Reflection on New Venture Development

Running head: REFLECTION ON NEW VENTURE DEVELOPMENT
REFLECTION ON NEW VENTURE DEVELOPMENT
Name of the student:
Name of the university:
Author note:

1REFLECTION ON NEW VENTURE DEVELOPMENT
Table of Contents
Formation of group and issues:..................................................................................................2
Phase of Active experimentation:..........................................................................................2
Process of choosing the host organization:................................................................................2
Evolution of roles and associated issues:...................................................................................3
Concrete experience in real time basis:..................................................................................3
Learning outcomes and need for development:.........................................................................4
Reflective observation:...........................................................................................................4
Learning outcomes, conclusion and usage of Kolb’s reflective cycle:......................................4
Abstract conceptualisation:....................................................................................................4
References:.................................................................................................................................6

2REFLECTION ON NEW VENTURE DEVELOPMENT
Formation of group and issues:
Phase of Active experimentation:
According to the Kolb’s reflective cycle, a lot of experimentation was carried out
during the formation of the group. I have an experience of doing assignment son the Preston
market in the past. I have already done two assignments on the Preston market. A group was
formed in order to carry out the assignment. The group consisted of three people. The
business group was known as the RLB Pvt Lmt. During the lecture, the Group was made after
discussion with the other people. There were few issues at the time of the group formation
since one of the member who was initially included, as the fourth member had to leave due to
some timing issues. Everyone had to play the role of a host since there was no fixed host and
was responsible for his/her own part of the assignment, which again caused lack of
coordination at times. It was more of a trial and error phase for me as well as the other team
members were everyone was free to collect and analyse data the way they wanted, including
me that was aimed for the common goal of the assignment.
Process of choosing the host organization:
Since there was no fixed host and every one was the host, they had to do their own
parts of the assignment independently. Then the results were collected form all the members
and it was decided who was supposed to play which further role I the assignment. I along
with the other members had also visited the Preston market a number of times in order to
better know the market situation. A questioner was also done of the customers as well as the
sellers in order to better understand their views and concerns (Seymour and Hussein 2014). I
questioned some of the customer and sellers to know their perspectives on the market history.
After extensive research and data, collection from the Preston market, I along with the other
members decided it to be the host.