Discuss about the Business Perspective for Course & Instructor Overall.
Robert Collier quotes that “Success is the sum of small efforts, repeated day out & day in” encouraged me to complete my daily work in GB500 Business Perspective, this course in fact helped me to succeed. Currently, I am working at Sea World Resort as a Room attendant and I am using many of the lessons learned during this course in my day to day life.
By the help of this reflective essay I would get a chance to look upon all that I have learned and accomplished during the course GB500 Business Perspective, which falls under 2016 semesters. This reflective essay will showcase my expectations that I had from the course, the problems that I faced, and strategies followed by me & many more this that I have learned during this course. Additionally, this paper will include my opinions & thoughts of the assignment, course & instructor overall. (Tuchman, 2011)
This part of the paper will include all the crucial information that I want to share about my participation in GB500 Business Perspective this fall 2016 semester.
When we start a new course, there are always some expectations that one would always have. Students either act defensive to change or embrace the new situation. I really didn’t have any what to expect from this course, however I was ready to embrace it. (Pyle, 2010)
When I entered the classroom very 1st day, I was delighted to see that it was a quite big class where each of us could work on our dedicated systems. As the tutor/instructor started to go over the class events, I was quite excited and happy to see that there was a systematized course website, which allowed us to study each assignment before we start working on it. Also, the fact that this module was a Business Perspective course; I did not have any idea what should I expect. Throughout the major business studies courses that I have taken, I had a basic idea of business, how it operates and what are the different types of companies or business. With all my previous business studies course experience, I expected to participate in activities such as:
Before starting any coursework, like others I also had few questions in my mind as to what should I expect in this Business Perspective course. Like:
As the Business Perspective class took off, soon I started getting answers to my questions about my set expectations. Now the expectations were becoming clearer, as I found out things like:
As this module moved ahead, many of my outlooks of a normal Business Studies class were exceeded. This Business Perspective course included quite more than basic business definitions, basic idea on business operations. I knew I was in for a challenge; however I was quite ready to face these challenges. (Sørensen, 2012)
It is very difficult to understand certain things until you rally undergo it. The Business Perspective course has made us learn and summary of the course is starting a business, i.e. Entrepreneurship. Entrepreneurship is one of such thing that one cannot learn until he/she undergoes to it. It’s not an easy task to learn business. Maybe reading and education about it develops the knowledge but one will never learn until they run their won. Though I did not get a chance to run my own business however, I got a wonderful chance of working at Sea World Resort as a Room attendant and got an exposure how actually hotels operates, with the knowledge gained from this course I was able to relate and apply the concepts learned in the classroom. (Parker, 2008)
The objective of this course module was to assist students in getting an understanding & insight of starting & running a venture. Business Perspective course furthermore helped us in enlightening a sense of team spirit through creativity, time management & teamwork through the development of a distinctive business. Through this reflective paper I would be deliberating my experience during this course in regards to my skills, attitude & knowledge which I have grasped & applying in my current role at Sea World Resort. (Osterwalder & Pigneur, 2014)
The long term goal I have set for myself or rather I would say my dream is to be an entrepreneur & start my own venture. Hence, this course has undeniably helped me in mounting my skills & entrepreneur understanding such as developing an innovative idea, developing a business plan, assessing the risks to its application & discovering the essential business functional areas for successfully managing a venture. (Sørensen, 2012)
Course teaching began with ascertaining a good business idea. During the course I got to learn and realized that in order to become a great entrepreneur, there should always be a unique/innovative idea. In today’s world where there are already countless services & products available, one might consider that searching for a new or innovative idea will be a quite challenging job. Though, the business perspective course has imparted me that we can create an innovative business idea by properly observing. By observing the surroundings, businesses & environment carefully, I would be able to recognize the problems & hence built solutions, ideas & new & easier ways of performing those things. (McQuarrie, 2006)
Apart from observations, the fundamental to innovation for entrepreneurship is gained by experimenting, networking & questioning. Questioning provokes fresh possibilities, connections, insights & directions; through networking entrepreneur gets new views & ideas from individuals having different perspectives & backgrounds; on the other hand experimenting prompts new ideas leading to innovations. (Greenstreet, 2005)
The other important aspect of this module apart from learning ways to produce solutions & innovative ideas is the knowledge & importance of conducting “Macro” environment analysis and the PESTEL analysis that would assist to brand & market the business idea efficiently. It is also important to conduct a feasibility study or market research in order to gain information about the market, competition & consumer preferences. Conducting thee analysis is one of the most stimulating jobs that are tackled while formulating a business plan.
I gained some knowledge on types of market research; mainly there are 2 kinds of market research that are primary & secondary research. Primary research is grounded on gathering info & data from potential customers via interview, questionnaires & surveys, whereas secondary research data is done via target segmenting & conducting competitors’ analysis. The data collected from these sources i.e. primary and secondary will enable us to build strategies, define the product & its pricing & determine the business target market. The market research outcome helps in shaping & guiding the rest of the business plan. (George & Jones, 2009)
The other significant expertise that I gained through this module is working in teams and importance of team work. This program made me learn how to deal with people and how to work with people from different background & culture. Since most of the exercises requisite the tasks to be completed in groups, it has nurtured a sense of team spirit amongst the class mates. I have learned skills & knowledge to work & grow efficiently & excellently in a group of diverse people & team. This was one of the most important and resourceful lesson that I have learned because in my current role at Sea World, I have to work with a team and need to daily deal with them. From collecting ideas, selecting a technique to approach the project & delegating the work between the team members, I learnt to listen, appreciate & respect suggestions given by everyone. Initially it was quite challenging to work with people from diverse background & culture. Besides this there were problems of searching a time-slot for the team tasks because everybody had their own schedules. Though all our group members were motivated to work together to attain a set goal. (Sørensen, 2012)
The other skill I gained during this module was time management & prioritizing the work, especially when it comes to meeting the deadlines. Though, management of time has always been an area that I have always strained to bring improvement on. Business Perspective course has trained me how time consuming is preparing a business model (Gerber, 2009). In order to design a business model it is very important to prepare a business plan which consists of proper market & industry analysis at macro and micro level, the PESTEL framework, Porter’s five force model, organizational design, GAP analysis, the value system, building corporate & business strategies, developing vision statement, mission statement & deciding goals & objectives, doing a SWOT analysis and many other activities. This, I have gained knowledge to prioritize my work. (Sørensen, 2012)
Apart from the above skills, I have gained some expertise on my presentation skills. This course has assisted me in boosting my presentation skills, as I have to persuade & sell my business idea. Moreover, within the restricted time to present a complete business plan, I gained to sensibly pick crucial material to present in order to a deliver my business plan presentation short, simple & crisp, because detailed explanations will not going to excite the investors. In order to pitch or present a business plan, it’s important to electrify the stakeholders with the big idea; however it should still be realistic, responsible, and also reasonable with financial forecasts. Pitching one’s own idea plays a crucial role in grabbing other people attention on the business. I have learned to develop my ideas & post them in a way so that the vital factors are conversed. I realized that presenting the key aspects is not the only thing vital but presenting them in an innovative & energetic way is most crucial. (Varney, 2009)
Above all these skills I was able groom my personality overall, i.e. I was able to gain personality development through this module. This course has helped me in developing my communication skills as well my confidence level, which is now helping me a lot in my current role at Sea World Resorts, as I am able to present myself confidently and convince others about my idea, because of this course I got opportunity to meet different people and develop one’s behavior & character. Communication also plays an important role, as now I can confidently speak to as many customers I could reach. (Brown, 2009)
Future Prospect / Conclusion
Business Perspective course was definitely one of the most productive courses that I have studied till now, as this course provided me with a great experience. I have expanded a lot of insights & knowledge for starting-up & managing a business. The module has helped me in realizing an entrepreneur in me. Starting & running a venture has always been something that I would like to endeavor in future. Besides this, the course has assisted me in developing all the required skills to be a successful entrepreneur. Experience is the best lesson for everyone to learn from & this Business perspective course has provided me the best experience. I got a chance to improve my analytical & research skills, also time management skills to an extent, that will going to absolutely be helpful in my profession. Besides this I got to learn controlling my patience level & ways of dealing with people from diverse background & culture while working in teams. I also improved my presentation skills, developed my personality & communication skills by presenting in front of group of different people. This module moreover nurtured creativity in me through development of a unique business idea. In future, I dream to setup my own social enterprise. Through my experience of working on ideas in this module, I consider this would surely assist me in analyzing the need & coming up with the finest business model that will benefit the society through its service. Overall the Business Perspective course was fruitful and a great course, as it has helped me in recapping many other courses that I have gone through until now like finance & accounts, operations management & human resource management. Therefore, in one word I will conclude by saying this module is the life time experience I have got & I praise myself on opting for this module. I would like to thank my course instructor & all the fellow class mates for making my experience delightful. (Ries, E., (2011).
References
Sørensen, Hans Eibe (2012) Business Development: A Market-Oriented Perspective. Wiley, A John Wiley and Sons, Ltd, Publication
Dyer, J. H., Gregerson, H. B., & Christensen, C. M. (2011) The Innovator’s DNA: Mastering the Five Skills of Disruptive Innovators. Boston, Massachusetts: Harvard Business Press
McQuarrie, E. F. (2006) The Market Research Toolbox: A Concise Guide for Beginners. California: Sage Publications, Inc.
Parker, Glenn.M,(2008). Team Player & team Work, John Wiley & Sons
Tuchman, B.C., (2011), “Development sequences in small groups”, PsychologicalBulletin,vol.3, no.6, pp.384–â€Â99
Varney, G. H. (2009). Building productive teams: An action guide and resource
George & Jones (2009). Essentials of Contemporary Management (4th Ed.). New York, New York: McGraw-Hill-Irwin.
Brown, T., (2009).Change by design : how design thinking transforms organizations and inspires innovation. New York: New York : Harper Business.
Ries, E., (2011).The lean startup : how constant innovation creates radically successful businesses.London: London : Portfolio Penguin.
Osterwalder, A., Pigneur, Y., (2014), Value Proposition Design: How to Create Products and Services Customers Want , Hoboken : John Wiley & Sons, New Jersey.
Greenstreet, K. (2005) “Ground Truth” and the Importance of Market Research.PassionForBusiness.com. [WWW] Available from: https://www.passionforbusiness.com/articles/ground-truth.htm
Pyle, Lesley. S. (2010) How to Do Market Research. Entrepreneur.com [WWW] Available from: https://www.entrepreneur.com/article/217345
Gerber, S. (2009) 6 Steps to the Perfect Pitch – Pitching Your Business. Entrepreneur.com [WWW] Available from: https://www.entrepreneur.com/article/201826
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