Essay about Management and Business Plan

Submitted By navyathasude
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Pages: 4

Lecture 3 Weekly Guidebook Summary

SreeManmitha Annamreddy


I strongly feel that the topics covered in the third lecture of this course are the base for an entrepreneur. All the details covered about business plan and how to communicate among the team members are essential for an entrepreneur who yearns to convert his/her idea into a real time project. The class covered more about the whole brain model and the interesting things that I came across are that even though two people belong to the same quadrant in the whole brain model, it is not elementary that they end up with the same thoughts or think alike. For instance, my brother and I fall into the same quadrant and we do think alike but we don’t normally agree on things quite easily, we end up arguing about something when we take a decision.
To function effectively, a team must act as an information-processing unit, maintaining an awareness of the situation or context in which it is functioning and acquiring and using information to act in that situation. This team cognition differs from individual cognition, of course, because each team member acts as an individual information processor. For a team to act in concert to achieve common goals, the team must have shared information about both the situation and the other team members. Team cognition thus requires communication-a process that has no direct analog in individual cognition-in order for the team to build and maintain a shared mental model of the situation. Because communication is essential to team performance, effective team cognition has a communication "overhead" associated with the exchange of information among team members. Communication requires both time and cognitive resources, and, to the extent that communication can be made less necessary or more efficient, team performance can benefit as a result. As the number of people increase in a team communication among each other becomes a nightmare. To keep the communication going in the right track it’s very important that we respect cultural differences, trust the team members and take emotions out of the equation.
“More risk= More reward.” But this doesn’t mean that one takes up something of high risk. One must be aware of the personal risk tolerance when making a decision. Taking on some risk is the price of achieving returns; therefore, if you want to make money, you can't cut out all risk. The goal instead is to find an appropriate balance - one that generates some profit, but still allows you to sleep at night.
Among the 6 pitch plans announced in the lecture session two of them really got my attention. First is the Uber for women facility and then the app for verifying how safe the community is for residential purposes. Many of the women don’t feel safe when they take a cab to commute. A facility like providing women drivers for ladies is something that will be very helpful and safe. For a non-local like me, an application, which details about the burglaries and other crimes in a locality would help to make a decision of whether it is safe to take a house in a specific community.
My teams pitch plan is to develop an app for a group of people who can be tracked when it is necessary. Firstly a group of people