Looking back at what I have learnt in this module for past 8 months, I feel happy to have chosen this module as I learnt a lot not only the business concepts but also had the opportunity of working with different people. “Intelligence without ambition is a bird without wings.” Salvador Dali (no date) I am confident that all that I have learnt from this module will definitely help me achieve my ambition. Every person in life aspires to achieve something great in life and I am no exception. First I would like to get a reputed job in my field of business management and gain experience, then I would like to start my own business back in India and Designing a Business module has helped me a lot to understand the concepts that are important to start a business.
“If you don’t build your dream, someone else will hire you to help them build theirs.” Dhirubhai Ambani (no date) these words are true as many people don’t build on their dream and they end up working for someone else. I don’t want to end up not achieving my future ambition. Working in this module was new at the same time exciting because I was leaning new concepts, also studying with people from different countries with different educational background in London.
The first important thing that I learnt from the module was Team Work. According to Merriam Webster Dictionary (no date) teamwork is “work done by several associates with each doing a part but all subordinating personal prominence to the efficiency of the whole.” When we started the module we all were given the opportunity to form our own groups also the concept of not having the people from the same country really helped. By this way I was able to make new friends and also improve my communication skill and confidence to speak to people from a different country. It is better to work as a team than as individuals as it increases the efficiency, tasks can be split among the team to finish it quicker and more tasks can be taken up. A diverse team will be able to solve complex problems compared to an individual. According to Allen Meany (2011), the benefit of team work to a business are innovative ideas, improved morale and greater flexibility. When I start a business in the future I will look to start a partnership business as it is more efficient and the work can be split among the partners to finish it sooner.
“Great minds discuss ideas; average minds discuss events; small minds discuss people” Eleanor Roosevelt (no date). From the module I learnt that good ideas can be a successful part of the business but if not enough effort is put into the idea, it will not become a successful business. According to Ajaero Tony Martins (2014) “An average business idea with the right mindset, a strong business management team, and the right business plan will outperform an excellent million dollar idea with a poor mindset and a weak management team.” It is important to have a good idea but at the same time work hard to make the idea into a successful business. The module taught me that a number of ideas can be thought of but it is always the ideas that benefit the people the most in some way or the other, will turn out to be a successful idea. In the future when I start my own business, my ideas will be based on the benefits it will bring to the people and also the problems it will solve in the society.
“Talent hits a target no one else can hit; Genius hits a target no one else can see.” Arthur Schopenhauer (no date). For an idea to be successful, I have understood that it must target the right kind of people. For a business to be successful, it must target its potential buyers. According to Mandy Porta (2010), No one can target everyone with the current state of the economy. Small business target a niche market to compete with the large companies. As the world becomes more and more competitive, it is difficult to target everyone on the planet. The lecture on tribe taught me a lot on the target market to choose for a business. From the lecture I understood that the target market can be chosen based on the product or service provided by the business, based on the competition in the market the target market of the competitors and if it is an existing business, they can choose based on the present customers of the business. Also target the buyer rather than the end consumer is very important. For example, the end user of a toy will be a child but the buyer of the toy will be the parents or relatives of that child. When starting my own business, this will very much be important to run a successful business.
Conducting market research is very important for every business. The concept of market research in the module has improved my knowledge on this topic and now I understand that doing market research will help the business find out the customers preferences towards the product. It is important to do market research because it gives the business the advantage of changing anything if the target market don’t like. This reduces the risk in the business and also helps improve the business success rate. Market research helps to communicate with the customers and receive their feedback about the product and the feedback got from the customers can be used to improve the product. According to Martin Day (2005), market research will help to communicate with customers, identify the opportunities in the market, minimize the risk in the business and measure the progress of the business by creating benchmarks. I also understood that market research can be done through online as people of different age and country use the internet. Also questionnaires can be an easy and cheap way of doing market research or the internet can be used to do the research as there are plenty of existing research. Also I understood doing a market research will be help in developing a prototype into a good final product and having a prototype will help improve the market research as it helps to explain the benefits of the product to the customers. Market research will definitely be a major aspect of my business in the future.
A good product might not sell to its potential without a good marketing strategy. It is one of the most important aspects of a business. Marketing covers a number of concepts like advertising, sales, promotion and public relations. Marketing is used to introduce a product or service and promote the products or services to the targeted customers in a particular market. From the lectures on the marketing, I also learnt about consumer segmentation, they can be segmented based on behavioral, Psychographic and profile. According to Kristie Lorette (no date), Marketing can help get a word out about the product or service of the company, increase the sales of the company, improve the company reputation and bring a healthy competition to the market. A good marking strategy will definitely be a great success for the business.
Branding differentiates your product from that of your competitors. The lecture on branding was quiet interesting at the same time useful. The word branding is divided into three Brand which is everything that creates an experience for the customers, DNA which is the unique message communicated by the business and Identity which is the visual part of the company usually the logo, colors, layout etc. A good brand must always have a logo for the company which is different from its competitors, a brand message that is unique and usually easy to remember, the brand must be used in every aspects of the business, the brand must be consistent and being consistent, it maintains its promise. Also the pictures of emergency taught me how a brand should and should not be. According to Jayson DeMers (2013), the characteristics of successful brands are it should have a knowledge about its audience, it should be unique, passion towards the brand, a consistent brand, a competitive brand, exposure of the brand to the consumers and influential leaders behind a brand. In this module we had the opportunity to create our own brand and was definitely a great experience for anyone aspiring to start their own business.
Selling is a difficult aspect of a business as the customers have to be convinced that he is buying a useful product. A good sales person is required for every business. Although there are different ways to sell a product, face to face selling is still an effective way. Trade fairs which were a part of the module, were very helpful in developing my knowledge of how to sell a product through face to face communication. I also learnt that a good trade fare must first have a good presentation of the products, which will attract the customers when they see the products displayed. Even if the display of the products looks attractive, it is very difficult to sell products to consumers. So it is necessary to be able to convince the customers to buy the products by being confident in pitching about the product which is a difficult skill. Trade fairs have improved my skills of speaking to the customers about the benefits of the product.
Social media is a powerful tool in a business as it can be used to improve the sales of the business, receive orders and can be used to interact with customers of the business. “The thought that so many people get their news from social media really is scary.” Rush Limbaugh (no date). Blogs are an effective way to update about any new products being launched by the company in the market and also receive the feedback from the customers. Having a company website is very important for a business as more and more people are using the internet every day and customers are more likely to find ones product in the internet also it is not costly as less investment is required to setup a website but the gains are very high. According to Bradley James Bryant (no date), Internet has revolutionized business in a global and local level.
I feel that through the Designing a Business module, I have gained knowledge from this which will definitely be of a great use to me and also I have improved my presentation skills thanks to the Dragons Den presentations. Another important thing I have improved on is the ability to finish the work on time thanks to the tight schedule design this module has. This module has definitely given me the confidence to go out in the world and become a successful businessman.
Salvador Dali (no date), Brainyquotes.com, Available at: http://www.brainyquote.com/quotes/quotes/s/salvadorda120513.html
Dhirubhai Ambani (no date), 30 Famous Quotes That Will Inspire Success You, Available at: http://addicted2success.com/quotes/30-famous-quotes-that-will-inspire-success-in-you/
Merriam Webster Dictionary (no date), Full Definition of Teamwork, Available at: http://www.merriam-webster.com/dictionary/team%20work
Allen Meany (2011), What is teamwork and how it can benefit business, Available at: http://socialteamware.com/index.php/hello-world/
Eleanor Roosevelt (no date), Brainyquotes.com, Available at: http://www.brainyquote.com/quotes/quotes/e/eleanorroo385439.html
Ajaero Tony Martins (2014), 100+ Best Small Business ideas for 2014 Startups, Available at: http://www.mytopbusinessideas.com/
Arthur Schopenhauer (no date), Brainyquotes.com, Available at: http://www.brainyquote.com/quotes/quotes/a/arthurscho385253.html
Mandy Porta (2010), How to Define Your Target Market, Available at: http://www.inc.com/guides/2010/06/defining-your-target-market.html
Martin Day (2005), Why is Market Research Important? Available at: http://www.webpronews.com/why-is-market-research-important-2005-08
Kristie Lorette (no date), The Importance of Marketing for the Success of a Business, Available at: http://smallbusiness.chron.com/importance-marketing-success-business-589.html
Jayson DeMers (2013), The Top 7 Characteristics Of Successful Brands, Available at: http://www.forbes.com/sites/jaysondemers/2013/11/12/the-top-7-characteristics-of-successful-brands/
Rush Limbaugh (no date), Brainyquotes.com, Available at: http://www.brainyquote.com/quotes/quotes/r/rushlimbau595529.html
Bradley James Bryant (no date), What Are the Benefits of the Internet to Business? Available at: http://smallbusiness.chron.com/benefits-internet-business-316.html