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30 Jul

Personal Development Plan: Overcoming new challenge


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Personal Development Plan: Overcoming new challengesStatistically speaking, the most difficult time period for new entrepreneurial ventures is within the first year (especially the first six months). Moreover, should a new venture fail, it also typically occurs within this time frame.The factors that lead to such hardships range widely, but some of the more common ones consist of a lack of product or service uniqueness, insufficient capital planning and even poor leadership. Expectantly, such issues compound when associated with the global settings of any entrepreneurial venture you wish to pursue within an emerging market.Just as with a domestic venture, one within an emerging market requires you to build credibility and a positive reputation. However, new markets come with new cultural and societal nuances that you must make yourself privy to. There will also be a myriad of different regulations, tax laws and political factors to challenge your success further, making that first year all the more difficult. Regardless, such is not insurmountable, thus for this next PDP submission, you are to critically reflect upon yourself and your learning thus far in this module. Based on this reflection, your task is to propose methods for building a reputation and credibility, within an emerging market, in order to access customers and people. Moreover, you must recommend a plan for remaining positive during the first year of your venture.To prepare for this Assignment:Reflect on the process of learning, past readings and the knowledge you have gained over the past weeks.Review your selected venture and emerging market from the Week 1 Assignment.Research the culture, society, laws and any other factor that might influence your ability to build your ventures reputation, credibility and/or may affect success.Reflect on how you could bolster your venture’s credibility and reputation within your selected emerging market.Identify your concerns in seeking access to customers and people for your venture.Reflect on the dangers and challenges within the first year of a new venture within your selected emerging market.Reflect on how you intend to remain positive during this first year initial time period.To complete this Assignment:By Wednesday (Day 7)Submit an approximately 1000-word drawt of your Personal Development Plan in which you address the following:·         Provide evidence of your reflection that describes your learning, past readings and knowledge gained of the past weeks in relation to entrepreneurship in emerging markets.·         Analyse how the culture and society of your selected emerging market could impact your attempts to build your venture’s credibility and reputation.·         Based on your analysis, propose methods for building your venture’s credibility and reputation and accessing customers and people.·         Evaluate at least three country-level challenges and/or dangers (e.g. tax laws, trade regulations, etc.) that will impact your chances of venture’s success.·         Explain how you will overcome these challenges/dangers and remain positive during the first year of your venture’s operation within your selected emerging market.Fully justify all your assumptions and claims using your own experience, the Learning Resources or your own research. Cite your work using the Harvard Liverpool Referencing System.This Assignment should also be prepared and submitted to Turnitin using the Word (.doc or .docx) format no later than midnight (Day 7) your local time.Suggested Answer

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