The Importance of Financial Planning
Discuss about the Financial Management and Personal Financial Plan.
Yes, I have thought of setting up the financial plan. Most of us do not have a financial plan which causes the wastage of the resources. I think setting up the financial plan will help me to set the priorities of different financial decisions. I can also manage the money more specific way. In order to do this , I have realized that I need to indentify the goals first. Most of us do not have any goals or the resolutions regarding the financial decision making. Using the financial planning I can determine the separation of funding for the different scopes like savings, estate planning . My financial planning can also include the resolutions like reduction of the income tax goals, debt reduction goals. In order to achieve these kind of goals I need to fix the right direction where I will get a view of the target and the goal so that I can indulge my resource e in a good way to make my own customized financial planning.
Yes, I have wanted to start up a business. However, I think it is too early for me to startup a business. First I need to determine what type of business I want to start. Personally I want to go for the start up business in the food and beverage sector. I have noticed this is the most under rated sector when it comes to the fact of doing business. Most of the people like to have food. However, the availability of the good and healthy food is not much available. In that case, I want to startup a online business, where selected restaurants and the food chain companies will be connected with the centralized business process. The consumer can order food online through the website of the business organization. The food items will be delivered to the home. The specialty about that business will be , that all food those are being served are healthy for the well being of the people.
Yes, I have independently researched on this topic. According to me the main thing about the success of the startup business lies on the capability of that business to understand and fulfill the demands of the consumers. The consumer behavior is changing rapidly. The people are not judging the quality of the food on the basis of the taste. The definition of the good food defines the food with good taste and of good quality. Moreover the food items must be healthy for the people. In this case, the availability of good food will make the business successful, as it will meet the demands of the consumers.
Starting a Food and Beverage Business
Over the last few weeks I have identified my strengths and weaknesses. One of my strength is that I can adopt the situation very easily. I think this will help me to develop the business in the lesser known business situation. Apart from that the clear vision about the business objective can give the extra advantage.
The weakness that I have identified is my anxious nature. The over thinking about the subject makes me anxious. This can put a negative impact while startup a business. The startup business can face various obstacles. During that time keeping the calmness and determination of the best available choice is important. However, I am working on this thing so that I can eliminate this negative attribute of my nature.
My concept about the financial knowledge was not very clear before I joined this course There were lots of misconception about the various terms regarding the financial policies before I took the course. My expectation while joining the course was that after the compilation of the course I would be able to understand the financial market situations and can connect the inter relations between the various financial terms. Apart from that I would know the importance of the financial analysis and the importance of the budgeting.
I can say that after the compilation of the course I can able to understand the basis financial concepts which plays an important role in the financial decision making. Apart from that the importance of budgeting and the significance of the cash flow in the organization have been made clear through the course. In this context I can say that the project has met the expectations.
I think the knowledge I have gained from this course are the basic knowledge about the finance. However, the clear understanding of the basic knowledge is important for the understanding of the complex theories. The knowledge I have gained from this course will be helpful during the course off my further study. However, it will also help me to do the practical application of the financial theories while developing a business and the project.
Yes , I did engage with the other classmates in the discussion about the assessments for the work book exercise. Those discussion worked as the brain storming sessions for us. The discussion were open ended and any boy could express his or her thoughts regarding the topics. Those types of discussion have helped us to gain the deeper insights about the significance and the Importance of the issues related to the finance and the impact of this subject on our daily life. This insights encourage me to apply the concept in the practical use. I think, this is the best learning experience which helps me to merge the gained theoretical knowledge with the practical applications.
Consumer Demands and Success of Startups
I think I have conducted myself in a professional manner. I have maintained the time table of the class. Apart from that , I have tried to present myself to reach to the class in time. I have tried to participate actively in the discussion of the class. Moreover , I have tried to clear my doubts through the discussion with my fellow classmates. Sometimes my teachers and mentors had helped me a lot in understanding the situation. I tried to be presented on the class on time. In order to understand the lecture more clearly, I do read the topics for the next day discussion so that I can have a overview about the topic. This practice has helped me to understand some of the complex topics during the class room sessions. I generally followed reading the texts provided by the class and the notes given by the teachers in order to prepare for the next class.
There were some situations where I have faced problems and issues. Sometimes we were unable to finish the group assignments as some off the group members did not act in a professional way. In those cases, we were penalized for the late submission. The whole incident put a negative impact on our group. However, the rest of the group members decided to act like professional and wanted to dissolve the issue within the group. In order to do this , we conducted 2-3 meeting with the group members who were creating the problems. We have tried to make them understand about the importance of the project apart from that the negative impacts of the their activities on the group. Fortunately, they understood the significance of their laid back attitude for the long term basis and the impacts of the approach the group. Then members later cooperate with us and we were able to deliver the projects and assignments on time. This result shows me the importance of the professionalism and the usefulness of the positive and logical approach in every situation.
I have encountered with memorable and unwanted incidents both inside and outside of the classroom. Our classroom was very diverse and every students have the different educational and cultural background. The specialty of our class was that we were acted like a unit and that was the best part about the class. The education has a broader perspective which includes maintain the wellness and integrity among the human beings. Our class reflected the same perspective and the learning we got from the class room has helped us to grow as a professionals , striving for the accurate outcome of the work or application along with maintaining the sustainability.
Strengths and Weaknesses for Business Development
My thinking towards the subject and the approach towards the problem solving methods has been changed positively. At the starting of the course, the finance as the subject seemed very abstract for me. I could not relate the application of that subject with the real life scenario. The relation between the financial situations and the dependency of the personal and the social life of the people on those situations were unknown for me. In some cases, the concepts related to the finance seemed boring. However, after the enrolling in this course, I started to understand the significance of the finance and its impacts of the daily life of the people. Apart from that the best part of the class was that the discussions of the class were not bounded to the interpretation of the theoretical knowledge. The professors tried to make the connection between the theoretical knowledge and their application in the real life cases. Apart from that, the activities of the course has encouraged to maintain the professionalism in every aspects of life and the logical approach towards the problem solving. These things have helped me a lot during my course. I hope these learning will also help me in the future study and will provide me the approaches in handling the critical situations in the future.
During the commencement time of the whole course I have found something inspiring, something confusing and something difficult and something interesting. The teachers gave us the example of the certain situations and their respective problems which reflected the goodwill of maintaining the professionalisms and understanding of the domain clearly. Those incidents also reflects the importance of maintaining ethics in the business and focus on the sustainable outcome of the business decisions. Those incidents inspired me to develop the professionalism along with that it also inspired me to take the course seriously and lern the subject properly.
The confusion raised during the selection of the alternatives and making the decisions about the way to choose for the future. Like most of the students I was bit confused about the selection of my role for the future. The same confusion raised during the selection of the alternatives. Sometimes the I got confused to understand some of the topics in my subject. In that case my tutors helped me a lot to understand the topic.
There were some difficulties I have faced during the time of the course. Sometimes I found it difficult to write the assignment due to my inefficient knowledge in specific field of the subject. In that case, I took help form my friends and my tutors to understand that area of knowledge. During working in a group I have face the problems because of some of my group members for their unprofessional approach towards the work. However at that time the other group members along with me were the suffers. However, that problem were resolved after the conduction of 2-3 meetings.
There are many things in the class and outside of the class those seem interesting to me. One of such thing is meeting with the students from different parts of the world. This has helped me to know about the different cultural aspects around the word and their rituals and the rich cultures.
I do not have any questions regarding the course, as I consider this course as an effective one. However, there are some questions those I have regarding the expansion of the course. The course can be expanded to the area where the higher degree of the managerial sill is required. The finance is closely related to the business, in that case, dealing with the business problems for a person will be easier who has the financial knowledge. Apart from that the person with financial knowledge and the managerial sill will able to understand the market situation and the opportunities for the growth of the business.
The conclusion that I can draw from the discussion is that the course has certain positive impact on myself. I have developed certain skills which are helpful for the development of the business. However, the complete development of the business depends on the certain other factors which are included in the management domain of the study. The clear knowledge of the basic financial terms will help me to understand the market situations and the available opportunities. The diverse classroom and the precious notes and the lectures delivered by the professors has helped me to gain the deep insight of the subject and find the inter relations between the finance and the other subjects. The course has made me interested to apply the theories I have learnt from the course to apply on the real life situation for the problem solving. All over it can be said that this course has groomed me up and has helped me to become successful in my life.
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