW VENTURE DEVELOPMENT
The importance of learning outcomes is innumerable to everyone associated in a learning
process. The learning outcomes are valuable to the learners, administrators and the instructors.
These are more than simple sentences which help in existing lesson plans or curriculums to come
out as shapes which can enhance the student engagements and the learning too (Taylor 2017).
Hence, it is important to check the ability to benefit various groups in the postsecondary
education. For the students, learning outcomes can be focused on by concentrating on the
application of knowledge and skills that they have gained in the course. Therefore, our group of
five people who had been given the project of developing a venture consultancy plan over the
Preston market need to reflect on our individual learning outcomes. We also need to demonstrate
the challenges they went through the task. We were five people in the group.
The Kolb’s Reflective Cycle
The Kolb’s reflective cycle has been my guiding framework for reflecting on the topic
and the learning outcomes. The Kolbs reflective cycle consists of the components like concrete
experience, abstract conceptualization, active experimentation and reflective observation. The
framework has been influential in forming the base of my reflection.
Hence, I would like to acknowledge the contribution of my co-mates without whom I
could neither have gone through such an amazing project nor could I learn so much. Both the
primary and secondary research methods have been used in this research. The secondary research
was based on the existing journal, articles and books.
The Concrete experience
First of all, I would like to reflect on the research topic. The Preston market, on which the
research has been conducted is a famous market situated in the United Kingdom, Lancashire

2NEW VENTURE DEVELOPMENT
(Prestonmarket.com 2018). The aim of the project was to achieve a considerable amount of
knowledge in terms of environment which could help in developing the market in a better way.
Our objective was to know the marketing environment around the Preston market.
Abstract Conceptualization
Next we had focused on understanding of the best possible way by which the market
could be developed from B2B and B2C business. Bothe the primary and the secondary methods
helped us to attain hold over the market assessment and conducting our venture development
project. We came to know that people had interest on the refurbished products up to greater
extent but the Preston market itself was failing somewhere to satiate the requirements of the
customers.
Active experimentation
We also deduced from the assessment that the company needed to illustrate its innovative
approaches. We also came to know through the examination that the market also required to
develop their indoor as well the outdoor market. Based on the assessment of the market and its
external factors, we developed the venture plan for the company according to which the
company should engage with other companies in order to open a renovated store that would
easily change the face of their business.
Reflective Observation
I would also like to reflect on the gains and some of the challenges of our team –based
investigation. Our intervention abilities have been enhanced for sure. Having privileged with the
opportunity to run a practical research on a market, I have grown my analytical skills. These
analytical skills would be useful for me and other group members ink future project