Sample Reflective Paper
The goal of the project was to develop a business plan and a business plan is basically a formal statement which is formulated to achieve the desired goals of business. Usually a business plan is develop when an entrepreneurial project is initiated and in order to find its feasibility a comprehensive plan is developed (Sutton, 2005). This plan is then presented to venture capitalists and bankers so that they can finance the plan.
We developed a business plan on automobile industry and the product that was selected by us was a safety distance device. The name of the organization that is introducing this device is CarSafe. Developing this entire business plan was a wonderful experience and the core concepts of management and entrepreneurship were applied when the plan was developed. In the initial stages the group members were very confused about the plan and which product we should select. Ultimately, I came up with an idea that we should select a safety device which is not a hypothetical product and it’s realistic in nature which can easily be marketed. After that all of us showed a cohesive attitude and collaborated with each other and ultimately the final plan was developed.
I contributed in certain parts and the initial part of the plan was quite easy in which I selected different sources and gave an overview about the automobile industry. Then we have to come with the core idea that what will be the actual product. All the members of the group brainstormed together and I discussed the idea that we would develop a safety device for speedy automobiles with infra-red technology. This novel idea was appreciated by all the members but its implementation part was quite difficult and all of the group members were very worried about that how we can analyze this device properly. But through proper collaboration we have tried to develop a proper business plan that is simple and every major aspect is covered in this plan. The analysis related to entry and growth strategy was done by me and I presented a forward looking approach as far as the promotional activity of the plan was concerned. Discount of 15% or more was offered to people and emphasis will be laid on the Asian markets.
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