1. I know in previous classes, I have always waited to do a paper about a week before it was due. I thought I wrote better that way. Its hard for me to write outlines because I’d rather write it just once and make corrections as I go. But with this paper and it being my last paper for my Master’s program, I do want to start early. I plan to have better time management with this paper and start an outline. Once I know who will be in my group, I think it would be best to separate the work out in advance, so that way we all have weeks to get it done. I initially think this will be a great assignment because I can learn how to do a business plan as well as helping and learning from peers.
2. When writing a business plan, the most important part should be the executive summary. This is a summarized version of the paper. This allows the committee to read this and decide if they would like to hear more or have heard enough. This is the attention grabber and needs to have the right amount of detail. The next few important elements would be describing the company, explaining the market you are trying to reach, what competition will there be, and an explanation of the products or services that will be offered. Also, we can’t forget about the funding aspect. The committee will like to know how much this is going to cost and what revenue projections can be seen (Dixon, 2021).
I do not have any questions at this time. In looking over the Unit 5 project and objectives and feel I understand what the project is asking us to accomplish. Our project objectives focus on evaluating business situations using critical thinking skills, interpreting examples of business practices, suggesting effective communication techniques, analyze change, and differentiating relationships between political/economic forces and the organization. I understand how those objectives relate to the project, how building proficiencies in these areas will strengthen our skill-set, and that makes me excited to start the project.
For the Unit 5 project, my initial thoughts are that I plan to use relevant, credible sources to obtain information and support my writing. I have two combined approaches to developing a good project. One approach is to focus on my interactions with my group members once assigned. I want to take the lead in facilitating our group interactions because I have strengths in motivating others, setting timelines and collaborating with others I already have an easy method established where we can add on and work together in implementing and composing our project and I feel I can be beneficial to my group mates in that way. I also have a strong work ethic and do not like waiting until the last minute to get assignments done. I want to leave time for us to edit and really shape our project to get the best grade possible and more importantly, learn from the experience. My goal is that we collaborate and work well in completing the assignment and supporting one another. The implication is identifying strengths and weaknesses and then filling the gaps where any weaknesses are. For example, one group member may not be as efficient in APA style, but another member may feel confident in using APA style and that would come in handy in proofreading our project.
The second approach is to focus on effectively communicating content information. I believe a key to completing the assignment, as a group, is everyone understanding the vision (end result) of our project and establishing/delegating who will be responsible for what parts so that the burden is evenly distributed. We all are responsible for the result which requires collaboration and the determination to give our best. This goes back to my first approach in communicating effectively. When we all are in sync, we will be able to work collaboratively and have minimal conflicts. One thing I’ve done to help with this is to look at the components of the project itself to identify any terms or concepts I need to strengthen my knowledge of. I’ve looked at my prior knowledge to help anchor concepts so that I can articulate my ideas and make sure that my writing and contribution is in alignment with the rubric we are using. This also helps me in understanding my group mates when we start the collaboration process and allow me to ask questions as needed to ensure understanding.
One of the expectation of our group project is forming an outline of a business plan so I took great interest in looking at the important elements of a business plan and why those elements are important so that I could answer the discussion board question. The most important elements of a business plan are: mission, description of the company, description of the product/service, market research/analysis, financial plan and projections, and marketing plan (Gabler et al., 2017). A business plan gives an individual the ability to see how feasible the business is and a projection of how successful an organization can be. This is because the elements within the plan gives a view of factors that would impact the business, a look into the demographics of consumers to see what demand is there for the business, and a way to measure success. The implication is considering factors that have the greatest impact on a business and seeing what plans are in place to navigate the market.
Saudi Arabia is a country where foreigners do not come first, business etiquette is not laid back like it is in the U.S., non-verbal communication such as body language, hospitality, and proper business ethics, along with knowing the Muslim religion can be a real fire-starter for multi-national companies wanted to get a business started in Saudi Arabia. Also, the work week begins on Saturday, and ends Wednesday, meaning Thursday and Friday are the days of prayer to Mohammed and rest.
Kenya on the other hand, is a country that is attractive to countries like the United States, the United Kingdom, Japan, etc., however, due to the governments corruption, ethical problems, land disputes, unemployment and poverty are the challenges starting up a multi-national company inside Kenya, also getting different cultures to head up a multi-national company knowing the unethical side of Kenya, and Kenya’s goal is to increase GDP by no later than 2030, however, the problem will be improved governance and improved economic opportunities and trade (Commerce, 2018)
The Legal Minefield Overseas
Although globalization has greatly promoted the development of the international market, different countries have different laws and business regulations to control the business environment. This means that companies that need to explore these markets need to comply with the legal requirements of their own country, not their own country. According to their cultural and economic structure, some countries/regions have stricter legal requirements than others. India is a country in South Asia, and its business activities in the region are outstanding, while Kenya is a country in East Africa and is considered the best in terms of doing business in this region.
In India, there are several challenges that entrepreneurs and businesspeople face when doing business both at the state and local government levels. India has the best policy to attract foreigners to invest in the country. There are many announcements at the government level, and it is very difficult to attract investment at the implementation level. The procedure is also involving as one must go through twelve steps and pay a great deal of money before the approval is done. The construction process is also onerous, obtaining electricity, and registering property is not only expensive but also onerous (Chahal & Sharma, 2020). The taxes are high, and the investors are required to comply with different tax guidelines.
Kenya in Africa is the opposite of India because it is very convenient to do business there. The process of registering a business, building, and acquiring important facilities is very simple. However, the taxes in the country are high. For a developing country, the government collects a great deal of revenue from the public to develop and build infrastructure. In addition to taxation, corruption is the main obstacle that complicates legal procedures. In Kenya, one must consider bribing corrupt public service officers before they can get the authorization required. Kenya also has some major requirements that must be complied with, including high standards for environmental authorities and products produced.