Business Plan Research Reflective Report: Findings and Outcomes

This research reflective report details the process of developing a business plan for an international trade company importing olives and dates. It outlines the research methods employed, primarily qualitative market research, and the use of literature, including articles, journals, and online sources, alongside relevant business models like PESTLE and SWOT analyses. The report reflects on the knowledge gained, the learning experiences, and the importance of critical thinking in decision-making. It also identifies barriers encountered, such as time constraints and limited information sources, while highlighting the professional development achieved, including improved time management, collaboration, and research skills. The objectives of the research, focused on assessing the viability of the business plan, were successfully met, as the findings indicated a potential market for the products in Malta due to increasing consumer health consciousness. The report concludes with an overview of the positive outcomes and the potential success of the business venture.

RESEARCH REFLECTIVE
REPORT

TABLE OF CONTENTS
MAIN BODY...................................................................................................................................3
Research methods and process...............................................................................................3
Literature and sources.............................................................................................................3
Knowledge..............................................................................................................................4
Learning..................................................................................................................................5
Critical thinking......................................................................................................................5
Barriers encountered...............................................................................................................5
Professional development.......................................................................................................6
Objectives...............................................................................................................................6
Finding and outcomes.............................................................................................................7

MAIN BODY
Research methods and process
This is the most crucial thing to be taken into consideration at time of researching for any of the
thing. In the present case of international trade company which is importing olives and dates
many research methods have been used and this assisted the completion of the business plan.
This is majorly because of the reason that these research methods are the one which helps the
researcher in carrying on with their research in effective and efficient manner.
Thus, the research method used was qualitative and it was selected because of the reason
that the researcher wanted to gain theoretical knowledge of the topic. This was selected because
of the reason that the qualitative method includes inductive approach and the philosophy of
interpretivism and both of these makes the research more fruitful and meaningful. Further the
method of market research was used and in accordance to my thought it was selected because of
the reason that this will help the company in identifying that whether the new business will run
successfully or not.
Also, this will specify the needs and preferences of the consumers of Malta and will
outline whether the product will be successful in Malta or not. The marketing research methods
are helpful in understanding the need of the consumers and what are the latest trends going in the
market relating to consumption of dates and olives in Malta. All this research helped me in
getting the knowledge of the latest trend going on. This research of analysing the need and
preference of the consumers and the potential consumer and to identify the fact that whether the
product will run in the new country or not the research is essential. Thus, this will help the
researcher in analysing the different sources which are being used for the analysis of the data and
information related to the business plan.
Literature and sources
For the research there have been used many different types of literature and other sources. The
literature here means different types of articles, journals, magazines and other source of
information where the news and other information are published. All these literature and other
different source of information are being used in researching for the business plan because this
includes the latest sources of information and all the recent data and facts and figures relating to

the topic. Further all this information is kept as a base and the work is accomplished on that basis
only.
The most of the common source of getting the literature or the review is the internet. This
is important majorly because of the reason that this includes all the different websites and
webpages which has information relating to the business plan and the business idea which is
being proposed. For this there have been used many different types of models and theories
relating to the topic. Like for the analysis of the needs of consumer and their taste the different
market research methods have been used.
Further to outline the changes within the external environment and the impact over the
business idea was discussed by applying PESTLE analysis. Also, for the analysis and evaluation
of the internal environment the SWOT analysis was used. All this information has been gathered
with the most common source that is the internet. Also, some help of different books and
journals have been done.
Knowledge
Before going for the research for the business plan I had the basic knowledge relating to
the concept of business plan and the steps which are being followed to produce a business plan.
It is very necessary for the person to thoroughly analyse all he aspect of the business plan and
then take the necessary steps in continuing for the business plan. The knowledge is defined as the
awareness or the skills and information gained with some practical or theoretical knowledge
relating to the subject matter in which the person is dealing. It is very necessary for the person to
have a good knowledge base relating to the filed in which the business is intending to develop
and expand in the field of olives and dates.
I was having the basic knowledge of researching for the business idea that is just by
discussing with the colleagues and the seniors. But as I actually performed the research of the
idea I found many advance ways of researching for the topic. This is majorly because of the
reason that the business environment keeps on changing frequently and many new and advance
updates continuously takes place. Thus, it is very necessary for me to grab this knowledge of
good researching. It is so pertaining to the fact that if the new and advanced methods will be
used then the information collected will be updated and exactly related to the business idea
which is required.

Learning
For the development of the business idea and the business plan I had to learn many of the
new and advanced things which was not in earlier practise. This is majorly because of the reason
that the business environment is very dynamic and frequently changing and this result in many
new changes. Thus, for a business plan to be successful it is very necessary for me to learn all the
necessary and important changes and developments made in the business and its development.
Learning is the process through which the person tries to learn some things or some information
or experience something new.
Thus, the learning for me is an ongoing process because on continuous basis there are
many changes which takes place frequently. Thus, it is necessary for me to learn all these things.
Thus, for this the most important thing for me is to continuously analyse the market and review
all the changes taking place from time- to- time. This is necessary because if I will review the
changes continuously then I will be able to learn the new things very fast.
Critical thinking
This is also an important thing at time of development of the business plan. This is
majorly because of the reason that if I am not able to think in critical manner then the decision
made by me may be wrong. The ability of thinking critically means to analyse the thing keeping
in mind all the pros and cons. This is the most important ability of any person. This is majorly
because of the reason that for doing any task there are more than one method. Thus, it is very
necessary for the person to think very critically and choose the correct option of working.
This is due to the fact that if the correct option is not selected then the intended objective
will not be accomplished. Thus, it is very necessary for me to possess the ability of critical
thinking. This ability of critical thinking will help me to a great extent in developing the business
plan because there are many ways of creating the plan. Because of the ability of critical thinking
the plan will be made in accordance with the latest changes and the latest techniques.
Barriers encountered
At time of the development of the business plan there were many different types of
barriers which were encountered by me. The barriers are defined as the blockages or the things
which restrict or stop the person in doing some task. In carrying on of any task there are many
different types of barriers being faced by the person. At time of developing the business plan I
also faced many different types of barriers and problems. The major problem which I faced was

the problem of time because of the reason that the time was very limited and, in that time, had to
complete the business plan.
Even after the limited time frame I completed the whole business plan in good way
according to me. Also, another barrier which I faced at time of preparing for the business plan
was the limited sources from which the information is being collected. This is because of the
reason that the competition is very high and it was also very difficult for me in deciding which
source to use for the collection of the information relating to the business plan. Thus, after the
application of my critical thinking I decided to go for the selection of secondary data sources
which are like already published data which has been already used.
Professional development
With the help of this business development plan for the business of dates and olives in
Malta I learnt many new skills and capabilities which earlier I didn’t possess. Also, I was able to
develop the already existing skills which were not much good and effective. The first skill which
I learnt was the skill of time management. This is majorly because of the reason that for the
business to be efficient the most important thing is the proper management of time.
This is only possible because I had to research for the information on time then only the
business plan will come into action. Another important skill which I learnt with help of this
research was the skill of coordination and collaboration. This is necessarily important to have
good collaborative skills because it is necessary for the business to be successful that all the
function of the business work in collaboration with one another. Thus, this help me in learning
the collaborative skills and the coordination among all the department and function of the
business. But this also helped me in sustaining and improving some of my existing skill.
Out of the existing skill the major skill which was enhanced was the researching skills.
This skill was improvised because of the reason that for making a business plan many researches
needs to be done and this helped me in developing my research skills. Further with help of this
business plan another skill which was enhanced was the skill of management. This is majorly
because of the reason that for running the business it is very necessary for me to manage all the
business activities in proper manner and effective and efficient manner.
Objectives
The objectives are defined as the end result for which the company or any of the person is
working. The objectives are the ultimate aim or the mission or vision which needs to be

established by the person before doing any of the work. Thus, before starting any of the research
the most important thing to be set is the objective of the study. This is because of there is no
objective then the work will not be done with the same efficiency.
The major objective of the business plan is to research for the plan of olives and dates to
Malta and after the whole research the it was finalised that the research was able to accomplish
the objectives of the research. Thus, the framing of the objectives helped me in having a
direction to work. this objective help in making all the necessary steps in the direction of the
accomplishment of the business objectives. The present business plan was able to accomplish the
objectives to a great extent because the business plan was viable and feasible.
Finding and outcomes
From the whole of the research it was founded and evaluated that the business plan for
the development of the business on field of dates and olives was successful. This is because of
the reason that after the research it was outlined that the idea of the dates and olives will be
successful. This is pertaining to the reason that currently the consumers have become more
health conscious and the olives and dates will cater to the need of the health consciousness of the
people.
Thus, there are possibility that the consumer will like the new business idea and the
business plan will be successful. Also, the outcome of the business plan will be positive and the
sales of the product will increase as this will be liked by much of the consumers and they will
also promote the products by good word of mouth. As a result of this the profitability and the
productivity of the company will enhance.