Additional the responsibilities and the team structures are described. The second part is about the team tasks and my contribution to the team. The third part contains the results that have been achieved by the group while developing the business plan. Personnel achievements are explained as well as common group achievements. It comprises the specific features of the entrepreneurial venture the business plan and the financial framework created by the author during the intensive programme in Vilnius. The fourth part is about the author's and the team's learing experience.
In this part the author summarizes the lessons learnt with regard diverse dimensions of learning. Further an overview about the daily summary is given. In the final part four a conclusion and personnel summary is drawn. Further the author reveals his impressions during the intensive programme.
The main purpose that was pursued by lecturers was to raise the students' awareness and interest for entrepreneurship and for problems female entrepreneurs in our ime are faced with. It was essential for each team to internalize the approach of outside of the box thinking. The idea had to be new and innovative, it had to solve a customer's problem in a specific way and finally it should be feasible. The tasks each team had to solve were to develop a business plan, to prepare a presentation and to be able to convince the audience of the idea while conducting the presentation.
The business plan consists of the following parts: executive summary, business description and customer profile, industry and competitor analysis, the business odel, marketing and sales plan, team and organization structure, financial plan. 2. Team tasks and your contribution to the team Each student had three tasks to perform in Vilnius. The first task was a country presentation. All national teams presented themselves, their HEI and the important statistics regarding the entrepreneurial landscape in their countries including famous female entrepreneurs as examples.
These country presentations were presented by students from Lithuania, Germany, Ireland, the Netherlands, Turkey; Kazakhstan. After electing the best presentation we all had dinner together. The econd task was a presentation in a virtual team. My virtual team 6 consisted of Gokcen (Turkey), Olga (Germany), Tanja (Germany), Jasper (the Netherlands), Serge] (Lithuania) and Shane (Ireland). Our topic was: "Gјler Sabanci: The Journey is more important than the destination. Analyse her successful career as head of the biggest Turkish conglomerate and as outstanding academic. We were a very heterogeneous team with different skills and expertise. For this reason it was at the beginning of the group work really hard to find consistent working style. However we had a lot of fun and spent as much as possible time together. I was very impressed about our team solutions. My group was the winner group. The third task was the business venture. My group consisted of Nataliya (Germany), Hјseyin (Turkey), Olga (Germany), Pinar (Turkey), Serge] (Lithuania).
The main goal of the team was to achieve the best results in the mixture of different characters and nationalities and to create synergies out of idea about a new restaurant concept. The [email protected] GmbH restaurant is a unique restaurant concept, which offers their guests fast service by using tablets for ordering meals and payment. Guests will be served with high quality healthy urgers, pizzas, salads etc. The ingredients of each meal can be individuality combined by the guest according to his own taste. The tablet can be used for entertainment like games, internet, etc.
An application with a pre-order function will allow serving customers even faster. 3. The business venture Our group consisted of Nataliya (Germany), Hјseyin (Turkey), Olga (Germany), Pinar our knowledge. Therefore formal team roles were created and informal (natural) team roles, such as coordinators, were accepted by the members. In sense of division of work each member had to choose a part of the business plan according to his bias nd competencies. Figure 1 and 2 show you the results of the analysis of the competencies of each team member and the allocation of the fields of function to each member.
Figure 1: Competencies of the team members Figure 2: Fields of functions The [email protected] GmbH restaurant is a unique restaurant concept, which offers their guests fast service by using tablets for ordering meals and payment (cf. Bruhn 2010, p. 124). Guests will be served with high quality healthy burgers, pizzas, salads etc. The ingredients of each meal can be individuality combined by the guest according to his own taste. The tablet can be used for entertainment like games, internet, etc. An application with a pre-order function will allow serving customers even faster (cf. Griese & Br¶ring 2011, p. 18). 3. . The business Plan After recognizing this major problem our team has provided a new solution to solve this problem. The service of [email protected] GmbH restaurant is shown in figure 3. Figure 3: The concept of [email protected] GmbH The [email protected] GmbH restaurant is a new innovative restaurant concept. Its name indicates tasty and healthy food (the green colour) and some kind of multimedia entertainment (dark blue colour and @-sign). This concept was created in order to satisfy needs of businesspeople, which usually live under high time pressure and don't like to lose any single moment, because time is money.
At dinner times it is impossible to avoid long waiting time to order a meal and to pay the bill after the meal. The concept of the [email protected] GmbH restaurant allows guests to save time because they will order their meals by themselves via tablet which will be placed on each table. Besides, the tablet allows paying for the meal by credit card without waiter assistance. Tablet will provide guests with a totally new kind of restaurant xperience. They can browse through the menu offerings, from appetizers, to main courses, to the drink selection.
Unlike traditional paper-menus, the guests will be able to see high-resolution pictures of every item on the menu, along with nutritional information, allergy information, detailed product descriptions, suggested wine pairings. The key feature of the service is to provide fast service and so time risk of the consumers will be eliminated. The first benefit of the service from restaurant managers' perspective is to set profitably easily and efficiently manage and grow their business. Besides tables turn faster and connecting with customer is easier.
Another benefit from consumer perspective is that the time to first drinks is faster & reorders increase. In addition time to pay is faster and from other side performance risk is consisting for the consumers, because the taste of the meal may not be as expected. After a while when the restaurant increased its reputation social risk will be eliminated too in the eye of customer. They will feel their self unique and want to be served in our restaurant. The first market that will be targeted will be Germany due to its size, attractiveness and a wide target group.
The service is offered in the B2C market. In the B2C market the service is offered to end consumers which pay for the service for private use. The primary distribution channel will be through customers and the [email protected] GmbH restaurant. The business model of [email protected] GmbH is shown in figure 6. Figure 7 shows the first draft of our website. Figure 7: Homepage of [email protected] GmbH At the moment there are no competitors with the same solution but there are a few competitors with similar services. There are any direct competitors with the same concept on the whole German market.
All the restaurants are using not a tablet, but rinted menus and payments are done through waiters in conventional way. Some Burger King provide very fast service, but the food is not really healthy and is not in eco quality. Subway provides healthier food and customized solution, but the environment is totally different as well as the meal variety. The restaurant Die Kuh die lacht offers almost the same menu as [email protected] GmbH and also in a very high quality, but no tablets (reduced waiting time), no entertainment and no menu tailoring option are provided.
Other restaurants with salad bars like Naturbar could be seen as indirect competitors too. Figure 6 shows you the sales forecast of the [email protected] GmbH. Figure 8: Sales Forecast of the [email protected] GmbH [email protected] GmbH is founded as a GmbH by German law. All legal needs are satisfied and the minimum financial input is obtained. Most important benefit of this legal structure is the limited liability of the shareholders. They will guarantee the business with the 20. 000 Euro they invested in the very beginning. There are five shareholders: Nataliya Kudelya, Hјseyin Aslan, Olga Diesendorf, Pinar Ertem, Serge] Rosov.
All of the founders are academically trained and educated and will work for @stytainment GmbH. This guarantees a high level of knowhow in all departments of the company. The major challenges our team dealt with was to combine all important issues for the business model and also to consider all the risks, threats, strengths, chances and weaknesses of our business model we will be faced with while running our business. Our team used the Porter-five-forces and the SWOT-Analysis in order to make a market analysis. Figure 9 shows the SWOT-Analysis of the [email protected] GmbH. (cf.
Meffert, Burmann & Kirchgeorg 2008, p. 236). Further, figure 10 shows the Porter-five-forces analysis (cf. Thommen 2008, p. 710). Figure 9: SWOT Analysis of the [email protected] GmbH In order to reduce the risk of failing the market entry our company focuses on the German market in the first line. We also choose a few but reliable partners of low geographical and psychological distance in order to reduce dependency and to gain flexibility. At the start-up we are faced with limited financial and personnel resources. But by using our own capital will run a moderate but solid business in the first years.
With our flexible, expandable product which will account a high demand we are sure to succeed in the long term. . 2. The finance plan Our financial statements which show the financial situation of our company in the following 5 years are based on the rational prediction, pricing strategies and cost approximations. Regarding the predictions, expectations about the market, potential of the market we can conclude that our investment will pay itself back in a few years and then we will be able to make further investment on our business to enhance it. ividend to shareholders in the following 5 years. By this way we will put our retained earnings on hand to invest on innovations, new concepts and new echnologies. Figure 11 shows the income statement of [email protected] GmbH for the year 2012. Figure 1 1: Income statement Figure 12: Income statement Figure 13: Income Statement The results that have been achieved can be regarded as personnel results and the results of the team. Even though both results create a complete work of the group it is important to analyze the quality and quantity of your own contributions and to see your own progress.
My personnel achievements in the project in Vilnius differed to the results at my home university in a few issues. On the one side the project was ealized in a different environment. For example, there was a very limited time frame to finish the group work and the team members you had to work with in a prior project had to mix again. The situation of new members caused a process of scanning and sensing each other. As our group members all were very cooperative and ambitious there was little time spend to choose the tasks and the roles for each member.
The first task we had to manage all together was to find a suitable idea for our business plan. As it is the case in the most beautiful situations the idea was developed in an absolutely unexpected moment. Once the idea was found all young men of or group had a clear imagination of what had to be done. Mind mapping was a very suitable and useful method to organize our first ideas regarding the advantages of the product, options for use, risks and the content of our business model (cf. Haunerdinger & Probst 2009, p. 91). We also divided the main tasks of the business plan. We mentioned our preferences and shared our work absolutely efficiently. My personnel success was to find my own role within the group and to tackle tasks of my interest and my competence. I quickly started with tasks that I was experienced in. That was for example conveying new ideas, coordinating, problem solving and creating of graphs. For that reason I was responsible for developing business model creating the PowerPoint slides for my partners.
At the point when each of us has finished its research and the subtasks we put all the parts of the business plan together and discussed about the achievements, the deficits, the issues that has remained unsolved. Due to the limited time frame our research was limited and could be enhanced in further steps. The result of our group work finally consisted of the detailed business plan and a PowerPoint presentation which was reated to visualize the business plan while presenting in front of the audience.
As all group members were convinced of our idea the result of our work could proudly be presented and the final presentation went well. 4. Lessons learnt The lessons learnt can be described with regard to different dimensions of learning. the groups were permanently mixed up. The 12 days of our intensive course consisted of lectures, group works, student workshops, discussions, student activities and the presentations. The mixture of the tools that have been used by the lecturers was a suitable way in order to give us wide knowledge of the main problems female ntrepreneurs are faced with nowadays.
The first task was that students had to develop their own ideas in virtual groups about questions such as why female entrepreneurship needs a specific management/leadership approach. Some students presented their ideas about the way companies can increase the retention of qualified female staff and others discussed about how young women do manage to combine career, kids and management control. After each presentation students were encouraged to discuss about the topics. In addition to the student presentations our lecturers gave us information about current research findings on
FEE in general and the specific situation in each country represented in the project. Another focus was put on networking and entrepreneurship in general. In addition to this two successful female entrepreneurs appeared as guest speakers and gave us an impression of the way a woman can succeed in business as well as carrying for their families. As part of the preparation for the development of the business plan the lecturers gave us some basic information about innovations and financial issues of entrepreneurship.
The most intensive part of the program was to create a solid and proper business plan and to convince the audience of your idea. During discussions and group works it was interesting to see the different points of view which did differ between men and women as well as between the different nationalities. As the group works were realized under intensive conditions discussions and clear responsibilities were necessary in order to finish the group work successfully. Some misunderstandings due to different tempers and working styles had to be worked out. Cultural barriers had to be removed and linguistic problems had to be solved.
Each team had to consider aspects such as group dynamics, social skills and professional competencies in order to contribute to the eam work in a proper way. Our team did very well. If necessary, all members were able compensate the deficits of others in a very friendly and polite way. In doing so we had a lot of fun working together as well as spending our leisure time together. A daily summary Saturday, 19th January, Day 1: At 5:54 AM we started our Journey to Vilnius from Heilbronn via Stuttgart and Mannheim to the Frankfurt international airport.
After two hours flight we arrived in Vilnius at 1 PM. After having checked in the accommodation (Corner Hostel) we had free time. This day there was no programme, so we spent our free-time together. Sunday, 20th January, Day 2: In the morning we got some information about the programme (purpose, goals, contents, schedule of the 'P) and a short introduction about the Vilnius Gediminas Technical University. Then we had a lecture about "Making a case for female entrepreneurship (reasons, aims, approaches, regional and national aspects) by Margarete Seidenspinner.
Afterwards we played a communication game to help get virtual team 6. Our group consisted of Gokcen (Turkey), Olga (Germany), Tanja (Germany), Jasper (the Netherlands), Serge] (Lithuania) and Shane (Ireland). After unch all national teams presented themselves, their HEI and the important statistics regarding the entrepreneurial landscape in their countries including famous female entrepreneurs as examples. These country presentations were presented by students from Lithuania, Germany, Ireland, the Netherlands, Turkey; Kazakhstan. After electing the best presentation we all had dinner together.
Monday, 21st January, Day 3: In the morning we listened to the presentation of virtual team 1, who presented: "Carli Fiorini: Tough choices. Sum up the contents of her memoir and the reasons for her dismissal at HP. What has happened to her and HP since then? Then virtual team 2 presented: "Anita Roddick. Business as unusual: Look at her achievements such as setting up the "Big Issue" and the Body Shop. What happened to her legacy. " In the evening we had a meeting with our virtual team 6 to share our topic and discuss the content.
Tuesday, 22nd January, Day 4: In the morning the guest speaker Nilardri Syam (assoc. prof and research fellow, Houston University, Texas) gave us a lecture about product pricing. Afterwards Breda O' Dwyer gave us an interactive lecture about divergent and convergent critical thinking tools (Morphological Matrix, Stone Soap or Da Vinci Method) and effective itching skills. Then all teachers gave us an overview about current research findings on Female Endeavour and Entrepreneurship and the situation in each country represented in the project.
Besides that they told us something about the role of SME 's in different national economies. In the afternoon virtual team 3 presented the topic: "Rosabeth Moss Kanter: Supercorp: How Vanguard Companies Create Innovation, Profits, Groth, and Social Good. Include the author's angle on social entrepreneurship in your evaluation. " In addition to that virtual team 4 gave a lecture about "Meg Whitman: The Power of Many. Discuss the entrepreneurial mindset based on her biography. Include her political impact. Wednesday, 23th January, Day 5: In the morning the guest speaker Nikola] Ambrusevic (assoc, Prof. VGTU) gave us a lecture about niche marketing and the tools. Afterwards we had a lecture by Asta Radceviciene. She told us something about current research findings on networking and interpersonal and cross-company relations. Additionally she taught us some social networking and analysis tools. Furthermore we played a game: every group got something for example a bottle and we had to modify the use of it (explain creatively hat you could also do with it/a new invention).
In the afternoon virtual team 5 presented the topic: "Coco Chanel: The legend and the life: Assess her achievements and her career. " In addition to that my virtual team 6 presented the topic: "Gјler Sabanci: The Journey is more important than the destination. Analyse her successful career as head of the biggest Turkish conglomerate and as outstanding academic. " Thursday, 24th January, Day 6: In the morning we formed groups. Each group was allowed to consist of a maximum of 2 students from the same country of origin and had to develop a business plan.
First of all we pitched our ideas to a stress test panel but unfortunately every group received negative feedback from the panel and peers. Therefore we all thought about another idea. We had to take into account: what company/product/service we wanted to offer, the people we needs, identify the problem and clarity and focus on the solution, knowledge of industry, application knowledge of market, business model, roll-out financials, how we could get support and the ability to run the project. In the afternoon the guest speakers Rasa Vogelius (Hexanon BaltiJa), Egle Svedaite (Head of
IT) told us about their business path. Afterwards the virtual team 7 presented the topic "Moya Doherty: the Art of Reinventing Oneself. Assess her creative and her business acumen, her life and her work. " Friday, 25th January, Day 7: In the morning the Invited speakers Dovydas Varkulevicius (Enterprise Lithuania) and Dalia Foigt-Norvaisiene (Chairperson of Lithuanian Women Business Network; attorney and Partner at Borenius) gave us a lecture. In the afternoon we worked in our virtual teams, we focused on the most essential components of our business plan. Saturday, 26th January, Day 8:
In the morning Berna Kirkulak gave us an interactive lecture about financial aspects of entrepreneurship including financing of nascent business ventures, reasons for failure, income and cashflow statements. In the afternoon we visited the KGB museum. Afterwards we had dinner together and had free time to work on our entrepreneurial project. Sunday, 27th January, Day 9: In the morning we went to an excursion to Trakai. A coach picked us up and it took around 50 minutes to get there. First of all we had a sight-seeing trip through Trakai which was very interesting. We took a walk in the city centre and drank coffee in a ice caf©.
In the afternoon we had a delicious meal in a wonderful restaurant. On Sunday we started with our student activity: "Drawing up a business plan for your new venture (including gender-specific aspects and the lessons learnt). " The whole day we had time to work on our project. First of all, we had to find a new idea by brainstorming afterwards we shared the work and everybody did the part he or she knew best.