Biggest Challenge faced by me in (business plan) team work
The assignment helps in analysing the personal experience faced by me during the project work that was done by me along with the team members. The assignment will help in providing outline the different challenges that were faced by me during the business plan and the different reasons has to be outlined that will help me in future for contributing towards the achievement in an effectual manner. The main focus has to be provided on the different entrepreneurship theories as this will help in improving my concept on entrepreneurship. The different analysis is required to be done on the potential entrepreneur as this will help me in gaining knowledge in an effectual manner.
Biggest Challenge faced by me in (business plan) team work
While working, there were different kind of challenges that were faced by me in team with other individuals. When I was working as a team with others, there were issues related to uneven communication and mistrust among the different team members and this created chaos in the completion of the project. When I was made the leader in the team, I tried to allocate the work among different employees in an unbiased manner. I tried to understand the strong points in different members as this helped me in allocating the tasks accordingly.
In the preparation of the business plan, there were different kind of factors that is required to be considered in an effective manner. The main focus was to develop understanding among the team members that was surrounding the growth and development of the small and medium kind of businesses growth and survival. At first, the engagement between the team members were effective and they tried to perform the tasks in an effectual manner as well. However, later on there were different issues that cropped up wherein there were power issues and personality clashes among different team members.
I tried to make the members understand the entire business plan by providing them a training on how to work effectively. I trained them and organized on the job training practice and coaching for the members who worked with me in the team. I tried to convey the importance of the different issues that may arise in the preparation of the business plan of the company. As a leader, I tried to make the members understand the different theories on entrepreneurship as this helped me and the team members to perform the tasks in an effective manner.
The Importance of Entrepreneurship Theories in Improving Performance
While the training was over, I provided the different members with tasks that has to be performed by them, it was seen by me that there were few members who were facing different kind of personality clashes and this caused huge issues and the work were not getting completed on time as well. The biggest issue faced by me in engaging in team work was I did not take care of the all the concerns of the team members in an equal manner. The members were performing well, however the guidance that was required to be provided by me was not sufficient in nature
I felt that as a leader, I could have tried to analyse the different issues and difficulties faced by the members in a more effective manner. However, I failed to perform the same and it was due to my lack of knowledge. In the future, I want to be cautious as this will help me in understanding the different issues of the team members as this will help me in becoming a great and successful leader. The main aspect that I require to consider is the delegation of tasks among different team members in an effective manner. As an entrepreneur, I require to have the skills to communicate properly as this will help me and my team members to work in the team in an effectual manner.
There are few other aspects that has to be considered in an effective manner that includes that I need to be fair and kind with all the team members. As an entrepreneur I require to be more confident in nature as this will help me in managing the different tasks in more effectual manner. I have to be decisive in nature as this will help me in understanding the issues of the team in an effective manner. These aspects have to be considered in an effective manner as this will help me in succeeding in becoming a successful entrepreneur. As an entrepreneur, I need to understand that the entrepreneurs occupy a central kind of position in the economy of the market. I need to take up risks in development of new products and services. I need to generate innovate ideas as this will help me and my company to succeed in the entire competitive market.
I feel that the team work is essential in nature in the different kind of business as this will help me and my team members to provide the different kind of necessities that will help us in gaining competitive advantage. With the implementation of the different kind of entrepreneurship theories, I require to understand the issues that can be faced by the business in different kind of business environment. I need to inbuilt different characteristics of an entrepreneur that includes the confidence in dividing the tasks among the different team members that I lacked in the development of the business plan for our company in the present scenario.
Characteristics of Entrepreneurship: Confidence, Delegation and Dedication
I need to be adaptive and flexible in nature as this will help me to succeed in my business. I need to plan effectively in the future as this is one of the major aspects in the business and this will help the company and me to understand and gain knowledge relating to the conditions of the market in an effectual manner. The right connections have to be provided by me as this will help me in being competitive in nature. In the development of the business plan, it is mandatory in nature to apply different theories on entrepreneurship as this will help in guiding me towards attaining the different goals in an effective manner.
There are different theories that has been learnt by me while working in team with other members. The different members possessed different characteristics as this helped me in understanding and analysing the different theories that will provide me with different growth strategies. The economic theory will help in understanding the different economic kind of growth that will take place in the company. The economic growth model of entrepreneurship has to be considered effectively by me as this will help in understanding the different economic conditions that will be favourable for my business. I tried to gain knowledge relating to the different kind of main motivators that include entrepreneurial motivators.
Furthermore, the sociological theory will help me in understanding the concept of the entrepreneurship that will get boost with the influence of the behaviours in the society (Blackburn 2016). The next entrepreneurship theory is the psychological theory that has provided me with the analysis of the different characteristics that is based on psychological characteristics. These kinds of psychological characteristics will help me in achieving high in the future and it helped me in providing ability to face different kind of opposition. The innovation of entrepreneurship theory helped me in becoming more innovative in making the growth of small and medium sized enterprises in an effective manner.
With the help of the innovative theory of entrepreneurship, I will be able to gain knowledge relating to the sources of different raw materials and introduction of new organization as an entrepreneur will be effective in nature (Aparicio, Urbano and Audretsch 2016). The entire entrepreneurship innovation theory helped me in emphasizing the focus on innovation as this will help in ignoring the risk and this provided me with the abilities of organizing the different tasks in an effective manner (Storey 2016). With these kind of theories, I applied the innovative and psychological theory of entrepreneurship as this helped me in applying the same kind of theories in the business plan development done by me along with my team members. With the inclusion of the different theories of entrepreneurship, I tried to motivate myself as an entrepreneur as this provided me with the different kind of tasks and this helped me in managing the different tasks in an effectual manner. As an entrepreneur, I wanted to achieve different targets that were set up by me and I could not achieve them as there were few loopholes in the previous scenario and there was lack of knowledge in me as my entrepreneur.
Examples of Successful Entrepreneurs
Furthermore, I tried to implement the psychological and the innovative entrepreneurship theory as this helped me in understanding the different concepts and role of entrepreneur in an effective manner. The entrepreneur has different kind of innovative skills and techniques that are applied by them are unique in nature. As an entrepreneur, I tried to implement the entrepreneurship theories, I tried to focus more on being more confident and understand the different issues and problems faced by the other team members in my team. The development of the business plan was done by me previously with the help of different techniques and that did not work as well.
According to me, I still lack different kind of essential entrepreneurship characteristics and these are to be generated by me in an effective manner. In the future, I need to understand the issues of the members of my team and solve them confidently without much difficulties and there has to be huge creativity as this will help me in gaining competitive advantage. However, as an entrepreneur, presently with the application of the above theories, it helped me in understanding the need for achievement, affiliation and power as to influence the other team members in an effective manner.
As a potential entrepreneur, I feel that I lack different characteristics in myself and I need to overcome such issues with the implementation of different technological advancement in an effective manner. I feel that there are different kind of characteristics of the potential entrepreneur wherein they are confident, delegate the tasks in an effectual manner and disciplined dedication towards the different work that is performed by them. There are different examples of entrepreneurs who were and are successful in different fields in which they are involved that includes Steve Jobs, Bill Gates and Mark Zuckerberg. These are the different personalities who have set up example of great entrepreneurs. With the example of such entrepreneurs, I feel motivated and I want to perform in an effective manner as this will help me in becoming successful in the near future.
Furthermore, the leadership qualities that will be possessed by me has to be effective in nature as this will help me in providing motivation to the members of my team wherein I will be working. I need to understand the different concepts and views of the members as this will help me and my team members to provide their views in an easy manner. The transformational kind of leadership can be acquired by me as this will help me in understanding the different aspects of the entrepreneurial activities. The persuasiveness and versatility are essential in nature and it is required to be possessed by me as this will help me in setting up a successful business and the development of the innovative skills will help me in the growth of the SME survival in the entire competitive market.
Lastly, I can conclude that there were different kind of difficulties that were faced by me while dealing with different kind of team members. The biggest challenge was that I could manage time and did not understand the issues and views of the other team members. With the help of implementation of different kind of theories surrounding entrepreneurship and SME growth and survival, it helped me in understanding the different issues in an effective manner. The development of the business plan has helped me in learning different qualities as this helped me in gaining more knowledge on becoming more potential entrepreneur.
References
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Blackburn, R.A., 2016. Government, SMEs and entrepreneurship development: Policy, practice and challenges. Routledge.
Storey, D.J. ed., 2016. Entrepreneurship and new firm. Routledge.
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