Individual Reflection ReportSummary of Group’s business ideaOur group business plan was thermocronic clothing business. Any product that is thermochronic changes color relative to change in temperature. We targeted young adults and teenagers. I thoroughly researched on the possible ideas that could be used as our business plan project. I assessed feasibility and viability of any possible idea. As a group, it was decided that we deal in both male and female clothes. The Market research established the viability of the idea. Thermochronic was distinct because it was unique and could work well as a profitable business idea (Klainberg & Dirschel, 2010, p. 111).
The idea was excellent and I anticipated its growth. It was original and unique. Some of the weaknesses included not estimating the real value that needed to get the idea working, funding challenge, and time factor. The strengths of the business idea included its originality, implementation, and ability to get credit funding from financial institutions. Idea initiationThermochronic clothing was the idea that we all discussed and agreed on. Color changing due changes in weather conditions, like temperature, was enough to excite all of our group members.
All my group members resolved to work on this great idea and develop something that is unique and accepted in the larger market. Members of my group had to look at resources and promotional strategy that will make our business plan workable. We researched extensively on thermochronic clothing and unanimously decided that it was an excellent idea. We discussed how to turn the idea into a profitable business opportunity in regard to available resources in terms of manpower and financial capacity (Gagel, 2008, p. 4).
Members contributed their views generally and I was eager to achieve the group’s goal. Everyone tried to exercise his entrepreneurial skills and each contribution was extensively discussed. Our rules that we had adopted earlier in regard to meeting times and how to conduct ourselves throughout were strictly followed. I have learnt that a business ideas has to be launched at the right time and the right place in order to be feasible and viable (Minniti, 2006, p. 19). Business idea planning processI perfected my interpersonal skills and I learnt the virtues of patience and being a good listener.
I made new friends and learnt a lot from the other members of the group. We outlined the activities that we would undertake and each member assigned a role. Our aim in the business plan development was to come up with a unique opportunity that is original and can produce products that will appeal to the market (Lager, 2010, p. 8). We outlined the customers to be reached and the medium through which they could be reached. We shared the stages of development of our business plan and made sure every member understood what the others had done.
We had to present in the group meeting what we had been assigned to do by the group leader. We drafted the business plan, and roles were assigned to group members. Tuckman’s theory of team forming process