As and responsibilities that had been assigned to the

As part of
my Business Foundations module, I undertook a group task which involved working
with 6 of my peers and being given a hotel design brief, within which we were
to create a hotel and cover all the aspects that were involved in running it.

Altogether, there were 3 different phases of group work that included creating
a business model canvas, partaking in a “trade fair” to promote our hotel and
finally, presenting a business pitch in an attempt to gain the support of potential
investors. Within the 3 phases, there were many challenges that the group had
to overcome not only as a team, but also also as individuals, and aspects that
we could have potentially approached differently to ensure that the tasks ran more
efficiently; the most prominent of which I believe were group planning,
management of finances and lastly, individual and group presentation ability.

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I believe
that some of the most pivotal aspects of successfully working in a group are time
management, ability to divide up work based on individuals’ strengths and
weaknesses and most crucially, being able to effectively communicate with all members
of the team. Due to issues that I had encountered at the start of the course, I
was late to join and consequently was placed in a group towards the end of the
first phase: the business model canvas. When joining, I did not feel that I
contributed as much as I could potentially could’ve as each member of the team
was very engrossed in their own work and I was not entirely sure what was going
on or how I myself would be able to contribute, had I been more aware of what
stage the group was at, I believe that I would’ve had the ability to speed up
the process as I’d be able to fill in the blanks in terms of roles and
responsibilities that had been assigned to the members of the group. In hindsight,
I definitely think that I could’ve improved the way I handled the situation through
being proactive by going directly to a member of the group that was behind and
helping them with what they’d already begun, rather than trying to find the areas
that hadn’t been covered as by the time I’d joined, this wasn’t much of an
option.

 

Management
of finances is one of, if not the, most fundamental parts of profitably running
a company and therefore theoretically should have been one of the core aspects
that we all focused on and had a clear understanding of. I believe that we all
had sufficient knowledge of the company’s finances, however more effort should
have been made by each individual to be able to confidently discuss them during
the trade fair, at which there was 1 individual who was far more knowledgeable
than the rest of us, and also during the pitch where it was possible that anybody
could have been asked about any aspect of the finances. An issue that arose
during our trade fair was the realisation that our hotel prices were considerably
higher than our peers’, we were aware of this and discussed this briefly
however we did not learn from this or make any alterations to our prices, which
in turn caused more issues at a later stage during our pitch. Our asking price
was exceedingly high, and I don’t feel that we were able to justify this, yet
it could and should have been avoided through appropriate market research that
would have led us to realise we needed to make adjustments.

 

The ability
to confidently and appropriately present our pitch was crucial in order to gain
the support of potential investors, however I think it was one of the areas in which
the group made some of the most preventable errors. The pitch overall was
fairly successful, although the lack of communication between team members
directly prior to the pitch led to it significantly overrunning and uncertainty
between group members about basic aspects of our hotel, both making the team
appear highly unprofessional and disorganised. Different roles had been
allocated to each team member (e.g. marketing, finance) and in this sense we
were communicating effectively to ensure all aspects were covered in a way
which was time and resource efficient. However, we did not communicate with one
another regarding our separate roles throughout the duration of the task and
instead brought together all of our work directly prior to the presentation,
this meant that we did not have enough time to filter through the presentation
and focus on the key elements to ensure it was within the 10-minute time frame
and not everybody was as confident with each others’ work as they were with
their own. As an investor, you would not expect either of these mistakes from a
company that is asking for such a large sum of money as they are such basic
errors and demonstrate that the company cannot work well as a team, potentially
suggesting they are unable to run a business. Part of this error was due to
sudden weather conditions which resulted in group members being unable to
attend the sessions that we’d set aside for practice, however I think that modern
day technology enables us to make use of things such as collaborative documents
and video calling that would have allowed us to considerably minimise the
amount of time that we’d lost.

 

In
conclusion, I believe that the task was generally a success, although there
were many areas that definitely could have been improved on which would have
helped to boost our groups’ success at each stage. During the first phase, I
think as an individual I should have had more of a proactive approach in order
to maximise the productivity of the group. The second phase should have been a
learning curve for us all in the sense that we needed to act upon our feedback
and findings from the trade fair, however we did not do so and this adversely
affected our financial management during the later stage. The third and final
phase, the pitch, would have been easier for us all had we communicated
effectively and acted upon our mistakes regarding our finances as a team,
working together to solve the issues that we encountered.