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.
Ideally 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 divided equally, in the sense of not over burdening other members with the whole business plan writing process.
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.
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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. It was not easy to select whom do you want to be with especially for the new comers as some of us we knew each other before.
Process of idea Initiation
The group came up with two potential ideas that would have been 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 of livestock feed that was raised by Angela Kisunte was seen as the potential one and it was well received by the members to the extent of 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 agriculture.
Reflection of the process of idea initiation and what we learnt
The course of idea initiation takes time does not need rushing as it requires gathering prior information on the idea.
Group wise and individually we learnt that the right business ideas 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 aren'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. It was hard to get viable information from our competitors as information is taken as secrete in our nation.
Always on Time
Marked to Standard
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. Through the industry analysis we did using Michael porter five force model we discovered that the industry is attractive and profitable. It was not easy to find which industry are we in
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.
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 don't need to buy from us hence affecting our profits.
Livestock feeding companies such as Igo, 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 won'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
Through my experience I found that it is very important to present the business plan to the panel because it helped us to realize the mistakes and make changes, this help to reduce the risk of failure. Presentation gave us opportunity to defend our business by giving more clarification to an ambiguity and difficult parts such as financial and marketing so that to verify that our Idea is viable and can be turned to the reality and create value to the investors.
Experience of the business plan presentation
This was my first time to do presentation to the panel I was very scared and feel an uneasy; the panel was familiar to me, what I noticed is lack of confidence and panicky limited my capability. 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. All in all it was a good experience. What I have learned is; presentation should be taken seriously, preparation is very important in order to build confidence.
Growth of the business through the business plan
I and my colleagues have learnt that as products decline so are the businesses, it reaches a stage where 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 weighed its options on 'just about right' 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 review its goals and objectives set earlier so as to figure out whether they were appropriate or they had too much.
There are no many outcomes that would have threatened the business in any way for anyone to doubt the business plan as these are just business measures. On the other hand, the team had been too optimistic on the end-results of the business as it believed that on the growth trajectories the business plan would lead.
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However, failure of our business, MFE would have thought of collaborative arrangement i.e. merging with a successful firm within an industry obviously, realized from benchmarking practice so as to enhance performance by maximizing output. This might be workable as expertise and experience may be shared for the good. In the real world sometimes it hard to get the right partner.
If the above won't be successful, MFE would put its 'shares for sale in the stock market' so that capable individuals and companies who could run the business may have it.
Mifugo Feed Enterprise has clearly considered growth trajectories that would come as result of business performing well in the market. We are hoping that the companies will break-even in its first year of operation, so at this point the business plan will have to be reviewed to see if any changes can be done.
Realizing all these factors of having sustainable growth or not, Mifugo Feed Enterprise will be able to come up with some sought of business strategies to handle any shortcomings or to sustain the growth.
Usefulness of the business plan
Usefulness of the business plan
A business plan is very useful if it was well planned, because it acts as a road map, it gives direction on where the firm goes and what it wants to achieve. The business plan can be used as a measuring tool where the firm can compare its actual performance against the standards set in the business plan. A business plan might require some changes as times goes in order to be up to date.
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.
It is so crucial for entrepreneurs to prepare business plans so as to establish their direction forward. Considering the reality in today's world, most successful business endeavors do progress with magnificent plans. For effectiveness of the business panel presentations are vital.
Also, on the other hand, it is a room for start-ups to meet potential investors in an effort to convince them. I have realized that business plans could act as a hinge connecting the business persons with financial institutions like banks.
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Report for 'REFLECTIVE REPORT - ORIGINAL.docx'
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Bachelor of Arts in Business studies
COURSE TITLE: SMALL BUSINESS DEVELOPMENT (SBD)
COURSE CODE: BUSI
ASSIGNMENT TITLE: INDIVIDUAL REFLECTIVE REPORT
NUMBER OF WORDS:
Student Name: RAYA .N. MOHAMED
Table of contents
Process of idea initiation...................4
Industry and Competitive Analysis..............5
Usefulness of the Business plan................8