For this project, students will write a Personal Business Plan (PBP) and highlight how entrepreneurship and innovation could play a role in their personal and career paths. The entrepreneurial process is at its core concerned with "the pursuit of opportunity without regard to the resources already under control." This process is as applicable to your career as it is to start a company. The goal of this assignment is to identify where you want to be and how you will get there. Do not worry about your current resources.
Think entrepreneurially! Your personal business plan should include a long-term vision statement, the "external" opportunities that exist, your "Internal" (personal) strengths, and a strategy for yourself and your life over the next three to five years. In addition, please share at least one "failure" from your past and what you learned from it in terms of maximizing your potential for the future. The assignment should consist of about one page (up to 600 words) that summarizes as many of the areas below as possible, as well as the one "failure" wherever you feel it best fits. To sum up this assignment, an oral presentation will be due in week 15 in order to back up understanding and allow students a chance to justify their choices and further discuss their Personal Business Plan.
Consider the following topic areas and questions as you work on your Personal Business Plan Report.
- What are your goals (career and/or educational) after you leave your university
- What are your purpose, your values, and your mission List the 3 key questions that guide your choices. These should be essential questions that serve as touchstones to direct your life and work. For instance, how can I have an impact What do I love What do I fear What engages my passions How do I want to be remembered The answers to these questions may well change over time, but when the questions themselves are fundamental they tend to last a lifetime.
- What are 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.
- 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
- 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 your attaining success(Positively or adversely)
- Develop contingency and risk mitigation strategies.
- Entrepreneurship is not all about personal financial gain. It concerns crafting a lifelong plan to make a positive impact on society. Character does matter. Failure is OK; unethical behavior is not. True wealth requires the creation of enduring value, which requires integrity and ethics.
- How do you plan to practice ethical principles in your daily actions
- If you could assemble any three people to advise and mentor you, who would they be They may be alive or dead, family or world leaders, friends or strangers. Why would you choose each Is it their wisdom, their accomplishments, their words, their creativity, their character, their heroic.
- Similar to popular "six-word memoir" exercise, please summarize your PBP in 6 words (e.g., "humanist engineer, global citizen, caring teacher").
The current project aims at personal developmental plan Herein, the research work attempts to underscore the strategies required in forming personal business plan Goals To polish the skills and expertise I have learned in the university To prepare for my interview and crack the profile of a marketing manager in a reputed restaurant To gain experience in terms of product handling, service offerings, customer handling, sales margin, etc. through working in the restaurants
Purpose To establish an entity that can contribute enough employment to the community (Cottrell, 2015) To contribute welfare and uplift wellbeing in the society Values To provide the resources with correct benefits that can help them to evolve in their personal and professional life with the company Add value to customer’ life through correct service offerings Missions To offer the best quality food to the society To uplift people empowerment Add value to the lives of both internal and external stakeholder
How can I be remembered? How can improve the current communal state with my entrepreneurship abilities? What HRM facilities I shall impose to maintain a healthy working culture and help employees to evolve with my business?
Market and opportunity The hospitality sector would be the market that aligns with my goals The younger and the older generations both would be my target market. Long-term vision To establish a successful company in the restaurant division by 10 years down the line Market positioning statement The majoriaty of the restaurants are offering tasty and yummy food to you. But we and our team concern for you. Hence, we are offering the best quality and healthy food to give you a healthy lifestyle.
Compelling values offered to employers and society As an executive, I would definitely polish my creative skills to come up with innovative solutions I would ask my employers to maintain a participative culture To ensure high employee engagement and positive culture After starting my own venture, I would conduct the CSR (practices) in the society
Differentiation from other UAE students In terms of service, I would definitely like to keep a proactive attitude towards my employer I will definitely take self-initiative to understand the market trends and if allowed to propose my ideas that can benefit the organisation the most I would also understand the employer’s point of view if any change initiatives are taken rather than resisting
Key milestones Imposing a profitable business model Tapping the best potential market and the customer segments Designing the most realistic, scalable and profitable marketing strategy for the restaurant Recruit and train the most solid team (Lejeune et al. 2018) Gaining the right authorities in the business from the industry Conducting corrective research and development plan to comprehend the market trends Designing an accurate service line
Measurement of the milestones Maintain a through the track of my financial statements Identifying the customers’ satisfaction index rate Maintaining a daily count on customers’ footfall Conducting a regular engagement session with the employees to deem their satisfaction rate and recognise areas they need further improvements Conducting a regular performance review of the employees as well to recognise the performance abilities
External factors affecting The political condition of the UAE market The economic stability would definitely impact the success factor of the business The weather condition is another factor, which is definitely uncontrollable by nature Infrastructure, the property development definitely create considerable influence on new business The rate of competition creates a high entry barrier for new business to form a set up in the UAE market
Contingency and risk mitigation Maintaining an alternative communication means between the customers and advisors Always maintaining a backup financial plan in case of uncertainties (Burnham, 2015) The market is changing frequently, thus, customers would be approach via different platforms Specialised CRM team would be hired to professionally handle customers’ queries Data availability and it would be kept secured through strict confidential measures
Daily ethical practices The recruitment process would be conducted simply based on skills and talents There would not influence biases in the process of recruitment Educate staff about risk probabilities an the process to overcome it A proper code of conduct would be maintained within the organisation on a regular basis Every employee would be treated equally The employees would be given the right compensation facilities as per their performance a designations If termination is applied, employees would be given the right just behind the process
My faculties: They have helped me to the immense in understanding the module and what exactly my academic requirements are. They also trained me to develop my both professional and personal skills to evolve with the time I am also grateful to each of the professor for my finding free time from their busy schedules to clear my academic related confusions
My parents: I would definitely like to thank my parent for believing in my determination and helping me to get into this management filed They have always helped me to learn from my failure They are my confidence and stayed by me during my every hurdle My Friends: My friends have been my mirror watching whom I have grown up I have always related myself with them in terms of all qualities, traits, behaviours, etc The group study before every assignment had been a great help to come out of my comfort zone and to speak freely in public.
Bouman, N. (2018). Personal Development Plan. Burnham, D. H. (2015). Create Your Personal Leadership Development Plan.
The Discover Your True North Fieldbook: A Personal Guide to Finding Your Authentic Leadership, 199. Cottrell, S. (2015).
Skills for success: Personal development and employability. Macmillan International Higher Education. Lejeune, C., Beausaert, S., & Raemdonck, I. (2018). The impact on employees’ job performance of exercising self-directed learning within personal development plan practice.
The International Journal of Human Resource Management, 1-27. Stewart, J. (2016). Personal development plan. In Encyclopedia of Human Resource Management. Edward Elgar Publishing Limited. Tattum, D., & Tattum, E. (2017). Social education and personal development. Routledge.