Task 4: evaluating the success of the project — by rishi r. Kataria Essay

Task 4: Evaluating the success of the project - By Rishi R. Kataria

1. Introduction

I conducted the course work projects individually, and the

enterprise lasted for a little over 6 Months. The report will evaluate

the success of the venture to establish the lessons learnt.

The learning environment makes it necessary for students

and teachers to require storage devices to keep a record of their

progress and important note. By the closure of the enterprise, I

learnt the valuable lesson that can guide me in future

endeavours such as being sensitive on customer demands and

focus on quality since much of the sales were made from a

referral from satisfied clients and not the marketing effort.

2. Findings

2.1. Financial Evaluation

Gem Drives was a not a successful enterprise as

despite it providing competition for the stationery shop in

the school, it was unable to repay the loan amount due to

the misplacement of an account sheet.

Keeping a digital record of the financial document is

crucial for the enterprise and instead of using excel, more

professional bookkeeping software like, FreshBooks could

have been used.

The enterprise lacked an exit strategy which resulted

in the prolonged functioning of the enterprise.

Raising addiotional finance from an external source

would have helped the enterprise during the time when it

lacked working capital.

My enterprise successufully kept the core expenses

low, which avoided the lack of working capital.

2.2. Planning and Implementation

I took the initiative to prepare a business plan for the

enterprise before taking any steps to operationalise it.

However, there were shortcomings in the marketing plan

and the developing of a website. The task of creating an

e-commerce website was quite involved as it had to be

customised and this caused a delay in launching the

enterprise. The digital marketing strategy was not well

planned and thus it did not yield results. If I had taken more

time to understand my target customers, I could have

developed more concrete advertisement materials.

I also decided to temporariliy decrease the marketing

as I was unable to procure stock to satisfy the customers. I

believe that It was a sutible move, as later we exausted the

demand for the product in the market, which would have

otherwise happend sooner. This also forced us to

accomodate more products.

Being constraint to the school was a mistake for the

enterprise. I should have started selling products on online

platforms or set up a stall at some technology-based

conference.

3. Conclusion

On average, the enterprise performed well regarding

finances and in setting the timeline. However, there were flaws in

the marketing plan as it did not address the needs of the clients.

The enterprise was not efficient in exploiting the resources

around it, and thus it did not generate the maximum possible

sales. Setting up social networking sites was time-consuming",

however, they yielded in low customer-accusation costs.

The negotiations with the suppliers were successful and I

was able to maintain a good relationship with the suppliers

throughout the functioning of the enterprise.

Our customers were satiated with the quality of the

products and appreciated the fantastic post-sale care which was

provided.

4. Recommendations

In the future, the marketing strategy will be given more

priority to ensure that it generates the expected return on

investment. Also, the company will focus on avoiding much debt

as it was realised that much of the enterprise sales went back to

the repayment of loans leaving the business with little to expand

and to pay for other expenses. Consequently, an efficient balance

between debt and equity is needed.

By the closure of the enterprise, I learnt the valuable lesson

that can guide me in future endeavours such as being sensitive

on customer demands and focus on quality since much of the

sales were made from a referral from satisfied clients and not the

marketing effort.

Instead of taking a loan from the school, I would

recommend raising finance from an external source in return of

equity in the enterprise, as it would compel the investor to further

assist the business. A crowdfunding campaign would have

provided marketing as well as the finances needed for the

operation of the enterprise.

I believe that outsource a task could also help the

enterprise grow. For example, as I was unable to design the

website, I negotiated a deal with some other students who were

willing to do the task in return for a discount. Outsourcing the

task can also be done on platforms such as “Fiverr”, where I could

hire freelancers for tasks who have a skill set that I lack.

Most suppliers I was dealing with were not highly

educated, and I had to converse with them in Hindi. It was

written in the enterprise book to use formal language while

negotiation, therefore, I used formal Hindi while negotiation.

However, I observed that the use of formal language anxious and

uneasy, so I started using Informal language and it increased the

productivity and efficiency of the conversation. My findings

indicated that the use of formal language with people who are

not highly educated may hamper the conversation, therefore",

having the skill to converse with people informally was also very

important.

APPENDIX I: Cashflow

APPENDIX II: Sales

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