MBA Module: Individual Reflection on Venture Development Project

This report presents a student's individual reflection on a new venture development project undertaken as part of the MD4060 module at the University of Central Lancashire. The project involved a consultancy plan for the Preston market. The student uses Kolb's reflective cycle to analyze their experience, detailing concrete experiences, abstract conceptualization, active experimentation, and reflective observation. The report discusses the project's objectives, research methods (primary and secondary), challenges faced (e.g., information gathering, task division, communication), and learning outcomes. It highlights the development of analytical and consulting skills, the importance of clear communication and planning, and the application of business intervention methodologies. The student acknowledges the support received, reflects on areas for improvement, and expresses a desire to explore similar projects in the future. The report also references the assignment brief and relevant sources.

Running Head: NEW VENTURE DEVELOPMENT
New Venture Development
Name of the Student
Name of the University
Author Note

1NEW VENTURE DEVELOPMENT
The importance of learning outcomes is innumerable to everyone associated in a learning
process. The learning outcomes are valuable to the learners, administrators and the instructors.
These are more than simple sentences which help in existing lesson plans or curriculums to come
out as shapes which can enhance the student engagements and the learning too (Taylor 2017).
Hence, it is important to check the ability to benefit various groups in the postsecondary
education. For the students, learning outcomes can be focused on by concentrating on the
application of knowledge and skills that they have gained in the course. Therefore, our group of
five people who had been given the project of developing a venture consultancy plan over the
Preston market need to reflect on our individual learning outcomes. We also need to demonstrate
the challenges they went through the task. We were five people in the group.
The Kolb’s Reflective Cycle
The Kolb’s reflective cycle has been my guiding framework for reflecting on the topic
and the learning outcomes. The Kolbs reflective cycle consists of the components like concrete
experience, abstract conceptualization, active experimentation and reflective observation. The
framework has been influential in forming the base of my reflection.
Hence, I would like to acknowledge the contribution of my co-mates without whom I
could neither have gone through such an amazing project nor could I learn so much. Both the
primary and secondary research methods have been used in this research. The secondary research
was based on the existing journal, articles and books.
The Concrete experience
First of all, I would like to reflect on the research topic. The Preston market, on which the
research has been conducted is a famous market situated in the United Kingdom, Lancashire

2NEW VENTURE DEVELOPMENT
(Prestonmarket.com 2018). The aim of the project was to achieve a considerable amount of
knowledge in terms of environment which could help in developing the market in a better way.
Our objective was to know the marketing environment around the Preston market.
Abstract Conceptualization
Next we had focused on understanding of the best possible way by which the market
could be developed from B2B and B2C business. Bothe the primary and the secondary methods
helped us to attain hold over the market assessment and conducting our venture development
project. We came to know that people had interest on the refurbished products up to greater
extent but the Preston market itself was failing somewhere to satiate the requirements of the
customers.
Active experimentation
We also deduced from the assessment that the company needed to illustrate its innovative
approaches. We also came to know through the examination that the market also required to
develop their indoor as well the outdoor market. Based on the assessment of the market and its
external factors, we developed the venture plan for the company according to which the
company should engage with other companies in order to open a renovated store that would
easily change the face of their business.
Reflective Observation
I would also like to reflect on the gains and some of the challenges of our team –based
investigation. Our intervention abilities have been enhanced for sure. Having privileged with the
opportunity to run a practical research on a market, I have grown my analytical skills. These
analytical skills would be useful for me and other group members ink future project

3NEW VENTURE DEVELOPMENT
management. All of us have come to know about the use of different consulting methodologies
which can facilitate the organizational change. After the successful completion of the project, our
ability to practice the business interventions have been leveraged. With the gained knowledge
and practical experiences, now I can easily look into the core of an organizational problem and
resolve it with suitable suggestions. During providing the recommendations to the Preston
market, our innovative and strategic skills found the opportunity to become merged to result in
something better. The support and the encouragement of the supervisor under whom the entire
project was conducted was really beneficial for us.
He grew the daring spirit within the group members to take up critical project work and
accomplish with confidence and precision. He made us understand that this project will be highly
useful for us in our professional development. Whenever I found difficulty in any part of the
project, I approached as he remained truly approachable for each members of the group. The
class lectures and the notes helped equally to know the marketing strategies and the human
resource concepts which can be associated with this topic. However, there were certain
challenges too while gaining proper and accurate information of the market report of the Preston
market. We also faced difficulty while dividing tasks among the group members. The flow of
information and project updates also became hindered sometimes (Kuratko and Hornsby 2017).
The major challenge while doing the project that we faced was that the goal was a little less clear
among the members and for some time it initiated a haphazard condition. I must thank our
supervisor for clearing specific detailing regarding the work. We came to understand that clear
objectives along with a well-structured plan can easily make the whole thing out.
As far as skills are concerned, I think all of us will have to work on our communication
skills because when it comes to the terms of a team work, clear communication is the most

4NEW VENTURE DEVELOPMENT
essential. Improper communication can lead to errors in the entire process of project
management while deliver the project successfully (Ellis 2016. There were risks too in the
project in terms of handling the variables of the project properly. The authenticity of the
information providers, the authors of the journals used for secondary research had to be dealt
with in an ethical manner. However, it was an extremely explorative experience and in future I
would like to conduct same type of research on companies related in other spheres. I would also
like to explore other human resource related issues and would like to resolve them as a team.

5NEW VENTURE DEVELOPMENT
Reference
Ellis, C., 2016. Revision: Autoethnographic reflections on life and work. Routledge.
Kuratko, D.F. and Hornsby, J.S., 2017. New venture management: The entrepreneur’s roadmap.
Routledge.
Prestonmarket.com. 2018. Discover the hidden gems of your neighbourhood. - Preston Market.
[online] Available at: http://www.prestonmarket.com.au/
Taylor, E.W., 2017. Transformative learning theory. In Transformative Learning Meets
Bildung (pp. 17-29). SensePublishers, Rotterdam.