Business Plan Reflection: Proper Food Restaurant in London

Desklib provides past papers and solved assignments. This report reflects on a student's business plan for a London restaurant.

Managing enterprise in 21st century
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Task 2
Student will have to reflect upon their personal Journey arising from the business plan anf their
personal skill set for self-employment.
Reference terms
The current report is a reflective work regarding the developed business plan for managing a
enterprise in the 21st century. The main purpose of this reflection is to readdress the work and
understanding of me and my project during the project. This reflection can be considered as a
personal record regarding by learning experiences while developing a business plan for Proper
Food. This report has been written for reflecting my project work so that I can deliberately
showcase by gained knowledge, understanding achievement in the current project as a analyzer,
researcher, reporter, critical thinker and a presenter.
This reflection is an individual report which described all my work on the basis of the developed
business plan for a restaurant name Proper food in London. I along with my team mates have
worked collaboratly for launching a new restaurant that will be offering high quality nutritional
food in affordable price. Total expense of the organization is estimated to be £92000 (Fernández-
Guerrero et al 2012). The report also analyzed various factors that is required for business
startup. Thus, for formulating the business plan we have performed market analysis, staff
training and resourcing, market strategy and costing along with financial projections for
describing my hypotheses, learning, and conclusions.
Here, I also have discussed about the way and method I have implemented for minimizing
conflicts among the team, my role in the project, approached for tackling challenges etc. I also
have mentioned about my understanding and learning from and during the project execution
along with application of various theories and research methodology.
Problem solving
For developing and formulating the business plans for Proper Food to be launched in London I
have worked as worked as a team. This has supported me to understand the importance of team
work for effective completion of the project in its estimated time period. With proper
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collaboration and coordination among the team mates a friendly and supportive environment was
created that has assisted us to perform our assigned task more effortlessly minimizing conflicts.
Ideas of every individual at the initial level were different from each other but with through
planning, constructive arguments and discussion we came to a definite conclusion. I have a
strong marketing knowledge so I have decided to perform task related to analyzing collecting
and evaluating the business plan considering the marketing aspects. All the tasks in the project
was distributed at individual level, however I have chosen to collaborate with each team member
(McKeever, 2016). There were some issues regarding insufficient knowledge regarding research
method, and sources to be referred with minimal critical thinking and judgments this has
influenced upon inconsistent decision making and our presentation was quite descriptive.
Knowledge and Understanding
The research for the creating an effective business plan for the enterprise was done in a team, I
from that I can conclude that team theory is one of the most important and relevant theory that
must be practice practically. I could effectively relate my research work with all my theoretical
knowledge gain in the course. Along with that my previous experience in the field of
management also has supported me for effective completion of the undertaken project.
Moreover, one of the most significant things which I could gain with this project was impact of
team efforts. During the project phase I have found that overall coordination among the team has
improved that has supported in polishing the communication skills of team as a whole. All the
role and responsibility of the project was distributed will proper discussion considering once
strength and weakness, and it’s a proof that for this project a specific leader is not required.
Every team mate has put forwarded their efforts for attaining the aims and objective of the
project. Even though all the tasks for the project completion were assigned among the team I
have chose to maintain proper coordination. That has assisted me understand and learn different
approach of different team mates while meeting their goals and objectives. Working on business
plan individually has assisted me to understand the techniques that are required for creating an
official report. I have also learned about different research methodology, and sources that can be
referred for collecting different data and information both online and offline of different author
and writer on the same topic. In the current project, the main focus was on developing a business
plan for a restaurant for surviving in the present competitive world along with understanding
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regarding market acquisition, market penetration, need of customer service, ambience, facilities,
along with projection technology.
I have understood about different macro and micro factor that Influences and organization and its
business along with the importance of marketing techniques that are required for attracting
customers towards product, service or the brand itself. In the present project team, I considered
myself to be an active and important member due to my contribution while formulating the
project objective and strategies for achieving strategy.
I have chosen to conduct an effective market research for understanding and establishing a
potential market for the establishing the restaurant in London (Rice, et al 2009). Market analysis
for the current business sector has also been conducted by me for the project for checking the
project feasibility and demand of the product and services offered by the organization in the
current competitive market of London among the target customers. So that effective business and
marketing strategies can be implement for growth and sustainability of the organization.
I have also chosen to perform market analysis that has supported me to understand regarding
market size and share, forecast, along with customer behavior and trends. From the market
analysis, I could understand and identify different market competitors along with their business
strategies, competencies, success factors etc. with the help of the business plan, I could
understand regarding financial reports and position together with knowledge regarding resource
management and staffing.
Analysis
For the current business plan for the new enterprise set up, all my team members has decided and
divided various activities and tasks considering their strengths and weakness. However, during
the actual designing of the business plan project we have come across different hurdle. For the
project I have learned that I need to change my approach for project completion. I need to focus
on effective time management for completion of the project in the estimated time and need to
encourage in activities to enhance self motivation. Some others which also required some
improvement includes market assessments and analytical skills. From the project of business
planning I could understand that all my team member lack in communication and presentation
skills. Moreover, the experience that has been gained after the completion and also during the
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project will be very supportive for improving and developing both my personal and professional
skills.
To develop my understanding and enhancing my knowledge various factors and aspects had
supported me (Sellars, 2009.). Classroom lecture and Workshops has assisted me to carry out
different research using different source in the desired topic along with the choice of approach
and method of research to be used for collecting accurate and un-biased data and information.
For effective strategic planning and solving different issues group meeting and discussion played
an important role.
Self Evaluation and Analysis
Being a student of a renowned university, it was expected from me to be capable of analyzing
and to critical think regarding the development of the business plan. I found that the modules I
have referred and studied in my course have supported me to implement various marketing
techniques and tool during my research. I effectively have learned to apply all the studied
theories into practices while planning for business of a restaurant in the heart of London. The
current project has supported me to design and formulate effective strategic plan along with
mission and vision for an organization name Proper Food. For the effectiveness of the current
business project, I have chosen to apply various models like Porter’s generic strategies, Porter’s
five forces model, IR model, McKenzie 7’s model and lastly Ansoff’s growth model (Lee-Ross,
2015).
I have always been an attentive student and the knowledge that have been gained from the
lecture has supported me to search different sources for collecting data and information which
has further supported me to formulate strategy for the growth and expansion of the restaurant
business. I have effective tried and implemented all my theoretical knowledge for the present
practical situation which was effective in assisting me to understand overall business plan for
Proper Food. I have applied my theoretical knowledge for enhancing my ideas and understanding
regarding effectiveness of the developed business plan (Linan, 2008). All my practical
experience was effectively built base on the gained theoretical knowledge in class.
I have collected various data and information for its analysis on the basis of the different theories
applied. Theoretical data and knowledge has guided me for calculating the numerical data, this
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knowledge has been used by me practically for formulating financial projection and to
understand financial forecasting so that strategies can be formulated accordingly. With the help
of referrals of the theory I could understand the way to implement different business and project
models considering different situation and circumstances. As per my knowledge I have think that
the human resource must be effectively managed along with resource management for attaining
the objectives and aims of the selected business. I have also understated the importance of
communication skills after the effective project completion; I have enhanced my skill for
interaction and discussion and became confidence while discussing my point of view or during
an argument. I have understood how example, data and facts can be useful for enhancing the
quality of my arguments. The current project for developing a business plan for an organization
to establish effectively in London in the competitive market has also taught me the importance of
team work and coordination for completion of task in less time and minimum efforts.
After the completion of the project I could feel that my skills of researching have also got
enhanced quite significantly (Linan, 2008). Now I have better understanding regarding a topic
and also know the ways of using different sources for accurate and precise data or information.
This will be very supportive for doing future research.
I have understood that along with theoretical knowledge, knowledge regarding latest techniques
is required for effective arguing and researching. For the current project, I have worked
effectively on the accounting principle for updating and enhancing my knowledge regarding
accounting and finance. I was also engaged with the documentation and report writing that has
enhanced by writing, editing and proof reading skills. This indirectly has helped me to enhance
my computer skills.
Even through all the discussed skills are not very attractive but if I compare and assessed my
own skills I have seen progression. I feel that the business plan designed for Proper food is quite
feasible and has supported me and my team for understand the need of information analysis and
need of critical thinking along with practical implementation of theoretical knowledge.
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References
Books and Journals
Fernández-Guerrero, R., Revuelto-Taboada, L. and Simón-Moya, V., 2012. The business plan as
a project: an evaluation of its predictive capability for business success. The Service Industries
Journal, 32(15), pp.2399-2420.
Lee-Ross, D., 2015. Personality characteristics of the self-employed: A comparison using the
World Values Survey data set. Journal of Management Development, 34(9), pp.1094-1112.
Linan, F., 2008. Skill and value perceptions: how do they affect entrepreneurial
intentions?. International Entrepreneurship and Management Journal, 4(3), pp.257-272.
McKeever, M., 2016. How to write a business plan. Nolo.
Rice, M.P., OConnor, G.C. and Pierantozzi, R., 2008. Implementing a learning plan to counter
project uncertainty. MIT Sloan Management Review, 49(2), p.54.
Sellars, D., 2009. Business plan project: A step-by-step guide to writing a business plan.
Business Expert Press.
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