Introduction
This course has equipped me with knowledge and skills relating to issues concerned with planning to start a business and the benefits associated with formulating such plans. In addition, I have gained experience through interacting and working in groups which has helped me in developing team work spirit and improved my social interactions with others. I have also faced various challenges during the course and devised mechanisms to deal with them which have helped me improve my problem solving skills. I believe that the knowledge I have acquired in this course will be beneficial to me not only in the present but also in future.
Challenges Faced during the Course and Strategies Employed
Before I understood the actual content of the course, the concept of starting a business appeared to be an easy thing to conceptualize. In real sense however, I learnt that business establishment is a complex and diverse endeavour and one has to understand not just how to start a business but also other issues relating to the establishment and successful running of business such as finance, risk management and marketing.
These topics were difficult to understand especially because I had not covered them in my line of study. To overcome these challenges, I sought further information and clarification from internet sources where I found useful information that assisted me in understanding of these topics. However, the internet did not provide answers to all the questions I had and therefore I had to seek for other means of assistance. Consequently, I sought help from my study group where we discussed various topics that we had difficulties understanding and the discussions cemented my understanding of these concepts. In fact group work played a very important role through out the course.
Experience Gained While Working within the Team
As a team, we worked together in harmony and promoted collective thinking and individual contribution among the team members. As team members, we shared and discussed various issues relating to the course as well as the different types of businesses we that we intended to venture into. Each of the team members was assigned to a specific task and each of the results was reviewed in our weekly meetings where the necessary recommendations and improvements were made by all team members collectively. Through these practices, our team was able to meet its objectives.
Decision making in the team was collective. Every group member was given a chance to air their views and concerns and the team member would respond to each one of them. In most cases, all ideas brought forward by team members were good and therefore to reach a consensus, we had to vote for the best idea which would then prevail. For example, in the case whereby we were required to formulate a business plan, each team member contributed his ideas regarding the best business to undertake and its benefits. After considering each of the members business plan, we voted for the best idea and hence came up with Hot Pot business as our preferred business plan.
Factors that Contributed to Successful Teamwork
One of the factors that promoted successful group work in our team was our knowledge and understanding of what was expected of us. Every team member was given the assignment on issues that they were most conversant with. Some of the group members had past experience on business establishment and planning and this made it easier for us to tackle various issues. Our weekly meetings also promoted successful team work since they ensured commitment of members to the team’s activities. Through these meetings that took place twice a week, we were able to handle various issues as well as assignments.
However, to achieve higher levels of accomplishment, the team members would have gone an extra mile to obtain further information and detailed information on the course. Students should also pay more attention to the lecturer and lecture notes. Our business plan should have been more detailed to include the analysis of the economic environment under which we should establish our business, the fraction of disposable income that people are willing to spend on their meals and the potential competitors in the market, their skills and weaknesses. This information is critical for the business to thrive in the market.
The Importance of the Course and its Future Value
This course has played an important role in my understanding of the necessary requirements to start a business. Previously, starting a business seemed to be a simple process due to my ignorance of various important issues associated with establishment of businesses. These include the fields of marketing and the target market, economic environment and finance and how these factors influence the process of starting a business. Presently, I understand that starting a business is a strategic process that needs to be approached with caution.
This course will also help me in future as I am aspiring to start my own business. Through my rich understanding of the basic requirements for this process, I will be able to risk my money in profitable ventures to obtain high returns. My knowledge on such factors as real GDP, the economic environment, unemployment and population rates and inflation rates and how they impact on business will help me choose the right kind of business to start and my knowledge on risk analysis will help me in ensuring sustained profitability of my business. Therefore, this course is important since it enhances entrepreneurial spirit among its learners.