Entrepreneurship Virtual Simulation Experience - Essay Example

Entrepreneurship Virtual Simulation Experience Food and Beverage Business Planning Business planning involves the strategies or business plans which describe the future of the enterprise. It includes what the company plans to do and how it plans to them (Timm, Christensen & Blenker, 2014). In this business, it is essential to decide on the services and the product line. It includes what products to sell, the target market, the business location and the prices for each product. The business will sell beverages including coffee, tea, orange juice and eggs. Salads will include vegetable salads and potatoes salads. Main dishes are roasted chicken and fries. In addition, the plan includes the organizational and management structure, the sources of backup funds for the business in the case of bankruptcy, the business executive summary which shows the company’s missions and goals. The objectives of the enterprise include making profits while maintaining consumer ethics (Timm, Christensen & Blenker, 2014). The company description which provides what differentiates the business from others. Furthermore, the planning process includes marketing and sales strategies. It describes how the business plans to market itself plus its sales strategies. Expectations The core expectations include: Creating a Culture of Service to Colleagues and students, setting the standard for Trust, Honesty, and transparency. Developing staff and Nurturing Teamwork, Executing Strategies to Acquire Results, Decision Making and Accountability, Cultivating Scholarly and Cultural Assortment, Monetary Responsibility, Process Enhancement and Sustainability. Other expectations include Personal expectations Personal expectations are those expectations that the owner of the business expects from the enterprise. First and foremost, the business expects to make a profit from what it will sell to clients. Moreover, the trade plans to meet its current financial obligation in time (Timm, Christensen & Blenker, 2014). That is the business expects to be able to repay its loans and debts on time. The expectation that the company will grow over the following years is also significant. Besides the above expectations, the business anticipates that the foodstuffs and amenities that it will offer will gain popularity and obtain a wider market despite competition. Also, the owner of the company forestalls that everybody in the organization will be able to perform in a manner that will help the business grow and achieve its missions and objectives. Lastly, the business prospects that each employee will be fair-minded in providing quality work for a fair day’s wage. Client’s expectations Customers will have a number of expectations from the business. They anticipate that the enterprise will be able to convey quality goods in the right quantity as per what it promised to provide. Clients will also expect that the business will carry out its day to day practices in a fair and reasonable manner with no prejudices. Not only will the customers prospect for value for their money but also expect that the corporate owner will be able to stand behind the products for her/his business Employees’ expectations Employees expect that the business will be able to give them a fair pay for the wok they provide. Furthermore, they anticipate that they will be, provided with a healthy working environment that is not hazardous to their health. Besides, they expect that the business will not overwork them but at times give them day offs (Timm, Christensen & Blenker, 2014). In addition, they expect to be getting the opportunity to develop and grow both as individuals and treatment with the utmost respect. Preparation These involve all those activities that the owner does in anticipation of starting a business. Preparations include maintaining high-quality efforts resulting in the optimum development for maximum business success (Timm, Christensen & Blenker, 2014). The developments include choosing and developing an organized task force to communicate through the time of distribution. Preparations entail identifying multiple communication channels that the enterprise will need for its workforce to stay in contact. Obtaining the essential information, for example, in the business plan, goals and strategies are significant. Training and obtaining the crucial human resource helps when preparing to start a business. Here, the number of employees and necessary tools e.g. computer programs and data systems are determined. Moreover, all personnel’s in the business should equip themselves with the appropriate interpersonal skills like determination, leadership, assertiveness and empathy. Research and development processes should also be prepared to ensure quality products. Before starting a trade, the owner should be psychologically and emotionally prepared of the Professional capabilities that place an individual and his/her team. Beneath the most challenging conditions, handled with the cutest decisions, with the supreme rewards/risks in the line. Business operations Business operations are those errands and activities that a company undertakes to produce the goods or services that it delivers to its customers (Timm, Christensen & Blenker, 2014). Effective services help businesses decrease costs, and they might develop customer fulfillment. Technology when used effectively, it can contribute to mechanize many operations and expand efficiency. General activities for all simulations Areas that require attention include company, management and operations strategy, product research and development, pricing, ethics, sales and marketing, advertising, human resource, finance, and accounting. Company In this item, the business name and logo are determined. Moreover, its ethics and strategies are determined. It is applicable to the beverages and food premises since it allows for naming. Marketing simulation Investing in marketing and sales advancement helps in building brand loyalty. Furthermore, it enables the business sell into numerous territories. Through the exercise, business owners obtain information on consumer needs as well as response on customer gratification with brands, advertising, and prices. The Overview on marketing simulation permits the business to improve and implement a complete marketing strategy that entails pricing, advertising, brand development, market analysis, profit analysis and the necessary sales force management assessments Human resource simulation It involves high levels human resource judgments where the business has to manage employee’s number, their productivity, benefits, hiring, training, severance costs and morale. The metrics entail employees’ morale, turnover rates, productivity, overall human resource scores and turnover cost. The business owner can, therefore, modify these variables including average turnover, productivity levels, number of employees, and their starting salaries. In this business will apply this to hiring and training the servers for substantial profits. Advertising Advertising is a method of marketing employing the use of message to convince an audience to take or carry on some action. Usually with respect to a political ideology or commercial offering. It is important to choose an advertising strategy to use in the different territories. For proper advertising, it is important to allocate your budget accordingly and understand the consumers’ demographics and psychographics of each territory. The business will use posters and radio to advertise. Finance and accounting Reviewing the financial details and performance of the business is crucial. It helps in monitoring the earnings per share and observing the stock per price. The food and beverages business will apply it in determining how it will raise money by getting a loan or issuing new stock to raise more money. Research and development These include all the activities aimed at improving the products quality and features to obtain more customers. Research and development can also boost on the quantity produced since the use of technology will fasten operations. Management and operations strategy It helps in reviewing the available budgets. It utilizes the strategy journals to document the reasons behind the business decisions. Furthermore, it helps in setting the ethics levels and in running sales forecasts. The company will apply it in budgeting. Aspects relative to a coffee shop A coffee shop simulation entails aspects such as management since you will control and manage it. Advertising and marketing involve activities like Live Entertainment. Human resource simulation as you will train the servers. Research and product development since you can offer coffee variety. Ethics of the business where the shop may have to deal with some odd conducts from customers. Aspects relative to a music store Advertising and music marketing to reach customers. Human resource development in training the personnel’s who will sell the music. Operational strategy involves the introduction of computers and compact drives. The store name and logo are also determined. The business location is additional to its operations Aspects relative to a restaurant Advertising, price determination of services, finance and accounting in balancing inventories, human resource development when training employees. Finally, product promotion, when marketing. My business will apply the aspects of hiring, training, advertising, marketing and determination of name and location of the business. Performance data, monitoring and evaluation The long-term productivity of a business is directly associated to its capacity to adapt to fluctuating market conditions. Businesses should take on consistent performance reviews to monitor and evaluate the business progress and achieve its managerial objectives and vision. Determining and monitoring the business enactment is essential in identifying future opportunities and challenges for the food and beverage business. It also aids in strategies to increase in performance over time. The business can obtain its performance data by interviewing its customers, filling in questionnaires by clients and conducting surveys on customer service. After gathering enough information, a business can subject the information to constant monitoring and create an evaluation report. Proper assessment and monitoring should ensure relevant monitoring tools corporate social responsibility, identify strategies for consistent progress and Communicate and report on enactment accomplishments with owners, plus customers. The personal understanding of running their simulation while benefiting from shared practices is of great help (Timm, Christensen & Blenker, 2014). For better insights and success of a simulation, it is vital to understand the goals that define a project that involves the determination of your stakeholders and customers. The benefits from shared practices enable one to ask more questions from a variety of people that is significant in decision making and problem solving. Furthermore, shared practices help one to allow more time in a risky project. Running your simulation aid in understanding phenomena and generates new knowledge learned from shared practices. From simulations, you gain knowledge that may move your business in new directions. New directions arise because of good time management that results in the completion of necessary tasks and allowing the project to explore new directions. Shared best practices in simulations lead to a better monitoring and evaluation assessments and hence improved personal insights. Suggestions for real life entrepreneurs from what I learned in the simulation Real life entrepreneurs should acknowledge that money is crucial, and it is essential that they budget their money in the most economical way. Entrepreneurs’ should also understand that running a business entails many uncertainties, and they should, therefore, ensure that they invest in projects that best suits them. They have to approach businesses with a clear mind, use logic and be responsible for the choices they make. Other suggestions include: having realistic visions and missions, sticking to their views, having a good business plan, acknowledging the fact that competition exists in the business world. Importance of team building and the importance of funding and the value of product promotion. Reference Timm, K. B., Christensen, D. R., & Blenker, P. (2014). Enterprising Initiatives In The Experience Economy: Transforming Social Worlds. . Read More