Reflective statementReflective statement

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Table of Contents

1. Introduction..........................................................................................................................0

2. Self-awareness....................................................................................................................1

Entrepreneurial attributes.....................................................................................................2

3. Opportunity awareness........................................................................................................2

4. Decision making...................................................................................................................3

5. Opportunity search...............................................................................................................4

6. Action plan...........................................................................................................................4

7. Reflection on Experience.....................................................................................................5

References...............................................................................................................................5

Appendices..............................................................................................................................7

Appendix A: Questionnaire (VAK Learning Styles)..............................................................7

Appendix B: Entrepreneur test 1........................................................................................12

Appendix C: Decision Making Skills...................................................................................14

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LEARNING CONTRACT Sheet 1 of 2

Unit learning outcome How will I demonstrate that I have met this outcome? Timescale Evidence

K1 Recognise and identify,

through a structured

process of analysis

whether an idea is able to

be realised into a viable

commercial opportunity

Analysing my own generalist and transferable skills will give me a chance to avail future opportunities. While assessing my generalist skills, I will analyse my problem solving abilities, teamwork skills, idea development skills, and the ability of critical thinking. Likewise, transferable skills will be analysed through judging my decision making and communication abilities

1 month

Jan- Feb

K2. Explain the business

behaviours of

entrepreneurs and the life

style and demands

involved.

For explaining the business behaviours of entrepreneurs I will refer to the relevant books, journals, and other academic literature and then I will use Cognitive Evaluation Theory to evaluate my entrepreneurship skills (Sánchez et al. 2011).

2 weeks

Dec

1. Evidence of evaluation of my entrepreneur skills and abilities

C1. Translate the general

processes of idea creation

and testing to a specific

and bespoke business

idea.

A business idea generation at the end of this unit will represent my various skills and abilities developed throughout this unit.

Oct - Mar

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Capability for Innovation: LEARNING CONTRACT Sheet 2 of 2

Unit learning outcome How will I demonstrate that I have met this outcome? Timescale EvidenceP1. Reflect critically and

constructively on

knowledge, skills, personal

preferences and attitudes

and develop/formulate a

realistic idea for a

business based on that

reflection and on research

into the opportunities for a

business in a chosen area.

I will write a reflective statement demonstrating the self-awareness, opportunity awareness, decision making, and opportunity search using a learning model such as Driscoll or Kolb’s learning models (Kolb, 1984; Driscoll, 1994)

Feb - April1. Reflective statement

T1. Present ideas,

innovations, capabilities

and business proposals

effectively in writing and

verbally, using formats

and behaviours

appropriate to a

commercial pitch

A detailed business proposal will be written containing business description, business opportunities, business operations, and marketing and financial plan 3 weeks

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REFLECTIVE STATEMENT

1. Introduction

Reflection is considered as an inherent element of higher education as it lets the students to

examine their abilities and entrepreneurial skills based on the lessons learned from the past

experiences. The term ‘reflection’ is defined by a number of authors and theorists. Boud et

al. (1985) defined it as “a generic term for those intellectual and affective activities in which

individuals engage to explore their experiences in order to lead to new understandings and

appreciations” (p. 19). Similarly, Boyd and Fales (1983) defined reflection as “a process of

internally examining and exploring an issue of concern, triggered by an experience, which

creates and clarifies meaning in terms of self, and which results in a changed conceptual

perspective” (p. 100). Another precise definition comes from Reid (1993) who defined

reflection as “a procedure of reviewing an experience of practice in related to describe,

analyze, evaluate and inform learning about practice” (p. 305). The above definitions

demonstrate the significance of reflection in reviewing the past experiences had by someone

for explaining, analyzing, and evaluating the events and skills.

The key aim of this reflective statement is to reflect upon knowledge, skills and attitudes

while developing the business idea of establishing an accounting and bookkeeping business

in Saudi Arabia. Also, it is to demonstrate how I will relate the business idea with my

entrepreneurial skills and attributes. Many experts in the past have successfully developed

various reflective theories and models where Driscoll model of reflection, Kolb’s reflection

model, and Gibbs reflective cycle are prominent (Driscoll 2000; Kolb 1984; Gibbs 1988).

Throughout this report, the author has applied the Driscoll model of reflection to explain

problems, opportunities, decision making and future action plans about business idea. The

Driscoll’s model is primarily based on three elements: what, so what and now what (Driscoll

2000). In ‘what’ stage, the author has explained the issues and problems that may arrive in

implementing the business idea; ‘so what’ stage assesses and evaluates the significance

and impact of problems; and finally, the last stage ‘now what’ explains the proposed actions

which are required to successfully implementing the business idea using my

entrepreneurship skills and abilities. The structure of this reflective statement is illustrated in

figure 1.

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Lesson learned

Action plan

Opportunity search

Decision making

Opportunity awareness

Self Awareness

Figure 1: Structure of reflective statement

2. Self-awareness

Self-awareness is defined in Oxford Dictionary of English as “a conscious knowledge of

one’s own character, feelings, motives, and desires” (Stevenson 2010; p. 1614). The self-

awareness process is not easy and can be critical sometimes, but it can result in greater

self-awareness. Self-awareness helps students and other individuals to identify their

knowledge level, learning style, abilities, interest, and various skills such as decision making

skills, cognitive skills, entrepreneurship skills, transferable skills and many others (Diamond

2010). With reference to this module, it is important for the author to get the self-awareness

about three things: learning style, entrepreneurship skills and decision making skills.

Therefore, in this section the author has performed these tests.

The learning style can be determined using VAK learning style questionnaire which is mostly

used and recommended by the experts. The VAK learning style is based on three styles

including visual learning, auditory learning, and kinaesthetic learning. For determining my

learning style, the VAK learning style questionnaire is filled and found that I am more visual

then auditory and kinaesthetic. This means that I am more inspired and affected by visual

effects and I learn more by watching things instead of listening or reading materials. The

results of VAK learning style questionnaire is loaded in Appendix A where the selection of 14

‘A’ represents my visual learning style.

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Entrepreneurial attributes

There are six attributes an entrepreneur can have such as ambition, creativity, tenacity, risk

tolerance, intuition, and personality (Goltz, 2012).

In order to know my entrepreneurship skills, I conducted two online tests from different sites.

The first test is based on 50 item’s entrepreneurship questionnaire which is provided by

psychometrictest.org.uk. The results of this questionnaire in Appendix B demonstrate my

high scores in Creativity and Taking Control which shows my ambition. As an entrepreneur

creativity skill is essentially required because it reflects business success to great extent. I

think my abilities to generate a fresh perspective with unorthodox solution and risk-taking

attitude, and critically assessing the circumstances of establishing bookkeeping business in

Saudi Arabia indicate my creativity thinking which reflect creative skills.

In my opinion, ambition is not like if somebody wants to be successful, but he/she needed to

be successful. Actually, I am not after money and fame but I want to be successful idea

creator and in order to achieve ambition, and I think this is the best chance for me prove my

ambition to be the first to establish a bookkeeping business in Saudi Arabia.

Decision making skill is a key trait that every entrepreneur must carry. To check my decision

making skills, I performed an online test provided by mindtools.com. This test was based on

18 critical questions and I achieved 67 score in it which show my decision making approach.

The results in Appendix C also show that individuals with this score have the ability to use

current information to evaluate the options with the passage of time.

Among different entrepreneurship theories I believe Entrepreneurship Innovation theory is

more relevant to my case. According to Entrepreneurship Innovation theory given by Joseph

Schumpeter, an entrepreneur helps the process development in any economy. Innovation

occurs when an entrepreneur introduces a new product in market/economy, opens up a new

market, or introduces a new production method (Bessant and Tidd 2007). This theory is

relevant to my case because I want to introduce a new product by establishing a public

bookkeeping service office which will serve all kinds of businesses.

3. Opportunity awareness

Opportunity awareness was extremely critical once the task of generation new business idea

was given to me. My intention was to generate a business idea which is concerned to my

country and especially to accounting and finance field. I read the news that Saudi

Government is imposing tax next year. Then I thought this would be a great opportunity for

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me to generate a business idea based on establishing an office in Saudi Arabia to assist

small businesses for bookkeeping, tax, and other accounting services. The idea of this

business is based on innovation theory which explains the diffusion of new ideas and

technologies from the place of origin to other less developed places over a period of time

(Sundbo 1998). There are many accountants in the UK providing bookkeeping and

accounting services to small businesses such as shops, retailers, and service providers etc.

As Saudi government is imposing tax next year and small businesses in Saudi Arabia have

no formal accounting and bookkeeping skills and they will definitely require the services of

professional accountants. This is the reason this idea came into my mind to establish an

accountancy office to assist small & medium size businesses.

4. Decision making

Before generating this idea, I was not sure which business to open and where. For example,

I was confused either to generate business plan based in the UK or Saudi Arabia. Then I

made a comparison between opening a new business in the UK and Saudi Arabia. Table 1

represents the feasibility analysis on which my decision was based.

Table 1 – Comparison matrix of feasibilities

Feasibility UK Saudi Arabia

ACCA requirement Yes No

Prospects Low High

Competition High Low

Market research Extensive Narrow

Investment High Low

Profitability level Low High

Information availability Easy Easy

Client requirements High Medium

Permissions/procedures Detailed Detailed

Language expertise level Adequate Expert

Understanding of system Adequate Complete

As indicated in table 1 that opening a new business in Saudi Arabia will be feasible for me in

terms of many aspects. Therefore, I took the decision of selecting a business idea based on

my country to achieve high prospects and profitability.

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5. Opportunity search

The small businesses are everywhere in small and big towns. I will conduct a survey to

identify the perception and desire of local retailers and other small businesses. This survey

will help me during market segmentation (dividing market into smaller parts). In this way, I

will be able to target them efficiently and effectively. For example, I think serving product-

oriented businesses will require less information and tension as compared to service-

oriented business because it is easier to record sales, purchases, stock, and other business

operations of a product-oriented business. In contrast, the nature of each service-based

business is different and requires much more information to keep record. Therefore, I will

target product-oriented small businesses instead of service providers.

6. Action plan

The plan is to establish an accounting and bookkeeping based business namely “Arab

Accountants” which will offer accounting and bookkeeping services to small businesses in

Jeddah, Saudi Arabia. The business’s proposed objectives are:

To slowly establish a bookkeeping service, starting with one part time bookkeeper

To attain nearly £35K (220K Saudi Riyal) net profit in next 3 years

To extend staff and business activities in next 3 years

The key services will include: payroll processing, financial statements and accounts, sales

tax returns, keeping record of accounts payable and receivables, bank reconciliations, and

inventory management etc.

The action plan of this business idea will be based on two things: commercial viability and

money. Commercial viability is a company's ability to succeed and be profitable. The key to

success of this business will be based on: building trust with clients, legal and ethical

practices whilst preparing final accounts and reports and tax returns, and preserving and

updating knowledge of accounting. Money: The service-based businesses require relatively

less investments as compared to product-oriented businesses. So, I might need some small

amount of business loan to meet initial requirements of business establishment such as

registration of company with official bodies, marketing, promotion, equipment. The business

will generate money immediately by additional revenues from bookkeeping sales because by

imposing of tax more and more small businesses will immediately look for accountants and

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thus will become our customers. It is estimated that the business will start generating profit in

the second month of establishment.

7. Reflection on Experience

During the formation of business idea I have developed multiple practical and professional

skills and learned new things. I acquired adequate knowledge of reflective learning and

related theories and models, and then I was able to write a reflective statement. Self-

awareness phase helped me to know myself and I discovered my learning style,

entrepreneurship skills and decision making abilities.

Furthermore, I developed creative and cognitive skills by translating the general idea into the

specific business idea by performing partial market research. These skills helped me to

determine which market is suitable for establishing accountancy and bookkeeping business

in the KSA. I had a chance to think about different aspects of establishing a business in the

KSA as well as in UK. Then feasibility analysis and evaluation of two options gave me the

chance to use my decision making abilities for selecting the final option. The commercial

viability of the new business also made my mind to decide whether the idea is feasible.

Overall, the business idea generation project added a significant value in my portfolio where

I learned how to creative, innovate, present and evaluate ideas using formats and behaviors

that are suitable to a commercial pitch.

References

Bessant, J. and Tidd, J. (2007). Innovation and Entrepreneurship. John Wiley & Sons

Boud, D., Keogh, R. and Walker, R. (1985). Reflection: Turning Experience into Learning. London: Kogan Page.

Boyd, E.M. and Fales, A.W. (1983). Reflective learning: key to learning from experience. Journal of Humanistic Psychology, 23(2), pp. 99-117.

Driscoll, M. P. (1994). Psychology of learning for instruction. Needham Heights, MA: Allyn and Bacon

Gibbs G. (1988). Learning by Doing: A Guide to Teaching and Learning Methods. Oxford: Further Education Unit

Goltz, J. (2012). Six attributes of successful entrepreneurs. The New York Times, 23 February 2012

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Kolb, D. A. (1984). Experiential learning: experience as the source of learning and development. New Jersey: Prentice Hall

Reid, B. (1993). But we’re doing it already! Exploring a Response to the Concept of Reflective Practice in Order to Improve its Facilitation, Nurse Education Today, 13, pp. 305-309

Diamond, E. (2010). 7 mindsets to master self-awareness. AuthorHouse Publishing Ltd.

Sánchez, J.C., Carballo, T. and Gutiérrez, A. (2011). The entrepreneur from a cognitive approach. Psicothema, 23(3), pp. 433-438

Stevenson, A. (2010). Oxford dictionary of English. Oxford University Press

Sundbo, J. (1998). The Theory of Innovation: Entrepreneurs, Technology and Strategy. Cheltenham: Edward Elgar Publishing House

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Appendices

Appendix A: Questionnaire (VAK Learning Styles)

1. When I operate new equipment I generally:

a) Read the instructions first

b) Listen to an explanation from someone who has used it before

c) Go ahead and have a go, I can figure it out as I use it

2. When I need directions for travelling I usually:

a) Look at a map

b) Ask for spoken directions

c) Follow my nose and maybe use a compass

3. When I cook a new dish, I like to:

a) Follow a written recipe

b) Call a friend for an explanation

c) Follow my instincts, testing as I cook

4. If I am teaching someone something new, I tend to:

a) Write instructions down for them

b) Give them a verbal explanation

c) Demonstrate first and then let them have a go

5. I tend to say:

a) Watch how I do it

b) Listen to me explain

c) You have a go

6. During my free time I most enjoy:

a) Going to museums and galleries

b) Listening to music and talking to my friends

c) Playing sport or doing DIY

7. When I go shopping for clothes, I tend to:

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a) Imagine what they would look like on

b) Discuss them with the shop staff

c) Try them on and test them out

8. When I am choosing a holiday I usually:

a) Read lots of brochures

b) Listen to recommendations from friends

c) Imagine what it would be like to be there

9. If I was buying a new car, I would:

a) Read reviews in newspapers and magazines

b) Discuss what I need with my friends

c) Test-drive lots of different types

10. When I am learning a new skill, I am most comfortable:

a) Watching what the teacher is doing

b) Talking through with the teacher exactly what I’m supposed to do

c) Giving it a try myself and work it out as I go

11. If I am choosing food off a menu, I tend to:

a) Imagine what the food will look like

b) Talk through the options in my head or with my partner

c) Imagine what the food will taste like

12. When I listen to a band, I can’t help:

a) Watching the band members and other people in the audience

b) Listening to the lyrics and the beats

c) Moving in time with the music

13. When I concentrate, I most often:

a) Focus on the words or the pictures in front of me

b) Discuss the problem and the possible solutions in my head

c) Move around a lot, fiddle with pens and pencils and touch things

14. I choose household furnishings because I like:

a) Their colours and how they look

b) The descriptions the sales-people give me

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c) Their textures and what it feels like to touch them

15. My first memory is of:

a) Looking at something

b) Being spoken to

c) Doing something

16. When I am anxious, I:

a) Visualize the worst-case scenarios

b) Talk over in my head what worries me most

c) Can’t sit still, fiddle and move around constantly

17. I feel especially connected to other people because of:

a) How they look

b) What they say to me

c) How they make me feel

18. When I have to revise for an exam, I generally:

a) Write lots of revision notes and diagrams

b) Talk over my notes, alone or with other people

c) Imagine making the movement or creating the formula

19. If I am explaining to someone I tend to:

a) Show them what I mean

b) Explain to them in different ways until they understand

c) Encourage them to try and talk them through my idea as they do it

20. I really love:

a) Watching films, photography, looking at art or people watching

b) Listening to music, the radio or talking to friends

c) Taking part in sporting activities, eating fine foods and wines or dancing

21. Most of my free time is spent:

a) Watching television

b) Talking to friends

c) Doing physical activity or making things

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22. When I first contact a new person, I usually:

a) Arrange a face to face meeting

b) Talk to them on the telephone

c) Try to get together whilst doing something else, such as an activity or a meal

23. I first notice how people:

a) Look and dress

b) Sound and speak

c) Stand and move

24. If I am angry, I tend to:

a) Keep replaying in my mind what it is that has upset me

b) Raise my voice and tell people how I feel

c) Stamp about, slam doors and physically demonstrate my anger

25. I find it easiest to remember:

a) Faces

b) Names

c) Things I have done

26. I think that you can tell if someone is lying if:

a) They avoid looking at you

b) Their voices changes

c) They give me funny vibes

27. When I meet an old friend:

a) I say “it’s great to see you!”

b) I say “it’s great to hear from you!”

c) I give them a hug or a handshake

28. I remember things best by:

a) Writing notes or keeping printed details

b) Saying them aloud or repeating words and key points in my head

c) Doing and practising the activity or imagining it being done

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29. If I have to complain about faulty goods, I am most comfortable:

a) Writing a letter

b) Complaining over the phone

c) Taking the item back to the store or posting it to head office

30. I tend to say:

a) I see what you mean

b) I hear what you are saying

c) I know how you feel

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Result:

A = 14 (Visual)

B = 12 (Auditory)

C = 4 (Kinaesthetic)

Appendix B: Entrepreneur test 1

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Appendix C: Decision Making Skills

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http://www.mindtools.com/pages/article/newTED_79.htm

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