Business Reflective Essay: MGT501, Reflecting on Entrepreneurship

This business reflective essay explores a student's journey through a business management course, focusing on entrepreneurship and reflective practice. The essay details the student's experiences in operating a company, highlighting key learnings in financial resource management, marketing, and character development. It discusses the practical application of theoretical concepts, including cash flow management, pricing strategies, and business pitching. The student reflects on the importance of communication, feasibility studies, and the development of a business plan. The essay also touches upon the benefits of collaborative learning and the application of a blue ocean strategy. The student concludes by outlining future plans for a social enterprise, emphasizing the skills and knowledge gained through the course and the importance of practical experience in achieving entrepreneurial goals.

Running HEAD: Business Reflective Essay
Business Reflective Essay
(Student’s Name)
(Institution)
(Date)
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Business Reflective Essay
Introduction
Business is a successful organisation whose aim is to produce products and facilities
for purchase, generally for profit. Business is an enterprise, too. It's not simple to comprehend
certain stuff until you really get through it. Entrepreneurship is one of those things. It's not an
simple job to understand company. You may know and read about it, but you will never
understand until you operate one of your own (Argote, 2013). I have acquired such a great
experience of operating a company and acquiring expertise through this course. Being a
Business Management teacher for me Entrepreneurship was a test field to find out all the
management concepts I learned in my other modules. My teaching has given me a directed
attitude to company. Financial resource management and marketing were two main topics
that I brought to the exam in the field of entrepreneurship. The course being very practical
and the capital quantity being minimal, it showed me the bravery to attempt fresh stuff,
because the danger is minimal.
Sharing the classroom with the learners of Creative Economy was a further benefit of
this course. As a management school, it was very exciting to see learners creating fresh
creative goods (Bereiter & Scardamalia, 1984). The classroom itself has become a forum for
a multitude of companies. In addition, this knowledge also provided understanding into
demand-based products in culture. It was exciting to see products with lower price of
production earn supply and profit from revenues. Although each team was a competitor, we
acquired more understanding by exchanging our perspectives and seeing each other's
company views.
Above all, the most I have acquired is the growth of my character. This training has
helped me grow my trust and communication skills. The chance to encounter distinct
individuals creates one's personality and behaviour. A real entrepreneur is one who can
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Business Reflective Essay
persuade others of his concept. Communication performs a key part in this (Morrison, 1996).
I got the chance to talk to as many of my clients as I could. Business is always full of
concepts. As a pupil involved in leadership, of course, I have always been concerned in
learning about business models and the operational benefit of companies. But getting this
knowledge of operating your own company, it caused me to operate on any business idea and
to do a feasibility study. The feasibility study for any company is essential, and this
entrepreneurial knowledge has provided a broad lecture in this region.
It is very important for any company to effectively manage the cash flow. The cash
flow forecast is very essential to determine the efficiency of the company. It also helps to
create a business model. The pre-determination of such variables is crucial for any effective
company. I have acquired expertise in creating the company revenue model, the finance
model and the money stream assessment (Moon, 1999). Pricing your item is a key variable in
the achievement of your products. Any item overcharged may miss its clients. And it's the
same when it gets to undercharging the item. The risk of the item being charged is that the
item losses importance and individuals are starting to doubt the value of the item (McCarthy,
2011). Manufacturing Cost: The first method to determine the fundamental price is to
determine the price of production. By failing to take this into consideration, any item
marketed under this cost would wind up in failure. This should be fixed as the minimum cost
for any item concerned.
Competition pricing: competition pricing is another key consideration. In most
instances, many vendors will prevent buying under the manufacturer's cost provider (Krest,
1990). And the analysis of competitive distribution is also one route to comprehend
economies. Demand-based sales: The price variable most frequently relies on supply. Market
surveys and questioners can study requirement. In addition, we can determine supply by
studying the quantity of revenues of competing products. Business Pitching: Pitching one's
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Business Reflective Essay
own concept performs a significant part in drawing the focus of others to the company. The
Business coaching workshop helped to create my thoughts and to publish them in a manner
that communicates key variables. I also learned that key variables are not only essential, it is
also essential to publish them in a very creative and enjoyable manner (Blackman & Quazi,
2012)
Writing a company report is just as essential as the company pitch. By composing a
company study for a company that we had operated, it showed me understanding of the
variables that need to be stated in the company document. In addition, it also provided me
with information on the variables that any investor would concentrate on. Projecting the
finance portion was very essential to capture any investor's eye, as it depicts the whole
company in one phrase. A very significant value for a business person is to know how to
operate effectively with distinct individuals. In this way I have had my experience through
this course (King, 2002). As a future plan the course assisted me realize that the entrepreneur
was in me. Apart from that, it assisted I acquire all the abilities that an entrepreneur needs.
Experience is a nice class for everyone to benefit from. And Entrepreneurship has provided
me the greatest knowledge of my career. In the future, I plan to build up my own social
enterprise.
In summary, I can conclude that, in attempt to prevent expensive rivalry, Companies
can innovate and develop their business through a blue ocean strategy. There is a blue ocean
strategy where there are currently no firms and it also enables the company to develop
without competition (Pellegrino, 2012). Essentially, there are five dimensions included in the
model, such as economic facets that determine the direction of the firm; a framework that is
helpful for improving decision-making capacity; procedures that manage the stream of data;
awards that provide motive and, finally, a choice of correct individuals that promotes or
maximizes organisational effectiveness by practicing diverse functions
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Business Reflective Essay
Reference:
Argote, L. (2013). Organizational Learning: Creating, Retaining and Transferring
Knowledge. New York: Springer Science.
Bereiter, C., & Scardamalia, M. (1984). Learning about Writing from Reading. Written
Communication, 1(2), 163-188. Doi: 10.1177/0741088384001002001
Blackman, D., & Quazi, A. (2012). Corporate Social Responsibility and Individual
Resistance: Learning as the Missing Link in Implementation. Management Learning, 44
(3), 237-252
King, T. (2002). Development of Student Skills in Reflective Writing. Retrieved from
https://www.researchgate.net/publication/251656887_Development_of_Student_Skills_in
_Reflective_Writing
Krest, M. (1990). The Reflective Writing Teacher and the Application of Knowledge. The
English Journal, 79(5), 18-24.
McCarthy, J. (2011). Reflective Writing, Higher Education and Professional Practice. Journal
for Education in the Built Environment, 6(1), 29-43.
Moon, J. A. (1999). Reflection in learning and professional development: Theory & practice.
London: Kogan Page.
Morrison, K. (1996). Developing Reflective Practice in Higher Degree Students through a
Learning Journal. Studies in Higher Education, 21(3), 317-332.
Pellegrino, J. W., (2012). Education for Life and Work: Developing Transferable Knowledge
and Skills in the 21st Century. Washington DC: National Academies Press.
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