Introduction is imperative when starting a new business,

 

 

 

 

 

 

 

 

 

 

Introduction

As part of this years’
business foundations module, we were put into groups to complete an assessment
together. As part of a management company, we were responsible for the opening
of a hotel from a listed building which we were going to refurbish.

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Our very first task was to
produce a business canvas model. The purpose of this was to showcase our value
propositions for the hotel, who our target market was and how we aimed to
generate a profit.

The following task was the
trade fair. In this, we set up a stall in the university lobby where we had to
promote our hotel and our vision for it to people who approached us. For this,
we designed a poster, made social media accounts and a website. The last task
we carried out in our groups was the pitch. This was done in a mock set up very
much like the dragons’ den, where we had to pitch our idea to the potential
‘investors’ of our hotel. I will be using Kolb’s learning cycle to analyse scenarios,
and how to improve on them in the future.

Research

One of the first mistakes we
made as a group during the project occurred when we began the business canvas
model. For example, when deciding on the star rating of our hotel, we needed to
make a well-informed decision. Our group assumed there was a gap in the market
which we could fill, in order to maximise profit. However, we didn’t really
delve into why there are no other five star hotels in the city centre, and what
would be most appropriate for our location. As we progressed with the project,
however, we learned that most five star hotels are located away from the upheaval
of the city, which is why there are no five star hotels in Birmingham. Of
course, by the time we realised this, it was too late to change our decision. I
have therefore learned that research is imperative when starting a new
business, or any venture at all. This is because it allows you to discover so
much about a particular market, what is missing in it, and find solutions to
fill that particular area.

 

Deadlines & Conflict

Another issue that arose
during this project was trouble meeting deadlines. Whenever we’d start a new
component of the assessment, every member of the group agreed on individual
tasks to complete, based on their individual strengths. This ensured that the
tasks were evenly distributed among members of the group. We also set deadlines
for a week before the final piece was due, so that everyone could discuss their
progress so far. This allowed us to highlight any areas which we struggled in
so that we could receive help. Roy Strauss stated, “deadlines force you to set
dates for the completion… of tasks, which help you gauge and track progress”.
Deadlines were therefore crucial to ensure success throughout our tasks. However, for the trade fair, quite a few members of the group left
their portion of the tasks to the last minute. This rooted doubt in other
colleagues, leading them to carry out the missing tasks, adding to their own
workload. Eventually, although every person’s work was included in the final
piece, this lead to a bit of tension, with members of the group feeling as
though certain individuals were quite controlling and demeaning. This problem
was addressed by someone in the group, which helped to clear the air and make
everyone focus on the important task ahead. The experience highlighted the
importance of completing work promptly, and cooperating with team members
despite personal differences in order to achieve a goal effectively and to the
best possible standard. Myra Warren Isenhart also agreed with this stating, “we can view others as adversaries… or we can build bridges with strategic
partnerships that advance our objectives further than we can do alone”. This highlights the importance of
maintaining good relations to achieve a target.

 

 

Presentation

Thereafter, when we started
planning for the pitch, everyone seemed to be more focused for the pitch,
putting aside their differences and cooperating for the same goal. This time,
we met our deadlines, and were able to go into the pitch with clarity. However,
during the pitch, nerves did get the better of some of us, leading to some
people’s minds going blank. Fortunately, since we all had an overview of what
everyone was going to talk about, it was easier to step in to help with the
situation. Although the pitch went fairly well, I think it would’ve been more
beneficial if we had more practice on what we were going to present. This
would’ve reduced the number of blank moments and we would’ve appeared much more
professional and organised.

 

Conclusion

Overall, the experience was
quite intense and challenging. Since our particular group was put together by
our tutor, we were all unfamiliar with one another. Therefore, I think people
found it harder to share ideas in the beginning. Over time, however, as we
worked alongside each other, we began to grow in confidence and improved on our
communication. Although working so closely with different personalities was
challenging at times, I learnt how to cooperate with new people and formed new
friendships, which really helped with the transition into university life.
Although the assignment presented its trials, I thoroughly enjoyed it and
appreciate the unique experience we were given. It was also very rewarding to
seeing our hotel plans begin to take shape, almost as if it were a real
project.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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