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Business planning is a process which involves a lot of deliberation, analysis, strategic planning, collaboration and team work. As a result of the learning materials, modules, own learning schedules and communicating with the team members, I have learnt about the fundamentals of construction of business and business-planning basics. The essay reflects upon my learning outcomes, understanding and the shaping of my thinking process as a result of the materials I have researched and activities that I have undertaken. As per my overall learning in the subject of business planning, I have understood that group dynamics is the most important aspect to start with. It has been observed in Abrams (2003) that business planning process is very much associated with the “real world” skills of working in a group environment in order to build a business. Business ideas and prototypes can be developed into a self-sustaining business only through a productive team environment with human resources from different skill sets. Suck kinds of observations led me to believe that developing a compatible and ambitious team should be the primary responsibility of the co-founders and future business leaders proceeding with a business plan. Another factor of understanding the process of business planning is to explore the business opportunities. After going through the resources, it becomes clear to me about the macro and micro elements of business opportunities form the basis of a business plan. It is mentioned in Friend and Zehle (2004) that the businesses can act towards attaining favourable future outcome through planning and identification of the risks and opportunities. The macro opportunities are generally market riven and consist of areas of importance such as unsolved problems, shortages, specific needs etc. On the other hand, I have learned that there exists micro opportunities also which are based on elements such as economic, social & prestige, acceptance etc. People should value the importance of these opportunities before starting with the actual business plan. In addition to the basic building blocks, I have also gained significant knowledge about the elements of a comprehensive business plan such as Organizational Plan, Marketing Plan, Operations Plan, and Financial Plan etc. As described in Pinson (2008), the summary of the business is incorporated in the Organizational Plan section which establishes the foundations of the business, provides a broader overview of the business along with the detailed business model. I believe that these components along with the Vision and Mission Statements constitute the foundation for all other sections of the business plan. For example, if my future business plan is based on a market driven approach to close the unaddressed gaps in student market. Then, the whole business plan would be based on the foundation of the business idea as well as the solution which is proposed to build the gap. In addition to the elements, I have also gained appropriate understanding about the range of analytical tools that are used in the business planning process. Though previously I considered business planning to be a much simpler process, after doing through the module contents, academic resources, I have realized that it is based on a lot of tools and techniques that ultimately contribute for increasing the effectiveness of the overall planning process. As explained in Doyle (2010), there are various types of tools such as Strategic Analysis Tool, Environmental Analysis Tool, SWOT Assessment Tool, Competitor Analysis, Customer Profiling etc. Also, it is important to understand about the importance of the use of these tools in specific sections of the plan as per the requirement. Finally, it can be concluded that the overall learning activity has contributed immensely for strengthening my concept about business planning process. I have learnt to become more meticulous and realized the importance of consultations and research in constructing a profit making organizational entity. Thus, I consider the process as a fruitful learning experience. References Abrams, R.M., 2003. The successful business plan: secrets & strategies. The Planning Shop. Doyle, E., 2010. Back to Business Basics: Six Useful Toolkits for Small to Medium Enterprises.Xlibris Corporation. Friend, G. and Zehle, S., 2004. Guide to business planning. Profile Books Limited. Pinson, L., 2008. Anatomy of a Business Plan: A Step-by-step Guide to Building the Business and Securing Your Company's Future. aka associates.
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