This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.
This report details the team work, process of idea initiation, presentation experience and alternative scenario regarding the business plan preparation. With regards to team work, the Tuckmans model of team development was used in forming our team and undertakes the business plan development successful. In forming the team, there was a number of competing ideas which caused misunderstanding between the members of the team due to the individuals' behavior.
The team worked together and prepared the business plan within the given time, shared different ideas on how to prepare the best business plan including the information sourcing. The team interviewed a number of people with a good knowledge of the business and also used academic theories to prepare the business plan.
In storming stage, came up with ideas of preparing business plan for one of these three ideas which are real estate, catering and spa. As a team we looked at the market demand and industry competition of each of these three businesses. After conducting a research on these businesses we found out that some of them need a lot of capital to start up a business and competition is high due to the fact that there a lot of companies that do that kind of businesses.
Then we decided to have a spa business as its initial capital is not huge compared with the capital required for other businesses and the demand is high.
Moreover, I presented the business plan to the panel which gave me an opportunity to promptly respond to the panel questions and clarified the things that were not clear to the panel.
In commenting on the process of developing business, it is crucial to undertake intensive research on the market and industry size of your proposed business before writing the business plan.
My team is formed by three people who are committed to work together to prepare the business plan. My role as a team member was to contribute ideas on how we could produce a better business plan which can attract people to invest their money on our business. Also my other role was to ensure that our business plan is clear and it has enough details to convince and enable the target audience to make the decision to invest in the proposed business.
As a team we agreed to choose the task to prepare a business plan so that everyone can practically learn on how to prepare the business plan and be able to understand the business plan preparations process. Since everyone was assigned a task to do then it was decided that the team meet twice a week to determine the status of the assignment. The team was discussing the status of the assignment and resolves the issues as they arise during the team discussion.
In the team forming process, the Tuckman's model was used in forming our team. We went through the forming stage where we chose the team members and then agreed to undertake the business plan development. Then we went through the storming stage where we had a number of competing ideas which caused misunderstanding within the team members and as a result one of the team members left the team. This was very tough situation as a team tried to resolve the conflict between the team members in order to work together as a team and prepare the business plan within the given time.
Efficiency of the team is that we worked together as a team within the given time; we shared different ideas on how to improve our work including the information sourcing for our business plan. We have interviewed people with a good knowledge of the business and they have contributed their ideas in our business plan and we have also used academic theories to prepare the business plan.
Each member of the team was able to participate in the team work on making contributions of points and how our business can be able to achieve its objectives. On every task we did, we were using a given time in our time schedule and make sure we complete our task on time. Each member of our team has different thinking capability which gives us an opportunities to use those ideas of the team mates well and be able to make our business plan completed and have more details and evidence where we got the data of any useful details or research done by our team.
PROCESS OF IDEA INITIATION
Bruce Tuckman argues that in storming stage team will have different ideas that compete with each other. We came up with ideas of preparing business plan for one of these three ideas which are real estate, catering and spa. As a team we looked at the market demand and industry competition of each of these three businesses. After conducting a research on these businesses we found out that some of them need a lot of capital to start up a business and competition is high due to the fact that there a lot of companies that do that kind of businesses.
Then we decided to have a spa business as its initial capital is not huge compared with the capital required for other businesses and the demand is high. However we were advised to have something unique in the market which our business can not be compared with other spa centre in Dar es Salaam. So we came up with the idea of having a health farm centre in Dar es Salaam which will provide services like natural treatments by using of herbal teas, juicing and fruits.
Other services that will be found in health farm centre include gym, massage, and beauty care (spa). Our business will have a variety of services under one roof which will be the only one in Tanzania to provide such services in the same place. This is our uniqueness and it will differentiate our business from others.
I have learnt that when you come up with business ideas you need to write them down and then conduct a research in order to evaluate those ideas. The evaluation process should be based on SWOT analysis (Strength, Weakness, Opportunities and Threat) and Michael Porters five forces.
Michael Porters five forces enabled us to analyse the industry we wish to enter and see whether it has a lot of competitions or not. Also this model enabled us to learn how the industry is doing in the country and the barriers of entry on that business.
Furthermore I have learnt that you do not have to rush to the business without doing some research first. You have to look for the market and see if there is an opportunity for you to enter in the industry and make your business grow and generate profit. You need to have many business ideas and use some academic theories like Michael Porter's five force which help people to understand whether the proposed business can generate a profit.
It is very important to present business to the panel rather than just submitting paper documents because it gives you an opportunity to promptly respond the audience questions and try to clarify the things that the panel is not clear. It also shows the panel how much you understand the concept of the business you are trying to establish.
Apart from that, you can convince the audience to endorse your business plan by giving them a number of examples by providing them with financial graphs including the Return On investment (ROI) and the projected cash flow.
Also when you present to the panel it helps you to provide more details of the research you have done. For example I was asked if I know the competitors of the business I am planning to do. It gave me an opportunity to describe well my competitors including their business and types of services they provide and how I could be able to compete with them.
It also helped me to improve my level of confidence in front of the people, because when you speak to the panel you might be asked many questions regarding the business plan and how are we going to compete in the market. I was able to answer all the questions in detail.
I felt very happy to present our business plan to the panel because I felt like I was talking to the investor who would like to invest in our business plan. Presentation gave me confidence and convincing power as I was trying to convince the panel. I was able to use Michael Porter's five forces and SWOT analysis to elaborate our business plan.
In short, I have learnt that if you present a business plan to the panel it helps you to have a confidence to sell your business idea and be able to convince people on face to face. Also I have learnt that presenting to the panel gives an opportunity to promptly respond the audience questions and I found that this is the efficient way to provide the panel with an overview of the business plan.
I have predicted the growth of our business plan due to the fact that there is demand of our services in the market. My prediction is optimistic because I expect things will go as per our business plan due to the intensive research done by the team members of our group. Those researches were done from different institutions of Tanzania health centre like Muhimbili National hospital and World Health Organization (WHO) in Tanzania.
We have seen many people who are suffering from the diseases of 21st century which are obesity, diabetes and hypertensions. According to the Tanzania Diabetes Association (TDA) the numbers of people who are suffering from these diseases in Tanzania are approximately 350,000 to 450,000.
By using our services it will help people who are living in Dar es Salaam to prevent these diseases by using of the fat free food and exercise their bodies in order to have good health and stay away from these diseases.
Also by providing more services under one roof will enable our business to increase its revenues through the provision of different services apart from natural treatments. Services that will be provided by Malaika Health Farm Centre (MHFC) include Gym, beauty care (spa) and natural treatments. Customers can choose any services they want to use and get charged accordingly.
Other areas I can comment on the process of developing business, is that before writing your business plan you should know who your target audience is. Then undertake intensive research on the market and industry size of your proposed business. Next you need to know the initial capital required to set up the proposed business.
Furthermore I would like to comment on the use of SWOT analysis. SWOT Analysis will enable people who plan to prepare a business plan to thoroughly analyse the position of the proposed business and enable them to get enough information regarding their proposed business strength, weakness, opportunity and threat. This covers all important parts of the research and gives people enough information required to prepare the best business plan that will enable the audience to make a better decision.
Also I would like to comment on the limitation of the business plan, business plan can just gives an idea but it does not provide the documentation or investment framework needed to raise capital from the investor. In other ways we can say business plan helps people to know what is on your mind and what you would like to do and make the business grow, increase the market and revenues.
Business plan does not guarantee the success of the business due to the change of government regulation. Government regulation can be changed at anytime and risk the business to operate successful and be able to attain its objectives. When writing a business plan we only rely on the current government regulation and we do not know what will happen to the future if the regulation will be change.
Another weakness of the business plan is that it does not guarantee the inflation, due to the fact that at the time of preparing business plan the inflation was low but in the time of operation when the business is starting to operate the inflation might be very high so that the business cannot make such profit which was written on the projection of the business on the business plan report.
In conclusion, working as a team is very effective way of getting things done and it allowed us get to know each other better and enabled to work with different people with different views. Even though there was misunderstanding within the team members but we tried to resolve the issues and worked together in order to achieve our objectives.
The task of writing a business plan has helped me as individual to know how to undertake a research on a business before rushing to do it without having more details of that business. Also I have learnt that before doing any business you need to know the industry size of the business and then analyse the competitors and the market for the business. You also need to know your audience and how you are going to differentiate with your rivals.
This business plan has given me confidence on speaking in front of the people. Most of the people can not be able to speak in the panel due to the fact that they might not have confidence.
The use of the academic theories in preparing the business plan has helped me to be able to write my own business plan and present it to the investor who can read it and understand my ideas and be convinced to invest in my business. Academic theories can help you to know how to make a research on an industry and how to compete with your rivals.
The use of Michael Porter's five forces which are New Entrant, Bargaining power of suppliers, Bargaining power of buyers, Threats of substitute and rival. These five forces have helped me to know how to analyze the industry which I would like to enter and do business successful.
Also the use of SWOT analysis in the business plan has helped me to know if the business we wish to do can make profit and also increase the revenues of the company. In SWOT analysis we were looking at Strengths, Weakness, Opportunities and Threats of the business. By understanding them it helped us to come up with unique services and be able to lead the health farm industry in Tanzania.