Personal Business Planning and Developing †Myassignmenthelp.Com

Question: Discuss About the Personal Business Planning and Developing? Answer: Introduction The following assignment deals with personal business planning report. Students who are involved with entrepreneurship studies have to do their future planning, to do the future planning, the set up their career in the field of entrepreneurship. Setting up the goals of their life they have to vividly choose their career options in educational pursuits while keeping in mind the ultimate goal. This report will consist of the vision and opportunities that a student will pursue after he completes his educational qualification in the university. His purpose and goals are determined. Personal business planning refers to the developing the personal career by applying the same corporate principles as we see in developing a business enterprise. Failure acts as the pillar of success. Unless a human being commits a mistake and learns something from that, it is much difficult for him to accomplish his targets and goal of the life. There was a situation in my past that I had failed in my semesters and I have to suffer a huge loss. So I was quite younger then I am now, I was taken by shock with the incident and had to regret on my performance. However, that was not the only thing I could have done, and therefore I started planning up to prepare myself better for the next semester. I had to suffer the loss due to some health issues that I was facing that time. But for me, I don't regard them to be any excuse because the career is my priority. The shock was for a temporary period, and then I planned of preparing myself well and started to make a pact schedule where I could only think of studies and nothing else. I didn't lose hope in myself and tried my level best to develop my performance graph[1]. With a lot of perseverance and patience, I have been able to become successful in fetching good score in the next semester. Therefore it is my belief that if in future I have to face any difficulty I will be able to cope up with the situation and try my level best to overcome it with best of my efforts. Thus, this report is going to depict my future business planning set up and ideologies. Vision and opportunity Each and every entrepreneur of a company has a vision regarding the business what he or she will do. In that case, I am a student pursuing my studies, and I have a plan regarding business because I want to have my own business in my future. After completing my studies, I will start a food chain business UAE because in UAE there are a lot of people who are coming from the different country and alongside with that the people of UAE love to have a different kind of foods and they are very much passionate about food. It is known to all that food is primary need of each and every human being in this world and also of the basic need, it becomes a luxury also.[2] My goals will be regarding the food business is to provide good quality of food with great quantity to the customer by which people will come to the restaurant or the outlet for the food. On the other side, I would love to extend my business by launching many of the outlets in the country. My wish is that each and every bit of my c ountry should have at least one outlet of my food shop. In my food shop, each and every type of food and recipes will be available. I will prioritize the local foods which are very much popular in the country. Along with the local food, I will keep another type of foods those are Chinese, Indians and continental dishes which are very much popular in all type of people. By keeping variety food automatically, customers will be attracted, and this will be my first and easy business strategy to attract people. On the other hand, I have to bring my business online by which more people will come to know about the business that I am running. The opportunities that the market will provide me today are concerned with the demand of the customers. My current career pursuit will facilitate me to cooperate with the great marketing features and job opportunities. Though I am going to start up my own business, the current academics will be helping me manage my company efficiently and deal with all the risks.[3] Marketing and implementation strategy For creating a position in the market, it is essential to building up the good set of qualities that will promote the image of my company. Making it attractive to the customers, brand imaging is an essential factor that will help to increase the Goodwill of the company. As I will be dealing with the food chain system in the market, I have to add up some innovative ideas and attractive approaches that will see as much as customers and food lovers. Apart from general marketing, digital marketing and marketing will be much beneficial for the situation. It can be assumed that shortly I can come up with some new food items. If the food item gains popularity, my nearest competitors must look for some other procedures to complete me in that particular label with some similar product. It is the responsibility of being a part of my entrepreneurial activities that I have to offer good and quality products and services to my consumers. I am concerned with the brand imaging of my company and to give a tough competition to my competitors; I have to think innovatively. In compared to the other UAE students, I think I have some different plans that will fetch me good opportunity to be a successful entrepreneur. Food chain system and supply is something that is quite a risky process and the ones who cannot take the risk of providing healthy product to the customers it is not easy for them to take up this business. Anything related to food and recipes is an art, an art that fulfils the desire of artists. Food-loving people can be considered as artists because they hold the quality testing different range of essence flavours of food. Risk and mitigation In every business, risk plays a vital role during the time of the decision making of the business because whenever new ideas are created that time risk automatically comes. In food chain business the primary risks are providing quality food. If I fail to serve quality food to the customer, then none of the customers will visit my food shop. On the other hand when the customer will order the food online that time limit will be given to the customer that during this time the food will be delivered but if I fell to meet the deadline of the food delivery, then the customer might cancel the order. This will hurt the good will of the business and will bring the economic condition of the business[4]. Reference Bessant, J. and Tidd, J., 2007.Innovation and entrepreneurship. John Wiley Sons. Crumpton, M.A., 2012. Innovation and entrepreneurship.The Bottom Line,25(3), pp.98-101. Drucker, P., 2014.Innovation and entrepreneurship. Routledge. Rae, D., 2003. Opportunity centred learning: an innovation in enterprise education?.Education+ Training,45(8/9), pp.542-549. [1] Bessant, J. and Tidd, J., 2007.Innovation and entrepreneurship. John Wiley Sons. [2] Rae, D., 2003. Opportunity centred learning: an innovation in enterprise education?.Education+ Training,45(8/9), pp.542-549. [3] Drucker, P., 2014.Innovation and entrepreneurship. Routledge. [4] Crumpton, M.A., 2012. Innovation and entrepreneurship.The Bottom Line,25(3), pp.98-101.