Ensuring the New Venture’s Online Presence

Ensuring the New Venture’s Online Presence
Executive Summary
The individual reflection report contains the three challenges faced during group work. The paper discusses how these challenges were addressed and the lessons learned while resolving them. These challenges include ensuring the new venture’s online presence, identifying key customers, and promoting recent experiences. The nature of these challenges was directed towards the success of the business and product. The group members were unaware of the solution, but the research and study helped achieve the results. These challenges dramatically impact the type of venture because it is a private business firm offering high-end products and an online presence; identifying potential customers and effective global marketing can help increase the product’s sales internationally. Group work was a great learning experience that made me realize the significance of teamwork, coordination, and partnerships to accomplish a task. The knowledge gained through dealing with group work will help me through my entrepreneur career choice, which makes it imperative to promote business through digital mediums and identify the target market for your company and product and business marketing.
“Individual Reflective Report”
Reflection
Individuals or groups working on the new venture come across several challenges which are to be addressed to cater to the business needs. Launching a new venture is exciting and challenging simultaneously (Yaldiz & Bailey 2019). Because of the increasing global competition, innovation and technological development have increased the customer’s expectations and demands. While completing the project during the group work, the group members came across several issues, which included planning for the new business, funding and acquisition of financial, physical, and other resources, formulating models and frameworks for the execution of the ideas, and making critical business decisions.
Group work was a great learning experience that made me realize the significance of teamwork, coordination, and partnerships in accomplishing a task (Kowtun 2020). The group members’ diverse skills, collaboration, commitment, and support helped resolve the issues successfully (Schindler 2018). Individuals face several problems during group work task accomplishments due to several team members’ lack of dedication and motivation. Still, the team leader played a significant role through communication and inspiring diverse group members.
The group work improved my communication and teamwork skills. However, some key challenges were faced during this group work while working on a new business venture (Bouygues 2019). These challenges discussed in this reflection offered a unique learning experience to all the group members where we implied our learning and experiences to different situations. This reflection has been a learning experience for me (Shavit & Moshe 2019). It was a great learning experience for the other members and me to work as a group for this assignment and experience the practical implementation of theories, ideas, and learning throughout our course.
The subsequent paper presents reflective writing on the challenges found during the group work and the different ways in which I addressed them. This helped me understand the course learning and the impact of these challenges on the new venture. Reflective writing allows individuals to develop personal and professional skills (Barbara 2010). The three primary task-related challenges faced during the group work are explained below:
1. The Online Presence of the New Venture
The current situation requires all businesses to ensure their digital presence and reach a larger audience through online channels (Desai 2019). The companies can only survive in today’s highly competitive global market through their greater customer reach, which is only possible through e-retailing. It was challenging for the group to identify, evaluate and choose from different online channels. The group has researched and explored ways to ensure the new venture’s online presence. Although it was challenging to decide on the appropriate online medium for the sale of sustainable luxury luggage, the enthusiasm and dedication of all the group members helped accomplish the challenge. The group successfully decided to develop a website for the direct online sale of the new product to reach the customers. The group also decided to maximize the reach of the product through social media channels and online ad postings on different search engines and local and international websites (Bala & Verma 2018). It can provide more significant growth opportunities to the new venture.
The nature of the challenge explains that the group was familiar with e-retailing. Still, thorough research helped in a profound understanding of the digitalization of business and ways to ensure the venture’s online presence to maximize product reach (Dahiya 2017). The respective challenge was complex in the beginning but had a positive impact on the product and its prospects. It helped in building product awareness and reach to extended markets across the world, which include local as well as global markets.
The challenge offered a learning experience to the group members, which can help me and other individuals approach the issue more efficiently in the future due to more excellent knowledge and information on the topic. My learning of the digital market and online selling has increased, making me understand the benefits of online selling and providing insights into several online mediums for online selling. The nature of the challenge has a considerable impact on the type of venture because the target customers of luxury luggage can be reached through online mediums.
The experience of dealing with this challenge can also help me in my future career direction. I always wanted to be an entrepreneur and start a business venture. It increased ...