Enterprise Development Reflection Assignment Sample
Introduction
The reflective essay is concerned with the evaluation of personal practice associated with an experience and the valuation of the performance of an individual during an experience. Reflective essays help individuals identify strengths and weaknesses and where they can improve in relation to performance in future. Following reflective essays based on the experience of developing the business plan. This reflective essay will be written by applying Gibbs’s reflective model.
Gibbs reflective model
Description– The experience was based on the planning of an entrepreneurial venture and for this different lecture, modules were used and applied during the planning of the venture. To plan and develop an entrepreneurial venture the first step that I took was making initial research regarding what can be an innovative idea for an entrepreneurial venture. It is very important to have an understanding of what can be done in something new in an existing industry or marketplace and this research is very helpful (Liu et. al. 2021). Followed by the research I outlined certain ideas on which an entrepreneurial venture can be developed. Based on research and individual interest I identify that idea of entrepreneurial ventures that provide personalized beauty and personal care products will be effective as an entrepreneurial venture.
Feelings– Before starting the planning and development of an entrepreneurial idea or idea business I was nervous and stressed about my ability to find and develop an idea for a business. The reason was that I had a lack of experience and also had self-doubt about my abilities (Lindenman et. al. 2018). However, as I started the research the business idea and started to plan the idea the process became easy and I was feeling confident about my abilities to develop the idea. In addition to this as I continue to make research and work on developing the idea and different elements of the idea, the process became easier and I continue to improve.
At the end of developing the idea in completing the coursework, I was very happy and satisfied that I successfully managed to complete the idea development for an entrepreneurial venture. The feeling of satisfaction has also improved my confidence and during this process, learning lectures were very important and supportive for me.
Evaluation– As the coursework has been completed and has successfully developed the idea for an entrepreneurial venture now I can say that the experience was very good. However, initially, I faced several experiences that create difficulty and the experience was not very good at that phase. The difficulty was related to finding appropriate information and valid data about the entrepreneurial idea that I have developed. Not being able to analyses the suitability and applicability of information was also a difficulty that I experienced making the experience a little bad (Farahian et. al. 2021). However, the information from lectures and learning helped me understand the requirements of coursework and I continue to work on developing the idea and the process completed successfully.
Analysis– As I realize the experiences that were not very good during the process of developing entrepreneurial ideas I can say that this was due to self-doubt and lack of confidence. I was not certain of what information I should use and what information should be neglected that is not useful for the process. Things went well because of the learning that I had from the lectures and being able to find information, as I continued to work on the process of developing the ideas, was also helpful. During this process, I also took help from some of my friends about how can I complete the coursework and plan effectively. The information and assistance provided by the friends were also helpful along with the learning from lectures and guidance provided by the tutor.
The sense that I can make out of the situation is that the coursework was not really difficult because the adequate information was available we were guided by a tutor (Phillips and Archer-Lean, 2019). However, the lack of knowledge and experience along with a lack of confidence individuals identify difficulty in completing the coursework and the process of planning a venture or business idea. One thing that I also experienced during the module that I believe affected my performance and created difficulty was the problem of Critical analysis. It is very important to have the ability to critically analyse situations and information that help make the right decision.
Conclusion– On the basis of the experience that I gained from developing the business idea it can be concluded that self-confidence and being able to analyse the situation and information are very important. Completing the coursework and developing the planning aid idea for the business was a very important and useful learning for me as a student as well as during employment and my career. I became able to identify certain skills that I lake and require development in order to become successful as a student and in my career. Based on some of the skills that I like following is an action plan for developing skills-
Action plan
| Goals | Process | Resources | Time limit |
| Written communication | In order to develop the skill, I will participate in programs that provide learning on the improvement of written communication. | Resources required for this is literature, computer and the Internet. | 4-6 Months |
| Critical evaluation | Critical evaluation can be developed effectively through practice and by reading literature about the subject or skill. | Resources required for this is literature, computer and the Internet. | 6-8 Months |
| Research skills | Research skill is concerned with the ability to effectively research from reliable and valid sources to get the required information. This can be developed through practice and reading literature. | Resources required for this is literature, computer and the Internet. | 6-8 Months |
| Problem-solving skills | In order to solve problems, practice is one of the important ways along with reading literature and getting guidance from experienced people. | Resources required for this is literature, computer and the Internet. | 8 – 10 Months |
Learning Log
| Name | |
| Student ID number | B00 |
| Programme | Graduate Certificate |
| Module | Enterprise Development |
| Code CRN | BMG 626 (CRN: 88801) |
| Week/ Date | Summary of lecture and seminar | Learning outcomes | Tutor’s signature |
| Week 1 | The purpose, aim and objectives of the seminar were discussed. Along with this, basic details about entrepreneurship were also learned. | Meaning of entrepreneurship
Role of entrepreneurship |
|
| Week 2 | In the seminar, entrepreneurial ideas and sources of entrepreneurial ideas | Entrepreneurial ideas
Source of entrepreneurial ideas Opportunity for good business and recognising opportunity |
|
| Week 3 | This week, we learned about the feasibility of the business and how feasibility is determined and the steps for determining the feasibility of the business | Feasibility study of business
Process of determining the feasibility of business |
|
| Week 4 | In this week, we learned marketing analysis and competitor analysis. In this, different models for analysis were learned and alignment of marketing strategy with market segmentation were also learned. | Market and competitor analysis
Alignment of marketing strategies with market segmentation |
|
| Week 5 | In this week, I learned about operations, logistics and distribution of products and services for customers.
Sustainability of supply chain for the business. |
Operations, logistics, and logistics
Distribution of the products and sustainability of the supply chain |
|
| Week 6 | Sources of funding for business and the impact of different approaches to funding for business were learned in this week. | Sources of funding
Approaches to funding and their impact on business |
|
| Week 7 | In this week, we learned about accounting and budgeting. | Budgeting
Break even analysis |
|
| Week 8 | In this week we learned forecasting needs for staffing, strategies for recruitment, training and development and implication for start-ups and growth in future. | Human resource management functions | |
| Week 9 | In this week we learned about challenges of a business. We also learned strategies for success and approaches for the survival and growth of the business. | Challenges of managing a business
Survival and growth strategies for business |
|
| Week 10 | In this week, everything that was learned in previous weeks was revised. | Revision of learning
Identifying gaps and fulfilling gaps |
References
Lindenman, H., Camper, M., Jacoby, L. D., and Enoch, J. (2018). Revision and reflection: A study of (dis) connections between writing knowledge and writing practice. College Composition and Communication, 581-611.
Liu, M., Kitto, K., and Shum, S. B. (2021). Combining factor analysis with writing analytics for the formative assessment of written reflection. Computers in Human Behavior, 120, 106733.
Phillips, S. R., and Archer-Lean, C. (2019). Decolonising the reading of Aboriginal and Torres Strait Islander writing: reflection as a transformative practice. Higher Education Research and Development, 38(1), 24-37.
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