Business Challenges through Proper Skills and Planning Assignment Sample

Individual Reflective Report for Business Challenges Assignment

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Challenges of Businesses

A business can face many challenges regarding its branding, finance, and other operations. It is essential to resolve these challenges by implementing proper skills and an action plan. Firstly it is necessary to identify these challenges. There are three key challenges that a business normally faces. These challenges are the Apprentice challenge, Presentation challenge, and T-Shirt Challenge. A detailed analysis of these challenges with the implementation of proper modules is hereby presented below:

a. Apprentice Challenge

Apprentice challenges are a part of the Apprentice style of team building. Apprentice challenges provide an excellent opportunity for the identification of potential leaders within a team. It also helps to improve teamwork and combined work within a team (Henry and Lloyd, 2019). This particular kind of challenge is essential for the improvement building communication skills within a team. It also enhances the scope of more creative ideas coming from the team members. Any staff from any business market can be applicable for this process. Apprentice challenges are key for the members of a team to learn about budget management, and target markets. 

The concept of leverage and capital markets become useful in this scenario. It is very important for the team member of a business related to finance to know about these concepts. It is also important to know about macroeconomic and microeconomic theories (Ryan and L?rinc, 2018). This will lead to the proper application of the apprentice challenges. Leverage refers to the borrowing of capital that is required for the operation of a project. Capital markets refer to the place responsible for the trade between sellers and buyers. Teams of a business related to finance should be fluent in these terms. 

The finance of a market or a business can be recognized efficiently using the PESTEL Analysis.

 

Different factors	Consequence
Political	Involvement of politics- 21.6%  Stability index of politics - 0.54 (bbc.co.uk, 2022). Political integrity- 12.3%
Economic	Rate of unemployed youth- 4.1% Financial independence- 72.7 (ons.gov.uk, 2022).
Social	Current population of the UK- 68.8 million (bbc.co.uk, 2022).  Cultural integrity- Innovative
Technological	Technological advancement- Satisfactory Availability of information- Sufficient (ons.gov.uk, 2022)
Environmental	Climate change crisis- 1.2% Clean Air Act, (1999) (legislation.gov.uk, 2022).
Legal	Legislation development. Loan related to retail- 34% (legislation.gov.uk, 2022).

Table 1: PESTEL analysis of UK

Analysis of the Table:

The finance of the market UK can be understood efficiently through the PESTEL analysis of the UK. It helps to get a fair idea of the different factors influencing a market therefore the finance of the business. It is very important for the members of a team to be fluent in this module. 

b. Presentation Challenge

The presentation challenge is mostly observed in businesses related to technical operations or projects. The major challenges in a presentation that a business can cause due to lack of communication, lack of engagement and lack of focus. A presentation is very important to plan the operation of a business for its clients. Failing to do so can harm the efficiency of the business. The first challenge that is generally faced during making a presentation is lacking the ability to decide on the content (Iyer et al. 2019). The second challenge is normally the clouding of ideas. An overcrowded presentation can result in the shifting of focus from the key objective. The third challenge can arise from the lack of creativity. The last challenge is normally faced due to not meeting the deadline. 

The key academic concepts related to a presentation process of a business are Inputs, Outputs, and Transformation processes. The concept of Input is key to the content of the presentation of the business (Elmqvist et al. 2019). The Concept of transformation is related to the process between the input and the output, it is the phase of productivity. Output is the concept that determines the outcome of the project or the presentation. 

The Presentation challenges can be identified well by the usage of the SWOT Analysis. This analysis will depend on the strengths, weaknesses, opportunities, and threats of a team. 

Strengths	Weaknesses
High quality of the project Efficient teamwork	Lack of content Lack of creativity
Opportunities	Threats
Creative team members Efficient transformation	Ineffective outcome Clouded judgement

Table 1: SWOT Analysis

Analysis of the table:

This SWOT analysis table has been built based on the strengths, weaknesses, opportunities and threats that a team has or goes through during a presentational process. The strengths of the team usually lie in its high quality and efficient teamwork ( Beal et al. 2019)). The opportunities can be identified to be the creative team members who can result in an efficient transformation of the project. The weaknesses arise from a lack of content and creativity. The threats that can lead to a presentation challenge are usually clouded judgement and ineffective outcomes. 

C. T-shirt Challenge

The T-Shirt challenge is faced by a business regarding its branding. The modern market relies on branding and T-shirt merchandise is one of the most effective ways of marketing. Failing to build an effective T-shirt which represents the brand of the business will harm its popularity (Xu et al. 2020). The major challenges faced during the building of a T-shirt are lack of design, lack of moto, and lack of proper artwork. It is very important that the brand realizes its objective and thereby presents it in the T-shirt. 

The key concepts behind proper branding are Brand attributes, Brand promise and Brand personality. Brand promise is the key factor that a customer expects from the brand or the business (Iyer et al. 2019). Brand attributes define the strength and uniqueness of the business and where it excels at. Brand personality refers to the policies of the brand or other cultural influences the brand has on society. 

These challenges can be overcome by the usage of the modules of the Target market and Profit and loss statement. A business should always brand itself keeping in mind its target market or customers. The efficiency of the merchandise will help to increase the value of the business and thereby will have an effect on the profit and loss of the business. Thus, the profit and loss module can also help to determine the success of the merchandise or T-shirt. 

These challenges are related to the different sectors of the business and have helped me to learn various working principles in different businesses. It has helped me to learn more about branding, finance, operation and teamwork present behind a business. The modules included has has been reflective of the current business markets of the UK. 

Demonstrated Skills

1. Communication Skills/ Emotional Intelligence: The three different challenges required communication skills and emotional intelligence. I needed to actively listen, present feedback, and show a lot of confidence. It also made me respect the different circumstances a business can face. It is important to be commanding, to show the qualities of a leader, required to solve the Apprentice challenge (Moore et al. 2018). Communication is required to build another important skill, teamwork. Communication is also required to get clouded with emergent ideas during a presentation. It is also necessary to stay focused.  
2. Teamwork: Teamwork is extremely necessary to handle any operation. Teamwork should be a huge factor influencing a presentation. Teamwork requires communication among the team members. The team members should also be respectful towards each other for the most efficient productivity. Teamwork ensures competition which increases the productivity of the whole team and also the skills of an individual. I have developed my skills by working in a team to resolve particular challenges. 
3. Time Management and meeting skills: I have also demonstrated time management skills while meeting deadlines during a presentation. This occurred while dealing with the Presentation challenge (Ryan and L?rinc, 2018). I have learnt to meet deadlines while maintaining the quality of the project or work I have been allotted by reflecting on my previous skills. It has also been reflective of my decision-making skills and achievement of goals. 
4. Business skills: All the challenges were related to different businesses. Thus, I was able to improve my finance management skills. I also learned valuable techniques in sales and marketing. I was also able to learn about branding and how to satiate customer needs. My networking skills and problem skills were useful in the process, and I was able to improve those skills as well. 

Action plan

I have been able to identify my skills related to communication, time management, teamwork and business skills following these challenges. I look forward to improving them in the next three years at this university. I need to improve my communication skills more by assessing situations efficiently and writing them down. I also want to improve my teamwork by working more in teams and building trust in the members. I also look forward to recognising the roles of the team members more efficiently. I need to improve my time management skills by being more efficient in the allotted work. I need to present more efficiently maintain the deadlines and also not move away from the objectives. My business skills will develop by doing more research on the markets, finance and branding. 

References

Beal, R., Changder, N., Norman, T. and Ramchurn, S., 2020, April. Learning the value of teamwork to form efficient teams. In Proceedings of the AAAI Conference on Artificial Intelligence (Vol. 34, No. 05, pp. 7063-7070).

Benzaghta, M.A., Elwalda, A., Mousa, M.M., Erkan, I. and Rahman, M., 2021. SWOT analysis applications: An integrative literature review. Journal of Global Business Insights, 6(1), pp.55-73.

Elmqvist, T., Andersson, E., Frantzeskaki, N., McPhearson, T., Olsson, P., Gaffney, O., Takeuchi, K. and Folke, C., 2019. Sustainability and resilience for transformation in the urban century. Nature Sustainability, 2(4), pp.267-273.

Henry, E.O. and Lloyd, M.D., 2019. Reinventing the ‘Nwaboi'apprenticeship system: A platform for entrepreneurship promotion in Nigeria. International Journal of Advanced Research in Management and Social Sciences, 8(9), pp.98-130. 

Iyer, A., Bali, S., Kumar, I., Churi, P. and Mistry, K., 2019, April. Presentation Abstraction Control Architecture Pattern in Business Intelligence. In International Conference on Advances in Computing and Data Sciences (pp. 666-679). Springer, Singapore.

Moore, P.M., Rivera, S., Bravo?Soto, G.A., Olivares, C. and Lawrie, T.A., 2018. Communication skills training for healthcare professionals working with people who have cancer. Cochrane Database of Systematic Reviews, (7).

Pan, W., Chen, L. and Zhan, W., 2019. PESTEL analysis of construction productivity enhancement strategies: A case study of three economies. Journal of Management in Engineering, 35(1), p.05018013. 

Ryan, L. and L?rinc, M., 2018. Perceptions, prejudices, and possibilities: Young people narrating apprenticeship experiences. British Journal of Sociology of Education, 39(6), pp.762-777. 

Xu, K., Zhang, G., Liu, S., Fan, Q., Sun, M., Chen, H., Chen, P.Y., Wang, Y. and Lin, X., 2020, August. Adversarial t-shirt! evading person detectors in the physical world. In European conference on computer vision (pp. 665-681). Springer, Cham.