Reflective Essay

455003536315660006638290Microsoft360000MicrosoftcentercenterStudent’s Name
Institution
Date
9500095000Student’s Name
Institution
Date
4550035363152500251460The paper provides a reflection of my experiences as a young entrepreneur and the lessons that will make me better in business management.
3700030000The paper provides a reflection of my experiences as a young entrepreneur and the lessons that will make me better in business management.
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3600028000REFLECTION

Reflection as an Entrepreneur
As a young entrepreneur, I have had some experiences in the business field. I tried to set-up shoe shop that never reached the expected limits in terms of profit making because of the lack of proper knowledge in business management. The business idea was that I could set-up the shop and only follow the trend of other similar businesses. The shop had varying types of shoes without specific target. However, there are some of positive experiences that I got from the small business. I learned the process that an organization can take to determine its business path. In the planning process, a company should have strategic and realistic planning and goals. The management must set the period a goal should be achieved and how to outdo competition to achieve the goal. During the planning process, an organization ought to define its strategic vision and mission. A mission statement is vital for every business because it establishes the purpose and the activities that the enterprise should be involved in to achieve its goals.

Another valuable lesson is that a company requires quantitative objectives that should cover a particular period. The quantitative targets are essential when setting attainable long-term goals that are crucial in establishing realistic plan critical for budget allocation in the organization. For a company to have a strategic plan, it must be clear in its target market. Strategic planning is essential in giving direction in the running of a company. The small business gave me the courage to risk in another enterprise that I’ll set up since I shall have mastered some skills in managing business
Management Processes
I realized that the most critical sections in running a firm are marketing and financial resource management. Marketing helps business reach customers. Currently, social media marketing is crucial, especially for companies targeting young customers. Strategic planning is the most vital step in the management process. I now know that after having an achievable strategic plan, the next step in management is to design the company structure. The structure determines the hierarchy of the organization that involves designating different roles to persons who should take up the positions. The people given the positions should take responsibilities in each area of designation. Some of the major departments in many companies are finance, marketing, sales and operations, among others. The most crucial position in every company is the overall leader, CEO. The CEO holds a critical role for any company because he or she is expected to give the company right direction that would allow it to achieve the goals (short and long-term). The CEO and company management have the authority and legitimation to direct and manage resources that would help in implementing the strategy and achieving the objectives.
Working in Teams
I have learned how to manage successful teams for the success of a business. Tarricone and Luca (2002) mention that one of the most critical factors in having a successful team is by having a clear designation of the member who should act as the leader and the rest to be followers. Lack of clear description of roles for employees can cause disorganization in various departments that can have a potential adverse effect on the process of achieving the company’s goals. I learned that as a leader of a team, it is best to have the ability to train and manage the whole team and ensure that each member performs their tasks accordingly. As a leader, I should be willing to listen and appreciate the efforts of the members of the team. However, if I’m a member/follower in a group it best to respect the leader as well as obey the leader’s decisions. The company’s role in strengthening teams should be to define the functions that team members ought to perform.
Creativity and Innovativeness
Businesses begin from conceptualized ideas. I have always dreamed of running my own business. I dream of having a successful business. I already know the importance of having a feasibility study. Every company requires feasibility study that allows a person to learn the possible opportunities and risks associated with it. On the other hand, even existing business needs constant innovative ideas that can make considerable changes to its success. Innovation is crucial in developing new products. Sometimes new ideas don’t have to be new but a merger of existing plans that can replace existing ideas. Demands exist for the existence of a product. Therefore, desires can never be realized without the presence of products because the potential customers wouldn’t know that they need the products. For example, before the existence of iPhones, nobody had recognized the possibility of having cell phones replacing the PCs.
Pricing Factors
I also learned that pricing is essential for product success. When a company overcharges for a particular product, it might lose customers. Similarly, when a product costs less than its perceived value, it could lose customers because the customers might associate it with low quality and possibly lose its prestige. However, a business can use pricing regulation as a marketing strategy to attract more customers. For example, reducing prices could attract more customers. Lowering costs is more practical for high-cost products.
Conclusion
Therefore, from the experience that I have in managing a business, I’d improve in setting up attainable strategic plan. I’ll also apply the skills such as management of teams, communication, and problem-solving techniques are crucial in setting up the new business.
ReferencesTarricone, P., & Luca, J. (2002). Employees, teamwork and social interdependence–a formula
for successful business?. Team Performance Management: An International Journal, 8(3/4), 54-59.