Individual Reflection: Business Start-up Idea and Critical Incidents

This assignment presents a student's individual reflection on the experience of generating, developing, and pitching a business start-up idea, focusing on opening a clothing store. The student, acting as a leader within a group of friends, details three critical incidents: the initial complexity of the business and the need for extensive research, the challenges of fund-raising including team disagreements and delays, and the difficulties faced in public speaking and pitching the business idea. The reflection explores the student's personal learning and growth through these incidents, highlighting the importance of planning, understanding market trends, effective communication, teamwork, and overcoming personal challenges to achieve business goals. The student analyzes the 'what,' 'so what,' and 'now what' of each incident, illustrating how these experiences shaped their understanding of business operations, leadership, and personal development.

Running Head: MANAGEMENT
0
Professional Business Management
6/20/2019

MANAGEMENT
1
Generating
Opening a clothing store is a complex task, and involves huge revenues or income
therefore; I have selected this as the business start-up idea. We, four friends took the
decision, to run the store under the name ‘First choice apparels’.
Incident 1: Complexity of the business and resultant issues
What ?
I gathered around with my other three friends in college, to discuss about the start-up
idea. In this event, I became the leader, as I need to handle everything enabling others to
work in a team. Tapping the interests and doing market research is important to generate
business idea.
So what?
I found the goal or idea of starting the clothing store as completely new, and complex,
so I felt the need to first collect information about this business, then carry further work. I
found that it would require many resources to be used in the business, and this would require
an extensive level of research. Therefore, I felt puzzled for the proper collection and start of
the business, and this is a crucial part to be done.
Now what?
Now, the next step I realised is to make plan for working in context to the start of a
successful clothing store. I came to an understanding that for gaining expertise sufficient to
start and run the clothing store, I would have to work and carry out operations in respect to
the business of clothing. I need to focus on preparing for grand opening, and designing my
apparels to be sold to various customers. I discovered that I would have to understand the
trends, and operations of the retail sector businesses. As this would help me in the actual start
of the business, I aim, at the time.

MANAGEMENT
2
Developing
I have understood about the important stage of ‘development’ or developing a start-up
business idea. This is the step that determines the birth of the business, and when it actually
starts operating with other activities, serving people.
Incident 2: Issue of Fund raising
What ?
I assumed the role of a leader and on this account, I will have to ensure each of three
members are aware of their roles and duties towards the project. I observed, communication
with the group was proper, as carried out by making a whatsapp group. However, one of the
problems I faced later on is regarding the willingness to work on collecting funds for the store
business. As this is important to start and implement the activities or idea to run the business
and gain profits
So what?
Now, I analysed that we should prepare a budget, to plan the need of finance or fund
for the start of our clothing store. Unwilling attitude towards the fund collection was one
problem. Apart from this, I felt frustrated due to the issue of difference in opinion, and lack of
discipline amongst the team members. However, amongst all two members did not answer on
time, and this led to the delay in work. The issue of delay in work by one member disrupted
the motivation of others and affected other activities regarding fund raising in whole.
Now what?
Consequently, I felt number of other problems being raised due to lack of willingness
and difference of opinions, influencing effective completion of the tasks. I analysed different
aspects, and concluded to conduct ‘brainstorming’ as an activity to control and eliminate
differences in opinions. Brainstorming is a creative method to identify a solution to the
problem, and acquire effective ideas working in a team. This would help me to gain positive
and timely response from all the three members, and would further ease the process and
activities.

MANAGEMENT
3
Pitching:
The aspect of pitching a business idea that implies targeting investors or customers to
get or obtain resources for implementing the business idea.
Incident 3: Discussing with the public about business
What ?
Here, being a leader the goal is pitching business idea of starting a clothing store, to
various customers in the market. I have been a good listener during my school, and college
years, but I always felt lack of confidence in the elocution. In other words, I always had the
stage fear or talking to large number of audience, in different speeches, and presentations.
So what ?
Due to lack of ability to communicate with the people or audience, I recognised the
need to improve these skills. I found that improving this would help in the team-work and
attaining our goals, for the smooth functioning of the clothing store. In context to my future
or goals for better opportunities for personal growth, I would essentially need to focus on
confidence and communication skills.
Now what ?
I analysed from my experiences, working with the team, that ineffective public
speaking became a major problem. Therefore, I had to work to improve this and I carried out
research and recognised various methods. One of them included taking proper rehearsal,
practice, and organising the material properly. Besides, this obtaining timely feedback from
other three members would also help me improving the communication, to become a
successful leader.