A reflective review is an essay presenting personal thoughts and experience in developing a specific topic or project. A writer reflects on a topic or a project by exploring emotional experience and encountered objective facts (Pasquarelli, 2006, p. 94). This paper presents three of my reflective reviews on two topics and a project namely; review of personal entrepreneurial strategy, reflection of critical review of chapters and a group’s project on developing a business plan.
A personal entrepreneurial strategy refers to an individual plan to convert own creative and innovative ideas into a viable, lucrative business. My essay on personal entrepreneurial strategy explored on John Brayson,s business ideas after his high school studies and his plan to convert these ideas into an Aquacine First Food Restaurant. Brayson implemented this plan and his business became a huge hit in the market. I used this plan to scrutinize the unique traits and skills of Brayson that drove him to be successful in the process of planning and in implementing his business ideas. I weighed them against my own and realized that I have several strengths and weaknesses influencing my ability to be a prospective entrepreneur.
One of my strengths, as learnt from Brayson,s traits, is that I am good in human relations. I am emotionally stable, have good interpersonal relations, and good communication skills. I prefer to work in teams and enjoy sharing my experiences and background. I also like to listen to suggestions and solutions offered by others in groups as well as to learn from them. Secondly, I realised that entrepreneurs tend to have self confidence in their actions. I always have self confidence in all activities that I wilfully undertake. I am also a risk taker. I tend to make decisions without having full information, especially where the expected outcomes are beneficial to me. One of my weaknesses is that I lack entrepreneurial and management knowledge and skills influences the ability to develop and implement a business idea. Also, I realised that implementing an entrepreneurial idea requires one to have leadership skills, which I lack. Generally, the personal plan helped me to gauge my ability to come up with successful business, which is, in my opinion, average.
I conducted a critical review of chapters 1, 2, 7 and 8 of the New Venture Creation: Entrepreneurship for the 21st Century- A Pacific Rim Perspective, a book written by Timmons, Gillin, Burshtein and Spinelli. During this review, I learnt about the revolution of entrepreneurship and its impact on social and economic environment. I was encouraged to find out that entrepreneurship has both advantages and disadvantages but advantages outweigh disadvantages by far. I also learnt various characteristics of entrepreneurs including commitment, courage, leadership, opportunity obsession, communication skills, self-confidence, tolerance and risk taking, creativity and self-reliance and the motivation to excel. As I was doing the review, I realized that I posses all of these attributes except leadership skills.
I also learnt about the importance of a business plan since the chapters explained the difference between businesses formed based on businesses plans and businessed formed without business plans. I learnt the importance of investors and other financiers in adding value to a business. The book also emphasized on the importance of writing an effective business plan that would be accepted by financiers and that would lead to a viable business. The knowledge that I acquired from this review provided me with ideas on how our group’s business plan project should look like.
A business plan is a comprehensive plan that is developed in order to find the feasibility of an entrepreneurial project. After assessing its viability, a business plan is then presented to friends, relatives, banks and/or venture capitalists to seek financial support from them. We developed a business plan as a group on Credit Suisse Australia, a company that seeks to expand its corporate banking and financial services in Australia, with headquarters in Zurich. Developing this business plan required application of core concepts of entrepreneurship and management. We were, as a group, required to select and focus on a specific product and organization in developing the business plan. However, all the group members were initially confused about the product and organization to select. We brainstormed together in order to come up with a viable idea. Eventually, I came up with an idea to focus on Credit Suisse Company and their plan to expand their services in Australia. All group members supported this idea and corroborated in developing the plan which took one week to complete.
I contributed in various parts of the plan, but mainly focused on the marketing plan section. This section was easy since I found numerous sources that give an overview of the corporate banking and financial services market in Australia. All members contributed to the development of the company’s financial plan as this proved to be a difficult task to be left to one or two group members. Among the challenges we encountered is that it was difficult to determine the amount of profit that this business could realize within a specific timeframe. I learnt that all members of our group did not have adequate prior entrepreneurial knowledge, skills and experience in developing a proper business plan covering major aspects such as mark positioning, Unique selling position, Pricing strategy, personnel plan, training programs and start-up assets and expenses. However, one striking trait of the group members is that they were ready to learn and they all appreciated that this project gave them a chance to acquire essential entrepreneurial knowledge and experience in developing a precise business plan and implementing it in the future. The challenges encountered in developing that plan have been a source of motivation for me to learn more on how to develop an effective business plan.
In conclusion, this reflective review helped to expose several of my abilities and inabilities to become a successful entrepreneur. In particular, the review on personal entrepreneurship strategy exposed my strengths and weaknesses to become a successful entrepreneur. The review of chapters of a book provided me with essential knowledge about the growth of entrepreneurship, personal traits needed to be successful and the importance and requirements of an effective business plan. Developing the group’s business plan was a wonderful experience, though we encountered various challenges.
Pasquarelli, S. L. (2006). Teaching Writing Genres across the Curriculum Strategies for Middle School. Cengage Learning, New York
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