Reflective Report Based On Business Plan On New Software Company, MBA

Course: MBA - Master of Business Administration

Reflective Report Based On Business Plan On New Software Company For Online Marketing And Online Fundraising

Table of Contents

• 1. Introduction
• 2. Monitoring personal progress
• 3. Incorporation of relevance and application of taught MBA modules
• 3.1 Important sources and modules for the business plan
• 3.2 Application of MBA modules
• 4. Investigation techniques and tools for business report
• 4.1 Key Techniques and Tools Used for Business Report
• 4.2 Process of Research and Data Collection
• 5. Embedding relevant ethical awareness and long-term goals for business
• 6. Self awareness and the way transferable skills are incorporated:
• 6.1 Recognising the personal skills and utilising it for future:
• 6.2 Application of Gibb's reflective cycle:
• 7. Inclusion of relevant sources identified within the module and their application
• 7.1 Importance of whole MBA modules:
• 7.2 Linking with the module:
• 7.3 Importance of previous assignments
• 7.4 Assessing the strength and weakness
• 8. Selection of material for the business plan
• 9. Discussion and presentation of the appendices and sourced used
• 10. Explanation of process of writing report and its key influencers:
• 11. Identification of the way of improving reflective practices:
• 12. Conclusion
• Reference List

1. Introduction

The present self-reflective report has been written by me as a critical retrospection of my own business plan on New Software Company for Online Marketing and Online Fundraising. The style of the report is self-analytical and is based on the insights I received into entrepreneurship. The report will demonstrate the progress of the business plan and the relevant source material referred for the development of the report. I have also discussed about the methodological approach for preparation of the plan as well as the ethical dilemmas I faced during the process of study.

Need help completing your Business Research Project Assignment? Get expert assistance for Unit 6: Managing a Successful Business Project from our skilled tutors!

2. Monitoring personal progress
The MBA course that I pursued has helped in my professional and personal development and nurtured my skills and abilities. The discussion that I made in this section has helped me in analysing the way the business plan has progressed. The immense knowledge that I gained from the course has helped me in the future realisation of the business plan. The management of the newly established business was a difficult task. However, the learning has assisted in close monitoring of the project and my cherished entrepreneurial dreams.

The initial period of working on the business plan involved a number of challenges. However, I fixed a strict time schedule to ensure timely completion of the business plan. The maintenance of the time frame has helped me in monitoring and evaluating the progression of the plan. The entire preparation of the project was segregated into a number of small tasks. This differentiation of the tasks has been an important tool for regulation and monitoring of the progress of the business plan and the activities related to it. I have been able to identify the areas that I require assistance and also the areas of my strength.

Time management and meeting of the deadlines has always been my priority. I realised that I perform better under pressure. This acts as a positive stressor, keeping me motivated and in the right track. The deadlines that I set up have helped me to carry out and complete the tasks within the time allocated for each of them. However, it must be mentioned that in the beginning of the project I found it difficult to keep with the pace of time. Setting of the objectives for my company was a difficult task for me. I had to keep in mind that the objective of my company is specific, realistic and achievable. Therefore, I needed to develop my predictive skill to measure the targets and goals set for the Herald Software Solution.

The most important personal developmental aspect that I experienced in my own self was the conceptualisation of the idea of entrepreneurship. I felt the zeal to work and passion for undertaking a new venture. This enthusiasm had helped me in realisation of the business plan for my own company. I did not go for business partnership and ventured into sole proprietorship.

The learning that I received from the MBA course has helped me in development of both professional skills as well as personal competencies. I learnt interacting with people and that in turn helped me in smooth operation of the business plan. I learnt to value other's suggestions and opinions and accommodate them in the entire planning of my business. The weaknesses pointed out by the significant advisors and well-wishers were accepted by me as a constructive criticism. I attempted to sincerely work on those and overcome and rectify them.

The dynamism of social interaction and the people fascinated me and I realised the need for effective people management for my organisation. In this connection, I must mention that the module on Human Resource Management has been particularly helpful for me. I understood the need to develop effective culture of the organisation and infuse among the employees the organisational citizenship behaviour. I endeavoured to inculcate among the members a sense of belongingness towards the organisation and fostered sharing of responsibilities. However, in doing this I never failed to take note of the importance of managerial control necessary for ever business firm. The profitability and performance level of the organisation has always been my prior focus. Therefore, I attempted to maintain a healthy competitive work atmosphere for my company.

The mission, vision and goal of Herald Software Solution have been my entrepreneurial effort. Thereby, the course of all the activities of my team members was directed towards it. The promotion of online marketing and its benefits appealed me and therefore my business attempted to provide software solutions for computers, laptops and smart phones. However, in realisation of the dream I never neglected my corporate social responsibility. I always had a consideration for the general and middle-ranged customers and thereby attempted to keep the product price at an affordable range.

Once I chalked out the mission and goal for my organisation I attempted to decide on the market segmentation and value proposition for my company. As mentioned in the business plan the target customers for my company was primarily the customers in mass market, especially the tech-savvy youngsters. However, certain products were also developed for niche market. The diversification of the market for Herald Software Solution has helped me to maintain profitability as well as generate a wider customer base. The value creation has also been one of m prime concern. Earning profit has never been the sole intension of my company; rather it also considered extending benefits to the customer's as well as the investors. The software solution will prove to be beneficial for the businessmen who are planning to undertake online marketing and raise fund for their enterprise.

The module on marketing in the course has helped me in undertaking a thorough market analysis of the company. I developed skills and expertise to segment the potential customers into different segments on the basis o their purchasing power. I also learnt the important factors that may engender while embarking on promotional effort for my company. The module on Finance has also proved to be useful as monetary investment is prior before venturing into any activities. However, working with numbers was never my area of strength. The particular dislike for mathematical calculations turned into one of my major drawback while carrying out the business plan. This will be discussed in more detail in conjunction with the discussion of MBA module and their application in the following section.

Thus, I would like to state that my relentless effort has helped in realisation of my entrepreneurial dream. I never lost focus and worked with my entire dedication and devotion. Self-monitoring of the business project as well as my personal development has improved my analytical ability. I kept myself abstained from any sort of complacency.

3. Incorporation of relevance and application of taught MBA modules

Baligh (2009) stated that for making a career in business management an internationally accredited degree of MBA (Masters of Business Administration) is a precondition. It encompasses a all the important aspects of a business namely Finance, Human Resource and Marketing. The pursuit of this course has been helpful in development of a clear conceptualisation of different aspects as well as applying them in the operational field. The knowledge that I gained helped in development of the business idea in New Software Company for Online Marketing and Online Fundraising and devising a plan for the same. This section will discuss about the modules, incorporated as compulsory or optional and the way those helped me in arriving at a better understanding of the various areas of business operations.

3.1 Important sources and modules for the business plan

Marketing: Barrow (2011) stated that marketing is one of the key areas of business that in actual sense helps in realisation of the business idea. Under this module the article by Sargeant (2011) on web fundraising has been useful. It provided me with a number of relevant information on fundraising by the companies on World Wide Web. In this conjunction another article deserves mention. Wenham et al. (2013) from International Journal of Non-profit and Voluntary Sector Marketing has proved to be valuable. It provided me with valuable insights on online marketing and modern practices related to it.

Human Resource Management: As I mentioned earlier, the dynamism of human nature seemed appealing to me and the module on the same has proved beneficial for me. The article written by Barney (2009) was incorporated in the study materials under the course. This has enriched my knowledge related to people management and understanding their importance. Gashi (2013) stated that human constituents cannot be treated like the other inputs of the production process like money or material. Employees have certain intrinsic needs and desires that required to be met in order to ensure maximum output from them.

Finance Management and Accounting based Modules: Financial management as noted by Clarke (2010) is one of the main important areas. It ensures the profitability of the business and directs it towards achieving success. The reading materials under this module incorporated a number of articles and books. However, I found the book Strategic management in action by Coulter (2010) to be the most useful one. The book helped in understanding the financial factors that may affect the business in future. The book is enriched with a number of case studies and practical examples that helped me in application of the theoretical knowledge in the practical field.

3.2 Application of MBA modules

The most important contribution of the marketing module was the understanding that I received about the different aspects for successful product launch. I learnt the application of the 7P's of marketing mix that helped me in customer segmentation and creation of value proposition for them. I attempted to place the software solutions and apps to the young tech-savvy customers who depicted a particular demand for the same. In addition, I decided to promote these software products of Herald Software Solution through various social networking sites like twitter, facebook, google+. For better acceptance of our products, I also attempted to provide free trail of the software samples for 30 days.

The human resource management module endowed with the knowledge on people management and their intrinsic needs and desires. I came to know about the importance of employee motivation and their skill development. I also provided particular attention on recruitment and selection of employees and hired highly qualified and skilled engineers for my company. I also attempted to create a good organisational culture that promote healthy competition among the employees and cultivate organisational citizenship behaviour.
As I mentioned in the earlier discussion, mathematical calculations was never an area of my expertise. However, financial module has helped me in overcoming this weakness and in undertaking a proper resource allocation according to the requirements. I estimated the start-up cost of the business that is estimated to €44,000. Projection of profit and loss and cash flow statement has also been done by me with utmost precision. I projected that during the month of December the company will experience maximum profit as a result of increase in sales. The financial module also helped me in assessing the total amount of assets and liabilities of the company. Thus, the MBA modules have helped me to understand the various areas of the business and accordingly plan my effort to achieve result.

Master Construction Drawings, Details, Schedules, and Specifications with Our Assignment Help - LO2 Expertise for Your Project!

4. Investigation techniques and tools for business report

Karia et al. (2011) commented a comprehensive business plan is the one that incorporates all the necessary information relevant to the start of the business. Therefore, it must also incorporate all the data relating to investigation techniques and tools used for preparation of the business report. The investigation tools and techniques refer to the methodical approach towards the making of the business plan including marketing strategies, financial forecasts and personnel planning.

In order to realise my business idea into reality, I had to prepare a full-fledged business plan that is realistic and achievable. The plan that I formulated has been focused on mu business objectives, ensuring profitability and promoting the brand image among the customers. This fulfilment of my cherished entrepreneurial dream had not been possible without understanding the available tools and techniques that can be used for the purpose.

This present section will highlight the methods that have been used by me for gathering all the data relevant to the business report. Disatnik et al. (2014) stated that prior to the venturing into a new business it is imperative to collect all the necessary information. Gathering of data helps in the subsequent analysis of the market and thereby directing the effort in a more organised manner. For entrepreneurial business venture, Gaskill et al. (2015) commented, one of the most important tools is secondary analysis of the available data. It can provide a number of useful information about the present condition in the market as well as the industry. However, before analysing those data it is important to judge its authenticity and reliability.

4.1 Key Techniques and Tools Used for Business Report

The most important tool for me in the preparation of the business plan was the Google search engine. In order to collect data related to online marketing I used a number of keywords related to my present business. For instance I searched for keywords like "online marketing", "online fundraising", and "software tools". It helped me to identify the nature of the business as well as the industry in the European market. The search for these keywords has helped me in gaining immense base o knowledge about the companies involved in providing software solutions for online marketing. It also helped to undertake competitor analysis and provide ample number of information regarding the operations of the companies into the business. I also attempted to gather pertinent information from different company websites, blogs and online journals and articles. However, I should mention here that for sorting out the materials and compiling them took a longer time than allocated.

Another useful tool for me was the online library provided to me by the management institution. Through this tool I gained access to a number of online journals, articles, online database and e-books. These significant and authentic sources have been helpful in undertaking the business plan in a systematic manner. However, while searching with the keywords, Google provided a number of links and it was initially difficult for me to manoeuvre the huge data. I had to open a number of links in order to read through the links that took too much time. I thereby shortlisted the materials and articles for reference in order to formulate the report.

Microsoft software and tools also proved to be beneficial in making if the business plan. Microsoft words and Excel helped me to record the progress of the report and keeping a softcopy for the same. The Microsoft word has also helped me in writing the report and presenting the plan in a way I intended. It has also helped me in formatting of the report and improving my knowledge of computer. For making of the financial statements, Microsoft Excel has also been helpful for making the financial statements as well as depiction of the same. For the calculation of the profit and loss and cash flow statements I also used other improved technical software. The application of such advanced software helped me to ensure the accuracy of the result. The presentation has been facilitated by the application of such tools and applications.

Apart from these software and technical applications, I have also applied a number of conceptual models and theoretical frameworks for complete analysis of the data. Among the most important marketing tools I have used 7P's of Marketing Mix. These important aspects include Product, Price, Place, Promotion, People, Packaging and Positioning. The analysis of these important dimensions helped me to launch my product of software solution in the European market. The analysis of these dimension also helped at segmenting the market on the basis of age, purchasing power and demand. My decision regarding the promotion of the product has also been helpful because of the application of Marketing Mix. This theoretical framework helps in carrying out prediction, projection, assessment, evaluation and drawing out conclusion.

In addition to the tool marketing mix the secondary sources of material provided me with huge amount of data and pertinent information regarding entrepreneurship and financial analysis. As I have mentioned in the earlier section, the MBA modules and the study materials have widened my perspective and the way I have analysed them. The analysis of these theoretical models also provided me with a guideline for undertaking the business plan.

4.2 Process of Research and Data Collection

Extensive research and analysis had been one of the key areas where I invested my best effort. I have collected voluminous data from the secondary materials and undertaken a detailed analysis of those. Initially, I conceived that research part of the business plan will be easy to execute. It is because of my academic qualification I conceived the task to be easy to accomplish. However, I came across a number of complexities and difficulties in the collection of data and their analysis. First of all, the authenticity and reliability of the sources that I used became a major issue. Therefore, before taking the information from the websites and other sources and attempted at verifying those. However, the books, journals that were available from the online library of my institute constituted the most important and authentic sources. In addition to verifying the source of information, it was also needed to ensure that they are updated. Sargeant (2011) stated that for an entrepreneur it is important to analyse the current trend in the market, the external environment for conducting business and also the economy of the country. Only after considering all these factors, one can arrive at a contingent analysis of the entire situation. Thus, for making of the business plan I had to formulate certain hypothetical assumptions or propositions to direct the process of data collection. Some of the key information gathered for my company, Herald Software Solution, is discussed below.

The three main areas of business operation include finance, marketing and human resource. Therefore, the data that are gathered are typically directed to provide pertinent information related to these fields. The data that are gathered are discussed in conjunction with these three segments.

Economic Data: I decided that my present business will focus on European market. Therefore, I collected data related to software industry in the market. The data gathered were mainly secondary in nature available from a number of articles and books. I found out that in the EU the majority of people have access to internet and thereby it will be easier for the company to reach to the customers. In addition, the market has the advantage of a number of suppliers for the product I-Touch and Calculus. Therefore, the company can take supplies from Hexagon. The European market also identified the availability of skilled engineers who can provide the company with valuable inputs for software development.

Data on Customers: As mentioned earlier, I have attempted to segment the customers on the basis of their software demand, age and purchasing power. I identified that the European market has a number of youngsters and businessmen who are in need of improved software for undertaking online marketing. The products that are developed were focused on both niche and mass-market. It was done in order to create goodwill among the potential customers as well as to ensure productivity and profitability of the company.

Data on the Competitors: Through a thorough online survey of the existing companies into similar business, I have been able to undertake an extensive analysis of the competitors. Among the major competitors I found that SAP and DASSAULT system are the most notable one. In addition SAGE was identified to pose tough competition to the company in their development of software and advanced technologies.

The data collection and research process has been conducted in an orderly and methodical order. The first step I had taken was to study and understand the importance of developing a business report on Herald Software Solution. For this purpose, I had downloaded certain sample business plans from internet. I had studied the reports and material provided to me during my MBA course that has significantly helped me in my work. I have also studied the articles and journals of various successful entrepreneurs that have given me a clearer understanding and enabled me to develop the report in a precise manner.

Once I gathered the important information and data needed for the report, I had taken the initiative of interviewing some of the customers to identify their need for software technologies. Sargeant (2011) stated that primary research is one of the most effective types of research through which a research is able to gain relevant information and utilise the data to conduct a successful work. Along with this, I have also taken the initiative of conducting a secondary research, Saxton (2012) stated that such a research will help to provide a comprehensive understanding of the subject or field of study.

Some of the main sources though which I collected data are internet books, online library, research reports that have been published by different companies. Based on this information, I was able to conduct a market and industry analysis that has helped me to understand the recent market trend and scenario. This analysis has also helped me to decide on the customer segmentation. As an entrepreneur of Herald Software Solution I have tried find out the key suppliers of my business. Through a market analysis, I have figured out there are multiple supplies of the products Calculus and I-Touch. One of the main suppliers of Herald Software Solution will be Hexagon due to their flourishing image in the European market.

Through a competitor analysis, I have tried to investigate the various competitions that Herald Software Solution might face in the market. I have also tried to assess the opportunities and threats of the company.

Once I had gathered all the information and data, I stored them categorically for future use. I had also made a checklist to ensure that all the areas of my business venture is explored and analysed. At the end of every work, I had to tick the checklist to confirm the completion of the area. This systematic approach has helped me to carry out the entire research process in a comprehensive manner.

However, in the entire process of developing a business plan, I had faced problems in selecting the correct data. Sometimes I was unsure about which data should be used or discarded. I have used a selective screening process to take consideration the important data while excluding the others. At the end, I realised that I have collected more data than requires and hence could not use it all completely.

The online marketing and fundraising is a huge business. In comparison to that, my overall business plan is extremely small. For this, I used an intensive brainstorming session. According to the words of Disatnik et al. (2014), brainstorming sessions help a business to utilise the selected information and use it in the final business report.

Thus these data have helped me to devise a proper marketing strategy for Herald Software Solution. For the purpose of promotion of the product the company will undertake social media marketing on twitter, facebook, google+. The data that I have gathered has helped me in understanding the market as well he customers. The secondary research has been one of the major steps in the entire preparation of the business plan and its proper execution.

System Design and Cooling Load Analysis Assignment Help - Unit 10: Principles of Ventilation & Air-Conditioning Design & Installation for Non-Domestic Projects

5. Embedding relevant ethical awareness and long-term goals for business

Germain et al. (2008) opined that business ethics is considered to be an integral aspect of any organisation or venture. It refers to the practicing of certain moral principles in order to conduct a business activity efficiently. While pursuing my MBA course, I have come to know that it is imperative for entrepreneurs to be attentive while promoting and managing ethical awareness. As stated by Rhyne (2009), awareness help to avoid any kind of legal complexities and makes the customers, investors and stakeholders contended.

Through my managerial endeavours I have noted that the global market is aware and they indulge in purchasing those products that meets their social preferences and need. For this business, I have given great importance to the challenges faced by the businessmen due to the increased competition from other software companies and online marketers.

For Herald Software Solution, I have strictly followed the rules, regulations and policies of online sources. I have applied the license of my company from the European department of technologies. Moreover, the licences copies of system software I-Touch and application software Calculus will purchased from several publishers and vendors. For security the registered copies of this software will be reserved in the office. I have also ensured not to publish this documented software without the written consent of the owner of the software. I have noted that in case of violation of the software, serious measures will be taken against the business and its owner. Apart from the entrepreneur, no third party r company has any right on the application software or the system software.

Baligh (2009) contended that it is important for all the businesses to comply with the fundamental rights of the employees of the organisation. I have thereby followed the constitutional principles of Europe. I have tried to maintain utmost fairness, equality, integrity, honestly and avoid any kind of employee discrimination. I have provided my employees with the best amenities and basic rights. I have closely followed the stipulations recommended in Equality Act 2010 in order to avoid discriminations in employment on the basis of religion, sex, sexual orientation and age. Along with this, Clarke (2010) opined the importance of Equal Pay Act 1970 that prohibits differentiation between men and women with respect to pay and working conditions in employment.

In my business venture, I have also strictly followed The EU data protection directive of 1995 and Data Protection Act 1998 in order to ensure privacy and secrecy in processing the data. In addition to this, Barringer (2010) recommended to abide by the terms and conditions of Computer Misuse Act 1990 that secures computer materials against any kind of unauthorised modifications or access. Sargeant (2011) contended that it important to follow the terms of Privacy and Electronic Regulations (EC Directive) 2003 in order to address and solve the problem of spams. These acts are very essential for software companies depending on online marketing and online fundraising.

Although Herald Software Solution might seem to have a hierarchical structure, thee flow or information is both top-up and bottom-up. The employee will be given proper training. An increase in the production will act as an incentive and motivation to the employees.

6. Self awareness and the way transferable skills are incorporated:

6.1 Recognising the personal skills and utilising it for future:
Developing the plan of Herald Software Solution has been extremely useful for harnessing and nurturing my skills. In this section, I have taken the initiative of describing the skills that I have developed through the study. I have even mentioned the skills that need to be developed in the future. In the following figure, I have depicted my personal skills that have developed while designing my plan.

Personal Skills: Barrow (2011) opined that personal skills are basically the abilities that help an individual do a job with utmost consistency and proficiency. In carrying out this business plan, I have come across various challenges. However the continuous guidance, support and advice of my professors, supervisors, colleagues and friends have motivated me to conduct this work. I have certainly become more learned, organised and methodology due to this study. I can handle any issues and challenges with greater efficiency now.

Analytical Skill: My analytical skills have enriched due to the modules that I have read during my MBA course. This has helped me to investigate and analyse even the minor details with greater efficiency. However, at the beginning of this plan, I have faced multiple challenges. Nevertheless, my analytical skills have helped me to overcome these problems and conduct an efficient study.
Technical Skills: Technical skills are very crucial for any successful businessman. My MBA course has proved to be very beneficial for enhancing my technical skills. In the process of designing my business plan, I have taken the help of several software and also various pages, websites and social media sites.

Confidence: Gashi (2013) contended that confidence is very important for every entrepreneur. My confidence level has increased after I joined the MBA course. Throughout my study, I have tried my best to maintain a high confidence level. I had the chance to gain further confidence while developing this plan. I am now more confident that my business will be productive as well as profitable.
Decision Making: My decision making skill have enhanced by developing this business report. Disatnik et al. (2014) opined that it is imperative for a successful entrepreneur to take right decisions at the right time. Before joining my MBA course, I have quite confused an apprehensive about the way a business needs to be run and managed. However, my MBA studies have made me confident. The business report has helped me to take appropriate decisions for maintain an effective and profitable business.

Improvement through Criticism: Gaskill et al. (2015) reflected that it is essential for an entrepreneur to take criticism positively. This helps in the personal development and improvement of an individual. In my MBA courses, I have received several criticisms from my professor and supervisors that I have taken positively. These feedbacks have helped me to overcome my faults and rectify it for my future development.
Development of skills:
In the course of developing my business report of Herald Software Solution, I have noticed that there are few areas that require further concentration. The following figure demonstrates some of the areas that needs development,

Written communication: Since my childhood I have a strong verbal communication skill. However, during my MBA courses, I have realised that I need to develop my writing skills. For any successful businessman, it is essential to express concepts, observation, and point of view in words. I should be more concise and precise in my writing. Hence, it is important for me to work on it.

Time management: Along with enhancing my writing skills, I have to also learn to manage time efficiently. While developing the business report, I have ensured that I do not fail to meet the deadline. However, I found it difficult to complete the job within the given period of time. Thus, I need to be more punctual and active in my endeavours.

6.2 Application of Gibb's reflective cycle:

I have taken the help of Gibb's reflective cycle in my attempt to monitor and evaluate my personal progress. The following figure denoted the several steps of the Gibb's Reflective Cycle.

Gibbs (1988) stated that the description of a situation is the first step of Gibb's reflective cycle. At the time I joined my MBA course. I was a complete amateur and novice. I did not have any understanding regarding the modules or courses to be studies. However, I continuously motivated myself to improve myself with the guidance and support of my professors and supervisors. The course schedule helped me as well. Formulating this business report has helped me to gain utmost confidence in me.

As stated by Baligh (2009), feelings of a person comprises of the second step. Initially I was very apprehensive and nervous to develop this business report. However, I continuously cited the examples of other to encourage myself. Gradually, this helped to gain confidence and motivation. Now, I can manage and run my business with complete confidence.

As per Clarke (2009), the third step of the cycle represents the evaluation of an individual's approaches, philosophies, contributions and concepts. By evaluating and analysing my skills, I have noticed that I often fail to manage time effectively or write in a precise manner. These will inevitably have an adverse effect on my dream of becoming a successful entrepreneur. However, my professors and supervisor have showed me ways to overcome these faults.

Barney (2009) opined that the forth step involves conclusion. I have attempted to review and analyse my situations and experiences in order to obtain a relevant conclusion. I have focussed on the reviews and feedbacks of my professors and supervisors. This has helped me to develop a suitable report.

In the last step I have developed an action plan that will help me to rectify and overcome my flaws. The following table represents the action plan.

Table 1: Action plan for overcoming my Flaws

Excel in Managing Successful Business Projects with Expert Assignment Help - Unit 6 of Pearson HND in Business - Order Your Copy Today!

7. Inclusion of relevant sources identified within the module and their application
Master of Business Administration is a course designed especially to incorporate the knowledge of various aspects of the business and the management associated to it Barringer (2010). I have taken the course in order to understand that how a business runs in practically with the help of the theories and models. The course of MBA has provided me a mixture of both the practical and the theoretical knowledge that are based and designed to get an understanding of the various topics related to the running an business in a successful way. Therefore, the diverse modules and the different courses including the compulsory one as well as the one which I have taken in order to enhance my personal knowledge have been come out as enormously beneficial in order to complete my business planning. I have gone through a various modules during the course and varieties of sources were being included in the assessment process. These modules and sources are being discussed over here.

7.1 Importance of whole MBA modules:

There are mainly three modules that have been taught during the MBA learning process. These modules are such as Marketing, Operations and financial management along with the accounting based modules. These modules are discussed below.
Marketing: It is a very important module that I have gone during the study of MBA. This module has helped me in order to accomplish the business plan. This particular module has helped me in understanding the various aspects of marketing as well also introduced me with the different tools and the various theoretical frameworks that are relevant and important from the marketing point of view Clarke (2010). With the help of this particular module I have been introduced with the numerous important sources and famous academic scholars those have identified and discovered different aspects of marketing.

Before joining the MBA studies I usually relate the advertising with the marketing but the module has helped me to understand that that marketing has several other features related with it too. After going through the module I have been able to understand that marketing is a strategy that has to be devised carefully and as well implemented in a proper manner.

Operations: The second module that I have come across through the study was Operations. The module has helped me a lot in way to understand that how a business runs and what are necessary things that are helpful in order to run the business successfully (Gaskill et al. 2015). Previously I had the idea regarding operations that it includes only the production process of the company or organisation. However, the module has made me understand that apart from the process of production there are legal issues, employee related issues, inventory control and suppliers are also related to the operation module. I have understood that on a whole operation are related to different aspects of the business. I have understood that operation procedure is very important aspect in relation to run a successful business. I have got the knowledge that it is a important module that helped me in order to identify the operational integration as well it will be helpful for me in the future to understand the real scenarios. Operation module has also helped me in order to understand that what can be the legal issues that a business firm can face in order to deal with the problems. Apart from this module has enlightened me about managing the employees as well as how to deal with the problems related to the suppliers.
Financial management and Accounting: This is a very important module rather most important module. Every business has a close connection with the financial matters and accountings. This module helps the budding managers in order to gain knowledge related to the accounts management. This particular module has helped me in order to deal with the fears that I had related to the numbers and finance. There is no harm to admit that I was never a good student of finance and usually stayed away from the financial calculations. However, the present module has helped me in order to understand and simplify the concepts related to the finance, and it has made the procedure easier for me to carry out the calculations. It is a true confession that without understanding the modules I would never being able to produce the report on the financial feasibility. The best thing about the module is it represents a plethora of examples that has helped me to understand that how all the theories and models are being applied in the financial analysis (Disatnik et al. 2014). Hence, I can declare that if I would not have taken this particular module then I would never been able to take the decisions related to finance and include that in my business plan.

Therefore, I can say that studying the different modules have helped me in order to develop the business plan. However I feel that all the modules are very much relevant and helped me to gather knowledge about different aspects of the business.

7.2 Linking with the module:

Reading the theories and the models are completely different from running a business in the practical world. It becomes sometimes very difficult to execute the plans. However it has been seen that there are traditional business personnel who can run a business in a very well manner without having any proper managerial degree. I believe that with the growing competition it is needed that modern entrepreneurs and managers must have the theoretical knowledge along with the practical knowledge in order to take decision in favour of the business. I have studied the different marketing theory and I have used 7Ps of marketing mix strategies in my business plan in order to identify the product, pricing, promotion, places, people, packaging and positioning. This helps to create a value for the customers in the target market.

There are few people who argues that theories are good to read but not at all relevant in the practical use but I beg to differ with this view. The modules have made me understood clearly that theories can also be implemented in the real scenario of the business. The module of my course has designed in a careful way and all the theories are being explained with suitable examples and practical case studies. However, I have to admit that the assignments and the course works that are given with all the modules have equally contributed in process of learning and gaining knowledge.

7.3 Importance of previous assignments

All the modules those were included in the MBA course had come up with the assignments, preparation of research reports and the class works which were based various aspects of learning and has helped in testing the different knowledge aspects. The modules have helped in skill developing and incorporating too. The assignments that are given usually includes the either different case study analysis or developing of a research report or a general discussion and evaluating a given subject. However these assignments are very much dreadful but were a great help in pursuing the MBA study and it makes me understand that all of them have contributed in increasing my ability in order to prepare a business plan for new software company for online marketing and online fundraising.
The key aspects that I can mention about the assignments are they have contributed in increasing my skill related to carry out a research project. I had to carry out a significant research in order to complete the assignments that had helped me and introduced to the key words such as search engines. I have consulted with my seniors and friends in order to complete the assignment in a proper academic way. I have also understood that the assignments must be done after an in-depth research. This has helped me to increase my ability and later it helps me to gather proper information for preparing report for the business as well.

7.4 Assessing the strength and weakness

In the process of study I have understood it is very important to complete the assignments that have come with limited word counting. However, my teacher had guided me through in order to tackle the problems. Therefore, the feedbacks had helped me in order to tackle the problems that I have faced and these issues had helped me in order to successfully carry out the research works. My professors had identified some of the strengths and weakness based on my submitted assignments they are as follows:

Strengths:
• Ability to link theories in practical works
• Using criticism in a constructive way
• Time management and planning
• Innovative ideas

Weaknesses:
• Failure in producing report in a summarised way
• Presenting the data in a formal way
Thus, I can conclude by saying that the different modules have helped me in order to carry out in developing the business plan for new software company for online marketing and online fundraising. It improves my knowledge and skills related to the decision making.

8. Selection of material for the business plan

In order to accomplish the business planning the researcher has taken the help of different materials such as theories and models. In order to do market segmentation I have to take the market and analyse that in order to understand it. As a result I have been able to understand that system software is mainly being used by the business class people. I have also taken the customers to study the behaviour. Apart from that I have done a competitor analysis to gain information related to the present competitors for my company. I have taken the 7Ps marketing strategy in order to know the different aspects related to the marketing of my company. I have analysed the price of the product and also figured out the promotional strategy that is going to be taken by me in order to successfully promote my business of software. Packaging was another interesting area what I have taken in to consideration. In order to know the problems I have studied the positioning of the company Herald Software Solution. I have also taken the operational aspects in my mind to gain knowledge about the production procedure. In order to understand the legal procedure I have gone through the different licence procedures. I have also taken the financial aspects in to consideration. I have analysed the Start-up cost, profit and loss account and at end presented a cash flow statement.

9. Discussion and presentation of the appendices and sourced used

In order to make the business plan relevant I have taken help of different books and journals. These books and journals have helped me in order to understand the different policies of marketing and human resource. The book named Strategic management in action by the Coulter (2010) has given me an in-depth knowledge related to the management policies to run the business. The book named Marketing management for non-profit organizations of Sargeant (2009) was one of the key sources that have been very helpful for me in order to understand the different concepts of marketing in a very easy and lucid language.

Another famous article named "Fundraising on the Web: Opportunity or hype?" by Sargeant (2011) has given me a lot of opportunity to gain knowledge related to the fund raising strategy. An article named "How activist organizations are using the Internet to build relationships" by Taylor, Kent and White (2013) has helped me in order to understand that how the modern organisation are using the platform of internet for building relation with the customers. The article named "The marketing effectiveness of UK environmental charity websites compared to best practice" by Wenham, Stephens and Hardy (2013) has provided me a deep knowledge regarding promotion of a company over the internet.

The article named "Internet privacy concerns confirm the case for intervention" by Clarke (2009) has enlightened me about the risks related to the software business. The article named "Strategic Human Resources Management: Human Resources or Human Capital" by Gashi (2013) has provided me a lot of knowledge related to the employee management as well maintaining relation with the suppliers and the customers.

10. Explanation of process of writing report and its key influencers:

In developing this business report I have used various sources and information that has helped me in conducting an efficient study. For the purpose of the study, I have closely studied the journal of online marketing and fundraising. This has helped me to gain an understanding regarding the advantages and disadvantages that an entrepreneur might face in conducting a software business.

"Internet privacy concerns confirm the case for intervention" by Clarke (2009) has proved to be very beneficial for me. From this book, I have come to know that internet privacy is an important concern in Britain. More than 92% of the internet users are always concerned about their privacy while using the internet. In many situations, companies collect personal data of individuals and share it with other companies. This can have a negative impact on the image and reputation of an individual. Lack of trust on the part of the consumer often adverse affects the software companies that depend heavily on online marketing and services. During the process of developing the business report, I have ensured that my organisation is transparent while collecting and using data. I have also attempted to maintain complete objectivity and privacy of the respondents while assessing the demands and preferences of the customers.

The journal "Fundraising on the Web: Opportunity or hype?" (2012) by Sargeant has also been very helpful for me. I have learnt the intricacies of online fundraising from this journal. For start-up businesses that cannot afford the resources, web fundraising is an appropriate option. This journal has taught me to develop my own donating page using online form builders like Wufoo. It has provided me a guideline regarding the way online fundraising can be promoted through system and application software. Hence, I have found this journal relevant for my study.

I have gained a comprehensive understanding about the development of online marketing through the journal "The growth of the Internet, digital television and mobile telephony and the implications for not-for-profit marketing" By Saxton (2012). Saxton (2012) stated digital marketing techniques are immensely beneficial for promoting a brand and building preferences of a customer. This article has helped me to understand the digital marketing like search engine marketing (SEM) and Search Engine Optimization (SEO).

On the other hand, I found that the "Strategic Management in action" by Coutler (2010) to be the relevant once with respect to understanding financial management and accounting. It helped me to gain an in depth knowledge regarding the financial factors that have an impact on the business. This book contains several case studies and example that helped in formulating my business report.

For the purpose of this study, I have also referred to human resource articles. One of the most useful among them is "Strategic Human Resources Management: Human Resources or Human Capital" by Gashi (2013) has enriched me with importance of managing people and their needs and preferences. I have also come to know about employee motivation and development of skills. It has helped me to instill a healthy and harmonious working condition.

Gain Insightful Work-Based Experience with Our Assignment Help - Master Specific Placement Requirements and Excel in Undertaking Work Experience!

11. Identification of the way of improving reflective practices:

This business report has been like an eye-opener for me. Through this plan, I have gained an in-depth knowledge and information from several sources. I have learnt a lot of lessons regarding the effectiveness and challenges in operating a business. In the course of the planning, I have continuously experimented and explored new working style and strategies. I have also found out various management approaches and principles of successful entrepreneurs around the globe. This has immensely helped in conducting a business with great efficiency and productivity. The present business report has motivated me to recognise my mistake and overcome it for my future development.

In addition to this, I have tried to maintain the deadline within which I have attempted to successfully formulate my plan. At the beginning of the plan, I have faced difficulties in working with the financial matters. This would include the planning of budgets and mathematical calculations. I have taken a significant amount of for preparing the balance sheet, cash flow statements and financial estimations. This had slowed down the entire process of designing a business plan. However, I took the help of experts and professionals to help me in my financial planning and budgetary calculations.
Once I had completed the financial part. I was able to conduct the rest of the plan within a short period of time. In the entire process of developing an effective plan my professors, supervisors, colleagues and friends have helped me to investigate and evaluate the risks of establishing a new venture.

In this business plan of Herald Software Solution, I have placed importance to both the niche customers and the general mass. The niche customers are chosen for the system software named I-Touch and general customers for application software named Calculus. I have given greater priority to the young people using the software. The secondary theories, materials and models of my MBA courses have helped me to understand the current marketing trends and situations. In addition to this the 7Ps of marketing mix that consists of product, promotion, price, product, positioning, people, packaging has helped me to investigate and explore the European markets. It has also helped me to understand particular business investors and groups.

The business venture of Herald Software Solution has been a dream to me. I have been extremely meticulous and diligent while forming this plan. I have ensured that this company provides innovative and improved software technologies that will benefit niche and mass market.

Through this study, I have strictly followed the steps of Gibb's reflective cycle that has helped me to write this reflective report. The six steps have helped me in investigating, analysing, evaluating and assessing the entire process of developing a business plan. Gibb's reflective cycle provides a suitable framework or guide that has helped me to design a course of action for my study. This business plan has been developed to offer new software technologies to the customers. This business report has provided me with a learning opportunity that will significantly help me in fulfilling my dreams.

12. Conclusion
This business plan of Herald Software Solution for online fundraising and marketing has proved to be very effective and beneficial for me. I have ensured that the customers will not find any difficulty in using this system. Along with this, the current business report has been very helpful in developing my skills. It has also helped me to recognise the skills that I need to enrich in the future. I have been able to develop my knowledge from the multiple references that I have taken for the study.

FAQ

• Q: What is a reflective report on a business plan?
• Q: What is the purpose of a reflective report?
• Q: What aspects of the business plan development process should I reflect on?
• Q: Is there a specific structure I should follow?
• Q: What challenges might I encounter while writing the report?
• Q: How can I make my reflection insightful?

Achieve Academic Excellence Effortlessly with Marketing Essentials Assignment Help in the UK

At Miracleskills, we take pride in offering top-notch academic assistance through our "HND Assignment" program. As a leading online educational platform in the UK, we cater to students pursuing various courses, including comprehensive HND assignment help.

Our expert team of writers and tutors is dedicated to providing comprehensive support throughout students' academic journeys. Whether it's crafting well-researched assignments, guiding through complex topics, or assisting with online exams, we ensure a seamless learning experience. Our BTEC assignment help services are designed to alleviate academic burdens, enabling students to excel effortlessly in their studies.