Professional Documents
Culture Documents
Reflection For Webinar 5
Reflection For Webinar 5
Reflection For Webinar 5
learned over the past four weeks by presenting our business plan to the class. As I
learned on the first day of our class, we started our planning by first defining what we
really wanted to be. Our team is made up of six individuals with different characteristics
and beliefs. First, we asked each other what we really wanted and what common
problems we faced in our daily lives and after that discussion, we decided to come up
with a business plan for a laundry shop because most of us spend our days working
and studying that sometimes we do not have enough time to wash our clothes. And we
are really satisfied coming up with this idea, especially with me because before, I had
planned to have my own laundry shop, so I already had some ideas that we used for
this business plan. Then, after that meeting, we started researching by asking our
friends to share their own experience starting their own business and we also applied
what we learned to define what things we really need to consider when establishing a
business. And today, after the presentations of all the groups and after hearing the
questions and comments of Dr. Rotairo, it makes me realized that planning is really
important in starting your business because you should know and understand all the
things about the business you plan to build from the target market, where you plan to
sell or offer your product/services and to the projections of your finances. You really
need to identify your target market because it will help you decide where to place your
business, what kind of marketing you need to attract your target market, and especially
all the laws and regulations governing business industries. Starting a business requires
analytical thinking and having a good plan. It is important to analyze the competition and
find out who your competitors are because in some way you can use their successful
1|2
tactics to improve your business and get ahead of them. And, you also need to
understand the risks and rewards. By doing so, you will be able to overcome the risk
and reap the tremendous rewards of having your own business. And lastly, you need to
be creative, stay focused, and be consistent. For me, a successful business is the result
And from the book review, I learned that it is important for the marketer to know
increasingly digital, and social market. Our selected book on Marketing Principles
proves that different marketing management functions can serve the needs of the
organization by making them aware of the needs of the consumer and by showing that
2|2