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BMSK4006 Skills for Workplace Managing Enterprise in the 21st Century Assignment

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BMSK4006 Skills for Workplace Managing Enterprise in the 21st Century Assignment

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Part 1

Executive Summary

This report has involved a developed business plan for the business idea of initiating Dog Walking Services for the people living in Cardiff, UK so that the dogs of fully employed dog owners can remain active and healthy in their absence. The name of the business entity is DogWalk. The core mission of this business is to earn some money and profitability along with having a unique identity in the market or industry of pet care or dog walking. To sell dog walking services to the dog owners, some advertising and promotional methods have been chosen such as free sampling of dog walking services and attracting customers via sharing content over different social media platforms.

This business idea would be carried on solely and its legal form of structure has been defined as a sole proprietorship. The location where services would be rendered includes Cardiff, UK and the entire management has been decided to be ensured by one single person i.e. me. While rendering the services, two dogs would be taken for the walk for 2 hours every day at a reasonable amount of price so that maximum people can get attracted towards these services. Mostly, the young and full-time working professionals would be targeted who are not able to take their dogs on a walk due to their busy schedules.

The competition in the pet care industry is high because many professional organizations of pet care have been working and growing in the industry for years. The key strengths of different competitors have been discussed and compared by applying a suitable model of Unique Selling Proposition (USP). A financial budget has been defined on an estimation basis i.e. 2000 Euros that might get increased based on the changing needs and requirements of the new business idea.

Business/Industry Overview

The dog walking industry is observed as one of the fastest-growing industries in the UK for small business start-ups. The growth of the dog walking industry in the UK has been increasing steadily since the year 2015 from 5.1 billion Euros to 5.3 billion Euros in 2019. The UK pet market has been observed as the largest industry in Europe. According to the report of PDSA Animal Wellbeing (2019), half of the young adults of the UK own a pet. On average, most dog walkers in the UK earn between 10 Euros to 20 Euros per hour. A recent study of the Department for Environment Food and Rural Affairs (2018) has shown that dog walkers are in high demand because the dog owners remain busy in doing their full-time jobs and businesses and they seek for dog walkers as they want to keep their dogs healthy and active in their presence.

Based on the report that has been recently published by Statista Research Department (2015), it has been founded that dog owners take their dogs for a walk for at least 10 minutes or more in the UK [Appendix 1]. The trend of hiring professionals for dog walking has got been increasing rapidly among pet owners. Other than the dog walking trend, some other trends have also been observed in the UK such as dog yoga, pet slimming classes, grooming parlours, etc (Walk My Dog, 2021). The culture of the UK highly supports the dog-keeping practices as people are open minded and believe that dog are their friends family members. The UK economy allows dog walking organizations to initiate programs for encouraging dog health and making them active. The government influences the dog walking industry positively by creating awareness among pet owners that dog needs regular exercise to remain healthy and active (Department for Environment Food and Rural Affairs, 2018).

My business idea is to work as a dog walking professional and I will be targeting the Cardiff area where I will provide help to those pet owners who work full time by providing them dog walking services. This business idea suits the industry as I would be taking four dogs daily for 2 hours. The competition in this industry is high as many professional dog walking organizations are already providing various dog related services to the pet owners for years. One of the biggest competitors is Professional Dog Walkers Association (PDWA) which is a registered association (Professional Dog Walkers Association, 2016). My services will be unique and different from others because of the following features:

  • Providing integrated combinations of dog walking and dog playing services
  • Charging less prices as compared to other dog walking organizations
  • Providing grooming services to dogs

Market Analysis and Competition

The target market where the dog walking services would be rendered is the Cardiff area, UK which is the capital city of Wales. The city is expanded within the area of 140.3 km square. Some towns that would be covered in serving these services in Cardiff include Butetown, Canton, Castle and Adamsdown. These areas will further get increased with the increase in the number of experience.

In the recent years, the concept of dog walking and health has been trending and got encouraged among dog owners and therefore studies have revealed that dog owners are more active than non-dog owners. During the period of 2020-2021, the population of dogs in the UK has been estimated at 12.5 million and due to being a full-time employed person, the dog owners fail to take their dogs on walk and eventually they become lazy and inactive which also affect their health (Walk My Dog, 2021). Therefore, the need for dog walking services is high in Cardiff, UK. In the UK, Smith (2019) estimated that people incurs 445 Euros to 1620 Euros every year for owning a dog. The percentage of dog ownership has been stood at the highest in the UK i.e. 33 % as compared to other pets [Appendix 2]. On estimation, approximate 10%-15% of the dog owners might buy the dog walking services.

The repeat-purchase volume refers to the number or percentage of customers who visit the business regularly for buying products/ services. The repeat-purchase rate can range 0 % to 100 % and higher the rate will indicate higher repetitive visits of the customers. For example, if the total number of customers in the first month would be 50 and the number of customers who have returned for again buying the dog walking services in that particular month would be 30, then the repeat purchase rate for that month would be 60 % and this estimation has been calculated as follows:

Number of customers returning/ Number of total customers*100 (30/50*100) = 60%

Socio-demographic factors include the physical health and psychological benefits of dogs that can affect the dog walking services. Some other economic factors that may affect the dog walking services include ethnicity, presence of older sibling, maternal age at delivery, number of family members in the household and parental education or social class. The presence of sibling and more family members in household can reduce the sales of dog walking services because they would take the initiative of taking their dogs on walk (NCBI, 2018). Also, during the maternal delivery age many female dogs would restrict for going on a walk. All such factors would negatively affect the sales for this business idea.

Key strengths over the competition

Business Organizations

Cardiff Dog Walking

Danescourt & Radyr Dog Walking pet sitting

Friends for Pets Cardiff

Dog Walking Services (Business idea)

Core strengths

· Wide range of services including dog sitting, cat sitting, house dog boarding, etc.

· Experience of more than 10 years

· Qualified professionals in providing first aid services to dogs

· High-quality care to dogs

· Liked and preferred by most of the customers

· All dog carers and walkers are registered, experienced, insured and uniformed (NCBI, 2018)

· Lowest prices in the market

· Only two dogs are taken for a walk at a single time to ensure high quality services

· Considering behavioural traits of dogs

· Taking dogs for a walk based on the timing suitable to dog owners

· Opens 27*7 hours

The volume and value of sales has been estimated and compared with existing competitors as follows:

Competitors

Cardiff Dog Walking

Danescourt & Radyr Dog Walking pet sitting

Friends for Pets Cardiff

Dog Walking Services (Business idea)

Sales (for the period of 2021-2022)

£65,000

£50,000

£45,000

£40,000 - £60,000

The following barriers to entry can prove to be helpful in protecting the business from competition:

  • Access to capital and equipment: To start dog walking business in the UK, right insurances would be required along with other equipment such as leads, toys and harnesses. Also, certain amount of capital will be needed to do some promotion/ marketing.
  • Regulations: All dog walking professionals need to strictly follow and comply with the guidelines that are developed by Dogs Trust Organization. Some regulations include that not more than four dogs are walked at one time and walkers must ensure that they have a lead for each dog (Christian et al., 2017). The compliance of all such regulations could resist people to choose this business idea.

Sales and Marketing Plan

Product or Service Offerings

Services to be offered

  • The following services would be offered to the potential customers:
  • Dog walking services to help those people who live alone in their homes and are fully employed
  • The dogs will be taken for a walk for at least 2 hours each day
  • Only two dogs will be taken for the walk so that high quality of care can be ensured of each dog

The customers will get benefitted due to following competitive features:

  • Buying dog walking services any time during the day or night as it would get open for 24*7 hours
  • Getting high quality services at reasonable prices than in the market (Christian et al., 2017)

For highlighting the key strengths over the competition, a model has been applied i.e. USP (Unique Selling Proposition) which helps in describing the key strengths to potential buyers along with sharing with them that in what ways dog walking services business idea is different from other competitors.

USP

What customers want?

What competitors do well?

What you do well?

· High-quality care of their dogs at reasonable prices

· Keeping their dogs healthy and active

· Keeping medical conditions of dogs in mind

· Asking the dog owners about behavioural traits of dogs

Cardiff Dog Walking

· Dog Day Care

· Overnight Home from Home Dog Boarding

Danescourt & Radyr Dog Walking pet sitting

· Quality per care

· Home visits

· Personal dog walking services

Friends for Pets Cardiff

· Flexible timings for dog walking as per the suitability of dog owners

· Dog house sitting

· Providing services at discounted rates to regular customers

· Health insurance is provided to dogs

· Providing friendly environment to dogs for walking

· Keeping dogs safe and ensuring their complete care

Pricing Strategy

Pricing is considered as one of the most important aspects of marketing strategy and it has been decided that lower prices would be charged for rendering the dog walking services so that maximum potential customers can get attracted, but the least prices must not affect the incurred costs and profitability in the long run.

A value-based pricing strategy would be followed while setting the prices for dog walking prices. Based on this strategy, the prices will be charged in consideration to the worth being perceived by the customers while receiving the services (Richards et al., 2013). The application of a value-based pricing model has been reflected as follows:

  1. Evaluating customers’ needs and values
  • High quality care to dogs
  • Taking dogs on walk for at least two hours
  1. Setting target price to reflect customers’ values
  • Price for each walk would be £ 8.5 and it may get updated according to the services demanded by the customers
  • This would be the lowest price in the market as other dog walking organizations charge more than £ 10 and sometimes £ 20.
  1. Determining costs and competitive differentiation
  • The establishment of this business idea would incur an estimated cost of £ 500 and it might get increased based on the further needs and expansion requirements of the business.
  1. Delivering services to meet and exceed customers’ values
  • Dog walking and playing services
  • Pet care
  • Keeping dogs healthy, active and happy

Sales and Distribution

The dog walking services can be distributed to the customers by adopting the following process:

  • Step 1: Online orders will be accepted from the customers as customers can contact via email, phone or purchase the services online from the website.
  • Step 2: After finalizing the order, date and time will be fixed along with the list of services being demanded by the customers.
  • Step 3: The dogs will be then taken to the walks and will be picked by visiting the customers’ houses and will be dropped off at their homes after the time gets completed (Richards et al., 2013).
  • Step 4: After finally delivering the services to the customers, the payment will be made by the dog owners, either through online applications (Google Pay or Direct transfer to bank account) or via cash.

Advertising and Promotion

Different forms of media will be used for sharing promotional messages to customers such as online website, emails and social media applications (Instagram, Whatsapp and Twitter). The focus will be ensured on social media applications because they are considered as the fastest means for sharing information and maximum customers can get attracted as many dog pages are being shared by the dog owners and dog lovers on different applications (mostly Instagram).

A most suitable method of sales promotion will be adopted i.e. free samples where the dog walking service would be provided to the customers for free for only once so that the people could determine the quality and effectiveness of the services being rendered to them. This business idea is going to be initiated at small scale, hence no product launches and trade shows will be organized as the investment or budget for developing this business idea would be low (Westgarth et al., 2017). A few marketing materials will be used including dog walking brochures, promotional leaflets and advertising materials.

The budget for this business idea has been shown as below:

Activities

Cost (in Euros)

Registration fees

150

Purchase of equipment including toys

500

Advertising fees

1000

Other expenses relating to business expansion

350

Total Budget

2000

Ownership and Management Plan

The legal structure of this business idea will be sole proprietorship as I would be solely carrying out this business idea as I don’t want anyone to get involved in this business idea. Being a sole proprietorship firm, no formal actions would require to be carried on and all the necessary guidelines and legal regulations will be followed while rendering dog walking services to the customers such as not taking more than four dogs at single time and taking the responsibility that no dog could get harm or no kind of damage must be caused to dogs (Westgarth et al., 2017).

Due to the following reasons, this business idea has been kept as a sole proprietorship firm and not any other legal ownership structure:

  • Being the sole owner, the control over the business activities will be possessed by me and all the decisions would be taken solely.
  • It would get easy to fulfil tax reporting requirements.
  • It is the simplest legal ownership structure and least expensive legal structure that is easy to get established (Ryan, 2016).

All the activities of this business idea would be managed solely with greater effectiveness and efficiency. For example, after rendering services to different dog owners, they would be asked to share their feedbacks about the quality of services rendered so that the rating on website can be increased and maximum customers can get to know about the business (Christian et al., 2016). Other than this, many new and attractive strategies would be formulated such as offering services at discounted prices, offering combo services and rendering two-days service for free after purchasing the services for 15 days. All such strategies would help in bringing long-term sustainability within the dynamic and competitive industry of pet care (Huws et al., 2016).

Operating Plan

The operating plan has been developed and shown as below for outlining physical requirements of the business including office, retail space, supplies, labour and warehouse (if applicable);

Operating essentials

Development

Production

Facilities

Staffing

Equipment

Supplies

Discussion

· An in-depth research has been undertaken about dog owners who have been located in different areas of Cardiff

· Strong relationships have been made with dog owners by interacting with them via online applications and door-to-door visits (Huws et al., 2016)

-

· A small office will be taken on rent in Cardiff so that dog owners can visit and purchase for dog walking services (Cheong et al., 2015)

· The estimated cost of leasing may include 200 Euros

· As it would be the sole proprietorship firm, hence there would be no staffing requirements

· Some necessary equipment would be purchased that would be required while taking dogs on the walk such as toys, belts, food items, etc.

· Different prices would need to be paid for purchasing these equipment (Kingsnorth, 2019)

· The defined equipment would be purchased in wholesale from the local suppliers of pet care shops in Cardiff

· All the purchased equipment would be stored in the office in a locked and safe cupboard so that food items must not get damaged

The above operation plan has reflected the discussion for operational requirements and each requirement has been discussed as well as linked in consideration to the business idea of dog walking services.

Financial Plan

This financial plan will comprise of four different elements namely, Income statement, cash flow, balance sheet, and most importantly break even analysis.

INCOME STATEMENT

MONTH------->

YEAR:

2021

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Total

INCOME

Income recieved from daily hour sessions

45000

50000

55000

60000

62000

67000

52500

57500

61000

62000

63000

64000

699000

Income recieved from grooming activities

1000

1500

1700

2000

2100

2400

2500

2650

2700

2750

2800

2950

27050

Income from Boarding Activities

2000

2100

2450

2500

2650

2700

2450

3100

3000

3200

2800

3500

32450

Extra per hour income recieved

1000

120

1300

1350

1400

1450

1500

1550

1650

1700

2800

1850

17670

A

Total

49000

53720

60450

65850

68150

73550

58950

64800

68350

69650

71400

72300

776170

COSTS I

Variable Cost/ Direct Cost

Staff Wages

1000

1100

1155

1150

1200

1210

1225

1250

1331

1400

1450

1500

14971

Sales and Marketing Expenses

500

600

650

720

745

75

800

850

840

900

1000

500

8180

Depreciation

0

0

0

0

0

0

0

0

0

0

0

0

0

Utilities

100

150

200

250

300

350

400

450

500

525

575

625

4425

B

Total Direct Costs

1600

1850

2005

2120

2245

1635

2425

2550

2671

2825

3025

2625

27576

C

Gross Profit

47400

51870

58445

63730

65905

71915

56525

62250

65679

66825

68375

69675

748594

Cost II

Total Fixed Cost

Land at lease

5000

5000

5000

5000

5000

5000

5000

5000

5000

5000

5000

5000

60000

Phones

200

200

200

200

200

200

200

200

200

200

200

200

2400

Legal

502

502

502

502

502

502

502

502

502

502

502

502

6024

Accounts

450

450

450

450

450

450

450

450

450

450

450

450

5400

Internet

350

350

350

350

350

350

350

350

350

350

350

350

4200

D

6502

6502

6502

6502

6502

6502

6502

6502

6502

6502

6502

6502

78024

Total Overhead Costs

8102

8352

8507

8622

8747

8137

8927

9052

9173

9327

9527

9127

105600

Net Profit

39298

43518

49938

55108

57158

63778

47598

53198

56506

57498

58848

60548

642994

E

Bank Balance

Opening Balance

100

324

224

454

275

545

600

650

750

800

850

900

6472

Carried forward

39398

43842

50162

55562

57433

64323

48198

53848

57256

58298

59698

61448

649466

CASHFLOW

Particulars

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Total

Cash Received

Cash from Operations

Cash Sales

40000

42000

50400

60480

72576

87091

104509

125411

150494

180592

216711

260053

1390318

Cash from Receivables

0

2000

2400

2880

3456

4147

4977

5972

7166

8600

10320

12383

64301

SUBTOTAL CASH FROM OPERATIONS

40000

42000

50400

60480

72576

87091

104509

125411

150494

180592

216711

260053

1390318

Additional Cash Received

Sales Tax, VAT, HST/GST Received

2000

2100

2520

3024

3629

4355

5225

6271

7525

9030

10836

13003

69516

New Current Borrowing

3000

3150

3780

4536

5443

6532

7838

9406

11287

13544

16253

19504

104274

New Other Liabilities (interest-free)

4000

4200

5040

6048

7258

8709

10451

12541

15049

18059

21671

26005

139032

New Long-term Liabilities

5000

5250

6300

7560

9072

10886

13064

15676

18812

22574

27089

32507

173790

Sales of Other Current Assets

2000

2100

2520

3024

3629

4355

5225

6271

7525

9030

10836

13003

69516

Sales of Long-term Assets

3000

3150

3780

4536

5443

6532

7838

9406

11287

13544

16253

19504

104274

New Investment Received

3000

3150

3780

4536

5443

6532

7838

9406

11287

13544

16253

19504

104274

SUBTOTAL CASH RECEIVED

62000

65100

78120

93744

112493

134991

161990

194388

233265

279918

335902

403082

2154992

Expenditures

Expenditures from Operations

Cash Spending

3000

3150

3780

4536

5443

6532

7838

9406

11287

13544

16253

19504

104274

Bill Payments

10000

10500

12600

15120

18144

21773

26127

31353

37623

45148

54178

65013

347579

SUBTOTAL SPENT ON OPERATIONS

13000

13650

16380

19656

23587

28305

33966

40759

48910

58693

70431

84517

451853

Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out

4000

4200

5040

6048

7258

8709

10451

12541

15049

18059

21671

26005

139032

Principal Repayment of Current Borrowing

2000

2100

2520

3024

3629

4355

5225

6271

7525

9030

10836

13003

69516

Other Liabilities Principal Repayment

1000

1050

1260

1512

1814

2177

2613

3135

3762

4515

5418

6501

34758

Long-term Liabilities Principal Repayment

3000

3150

3780

4536

5443

6532

7838

9406

11287

13544

16253

19504

104274

Purchase Other Current Assets

1000

1050

1260

1512

1814

2177

2613

3135

3762

4515

5418

6501

34758

Purchase Long-term Assets

5000

5250

6300

7560

9072

10886

13064

15676

18812

22574

27089

32507

173790

Dividends

3000

3150

3780

4536

5443

6532

7838

9406

11287

13544

16253

19504

104274

SUBTOTAL CASH SPENT

32000

33600

40320

48384

58061

69673

83608

100329

120395

144474

173369

208042

1112254

Net Cash Flow

30000

31500

37800

45360

54432

65318

78382

94058

112870

135444

162533

195040

1042738

BALANCE SHEET

Particulars

Total

Current Assets

79586

Cash

15917

Accounts Receivable

7959

Inventory

7959

Other Current Assets

7959

TOTAL CURRENT ASSETS

119378

Long-term Assets

Long-term Assets

47751

Accumulated Depreciation

7959

TOTAL LONG-TERM ASSETS

54710

TOTAL ASSETS

174088

Liabilities and Capital

Current Liabilities

15917

Accounts Payable

7959

Current Borrowing

15917

Other Current Liabilities

63669

SUBTOTAL CURRENT LIABILITIES

103461

Long-term Liabilities

79586

TOTAL LIABILITIES

183047

Paid-in Capital

47751

Retained Earnings

31834

Earnings

31834

TOTAL CAPITAL

111420

TOTAL LIABILITIES AND CAPITAL

294467

Net Worth

183047

BREAK-EVEN ANALYSIS

Break-Even Point (sales dollars) = Fixed Costs ÷ PV Ratio

Particulars

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Sales

49000

53720

60450

65850

68150

73550

58950

64800

68350

69650

71400

72300

Fixed Cost

6502

6502

6502

6502

6502

6502

6502

6502

6502

6502

6502

6502

Variable Cost

1600

1850

2005

2120

2245

1635

2425

2550

2671

2825

3025

2625

PV ratio (Contribution/Sales)

96.73%

96.56%

96.68%

96.78%

96.71%

97.78%

95.89%

96.06%

96.09%

95.94%

95.76%

96.37%

Break Even Sales

6721.48

6733.9

6725.06

6718.29

6723.49

6649.82

6780.94

6768.35

6766.42

6776.87

6789.66

6746.96

References

Cheong, A.L.H. and Yi, K.H., 2015. Self-extension and Purchase Behavior of Dog Related Products and Services: An In-depth Interview among Selected Malaysian Dog Owners. Asian Social Science11(3), p.26.

Christian, H., Bauman, A., Epping, J., Levine, G.N., McCormack, G., Rhodes, R.E., Richards, E., Rock, M. and Westgarth, C., 2016. State of the art review: Promoting dog walking for healthy lifestyles. American Journal of Lifestyle Medicine.

Christian, H.E., McCormack, G.R., Evenson, K.R. and Maitland, C., 2017. Dog walking. In Walking. Emerald Publishing Limited.

Department for Environment Food and Rural Affairs. 2018. Code of practice for the welfare of Dogs. [Online]. Retrieved from https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/697953/pb13333-cop-dogs-091204.pdf

Gunter, L., Protopopova, A., Hooker, S.P., Der Ananian, C. and Wynne, C.D., 2017. Impacts of encouraging dog walking on returns of newly adopted dogs to a shelter. Journal of Applied Animal Welfare Science20(4), pp.357-371.

Huws, U., Spencer, N.H. and Joyce, S., 2016. The size and characteristics of the on-demand economy in the UK and Europe. Economist.

Kingsnorth, S., 2019. Digital marketing strategy: an integrated approach to online marketing. Kogan Page Publishers.

Lowe, C.N., Williams, K.S., Jenkinson, S. and Toogood, M., 2014. Environmental and social impacts of domestic dog waste in the UK: Investigating barriers to behavioural change in dog walkers. International Journal of Environment and Waste Management13(4), pp.331-347.

NCBI. 2018. Encouraging Dog Walking for Health Promotion and Disease Prevention. AmericanJournal of Lifestyle Medicine. [Online]. Retrieved from https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6124971/

Professional Dog Walkers Association. 2016. [Online]. Retrieved from https://professionaldogwalkersassociation.co.uk/

Richards, E.A., McDonough, M.H., Edwards, N.E., Lyle, R.M. and Troped, P.J., 2013. Psychosocial and environmental factors associated with dog-walking. International Journal of Health Promotion and Education51(4), pp.198-211.

Ryan, D., 2016. Understanding digital marketing: marketing strategies for engaging the digital generation. Kogan Page Publishers.

Smith, G., 2019. UK Pet Market Set to Hit £7 Billion by 2021. Pet Subjects. [Online]. Retrieved from https://petsubjects.co.uk/2019/11/07/uk-pet-market-set-to-hit-7billion-by-2021/

Walk My Dog. 2021. The UK Pet Care Market. [Online]. Retrieved from https://www.walkmydog.co.uk/franchise/uk-pet-care-market/

Westgarth, C., Christley, R.M., Marvin, G. and Perkins, E., 2017. I walk my dog because it makes me happy: a qualitative study to understand why dogs motivate walking and improved health. International journal of environmental research and public health14(8), p.936.

Westgarth, C., Christley, R.M., Marvin, G. and Perkins, E., 2019. The responsible dog owner: the construction of responsibility. Anthrozoös32(5), pp.631-646.

Appendices

Appendix 1: Frequency of dog walk

Source: https://www.statista.com/statistics/536614/dog-walks-frequency-in-the-united-kingdom-uk/

Appendix 2: Dog ownership in the UK

Source: https://www.statista.com/statistics/308218/leading-ten-pets-ranked-by-household-ownership-in-the-united-kingdom-uk/

Appendix 3: Diagram of services

Appendix 4: Office layout

Appendix 5: Marketing Brochure

Part 2: Reflection

Introduction

This report focuses on my critical expression over various subjects that I learned in this module. My journey has remained progressive and enlightening throughout the module and I have gained sufficient knowledge on the various subject matter. However, it is not limited to books and I need to learn and grow continuously. This report will discuss my journey and learning with the scope for my professional prospects (Allison et al., 2016).

Research skills

Research skills are inevitable for professional prospects because it makes an individual more analytical and objective towards various situations in life as well as at the workplace. Research skills enable a person to do a meticulous study on the subject and derive a more critical and appropriate conclusion. Research helps the business in decision-making and become more effective in running the business. it helps in determining the future trend of the market and customer preferences and tastes in advance. I possess good researching skills. I am highly analytical and assess all the aspects meticulously before making a decision(Allison et al., 2016). I believe that each factor is significant in taking a decision and every minute detail must be considered in the research. I feel that research skills are empirical for widening the scope of improvement and promotion in the corporate world. An individual with optimum research skills can help the business to grow and develop in the volatile market because it makes the decision more specific and task and goal-oriented. Research skills include a systematic approach to analyzing the issue and developing aims and objectives so that the study becomes more efficient and resourceful. I have learned the significance and types of researches in the module(Allison et al., 2016).

Organizational Skills

Organizational skills refer to the systematic and structural approach towards business operations. Optimum organizational skills enable the elimination of wastage. Organization skills enable a person to manage his/her scarce resources which is an inevitable factor in today's corporate work. It makes an individual highly effective and efficient in dealing with the environment's ups and downs. I possess modest organizational skills. I try to stick to the plan and can manage resources accordingly. I prefer to check everything after putting them in their place and receiving feedback while dealing with human resources (WALKER, 2017). I think that I learned the significance of organizational skills from the module and started applying the learnings in my routine life. I used to plan my day in the morning to reduce the wastage of my time. This has helped me to become more efficient in carrying out my routine job of dog walking. I had my clothes, shoes, watch, and mobile phone in place to reduce unnecessary movements and save my time and energy. Organizational skills have helped me to utilize my resources effectively and become more productive. However, I still need to perfect the art of organizing because I often think that I can optimize my organizational skills so I improve my prospects (WALKER, 2017)

Entrepreneurship

 I believe that entrepreneurship is an empirical skill to develop as it enables a person to tap new opportunities in the environment and create means to develop valuable products and services for the world. I lack considerable entrepreneurial skills but I have optimum learning skills that will help me to enhance my entrepreneurial skills. I believe that with entrepreneurial skills, I will enhance my professional prospects and this module has helped me to critically analyze my capabilities for successful entrepreneurship (Reyad, S., Badawi, S., and Hamdan, A., 2020). I learned the importance of creating valuable resources and products because of the rapid transformation in the lifestyle of people. Moreover, it also aids sustainable development and creating eco-friendly means for a constructive business plan. The world is suffering from uneven distribution of resources and its over-exploitation that can be addressed by effective entrepreneurship. I learned about different entrepreneurship and I think social entrepreneurship is the area where I can put my determined and true efforts as I am concerned about social issues and ecological imbalance. Entrepreneurship is an aspect of the business without which sustaining in a volatile environment is nearly impossible. With digitalization, AI, EVs, and many more technological advancements, entrepreneurship is inevitable to make the business offerings more lucrative and effective (Reyad, Badawi, and Hamdan, 2020).

Strategic planning

No business can sustain or even initiate without proper planning. A plan is necessary for optimizing the allocation and use of resources which can otherwise lead to losses. I have optimum planning skills because I have been taught to take decisions after thorough study and analysis. since childhood, I have been disciplined and planned my schedule and syllabus for study in advance. I also monitored and revised my plan if needed. From this module, I learned that strategic planning is goal-oriented to make the plan more effective in yielding favorable output. Strategic planning helps an individual to lead his life and progress in a specific direction and increases focus and motivates a person to persist and endeavor to achieve his/her goals. I learned about SWOT analysis and other tools and models that facilitate strategic planning. This module was very informative and knowledgeable in facilitating my wisdom about strategic planning. Strategic planning skills are vital for enhancing future goals and scope for promotion. However, I feel a dearth of lucid planning skills and I can improve myself in taking decisions and planning according to the goals and overall objective. I am enthusiastic and active in devoting my energy and focus to optimizing my planning skills (Rubenstein et al., 2019).

Time management

Time management I pivotal skill in managing the scarce resource that has no other alternative for an individual. I strongly believe that 'time is money and I do not prefer wasting my time to let the opportunity come to my doorstep. I hunt my opportunity myself and continuously develop to make myself eligible for the future needs for employability. From this module, I learned that time management can help the company to create internal capability and tap the opportunities timely. As an individual, I feel that I have optimum time management skills and I organize tasks in a specific order (Shoemaker, 2020). I am efficient in keeping all the distractions away and I have allotted time to socialize and still save time for my leisure activities. I devote 1 hour in the morning to calm my mind to use its full potential and increase my focus at work. Time management is not solely related to our work life but also our personal life. I make sure that I give enough time to my parents and family so that they do not lag and I feel belonged and happy. My work is my worship but I have a realization towards my social and economic roles and therefore I judiciously allocate my time among various activities and aspects of life (Shoemaker, 2020).

Planning skills

Planning skills help an individual to address future risks and create a plan that mitigates the risk to a good extent and increases the productivity and outcome of such plans. I have good planning skills and I have participated in co-curricular activities in which planning was crucial. For dog-walking, I planned everything and evaluated the implication by creating a profit and loss budget and cost of this activity. I allotted time and arranged the dogs in slots according to accessibility (Rubenstein et al., 2019). In this module, I learned different tools and techniques used while planning. I realized that it is a cumbersome and mind process. I will read books to enhance my knowledge about planning and related elements. I will try to optimize my planning skills so that I can put the resources to best use and decide judiciously among various alternatives. In planning, one needs to assess the internal and external environment. furthermore, planning is always goal-directed which makes an individual focus on key areas and narrow down the analytical subject matter to save time. I need to understand the importance of letting go of non-core factors. I need to inculcate vital planning skills so that it widens the scope for my employability prospects (Rubenstein et al., 2019).

Interpersonal communication skills

Communication is one of the most vital and engaging skills of a person. It enables a person to engage and connect with his/her peers and inculcate confidence within. I considerably lack good and effective interpersonal communication skills. I need to put effort honestly and deliberately to enhance my prospects. I am not timid but only converse when I have some work-related query or information. I need to understand that connections are vital in the corporate world as it directly affects harmony and work culture (Okoro, Washington, and Thomas, 2017). Without effective communication, I am unable to deliver my ideas in the discussion and influence anyone in the group. I believe that communication is the sum of the personality and disposition of a person in public as well as at the workplace. I feel that I am unable to draw the attention of people in conversation towards my idea and it is a sign of my ineffective interpersonal communication. I feel this will make a sheer difference in my prospects as it will disallow me to become ready for promotion and develop further at my workplace. This module helped me to analyze and assess the significance of interpersonal communication(Okoro, Washington, and Thomas, 2017).

Decision Making

Decision-making is an activity that cannot be ignored no matter what work we do. As an individual, I am modest in taking decisions. However, I tend to ignore risky decisions that can benefit me and my team greatly but if anything goes wrong, it can backfire. I try to avoid risk but I take decisions after a thorough analysis of all facts and figures. Decision-making is an intellectual process that requires studying and analyzing all the facts and alternatives (Ceschi et al., 2017). From this module, I learned the various techniques and tools that analysts and managers use to decide upon one alternative. all these decisions are goal-directed and have a specific target to complete. Decisions can be small or big but every small and minute decision can influence the business. The individual who has to decide must regard time and other sources as well before taking any decision. From this module, I was introduced to the viability and working of the decision-making process and its implication on the situation or the whole organization (Ceschi et al., 2017).

Professional Writing skills

Communicating is paramount to business transactions and the writing proficiency of an individual widens the scope for his development and growth in the employability area. I feel that I am quite average informal writing and preparing documents because I find it monotonous and not exciting at all. Also, my formal vocabulary and sense of arranging sentences and paragraphs are not well. Professional writing skills are important if one needs to explore the areas of growth within the organization (Ranaut, 2018). it helps the person to take up a role such as a report writing and writing business letters and emails. From this module, I realized the importance of optimizing formal writing skills for the growth of prospects and meeting the current demand of up-to-date and skilled employees. I am resolved to make it my priority as I feel that this can greatly influence my work.it will also help me structuring my report and research papers. Professional writing will facilitate business communication and stand out in the crowd of employees. Perfection in professional writing will enable me to connect to my superiors and widen the scope for promotion and growth in the company or my business (Ranaut, 2018).

Conclusion

From the above analysis, we found out that all the skills mentioned above are empirical in one's employability. I also discussed my weak points and my optimum skills to facilitate my understanding of my capabilities that can either make or break my future. I am resolved to act upon my weaknesses and inculcate skills that will enhance my growth and development in the employability area.

References

Allison, B., Hilton, A., O'Sullivan, T., Owen, A. and Rothwell, A., 2016. Research skills for students. Routledge.

Ceschi, A., Demerouti, E., Sartori, R. and Weller, J., 2017. Decision-making processes in the workplace: how exhaustion, lack of resources and job demands impair them and affect performance. Frontiers in Psychology8, p.313.

Okoro, E., Washington, M.C. and Thomas, O., 2017. The impact of interpersonal communication skills on organizational effectiveness and social self-efficacy: A synthesis. International Journal of Language and Linguistics4(3), pp.28-32.

Ranaut, B., 2018. Importance of good business writing skills. International Journal of Language and Linguistics5(2), pp.32-41.

Reyad, S., Badawi, S. and Hamdan, A., 2020. Assessing the impact of entrepreneurial skills development on self-employment practices amongst Egyptian and Bahraini accounting students in public and private universities. Journal of Islamic Accounting and Business Research.

Rubenstein, L.D., Callan, G.L., Ridgley, L.M. and Henderson, A., 2019. Students’ strategic planning and strategy use during creative problem solving: The importance of perspective-taking. Thinking Skills and Creativity34, p.100556.

Shoemaker, L.E., 2020. Employment of Individuals with Intellectual Disabilities: A Case Study of Time Management and Job Training Skills (Doctoral dissertation, Walden University).

WALKER, H., 2017. Leadership Techniques, Organizational Skills, and Interpersonal Relationships Affect Workplace Productivity.

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