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Business Challenge Reflective Essay

1476 words - 6 pages

The intention of this essay is to reflect upon the competencies which I encountered in the business challenge autumn semester module. The team which I was placed in was given the £100 challenge. Our intention was to use the money to start a business, with a lot of market research that would generate a lot of profit. Some important competencies which enabled my group to aim at this have been recognised in the following paragraphs. They, in some ways affected the outcome of this challenge. In order to provide more insight on the challenge, an assessment of the entire module has been carried out.
A very important competency which I encountered in the challenge was teamwork. This was very crucial to the £100 challenge because in my group, all the work was done by everyone as a whole. There was no real division in the work. As a team, we had to decide on what business to carry out. I proposed that we should make and sell brownies at the student union. This was because during various visits to the student union, I saw how well students patronised other students who sold baked items there to raise funds for various purposes. Two of my group mates tried to shut this down immediately stating instead that it would be better to sell flowers, which they wanted us to buy from Manchester. This idea seemed very unrealistic to me because looking at the transportation cost alone, Well that was just a no go area. We kept on going back and forth on this issue until our fourth group mate finally met with us and suggested advertising for small local businesses. I looked at both our arguments and knowing we had to reach a compromise at some point in time, this seemed like the best deal to forge into. We decided to go with this option. I think this option was ok but I still feel we could have made a much larger profit had we decided to go with the baking idea. This is because it would have costed us nothing to bake and also to deliver unlike the advertisement business that costed us a small fortune to print and to be delivered back to us.
Another competency I feel that has been relevant to this challenge is organisation and planning. This goes hand in hand with team work seeing as how we did everything together, we had to plan our time in such a way that we could all meet to do certain things together. One example of that would be the periods when we had to go and market ourselves to businesses. This had to be done by all of us as a group. I suggested in some of our earlier meetings before this that we would be more likely to be taken seriously if we went together as a group, showing a united front. This strategy was implemented at just this stage. During the rest of the work, I and my group leader discovered that a certain member of our group was really good in the technical side of the group work so we assigned him to doing most of the technical work. He was also the one who wrote the second report because he had more information about it than any of us. It is very...

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