MD4060 - New Enterprise Venture Development: Project Reflection

This assignment is an individual reflection on a group consultancy project focused on new enterprise venture development, specifically addressing issues at Preston Market. The reflection utilizes Kolb's learning cycle to analyze experiences, including environmental management, transportation challenges, and teamwork dynamics. The student reflects on the importance of communication, conflict resolution, and strategic planning, while also acknowledging shortcomings and areas for improvement. The assignment emphasizes the application of theoretical frameworks to real-world business scenarios and highlights the importance of considering legal and financial aspects in project development. The reflection also covers the market analysis, space availability, and the development of strategic plans, ultimately aiming to enhance business management within the Preston's market.

Running head: NEW ENTERPRISE VENTURE DEVELOPMENT
New Enterprise Venture Development
Name of student
Name of University
Author note

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Assignment 3: Individual reflection
This piece of work is a reflection based on the personal experience acquired by me for
the group consultancy project. To ensure that he reflection based on the project is done
correctly, I will like to use the reflective cycle by Kolb’s to manage concrete experience,
manage active experimentation, abstract conceptualisation and making reflective
observations too. I personally think that Preston has experienced poor management of the
environment, transportation issues and lack of ability to manage a proper shopping centre.
The environment was clean and because of the materials and resources transported through
waterways, there was need to maintain a clean and healthy environment where business could
be set up as well as managed effectively. I have been appointed as the leader of the project
and have learnt about these issues faced at Preston, which are needed to be mitigated as soon
as possible for successful management of a business in the concerned location (Bruton et al.
2015). I have also learnt that to establish a proper business in Preston, first of all, it is
important to create a cleaner and healthier environment, furthermore ensure that the
transportation of goods is done properly too.
The group is formed by me as well as organised though with the consideration of
various issues and at the same time, facilitate having an experience, based on which, the
project can be commenced with ease. The work reflects my personal experience while
working in a group for the consultancy project while at the same time, facilitated individual
skills, knowledge and expertise to work as an unit and in coordination. The thing that most
importantly, worked well, has been the communication and team work, which assisted me to
ensure that the project is managed properly and positive outcomes can be derived. One of the
most important that did not work well is the lack of communication between individuals,
because of the different views and opinions, which often caused conflicts and
misunderstandings too (Danes and Jang 2013). I would like to try out something different like

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creating a forum online and make them discuss about the project by sharing and exchanging
their individual views and opinions, furthermore ensure making a perfect decision in the end
too.
The Kolbs learning cycle is known for its effectiveness to facilitate learning from the
experiences obtained in life consistently, furthermore improve the learning approach through
reflection and making reflective observations. The four stages comprise the learning cycle
proposed by Kolbs and it starts from doing something to obtain experience, reflect on the
experiences by thinking what I have done, conceptualising the facts and finally developing a
proper project plan for successful and positive outcomes.
Gaining a concrete experience is essential and this has been possible by actively
taking participation in various projects and leadership campaigns. I have assigned various
individuals who have the relevant skills, knowledge and expertise about the concerned
market. I communicated with them via telephonic conversations and emails to take part in the
group and even facilitate group thinking and teamwork (Keating, Geiger and McLoughlin
2014). As it was necessary to develop a proper strategic plan and make the clients decide

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about how the space should be utilised, so the local individuals are contacted with to become
a part of the team or group. There were communication issues and varying opinions and
views of the people.
The choice of the host organisation is made according to the availability of space for
the containers and according to the charges for rental purposes too. The boxed market has
been focused on, which is present near the Market canopy, which also offers great
opportunities for the management of trade relations along with the usage of ship containers
too. I have used the skills of people to achieve an own coaching style and followed the
democratic leadership style to gather the opinions of team members, furthermore ensure
acquiring their opinions and views. I have gained access by consulting with few of the
members associated with the management of Preston to ensure that the business project can
be successful (Kuratko and Hornsby 2017).
Yes, there have been evolution of roles, as I served the role of leader within the group
while the group members are provided with the roles of delivering advices with the help of a
strategic plan to the owners of business and allowing them to improve the business
management within the box market area corresponding to the Preston’s market. The group
members also assessed the market conditions and analysed the responses of the people I the
area to understand what the market can offer and how the business can be successful.
I have managed good relationships with the host organisation by interacting with the
different types of stakeholders, especially the suppliers, shareholders or investors, employees
of the organisation and even the clients (Manolova, Manev and Gyoshev 2014). Constant
customers’ services were provided to handle the relationships, furthermore to overcome any
issues that might be associated with the formation and implementation of strategic plan.

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Issues included lack of communication and not adhering to the organisational laws, policies
and programs.
I made sure to resolve any conflicts that might affect the communication and
understanding among individuals. I made sure to access proper communication medium to
make sure that the group members can communicate with each other freely without any
hindrance (Mason 2015). Varying views and opinions might also have resulted in poor
decision making and thus my role was to acquire each and everyone’s response before
making any decision.
From the processes, I learned to actively analyse the market conditions, which is all
about active experimentation while observations have been made by my team to assess the
behaviours of ctch clients in the boxed market area. I have also understood that there were
concerns about the availability of space and charging for rental purposes too, which further
allowed me to gain concrete experiences regarding the space availability and selection of
right containers too. Thus, the development needs include forming a proper plan that can be
suitable for the clients to us the space effectively and even attract more potential clients
(Urban 2015).
One thing I need to do differently is that I should follow laws, legal rules and
regulations of the Government and make sure to align the project scopes and activities with
the financial aspects. This should ensure managing proper budget and even determine the
feasibility of unit calculation and cost of overhead too.
Yes, from the above aspects, especially the assessment of market conditions and
analysing buying behaviours, forming plan for effective usage of space, I have made
observations and gained concrete experience, which has facilitated the conceptualisation and
allowed for doing active experimentation too. I have learned the importance of teamwork,

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coordination and even the importance of valuing the group members (Williams and Martinez
2014). I have also acquired skills of conducting in-depth research and determine the space
availability of containers along with forming a strategic plan with the opinions of group
members too.
The marketing and promotions are not done properly while failing to attract the
younger generation clients have been issues as well, though I would like to prepare the
strategic plan in such a manner, so that a permanent solution is offered and a better
environment is created within the boxed market for easy management of business. This piece
of work has not only allowed time to conduct market research and asses the suitability of
business in the location, but should also be beneficial for becoming successful in my
professional career in the future too.

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References
Bruton, G., Khavul, S., Siegel, D. and Wright, M., 2015. New financial alternatives in
seeding entrepreneurship: Microfinance, crowdfunding, and peer‐to‐peer innovations.
Entrepreneurship Theory and Practice, 39(1), pp.9-26.
Danes, S.M. and Jang, J., 2013. Copreneurial identity development during new venture
creation. Journal of Family Business Management, 3(1), pp.45-61.
Keating, A., Geiger, S. and McLoughlin, D., 2014. Riding the practice waves: Social
resourcing practices during new venture development. Entrepreneurship Theory and
Practice, 38(5), pp.1207-1235.
Kuratko, D.F. and Hornsby, J.S., 2017. New venture management: The entrepreneur’s
roadmap. Routledge.
Manolova, T.S., Manev, I.M. and Gyoshev, B.S., 2014. Friends with money? Owner’s
financial network and new venture internationalization in a transition economy. International
Small Business Journal, 32(8), pp.944-966.
Mason, C., 2015. Spatial variations in enterprise: the geography of new firm formation. In
Deciphering the Enterprise Culture (Routledge Revivals) (pp. 94-126). Routledge.
Urban, B., 2015. Evaluation of social enterprise outcomes and self-efficacy. International
Journal of Social Economics, 42(2), pp.163-178.
Williams, C. and Martinez, A., 2014. Is the informal economy an incubator for new
enterprise creation? A gender perspective. International Journal of Entrepreneurial Behavior
& Research, 20(1), pp.4-19.

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