GEN302 Fundamentals of Innovation and Entrepreneurship - Emirates College Of Technology
The goal of this assignment is to identify where you want to be and how you will get there
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Study Questions
Consider the following topic areas and questions as you work on your Personal Business Plan.
Personal Business Plan
Introduction
To start with, I would like to share my belief, "A person = A business".
To achieve self-goals, here is a brief of my reflection.
Where am I now? - I am currently with theoretical knowledge of business (human capital). I want to develop my own business (financial capital) of selling goods through online platform (e-commerce).
What and when I want? - I would like to establish my business in next 3 years.
How to get there? - I need to prepare resources such as creating online website, building team of analyst, connecting with product distributor, merchandising the sales, and satisfying customers.
How to get it done? - Need to follow path of e-commerce and building relationship with product distributors.
How well am I doing? - I have knowledge of e-commerce, however, I need to build relationship and create distribution network for my business.
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Vision and Opportunity
• What are your goals (career and/or educational) after graduation?
• What is your purpose, your values and your mission? List key questions that guide your choices. These should be essential questions that serve as touchstones to direct your life and work. For instance, (1) how can I have impact?
Long-term vision statement
To achieve a sustainable business plan, which can keep the employees retained at the company, and keep the customers attracted to the company for product and services.
To achieve competitive position (offer best price, using feedback from customer, and implementing routine change for benefit of organization).
Gain technological leadership (making employee competent, using latest software and Big Data Analytics).
Return profitability (return of investment).
Frame a strong corporate image (strong networking, quality control, customer-value based strategy)
What is the market and opportunity that align with your goals? Don't restrict yourself to matters of career or work; think more broadly about your opportunities to make a difference.
Existing "external" opportunities
Currently, there e-commerce business either include only goods delivery or food delivery. However, the present business will integrate both terms.
Will fulfil maximum requirement of customer, using internet and will consider their requirement into the strategic framework.
Appropriate Strategies for motivating the employees will be implemented. Retaining experienced and skillful employees will be the prime strategy at workplace.
The business will cover population of all age. Wide range of products ( rice and brand) will be available for customer which will integrate large number of companies and distributors into this business.
"Internal" (personal) strengths
Have strong communication skills.
Have potential to build trustworthy relationship.
Accounting will be the most important part which will control the inventory, procurement process, and other investment.
Current personal capital is sufficient to initiate a pilot-scale e-commerce business that will be functional in nearby locality.
Current standard of success will be determined based on extent of networking and channel created.
To attract customers, using their feedback for strategic development will be the core objective to succeed.
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Marketing and Implementation Strategy
• Create your market positioning statement. This may be directed at a hypothetical employer, industry, organization, or the world at large.
• What compelling value will you offer to your employers and society?
• How will you differentiate from other UAE students? How about from the broader populace?
Strategy for self
Understanding the perspective of e-commerce based on the case analysis of global companies.
Making business meeting with strong distributors and retailers of nearby locality.
To prepare a strong plan for investment and procurement.
Preparing strategy for training and change management at workplace.
Sufficient testing of software at pilot-scale before implementing to address broadcasting requirement.
"Failure" from the past
In past, one of my family member was engaged in retail store.
I suggested to offer home delivery of goods, by picking order calls on telephone and engaging two people for delivery purpose.
However, this plan was a failure, because of certain reason:
The cost estimate for fuel (delivery) was not considered during planning.
People engaged for delivery were not on time.
No training for delivery and communication was provided. Customer didn't get good return for their value.
Shortage of items often cause lack of completion of goods delivery in proper manner.
From here I learned that proper planning and training of employee are most important requirement.
Risks and Mitigation
• What are the key milestones and checkpoints in your plan?
• How will you measure/determine if you have successfully attained these milestones? How do you define success?
• What external factors might affect (positively or adversely) your attaining success?
• Develop contingency and risk mitigation strategies.
Entrepreneurial ethics and personal summary
Entrepreneurial ethics
To initiate the business, all the legal compliances must be followed.
Ethical and sound behavior with all the employees, networking and distributors will be maintained.
Communication mechanism will be remaining transparent and motivational standards for employees will be uniform.
Accountability and proper documentation will be given priority.
Personal summary
Personally, I realized maintaining trustworthy relationship is the core of this business.
Additionally, maintaining transparency, acquiring proper knowledge, and proper planning is the pivot for the success of this business.
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