Personal Business Plan: Vision, Market And Opportunity, Marketing And Implementation Strategy, Risks And Mitigation Essay.

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 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.

1.Vision and Opportunity

• 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.

2.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?

3.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 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 deeds………..?
• Similar to popular "six-word memoir" exercise, please summarize your PBP in 6 words .

Vision and Opportunity

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

Key Questions

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?

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

Marketing and Implementation Strategy

Market positioning statement

The majority 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.

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

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

Purpose, Values and Mission

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

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

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

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 

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

Influential

Impactful

Evolving

Humanistic

Helpful

Insightful

References:

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.