Summary
The personal business plan should consider the main ideas of a personal growth plant. It is created to establish long-term objectives and evaluate available money and family resources. In such a way, it focuses on evaluating the company’s ability to attain a certain goal and evolve (Kerzner, 2019). As for me, I want to facilitate the rise of our family company. For this reason, I want to attain success in various spheres and show others how to do it. In this regard, my long-term goal is to improve our firm’s work. That is why I need a structured and clear plan of how to do it.
Vision and Opportunity
Goals
Our company has a specific set of goals:
- to offer high-quality products
- to guarantee a competitive price
- to improve customer service
- to cultivate better collaboration with partners.
Our central mission is to guarantee people eat healthy products by providing them with local, high-quality food. The major objective is to increase the firm’s income by enhancing the employees’ morale and performance levels (Bjerke, 2017). For this reason, I plan to introduce attainable, relevant, and measurable goals that can be accomplished within a certain period.
Purpose, Values, and Mission
In Organizing my work and the functioning of the firm, I believe that the following values are fundamental:
- accountability
- honesty
- respect
- excellence
I also care about positive change in people’s and communities’ lives, which is one of my major goals (Pines, 2018). The source of my inspiration is how to organize the company’s evolution and help individuals. Improving my family business is another critical factor influencing my motivation and efforts.
Market Opportunity
The primary goal of the planned change is to enter the international level and ensure the company has a recognized, respected, and reputable name. It can be achieved due to the high-quality products the company produces and distributes and the growing demand for such items globally. I want to employ strategies promoting the company’s growth and transformation into a leader in the food and drinks segment. At the same time, I analyze my future accomplishments and consider the succession in the company to plan its ability to evolve during the next generations.
Marketing and Implementation Strategy
The UAE can be viewed as a highly attractive market for the company as it is characterized by the high demand for the proposed products. For this reason, it is possible to launch a new project, such as an ice cream store, coffee shop, or food truck distributing and delivering products. The information about general income, education, household type, gender, and age will be used to create an effective strategy. It will also help to analyze customers’ behavior and use it while planning.
Marketing Positioning Statement
Considering the nature of the company, its unique features, goals, and work with employees; the following marketing positioning statement can be offered:
We are a unique consumer-friendly company producing food and beverages focusing on our clients’ satisfaction. We offer products made from natural ingredients at a low price, meaning we care for the nation’s health. You might cooperate with us if you are looking for healthy food or you want to find a job providing you with an opportunity to learn and evolve.
Risks and Mitigation
Today, aby company depends on the level of clients’ satisfaction, convenience, and comfort as these aspects impact sales and income. Thus, the company will generate profit by providing clients with high-quality foods and drinks and meeting their basic demands (Li et al., 2018). The firm will also use only high-quality products while cooking to provide customers with healthy food and drinks. It will help the company to remain successful as the number of loyal clients grows (Gustafson et al., 2017). By building better relations and cultivating an atmosphere of trust, the company can also create a positive image vital for sales.
The major competitors can impact our company and its health, meaning it is critical to consider this risk. However, the quality of food and beverages can serve as an advantage helping to attract numerous clients and guarantee our dominance in the segment (Kotler et al., 2019). We will also introduce specific measures to help the firm to evaluate current services and support their further evolution by addressing outlined problems. The practice of bonuses and discounts can also be used to struggle against rivals.
Future success can also be influenced by social, economic, political, environmental, and technical issues. For instance, new policies and regulations might impact the work of the company and introduce some limits (Tufte, 2019). Furthermore, unemployment and high inflation rates should be viewed as critical economic indicators affecting the firm (Tufte, 2019). Weather and climate change can also serve as the aspects influencing the work of any business. Finally, e-commerce can be viewed as an example of technological elements.
Entrepreneurial Ethics and Failure
To reflect my personal beliefs, I want to introduce specific ethical principles and follow them in my everyday activities. Cultivating an appropriate culture within a company will be the first goal. I will try to help anyone who asks for help regardless of their culture, race, gender, or social position (Melesse et al., 2019). As a result, I will influence my employees by my own example and ensure they do their best to attain desired outcomes (Freeman et al., 2021). Furthermore, I will ensure the appropriate treatment of our clients to guarantee a high level of their satisfaction. The company should observe ethical principles to avoid conflicts. We should focus on developing valuable and trusting relations with clients and central providers.
I should also admit my mother, course instructor, and Bay Croc as the three people who inspired me and helped me to evolve. My professor has always emphasized my potential and the ability to attain significant goals. My mother helped me to start a company as she believed in my skills and knowledge. Finally, the businessman Bay Croc provided me with some business ideas that could be used in the future. As a result, I acquired a clear vision of my future and became more confident in the success of my projects. That is why I believe these people played a critical role in my life.
Unfortunately, my previous attempt to start a shoeshine company failed. I lost my savings, effort, and resources because of this project. I think that the primary reason for the inability to attain goals was the absence of a clear strategy. I also devoted little attention to the data collection and processing phase. This experience showed me the importance of strategic planning and preliminary procedures necessary to start a business.
Further Developmental Strategies
Innovations are a critical part of the modern business world, and they can help to generate stable income. Thus, entrepreneurialism is using innovative ideas and making them a part of real-life experiences and practices. The four types of innovation include progressive, disrupting, structured, and revolutionary (Fitzgerald, 2017). An incremental improvement over time is one of the most popular approaches to innovation (Fitzgerald, 2017). The principal difference between innovation and entrepreneurship is that the last one can be defined as the use of innovative ideas in the real world, meaning these concepts are correlated.
The company must introduce new technologies into the market to become a disruptive one. Moreover, firms often use hidden tactics as new methods are usually weaker than previously used. Compared to the past generation of innovations, new devices are more expensive, less useful, and complicated, meaning much skill is needed to use them. After a few iterations of newer technology, all present enterprises are wiped out.
Innovation in the sphere of architecture is closely linked to the ideas of design and their adaptation to the market. It can also help to expand the target audience and ensure a stable income for companies. At the same time, mainly proven technologies are used to minimize possible risks and threats. Thus, in most cases, a new market will require tinkering to adapt to new conditions (Haas, 2018). At the same time, an invention usually implies a radical change influencing all spheres.
University in Leadership
Universities might teach innovation, leadership models, theories, and approaches that are effective in real-life conditions and help to support the development of a particular company. However, it is critical to remember that good leaders have solid experience and skills acquired during their practice. They possess a set of methods and approaches that promote the desired outcome and contribute to better goal attainment. It means that an effective top manager applies experiences generated from past projects to help a new one. From this perspective, universities might fail to prepare an influential leader because of the lack of practical experience.
Personal Innovation
My characteristics also play an essential role in my future success. I consider myself an innovative person as I always look for new perspectives on traditional issues. It means that I accept the effectiveness of already existing approaches; however, I always try to modify them to generate a competitive advantage and attain existing goals. I also recognize the role of creativity in organizations’ work. I should also say that I view myself as an entrepreneurial person. I am ready to risks and start new projects, even if they seem too complicated or unusual. I realize the need for positive change the business world faces today. For this reason, I want to engage in highly creative and innovative projects focused on helping people and replacing old methods with new ones.
Thus, I want to admit the positive change in my views on innovativeness and entrepreneurship before and after the courses. First, I recognized the critical importance of the ethical side of the business and strategic planning. It means that innovation cannot be used if it hurts others or worsens other people’s states. Moreover, it is critical to create the outline of the project and follow it to avoid failures. I believe that by evaluating my success, it is possible to compare my knowledge and plans before and after the courses. Previously, my projects were more hypothetical, with low attention to detail. Now, I realize the necessity of a structured approach and the establishment of a clear vision.
Action Plan
I plan to look for ways to enhance the major services and products by adapting them to diversified clients’ needs. Home delivery will be used as one of the methods to ensure higher convenience and comfort levels. I also plan to research the leading rivals to collect information about them and introduce appropriate responses. Evaluating their strengths and weaknesses will help me create an attractive offering to clients. It will lead to the company’s growth and development at the international level.
Gantt Chart
References
Bjerke, M. B., & Renger, R. (2017). Being smart about writing SMART objectives. Evaluation and Program Planning, 61, 125-127.
Fitzgerald, B., & Stol, K. J. (2017). Continuous software engineering: A roadmap and agenda. Journal of Systems and Software, 123, 176-189.
Freeman, R. E., & Velamuri, S. R. (2021). A new approach to CSR: Company stakeholder responsibility 1. In T. Maak, N. Pless, Orlitzky, M., & Sandhu, S. (Eds.), The Routledge companion to corporate social responsibility (pp. 203-213). Routledge.
Gustafson, A., Jilcott Pitts, S., McDonald, J., Ford, H., Connelly, P., Gillespie, R., Liu, E., Bush, H., Brancato, C., Babatande, T., & Mullins, J. (2017). Direct effects of the home, school, and consumer food environments on the association between food purchasing patterns and dietary intake among rural adolescents in Kentucky and North Carolina, 2017. International Journal of Environmental Research and Public Health, 14(10), 1255. Web.
Haas, E. B. (2018). When knowledge is power: Three models of change in international organizations. University of California Press.
Kerzner, H. (2019). Using the project management maturity model: Strategic planning for project management. John Wiley & Sons.
Li, L., Su, F., Zhang, W., & Mao, J. Y. (2018). Digital transformation by SME entrepreneurs: A capability perspective. Information Systems Journal, 28(6), 1129-1157.
Melesse, M. B., de Brauw, A., & Abate, G. T. (2019). Understanding urban consumers’ food choice behavior in Ethiopia: Promoting demand for healthy foods. International Food Policy Research Institute.
Pines, A. M. (2018). Burnout: An existential perspective. In W. Schaufeli, C. Maslach, & T. Marek (Eds.), Professional burnout: Recent developments in theory and research (pp. 33-51). CRC Press.
Tufte, E. R. (2021). Political control of the economy. Princeton University Press.