University: Reflection on New Venture Development - Group Assignment

This report provides a comprehensive reflection on a student's experience with a new venture development assignment. The student critically analyzes the formation of the group, the process of selecting a host organization (Preston market), and the evolution of roles within the group. The reflection incorporates Kolb's reflective cycle, detailing the stages of concrete experience, reflective observation, abstract conceptualization, and active experimentation. The report highlights issues encountered, such as time management, coordination challenges, and communication problems, and discusses the learning outcomes achieved, including improved time management, teamwork skills, and an understanding of real-world market dynamics. The student also considers how they would approach the project differently in the future, emphasizing the importance of proactive planning and effective communication. The report concludes by summarizing the insights gained from the assignment and the application of Kolb's model for self-development.

Running head: REFLECTION ON NEW VENTURE DEVELOPMENT
REFLECTION ON NEW VENTURE DEVELOPMENT
Name of the student:
Name of the university:
Author note:

1REFLECTION ON NEW VENTURE DEVELOPMENT
Table of Contents
Formation of group and issues:..................................................................................................2
Phase of Active experimentation:..........................................................................................2
Process of choosing the host organization:................................................................................2
Evolution of roles and associated issues:...................................................................................3
Concrete experience in real time basis:..................................................................................3
Learning outcomes and need for development:.........................................................................4
Reflective observation:...........................................................................................................4
Learning outcomes, conclusion and usage of Kolb’s reflective cycle:......................................4
Abstract conceptualisation:....................................................................................................4
References:.................................................................................................................................6

2REFLECTION ON NEW VENTURE DEVELOPMENT
Formation of group and issues:
Phase of Active experimentation:
According to the Kolb’s reflective cycle, a lot of experimentation was carried out
during the formation of the group. I have an experience of doing assignment son the Preston
market in the past. I have already done two assignments on the Preston market. A group was
formed in order to carry out the assignment. The group consisted of three people. The
business group was known as the RLB Pvt Lmt. During the lecture, the Group was made after
discussion with the other people. There were few issues at the time of the group formation
since one of the member who was initially included, as the fourth member had to leave due to
some timing issues. Everyone had to play the role of a host since there was no fixed host and
was responsible for his/her own part of the assignment, which again caused lack of
coordination at times. It was more of a trial and error phase for me as well as the other team
members were everyone was free to collect and analyse data the way they wanted, including
me that was aimed for the common goal of the assignment.
Process of choosing the host organization:
Since there was no fixed host and every one was the host, they had to do their own
parts of the assignment independently. Then the results were collected form all the members
and it was decided who was supposed to play which further role I the assignment. I along
with the other members had also visited the Preston market a number of times in order to
better know the market situation. A questioner was also done of the customers as well as the
sellers in order to better understand their views and concerns (Seymour and Hussein 2014). I
questioned some of the customer and sellers to know their perspectives on the market history.
After extensive research and data, collection from the Preston market, I along with the other
members decided it to be the host.

3REFLECTION ON NEW VENTURE DEVELOPMENT
Evolution of roles and associated issues:
Concrete experience in real time basis:
This is one of the most important phase as according to the Kolb’s reflective cycle. In
this time, I came to know the history of the Preston market, which was quite unknown to me
before this assignment. I developed a firm understanding of the real life practical issues and
concerns faced by the sellers as well as the customers, which is quite different from
theoretical information given in books (Costa, Passos and Bakker 2014). In the beginning,
there were different kind of issues such as no one had adequate time in hand to go about
researching in details about the market’s history, including me. In the absence of one of the
team members who had to return to his country for some of his urgent work it was also
getting difficult for me health wise to carry out the market research since I was pregnant at
the time of the assignment. Since none of the members was being able to give proper time
required for the assignment, it was getting more and more difficult for assigning this new role
to someone for carrying out extensive research of the Preston market history (Sims, Hewitt
and Harris 2015). I also had to discuss the issues with the other teammates and after having
discussed, we came to a common conclusion to try to reduce the number of group meetings at
the time of the assignment in order to efficiently manage time and the available resources.
I had noticed that even though our relationship with the host was fine, there were
some misunderstands due to lack of timely communication of information among team
members and the other important decision makers in the host organization. In some places,
proper planning was missing and it caused issues (Torrente, Salanova and Llorens 2013). I
along with the other team members did solve some of those issues; however, it was one of the
main reasons why the second assignment was submitted late.

4REFLECTION ON NEW VENTURE DEVELOPMENT
Learning outcomes and need for development:
Reflective observation:
One of the main learning outcomes I gained from this assignment is effective
management of time and resources (He, Fataliyev and Wang 2013). Since were just three
people in the team and the assignment was a complex that would effectively need more time
and people to be successfully completed, we had to come up with a better and more strategic
plan in order to ensure it was successfully carried out. I understood the importance of meeting
deadlines in assignments and projects despite issues and obstacles, which will always be there
(Humphrey and Aime 2014). It shows the level of dedication and integrity in undertaking a
task as well as the degree of coordination among the tem members in a group assignment.
These things were missing in our teamwork and could have been better planned.
Learning outcomes, conclusion and usage of Kolb’s reflective cycle:
Abstract conceptualisation:
Teamwork is not an easy task and it needs coordination and most importantly a match
in mentality among each of the team members. They should be comfortable in working and
sharing ideas with each other. Despite personal issues, they should always exhibit a helping
attitude towards other team members and should prioritize the assignment they are a part of
(Li et al. 2013). I learnt this when the fourth member had initially left and it was finalised
that I had to work with only two other members. Our task was complicated and time taking
and the resources were limited. Therefore, it had to be managed more effectively and
problems could have been dealt in a more innovative and efficient way in order to derive the
best results in the shortest time using even if the group consists very few members
(Nancarrow et al. 2013). From next time, I have to plan everything before so everything can
sorted on time.

5REFLECTION ON NEW VENTURE DEVELOPMENT
I have used the Kolb’s reflective cycle and discussed in details each of its components
in relation to my own personal contribution as well as experience while carrying out this
assignment. The model has greatly helped me largely in the process of self-development.

6REFLECTION ON NEW VENTURE DEVELOPMENT
References:
Costa, P.L., Passos, A.M. and Bakker, A.B., 2014. Teamwork engagement: A model of
emergence. Journal of Occupational and Organizational Psychology, 87(2), pp.414-436.
He, Y., Fataliyev, K. and Wang, L., 2013, November. Feature selection for stock market
analysis. In International Conference on Neural Information Processing (pp. 737-744).
Springer, Berlin, Heidelberg.
Humphrey, S.E. and Aime, F., 2014. Team microdynamics: Toward an organizing approach
to teamwork. The Academy of Management Annals, 8(1), pp.443-503.
Li, Z., Wang, W., Yang, C. and Ragland, D.R., 2013. Bicycle commuting market analysis
using attitudinal market segmentation approach. Transportation Research Part A: Policy and
Practice, 47, pp.56-68.
Nancarrow, S.A., Booth, A., Ariss, S., Smith, T., Enderby, P. and Roots, A., 2013. Ten
principles of good interdisciplinary team work. Human resources for Health, 11(1), p.19.
Seymour, T. and Hussein, S., 2014. The history of project management. International
Journal of Management & Information Systems (Online), 18(4), p.233.
Sims, S., Hewitt, G. and Harris, R., 2015. Evidence of a shared purpose, critical reflection,
innovation and leadership in interprofessional healthcare teams: a realist synthesis. Journal of
Interprofessional Care, 29(3), pp.209-215.
Torrente, P., Salanova, M. and Llorens, S., 2013. Spreading engagement: On the role of
similarity in the positive contagion of teamwork engagement. Revista de Psicología del
Trabajo y de las Organizaciones, 29(3), pp.153-159.