MD4044 Entrepreneurship: Reflective Report on Business Plan Project

This report is a personal reflection on the development and presentation of a business idea for an Indian snack company in the UK, utilizing the Gibbs model of reflection to analyze the author's performance and entrepreneurial attributes. It discusses the author's role in the team, focusing on communication, knowledge sharing, and conflict resolution during the project. The reflection covers the author's strengths in industriousness, creativity, and taking control, while also acknowledging areas for improvement such as passion and decision-making. The report evaluates the project's market analysis, time management, and motivational strategies, highlighting challenges in non-verbal communication and future activities planned for improvement. The author reflects on using communication tools to bridge gaps and addresses issues of conflict within the team. Ultimately, the report provides a comprehensive overview of the author's learning experience and personal development throughout the project.

Running head: ENTREPRENEURSHIP THEORY AND PRACTICE
Entrepreneurship Theory and Practice
Name of the Student
Name of the University
Author Note

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Introduction
This assessment is to represent the personal reflection on the performance that I possess
during the project. The Gibbs model of reflection will be used to depict my performance and
experience (See Appendix, Image 1). I will also share my concern on how the business idea of
opening an Indian Snack company in United Kingdom. I will also write about my ability to
engage in to the process of creation, appraising my team members and present my ideas on the
entrepreneurial skills and ability. The management theories that I have learned during this period
for preparing this project will also be explained.
Discussion
Description of the performance
I along with my team members have been asked to prepare a business plan for the
project. I have no prior knowledge off preparing one such project and have many things that
have helped me to complete the project finally. The journey has been fruitful and my team
members also helped me and I learned many things from them. I have taken the initiative to
develop a good communication among ourselves and being a responsible team member I have to
make sure that everyone should have to be compatible with each other. The prime reason is that
it is not possible for all our project members to stay together and share concern directly. Thus, I
can say that my action as a team player has been cooperative throughout the journey. However,
developing this project require many need much knowledge in assessing marketing
opportunities, threats along with the precise calculation of budget that is required for obtaining
desire resources. The evaluation of the opportunities and threats has helped me and my team to

2ENTREPRENEURSHIP THEORY AND PRACTICE
set the strengths and assess the weakness of the snack centre that we have planned to establish. I
have learned about all the required marketing theory for evaluating the external and internal
environment for our company. I have followed all the sources that are given to us in the class
and several internet sources to gather knowledge of these theories. This way, I have excelled my
knowledge base to prepare the project. One of my team members is extra-ordinary at budget
planning and financial calculation. I have learned how to set a financial budget for start ups.
Thus, I can say that I have a transformational skill where I can jell well with others to learn new
things and develop an effective interpersonal relationship with each other. I can also say that I
also emphasized on the concept of knowledge sharing in this project journey and this has helped
me to overcome my knowledge gap.
Feeling about the project
This is the second step of Gibbs Reflective Cycle and a person has to share about the
thoughts and feeling during the entire duration. I have given many psychometric assessments and
found that my strongest parts are Industriousness, taking control and creativity. Though I also
have a good achievement striving but I have to work for developing my passion towards my
work. The assessments that I have given shown me that a fair achievement striving. Yan (2014)
stated that the term achievement striving refers to the internal motivation to work hard towards
goals. I put the work at most priority level but also desire to obtain a work-life balance. I also
like to take challenges in doing a task and I think I can perform well under stressful situation by
analyzing the condition and then select the most appropriate solution for the situation. I have
observed this aspect while researching about essential facts about the project. All our team
members put extraordinary effort to research secondarily about the market demand of United
Kingdom.

3ENTREPRENEURSHIP THEORY AND PRACTICE
During the team work I also play as a leading role in managing all the team members and
confident in taking control of situations. There were times, when conflict arises like in selecting
menus for the snack centre and the decision to set the location for the centre but I have suggested
ideas through which this conflict can be overcome. I have overcome the problem by suggesting a
way to present the thoughts to everyone along with the reason for the selected ideas. I analyzed
the situation and then collaboratively the most optimized yet effective idea for our project, in this
way, I have managed the conflict raised among us. During this discussion, we have found that
the location of Uclan university. The supported argument present was that- in Uclan university,
70% students are from other countries and among them 40% are from South Asian counties like
Pakistan, Nepal, India, Bangladesh and Sri Lanka. We all agree to this argument and finalize the
location. This nature shows that I always value factual ideas rather than selecting what other feel
is right. The Psychometric assessments also help me to find that I am good in creativity and
emphasized more on abstract and lateral thinking compared to traditional and conventional ideas
when taking any decisions. Moreover, the thing that I lack is extreme passion about the work that
I opt. I know that this nature often act as a barrier in making effective decisions making. I value
more on emotional factors and emotions of other people prior taking any decision. This results in
more time in decision making procedure and delay in taking actions.
Thus, my key competencies are creative ideas for the business so that people can
attracted towards our initiatives, working in stressful situation and taking control in obtaining the
ser goals and objectives. The things that I have to rectify are to give more time to business or any
project if urgency comes and enhance my passion level which lack sticking to one decision. I
usually get confused as I mixed up intuition, emotional intelligence and logic.

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Evaluation of the project
We have collaboratively worked for carry out a secondary detailed market analysis. I now
that I order to get the accurate details e have to find the data about the market that can provide us
opportunities. I discussed with my team members regarding the suitable research method for the
projects- whether or not to research primarily or secondarily. According to the project that we are
doing, I thought that secondary research would be the appropriate and learned about the
advantage and disadvantage of the secondary research. We have spent most of the day time in
evaluating the secondary research and keep in touch with effective communication modes. We
have formulated a Whatsapp Group for this project so that we can create an uninterrupted
communication. In this way, we shared everything that we have found during the research. The
bad experience is also related with communication media due to poor connection. In such times
we prepare a written report to note down the findings and then tally with very report. Sometimes,
I found some redundant detail but since we did regular meetings, there were no confusion
created. The problem I have faced in meeting is lack of effective nonverbal communication
strategies. I have learned that in a meeting or a group discussion, along with verbal
communication, non-verbal aspects like body language, eye contact, vocal tone and finger
movements also plays a crucial role. Due to not a friendly gesture, mu presentation seems to be
discourteous. I have overcome this negative side by developing more eye-contact while
discussion important things with my team members. I also have kept a gentle smile on my face
as facial expressions convey emotions. This allows me to create a comfortable environment so
that all the members can share their smallest concern without any hesitation.

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Analysis from the situation
We have proceeded with a routine and spend enough time for each aspect of preparing
the market plan. During this time, I have learned about time management to complete out
project and also attend other assignment of other classes. The first step that I have learned t
manage time is to list the main goals on which I have to focus. I have found that for some days,
the list has become dynamic and during the time I was unable to give much time to my team
project. However, I have overcome the problem by sharing my knowledge real-time through the
communication tool we were using that time. I have also learned that, to manage time, it is
necessary to focus on prioritizing the work. This technique helped me to assess which activities
to focus on first and what the things that my team needs most from me. I have also learned that I
should also focus on my biggest competencies that I can contribute at that time and also set
goals for the next day.
There were times when a team member comes up with new idea regarding the projct or
the strategies through which we can search for most suitable information. I have realized that
individual thoughts when combined together, results in an effective business plan. We also
appraised the member by congratulating and giving the responsibility for that section. In this
way, I have developed the sense of ownership and leadership in every individual of our team.
Initially, I face the problem in allocating the desired roles and responsibility to the members due
to the fact that it may cause conflict. However, I have conducted a meeting and take feedback
about the more interesting part of the project and finally allocating the roles based on their
interest. I have learned that allocating work of interest enhance the working ability. The more
important thing that I was needed is to start the work with full enthusiasm that this approach
helps me to obtain. Initially, we have not addressed any concept about motivating the employees.

6ENTREPRENEURSHIP THEORY AND PRACTICE
I have learned that in order to get more effective work from the employee, motivational factors
helps to a great extent. Thus, appraisals and giving leadership role of some section of the project
help me to motivate the members. This process also developed an effective interpersonal
relationship among the members. We not only congratulate the member to suggest the ideas but
also ask them to develop strategies with enough evidences and a detailed plan for implementing
those programs.
Summary of the team project
Not everything occurred during the time was smooth and easy. There was some time
when I had the fear that my members are not giving their full effort due to communication gaps
and conflicts of interest. However, I have opted for developing the communication tools to
reduce the gap. There are many communication tools like social media, personal e-mails and
telephone contact. I have also opted for traditional communication media like preparing report of
the progress and ideas. I know that this takes more time but ensure the effectiveness of carting
the crucial details. Another team member also suggests ideas like planning a budget for budget
for communication related expenditures; however, all of us agreed to the most suitable solution
that is to remain connected trough internet. In order to overcome the regular conflicts, we have
selected the sequence of communication that we followed every day. According to this plan all
of us follow the sequence to convey our findings and future ideas and then the second person
does the same. In this way, I noticed the critical evaluation of the content and got ensure that the
final content will be effective enough to create the business plan.
Future activities to improve the plan
The major challenges that I have noticed in me is the lack of effectiveness in non-verbal
communication and developing effective communication modes. I have planned for joining

7ENTREPRENEURSHIP THEORY AND PRACTICE
communication classes after my class and daily schedules for identifying what others are
thinking. My mentor has also suggested me the same and ask me join the course for emotional
intelligence. I have learnt that this concept will also help me to be a good leader in future as I can
well understand the emotions, thoughts and analyze their behavior precisely. At present, I need
much time in conducting the meetings for judging their thoughts but after this course I will be
able to identify these aspects in lesser time. The other challenge that I face is to represent my
thoughts and convince other regarding the effectiveness of my selected ideas. Thus, my future
plan is to learn about writing an effective report by highlighting the advantages of my selected
ideas and the disadvantage of these ideas are not implemented. However, I should also learn to
confess my mistakes so that I can enhance my knowledge base. Lastly, the communication can
be made more effective if we share more common times through formal or informal gatherings.
We should also suggest ideas at any time of the day for showing the interest to work together and
give constructive feedbacks so that all of us can improve our personal skills.
Conclusion
I can conclude that the journey for developing a business plan is full of excitement. There
are lots of good things happen like we have learned together about many managerial theories like
motivational theory, marketing principles, know about each other’s competencies and factors
that can help our organization to grow in future. We also have identified some obstacles that can
prevent our organization to enhance but at the end we collaboratively develop strategies to
overcome those adversities. I have also developed some managerial skills that will allow me to
take some responsibility if provided with one such role in future. Our team work and support for
each other helped us individually to complete this project.

8ENTREPRENEURSHIP THEORY AND PRACTICE
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5.0 Appendix
Image 1: Gibbs model of reflection