The Importance Of Working In A Group And Teamwork Business Essay
There is a shared feeling among student to the importance of working in a group. At some point in our career or professionals we would have to work in teams. 0ur group included four members including myself. Being in team can be a learning process to the members because task can be divided equally so that all the members can participate. Working in group help members of the group to make good use of their skills or ability, they have acquired in their education before taking it to the next level.
eally the group should decide on giving the members of the group roles so that everyone can get the aspect of being in group. In our group roles were supposed to be divided equally, in the sense of not over burdening other members with the whole business plan writing process.
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It is rarely even in this level to find all the members have specialized in same field of the business plan e.g. marketing or financial so the group decided to give task on those members who have a good background on the specific area on the business plan so the group was divided in two i.e. two members performed their task so did the rest. Team work efforts were seen to be in standard level as everyone gave their efforts almost equally.
In the beginning of the business plan writing contribution of the group member was visibly seen, but as time went by the group could not complete its full form as when it was formed or suggested, thus it was hard to give out roles to members of the group.
Team forming process
Team forming process was done by us and the group included Angela Kisunte, Raya Mohamed, Gladys Mkony and Elitruda Kimaro.
Process of idea Initiation
The group came up with two potential ideas that would implemented by the group, but the group had to choose one idea that presented the real gap in the market or in other words the group went for the idea that sustain the market.
How we came with business ideas
The ideas that were put forward are diagnostic center which was raised by Gladys Mkony but this business idea was seen to have high capital requirements. The idea that was raised by Angela Kisunte was seen as the potential one and it was well received by the members of the despite dropping the first idea.
How we chose between ideas
So the group chose between the two ideas by measuring the capital requirement of the two ideas and went for the one that did not require huge capital. At the moment in Tanzania, the government is encouraging agriculture in different form including livestock feeding which was our idea, so the group chose between these ideas by taking into consideration the factor of government prioritization on culture.
Reflection of the process of idea initiation and what we learnt
In the course of idea initiation, group wise and individually we learnt that the right business idea are hard to find and a lot of effort is required to reach to the precise idea to take on. So to be an entrepreneur is not easy as it might seem.
Industry and competitive analysis
Gap in the market
In Tanzania the feed producing business is growing fast may be because the government has been emphasizing on agriculture in its different form. By the government emphasizing on this sector, the group saw there was a need to serve the market in this form. Despite the fact the industry is growing well there arenâ€™t enough dominating firm that have been able to fill the gap considerably. Due to environment destruction that livestock have been causing the government had to restrict livestock farmers to move their livestock. This situation presented a clear and viable gap to the company to venture in and this was achieved by doing feasibility study of the industry. To further understand the industry the group saw it was necessary to get real information by visiting ministry of livestock and fisheries and this was successful as we were given two booklets to derive real information.
Mifugo Feed Enterprise (MFE) was in no doubt in right industry this can be evidently seen from the business plan presented with the group. The business plan had almost touched every bit of the industry requirements. From the capital used to start the business which matched the standard requirement to the basic operation of the company arguably.
The company did not realize any gap in the market that would negatively impact the whole business plan as the company went for the basic marketing elements to avoid contradiction of the business plan and reality of the industry.
Key competitors identification
Our industry is not as new as it might seem, the company identified both direct and indirect competitors by use of competitive analysis grid. As result of using this grid the company was able to pin-point all the competitors without indicating wrong competitors in the industry.
This essay is an example of a student's work
Small livestock feed producer- these producers they affect our business at first hand as they offer what we offer in very cheap price. The only different the quality of their feed is not that good.
Green pastures farmers- these are also direct competitors who can influence the profit of the Mifugo Feed enterprise negatively. They tend to farm their own feeds for their farm so they donâ€™t need to buy from us hence affecting our profits.
Livestock feeding companies such as Lgo, Falcon, Interchick, Banana, Mamo, A-Z and BAF that use the whole cereal grains. These companies are the biggest threat to Mifugo Feed Enterprise. Most of these companies they do backward integration i.e. activities that are adopted by a company to control dependence of raw material from farmers.
Traditional pasture- it will be hard for Mifugo Feed Enterprises to kick out old habits. Traditional pastures will indirect decrease the number of customer we expecting as they wonâ€™t be buying from us.
Local sole traders selling fresh grasses along main roads like Kawawa road e.g. Kigogo and Magomeni.
Importance of business plan presentation
Presenting the business plan to panel is crucial the student moral and experience in tackling real presentation situations. In our case, the panel which most of the times are the teachers, they able to know if I or any other student had participated in business plan writing. So by knowing that am able to prepare thoroughly to give the right information from the business plan.
Presenting the business plan help the panel to know if the whole group was enthusiastic about the business idea they came up with. During the presentation experience I for certain was able to understand my confidence had to be high as not to blunder in course of presenting.
Experience of the business plan presentation
I have learnt during presentation to be attentive when the questions are asked, so that I can answer precisely. Failure to do that someone can end up giving out false information which was never asked as result bad experience of the presentation for the presenter.
The day of presentation saw we as group getting nervous about the whole process of presenting this was because most of the students hadnâ€™t done such presentation before in this level. The school presented us with relevant material required for presentation.
Growth of the business through the business plan
We have learnt that as products decline so are the businesses, it reaches a stage demand for particular product runs out. The general environment brings unexpected outcomes to the business which can make the company to stop its operation. With that being said Mifugo Feed Enterprise (MFE) had weigh its options on pessimistic way of thinking. Any unexpected fatal event to the business would not be a surprise as options were weighed prior to any event. With such an event occurring the company would have set its risk management in place to tackle any outcome. But there are no many outcomes that would threaten the business in any way for anyone to doubt the business plan as these are just business measures.
On the other hand, the team is optimistic on the end outcome of the business as the team believes on the growth trajectories the business plan would bring.
Mifugo Feed Enterprise has clearly considered growth trajectories that would come as result of business performing well in the market. We are hoping the company will break even in its third year of operation, so at this point the business plan will have to be reviewed to see if any adjacent can be done it.
Realizing all these factors of having sustainable growth or not, Mifugo Feed Enterprise will be able to come up with thought out business strategies to handle any shortcomings or to sustain the growth.
Usefulness of the business plan
As mentioned earlier, that after thorough feasibility study the team realized that there was a need to serve this type of market. As result of pressure from government that livestock farmers experienced to halt feeding their livestock and such in natural manner as environment is being destroyed.
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Usefulness of the business plan
The team had to come up with business plan to tackle this problem that livestock farmers were experiencing. To our understanding we believe the business plan has been structured well enough to finally serve the need of livestock farmers. Therefore the team thinks very highly of the business plan that was design as it gives direction and portrays all the realistic situations that would be encountered. The plan has considered all the elements but most importantly the expense or the cost of the business itself and capital required.
Contribution of business plan
With the current financial position the company is optimistic that the business environment will be conducive for the whole business plan period, as, if not the Mifugo Feed enterprise will experience business obstacles that would lead to failed business. For instance inflation and recession these are unavoidable situation that can direct the business to failure. To counter these problems Mifugo Feed enterprise will have to involve banks or the investors to shake off the issues. The business plan will also consider other stakeholders who have some interest in the company for example the government has to assess all business including our livestock feed business.
The marketing area has been extensively written, so this is where the company will definitely improve its returns as it has accommodated all options.
Other areas on the Business Plan
Some areas of the business plan were not touched due to the fact that their relevance was not realized at this early time. It appears that these areas will have to be written in the near future when need arise.
We have seen how Mifugo Feed Enterprises was formed and distribution of roles to team members so that every plays their part. After the group was formed the team members were suppose to come up with viable ideas but at the end of the day only two ideas were seen to be real viable, ultimately livestock feeding idea was chosen out of the two.
The business plan writing process has been a success at this point; the only missing ingredient is the implementation of it so that we can understand if the whole process was in right track. To implement our business plan would be hard in real world but business plan simulation software would be able to materialize the idea. The business plans of all groups can be put in this software and see which one was well written by looking at the simulated market performance.
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