The Execution of Tea Business Plan - Example

Reflective Essay on New Venture Creation and Business Planning Reflective Essay on New VentureCreation and Business Planning Introduction The aim of the reflective paper is to point out the issues and challenges that were experienced during the execution of the project. There were many difficulties and hurdles during the execution of tea business plan. The objective of the project was to explore entrepreneurial ideas and opportunities through the development of business plans. Team members were required to make an effective plan with their combined skills and judgments. It was difficult to select members of the project and involve them for the purpose but Belbin’s and Tuckman theory help in making the project effective. The project was tough to accomplish, but team members’ performance made it possible to evaluate the concept, “if there is a will there is a way”. The task that we took as a challenge was related to new venture creation and business planning. It is difficult for a single person to analyse all factors of the business by his individual effort. As it is a proverb, “one can be the jack of all but not the master of all” so I needed other people to get to the task and made it interesting as well as effective. I invited other classmates that belonged to different countries and informed them regarding the purpose of the project. They were excited to work as a team without giving importance to the fact that there might be several difficulties will come while executing them. It was my duty to lead the team and ensure that everyone must adopt a part in which he is expert. Group Dynamics Group Dynamics refers to the set of people who are gathered to work on a single task by applying their individual expertise. It is the concept that was required in our task. My team was requiring model to develop for our completion of tea infusions project at time and in effective manner. My team consists of five people including me. We had different ethnic backgrounds, and there was a language barrier within the team. There was a communication problem between us. There was much difference in communication style and culture. We further decided that meetings will be held after a week to analyse the challenges and find solutions to overcome those challenges. The purpose of meeting was to acknowledge that we were going on the right path. It was proved that at every stage we found that meetings had solved many problems that were analysed by us during the project. We had a lot of information including need of research, market analysis and others. We organized six meetings for the module and every meeting was organized at short notice but members participated lot in attending the meeting at time and the solutions to the problems were described in brief. There was a problem to work as team, but Belbin’s Nine Team Roles (2012) helped in solving the problem. The model was necessary for the execution of project and our team required some model to be followed so that the task could be fulfil by the group within time. The problem was solved due to the model that states work must be divided among the individuals and the coordination is necessary to discuss the matter regarding individual roles and to plan for the next step execution (Belbin, 2012). We divided the roles between group members to start the work and execute the tea infusions project immediately after planning. Thinking role was adopted by me to plant and evaluate the whole assignment. Action role was decided to be given to other boy after thinking as we knew that new ideas would emerge out from the thinking process that will help us to include further things in the business plan. A meeting at every weekend was decided by a girl to discuss the progress of the work and the division was made initially on the basis of individual expertise. It was further decided that there must be a leader of the group that will ensure that the process is going well. Social role was adopted by the girl as she was involved in social activities. The John Adair’s Leadership theory model was selected to identify the qualities of a leader that proved to be efficient and effective for the team members. All the characteristics including dynamic, steadfast, result oriented and others were analysed before the selection of a leader for the team. It was agreed that the leader would ensure that all work assigned to individuals must be completed on time, and he will help others if any difficulty arises in during the project. It was teamwork that enhanced individual performance by managing the work and process to be followed to accomplish the work and complete it within the period (Walker, 2011). Tuckman Four Stages Model The model discusses the formation of group and steps to follow so that strong group or team is formed to continue the task that is assigned to group members. However, these steps are prepared to start the task but are very helpful in making team effectiveness before starting the task. Forming was exercised at first instance as it was mandatory to divide the work among team members so that all of us could start our respective task at that time. We also set directions after the work was divided. We mutually agreed that all group members should immediately start performing his or her assigned work so that the project must continue in an effective manner. The group members adopted storming at the time of starting the project that every one will do his work without getting late and help others if required. There is an implied relationship between the team members working on particular task that they will maintain coordination between them. We succeeded in developing that relationship. Norming refers to responsibilities and small decisions that are taken by the leaders to continue the work going on. I practiced it as I was the leader of the group so it was my responsibility. Idea Generation and Selection As we all belong to china we wanted to introduce Chinese product in the United Kingdom. Group members decided to prepare a plan for Chinese tea infusions for the project. Members started finding that how to introduce the product in the market of United Kingdom. We felt that planning is necessary for the effectiveness in the project as we were not fully aware of the market for Chinese tea in United Kingdom. We decided that we will do work step by step to overcome the challenges that would come in the execution of tea infusion project plan. Meeting of minds was necessary for the team to execute the project. It was my idea to meet at weekend to share the knowledge. It was decided that meetings will be conducted to enhance skills and abilities of group members. Evaluation Requirement of Research Project plan involved the mission to bring the taste of Chinese tea in United Kingdom. The research was required regarding the mission to analyse the market situation in which the company wants to introduce its new product. The issue was complicated and belonged to the marketing of the new business. It was essential to analyse the tax system of the country so to ensure that what type of personal and corporate taxes will be imposed on the company while doing business in another country. We learnt that there was a need of research to start our business plan. Information of Tea Suppliers Another meeting was conducted to know the status of the work and further issues were discussed in the meeting. There was a need of information regarding the suppliers of tea products in the country. It was a big challenge for team members to find out what and how many suppliers are involved in the activity. It was noticed that one of us was fully aware of the culture of China. His skills and abilities proved to be effective when his performance was noticed in finding much information regarding suppliers of the product. We learnt skills of marketing the product that it is necessary to find how much customers will respond towards the product and what are their preferences. Our team members were not fully aware of the market analysis concept. Market analysis was also important so we decided to gather data regarding the demand and preferences of the consumers. Market was highly competitive including competitors of china that were the key suppliers to provide tea products all over UK. We learnt that there was a requirement of skills to be developed for marketing and promotion of new product was necessary for capturing wide market of UK. Market Analysis Team members were agreed that the task of marketing should be given to the person that is responsible as compared to others and efficient in gathering data for the analysis. There was a need of effective work in market analysis so we choose a boy that could identify the areas that are required to work on. It noticed that porter’s five forces must include in the analysis because the forces are helpful in analysing external and internal factors of the company. From the gathered information, we identified that there were many substitutes available in the market and. We learnt analysing different models like Ansoff matrix is necessary to prepare a business plan. Buyers had limited bargaining power, but suppliers were enjoying it because there were limited supplies of tea products in the market. Substitute threat was also prevailing in the market as the market of UK is filled with coffee lovers. Ansoff Matrix and PEST analysis were also prepared by the team members to tackle that which area needs to focus first so that the strategies could be made to overcome the difficulties for new entrance (Slater, 2010). Sales and Marketing are Mandatory for Business Plan We realized that there was a need of Sales and marketing plan because it was a stage where there was a requirement of all team members due to the spread of knowledge between all of us. It was mandatory to align price and cost of the product by analysing price-sensitivity, raw shipment costs, and competitive pricing activity to set prices of different sizes of the product. There was a conflict that which type of customers is to be targeted for the distribution (Lund, 2011). One of our group members suggested that the product is to be distributed to the limited suppliers of UK so they could be helpful in marketing the product too. However, the idea was rejected as the aim was to gain the trust of the consumers that the product quality is better than other substitutes. It was decided by mutual consent that super stores and shops will be targeted to cut off brokers and distributors between the chains of the product so that the product is to be available for all customers those visit huge markets for shopping on monthly basis. We develop our skills by getting a knowledge that setting price is necessary for preparing a business plan. Challenges on Identifying External and Internal Factors We were working on a plan to introduce Chinese product to United Kingdom so it was necessary to analyse the management system to be suggested for the company. We got a lead to prepare a plan for management system so that the company could follow common direction to sell the product in the market (Forsyth, 2009). My friend suggested that the task must be given to him as he was well known about the management process of a company. It was suggested by one of the team members by his experience in making business plan that the effective management team will allow the company to manage their operations effectively. All the operations of the business will be done according to the rules and regulations of the industry (Walker, 2011). Group members were not agreed with low price with an argument of less profit generation. It was further explained by a person who was expert in marketing that the product sales mainly depend on the price in a competitive market that has many substitutes. All members appreciated the suggestion because justification provided by team member was good to explain the fact of pricing in a competitive market (Adekola & Sergi, 2007). We learnt that estimated financial statements would be helpful for the purpose that company would generate high profits in the industry. It was a challenge that how the problem can solve to make effective plan for the business. A boy was selected because he had skills to do tasks of preparing estimated financial statements for analysing that the company will receive profits from the product. All the calculations regarding risks and other factors were made so to ensure that the company acknowledged various factors that are developed to gain a position in the market (Walker, 2011). Challenges in Formatting It was decided at final meeting that formatting is necessary to present a plan. A conflict was raised at that time regarding the formatting and compiling of the work. The team analysis theory was applied when there was a critical situation in the project. There was a conflict in maintaining a plan chart to start a new business. We learnt the skill that a company needs more steps to start its business as compared to sole proprietor or partnership. It was observed that the company would start its business after a year till then it will fulfil the requirement for the business (Adekola & Sergi, 2007). The estimated time plan was prepared. Two of five members of the group were not initially agreed to the one-year plan as it was too long. Conclusion Overall, the project was completed in an effective manner. There were some weaknesses such as conflicts and arrangement of meetings but the process followed accordingly and the team members learned new things. Group forming models helped us to execute the project within time. The theory of combined judgement and skills were fully utilized by the group members. The module allowed us to work like a team and the approach benefit us to complete the module with learning. List of References Adekola, A. & Sergi, B.S., 2007. Global Business Management: A Cross-cultural Perspective. Illustrated ed. Farnham: Asghate Publishing. Belbin, R.M., 2012. Team Roles at Work. London: Routledge. Forsyth, D., 2009. Group Dynamics. Mason: Cengage Learning. Humphrey, W.S. & Over, J.W., 2010. Leadership, Teamwork, and Trust: Building a Competitive Software Capability. Illustrated ed. Boston: Addison-Wesley Professional. Lund, A., 2011. User Experience Management: Essential Skills for Leading Effective UX Teams. Amsterdam: Elsevier. Lussier, R., 2008. Management Fundamentals: Concepts, Applications, Skill Development. Mason: Cengage Learning. Slater, R., 2010. Team Management. New York: HarperCollins Publishers Limited. Walker, A., 2011. Organizational Behaviour In Construction. Illustrated ed. Hoboken: John Wiley & Sons. Read More