Enterprise Creation: Reflective Journal and Action Plan for Business

This document presents a reflective journal and action plan for an enterprise creation module. It covers weekly reflections on topics such as enterprise creation, business modeling, business planning, finance, innovation, marketing, legal requirements, business pitch, and critical reflection. The journal entries detail the student's learning experiences, feelings, and key takeaways from each module, emphasizing the development of entrepreneurial skills, understanding of business strategies, and the importance of financial management and marketing. The action plan outlines steps for future development based on the reflections. The document concludes with feedback received, highlighting areas for improvement and reinforcing the value of the learning activities.

Enterprise Creation:
Reflective Journal &
Action Plan

Table of Contents
Enterprise Creation: Reflective Journal & Action Plan...................................................................3
WEEK 2: (First Teaching Week) Enterprise creation.....................................................................3
WEEK 3: Business modelling.........................................................................................................5
WEEK 4: Business planning............................................................................................................7
WEEK 5: Finance in business..........................................................................................................8
WEEK 6: Innovative and creativeness in business..........................................................................8
WEEK 7: Marketing and sales.........................................................................................................9
WEEK 8: Legal requirements........................................................................................................10
WEEK 9: Business Pitch...............................................................................................................11
WEEK 10: Business plan...............................................................................................................12
WEEK 11: Critical reflection.........................................................................................................12
WEEK 12: Feedback......................................................................................................................13
Personal Action Plan........................................................................................................................1
REFERENCES................................................................................................................................2

Enterprise Creation: Reflective Journal & Action Plan

WEEK 2: (First Teaching Week) Enterprise creation
What happened?
The initial phase of our module stated with the activity of Enterprise creation which can be explained as
the activity undertake risks to own, manage and operate the activities of an enterprise (Adams, 2022).
Through the module I have learnt various aspects about being innovative, creative and constantly learning
from mistakes to create European Style Bakery Business Enterprise. This week was important for me to
grow entrepreneurial skills and abilities needed to start an enterprise business.
https://www.youtube.com/watch?v=64JnaEMVT9Q&t=3s
How did I feel about it?
From the activity of enterprise creation I felt very excited to learn because I had a limited
knowledge about the entrepreneurship. I was not very sure that I will require interacting with
people for establishing a business which made me feel worried. But in the end I feel that the
learning of entrepreneurial skills and abilities will help me to become good entrepreneur (Bae and
Darche, 2019). This will assist me to be able to develop business plans and other considerations
for other assignments.

https://www.youtube.com/watch?v=BrozMofKNsc&t=7s
What did I learn from it?
I think that the entrepreneurial skills such as innovation, creativity, constant learning, leadership,
critical thinking, etc. will help me to enhance my abilities for future. I learnt of economic
entrepreneurship, social entrepreneurship, innovative entrepreneurship, psychological
entrepreneurship and so on that enhanced my abilities eventually. I leant about entrepreneurship
for product development. This module will be helpful to enhance my entrepreneurial skills to
become successful entrepreneur in the future.

WEEK 3: Business modelling
What happened?
This week was about the study of business modelling. Kaplan and Warren (2013) define a business model
as “An explanation of how an organisation desires to generate values in the given market environment
(Bhowmik and Kim, 2018). It consists of precise set of commodities, services, promotions and
marketing that a company takes forward. It also consists of underlying use of resources, human power and
the organisational facilities that can be used to achieve organisational goals”. Through the module I learnt
that business model is description of the products, services, advertisements, images, sales and activities
that are made for achieving business goals successfully. It explained all the aspects of the business
modelling that must be considered to prepare effective business strategies for establishing a business
objectives and goals.
How did I feel about it?
I was feeling anxious during the beginning of the module I faced difficulty in understanding the concept of
business model. During this module I learnt about various strategies, models and frameworks like the
business model canvas to establish a smooth business model to achieve desired outcomes.
https://www.youtube.com/watch?v=CTpCBQtYPjU&t=3s
What did I learn from it?
From the module I obtained skills and abilities to run a business effectively and strategies that can be
helpful to run a business smoothly. This will be helpful to enhance my abilities to handle a business and
manage the activities of a business effectively (Jackson and et. al., 2022).

WEEK 4: Business planning
What happened?
The activities during this week were about the business planning that can be explained as a
document that describes the series of strategies and steps that are developed for achieving business
objective or goals. I understood that it is important to have the knowledge of key concepts of
business planning for effective business plans (Lértora and Sullivan, 2019).
https://www.youtube.com/watch?v=RVR5QjFtTaM&t=27s
How did I feel about it?
I feel that this week in the module was highly crucial for me to get in the process of learning the business
planning for achieving greater success in a line of business. This week experience during the module
activity was having a tremendous impact on our mental growth because it helped to learn many aspects
about the business. I think that I have achieved maximum learning from this module because it was really
interesting for me.
What did I learn from it?
I have learnt many thinks about business planning methods and strategies. I have learnt about the business
planning steps and the skills and abilities required by a leader and manager to make the business plan
successful. With the activity of developing my own business plan I have known many aspects about the
stages in the business planning that could be helpful to enhance my abilities to develop and build effective
business plans to achieve organisational goals (McGann 2019).

WEEK 5: Finance in business
What happened?
This week learning was about the understanding about the financial or budgetary requirements of a
business for a given business model. In this part I learnt about the estimations, requirements and
arrangement of budget for a given business and manage those in optimum manner. I have understood and
learnt about the cash flows and financial operations etc.
https://www.youtube.com/watch?v=gMCmLMbjCnI&t=2s
How did I feel about it?
I feel very nervous when it comes to the aspects of learning to manage finances because I do not have a
strong control on the financial studies. I would say that this module helped me out to understand and learn
about the management of business finance. With the help of practical knowledge and experience with cash
flows I obtained from the module I felt very comfortable with handling finances for a business.
What did I learn from it?
I obtained practical knowledge of handling and managing finances in the business. These skills and
abilities will be helpful to develop effective management of funds in the business (Mirza and Khurshid,
2020). I also learnt to analyse the financial flows in the business and handle the financial accounts and
documents.

WEEK 6: Innovative and creativeness in business
What happened?
I have learnt various principles of innovative and creative entrepreneurship for developing new products
processes and services. I also learnt the use of various technologies in the business and awareness of the
customer behaviours, needs and trends that could be helpful to create products and services to fulfil their
demands. I also learnt about the skills and abilities like risk taking, problem solving, creativity, leadership
etc. needed for establishing a business.
How did I feel about it?
I feel that entrepreneurship is a very interesting aspect to learn about because it provides overall
advancement of a person in overall aspects. I was not so sure that I will get success in my career or not but
now I am very sure to achieve desires success and growth.
What did I learn from it?
I learnt about various aspects about entrepreneurship and product development. During this
activity in the module I learnt many things about the career in the entrepreneurship.
WEEK 7: Marketing and sales
What happened?
I learnt from this week activity that marketing and sales activities are very important to provide
better growth to the entrepreneurial activities (Roy, 2019). I have learnt about the processes of
marketing such a identifying the target market, segmentation, marketing pan and many other
aspects. I also learnt about the market analysis and marketing plan models that can be helpful to
prepare effective marketing plans.
https://www.youtube.com/watch?v=qnJwS-eP_tM&t=2s

How did I feel about it?
I feel that the learning about marketing activities was easy because of consistency in viewing the
marketing activities in daily lives. I was able to relate many aspects with my personal experience
that I observed by looking at the marketing activities of the brands. This made me to feel satisfied
by the learnings of marketing during this activity.
What did I learn from it?
I learnt about various tings in the marketing and sales that includes many aspects like marketing
process, market study, marketing plan etc. I learnt of various models of market study and market
analysis like STP analysis and Porter’s five forces (Semple, 2018). Finally, I learnt about the
marketing planning activities consisting of product price lace and promotion planning of the
business products.
WEEK 8: Legal requirements
What happened?
In this Week activities I have understood about the organisational structure, types of organisations and
legal requirements that are needed to develop and establishing a business. I was able to gain the

knowledge of various business types, their structures and legal compliances that must be followed while
establishing a business.
https://www.youtube.com/watch?v=Xt72B-N_5is&t=1s
How did I feel about it?
I feel that establishing a business is not at all an easy task as it requires performing many activities and
understanding about the aspects of business structure, legal aspects and business types. I was a little
anxious about learning these things but I gave my best to understand them effectively.
What did I learn from it? Learning Outcomes
I learnt about the legal aspects of a business, its corporate structure and copyrights and patents that are
needed for brand logo, design, nomenclature etc. An individual must have the knowledge of these legal
and statutory requirements while establishing the business (Samerkhanova and et. al., 2022).
WEEK 9: Business Pitch
What happened?
During the activity of this week I learnt about the details of preparing a pitch which includes the aspects
such as proper questioning and added description of the products and services and their benefits to the
business for which the pitch is prepared.