Learning Summary

Based on the business proposal that our group had done, we understand that writing a business plan is a constant process of learning and practicing. It teaches us to be focus. There is a lot to think about when writing a business plan and an unexpected outcome of this is that it teaches us how to focus to have a clear target to work towards the mission. We dedicated our time and attention accurately and concisely to complete each section of the business proposal. We delve deep into market research, competitor analysis, financial projections and more to put our plans together. Besides that, writing a business plan teaches us to be patient because it takes a lot of time which is writing a business plan can take weeks or even months, depending on how much research is involved. Developing patience while writing business plan also teaches us to take our business idea seriously. Other than that, while we were writing our business plan we continually presented with opportunities to think long and hard about what makes our business unique from our competitor in the same market. By analyzing our unique trails we not only see how to use our strengths to benefit the business, but we are also aware of how to work with our weaknesses to achieve the best outcomes in the future. In addition to that, our business plan will allow us to analyse future opportunities and avoid potential pitfalls and alongside both of these, we also learn some valuable skills which will benefit our business.