Reflective statement

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Table of Contents
1. Introduction........................................................................................................................ 0
2. Self-awareness...................................................................................................................1
Entrepreneurial attributes....................................................................................................2
3. Opportunity awareness.......................................................................................................2
4. Decision making.................................................................................................................3
5. Opportunity search............................................................................................................. 4
6. Action plan.......................................................................................................................... 4
7. Reflection on Experience....................................................................................................5
References............................................................................................................................. 5
Appendices............................................................................................................................ 7
Appendix A: Questionnaire (VAK Learning Styles)..............................................................7
Appendix B: Entrepreneur test 1.......................................................................................12
Appendix C: Decision Making Skills..................................................................................14

LEARNING CONTRACT
Unit learning outcome

K1 Recognise and identify,

Sheet 1 of 2

How will I demonstrate that I have met this outcome?

through a structured
process of analysis
whether an idea is able to
be realised into a viable

Timescale

Analysing my own generalist and transferable skills will

give me a chance to avail future opportunities. While
assessing my generalist skills, I will analyse my problem
solving abilities, teamwork skills, idea development skills,
and the ability of critical thinking. Likewise, transferable
skills will be analysed through judging my decision
making and communication abilities

Jan- Feb

For explaining the business behaviours of entrepreneurs

I will refer to the relevant books, journals, and other
academic literature and then I will use Cognitive
Evaluation Theory to evaluate my entrepreneurship skills
(Snchez et al. 2011).

2 weeks

Evidence

1 month

commercial opportunity
K2. Explain the business

behaviours of
entrepreneurs and the life
style and demands

Dec

1. Evidence of evaluation
of my entrepreneur
skills and abilities

involved.
C1. Translate the general
processes of idea creation
and testing to a specific
and

bespoke

A business idea generation at the end of this unit will

represent my various skills and abilities developed
throughout this unit.

Oct - Mar

business

idea.

Capability for Innovation: LEARNING CONTRACT

Unit learning outcome

How will I demonstrate that I have met this outcome?

P1. Reflect critically and

constructively

on

knowledge,

skills,

personal preferences and

attitudes

I will write a reflective statement demonstrating

awareness, opportunity awareness, decision
and opportunity search using a learning model
Driscoll or Kolbs learning models (Kolb, 1984;
1994)

the selfmaking,
such as
Driscoll,

Timescale

Evidence

Feb - April

1. Reflective statement

and

develop/formulate
realistic

Sheet 2 of 2

idea

a
for

business based on that

reflection and on research
into the opportunities for a
business

in

chosen

area.
T1. Present ideas,
innovations, capabilities
and business proposals

A detailed business proposal will be written containing

business description, business opportunities, business
operations, and marketing and financial plan

3 weeks

effectively in writing and

verbally, using formats
and behaviours
appropriate to a

commercial pitch

REFLECTIVE STATEMENT
1. Introduction
Reflection is considered as an inherent element of higher education as it lets the students to
examine their abilities and entrepreneurial skills based on the lessons learned from the past
experiences. The term reflection is defined by a number of authors and theorists. Boud et
al. (1985) defined it as a generic term for those intellectual and affective activities in which
individuals engage to explore their experiences in order to lead to new understandings and
appreciations (p. 19). Similarly, Boyd and Fales (1983) defined reflection as a process of
internally examining and exploring an issue of concern, triggered by an experience, which
creates and clarifies meaning in terms of self, and which results in a changed conceptual
perspective (p. 100). Another precise definition comes from Reid (1993) who defined
reflection as a procedure of reviewing an experience of practice in related to describe,
analyze, evaluate and inform learning about practice (p. 305). The above definitions
demonstrate the significance of reflection in reviewing the past experiences had by someone
for explaining, analyzing, and evaluating the events and skills.
The key aim of this reflective statement is to reflect upon knowledge, skills and attitudes
while developing the business idea of establishing an accounting and bookkeeping business
in Saudi Arabia. Also, it is to demonstrate how I will relate the business idea with my
entrepreneurial skills and attributes. Many experts in the past have successfully developed
various reflective theories and models where Driscoll model of reflection, Kolbs reflection
model, and Gibbs reflective cycle are prominent (Driscoll 2000; Kolb 1984; Gibbs 1988).
Throughout this report, the author has applied the Driscoll model of reflection to explain
problems, opportunities, decision making and future action plans about business idea. The
Driscolls model is primarily based on three elements: what, so what and now what (Driscoll
2000). In what stage, the author has explained the issues and problems that may arrive in
implementing the business idea; so what stage assesses and evaluates the significance
and impact of problems; and finally, the last stage now what explains the proposed actions
which

are

required

to

successfully

implementing

the

business

idea

using

my

entrepreneurship skills and abilities. The structure of this reflective statement is illustrated in
figure 1.

Figure 1: Structure of reflective statement

Opportunity awarenessSelf Awareness

Decision making
rtunity search
2. Self-awareness
Self-awareness is defined in Oxford Dictionary of English as a conscious knowledge of
ones own character, feelings, motives, and desires (Stevenson 2010; p. 1614). The selfawareness process is not easy and can be critical sometimes, but it can result in greater
self-awareness. Self-awareness helps students and other individuals to identify their
knowledge level, learning style, abilities, interest, and various skills such as decision making
skills, cognitive skills, entrepreneurship skills, transferable skills and many others (Diamond
2010). With reference to this module, it is important for the author to get the self-awareness
about three things: learning style, entrepreneurship skills and decision making skills.
Therefore, in this section the author has performed these tests.
The learning style can be determined using VAK learning style questionnaire which is mostly
used and recommended by the experts. The VAK learning style is based on three styles
including visual learning, auditory learning, and kinaesthetic learning. For determining my
learning style, the VAK learning style questionnaire is filled and found that I am more visual
then auditory and kinaesthetic. This means that I am more inspired and affected by visual
effects and I learn more by watching things instead of listening or reading materials. The
results of VAK learning style questionnaire is loaded in Appendix A where the selection of 14
A represents my visual learning style.

Entrepreneurial attributes
There are six attributes an entrepreneur can have such as ambition, creativity, tenacity, risk
tolerance, intuition, and personality (Goltz, 2012).
In order to know my entrepreneurship skills, I conducted two online tests from different sites.
The first test is based on 50 items entrepreneurship questionnaire which is provided by
[Link]. The results of this questionnaire in Appendix B demonstrate my
high scores in Creativity and Taking Control which shows my ambition. As an entrepreneur
creativity skill is essentially required because it reflects business success to great extent. I
think my abilities to generate a fresh perspective with unorthodox solution and risk-taking
attitude, and critically assessing the circumstances of establishing bookkeeping business in
Saudi Arabia indicate my creativity thinking which reflect creative skills.
In my opinion, ambition is not like if somebody wants to be successful, but he/she needed to
be successful. Actually, I am not after money and fame but I want to be successful idea
creator and in order to achieve ambition, and I think this is the best chance for me prove my
ambition to be the first to establish a bookkeeping business in Saudi Arabia.
Decision making skill is a key trait that every entrepreneur must carry. To check my decision
making skills, I performed an online test provided by [Link]. This test was based on
18 critical questions and I achieved 67 score in it which show my decision making approach.
The results in Appendix C also show that individuals with this score have the ability to use
current information to evaluate the options with the passage of time.
Among different entrepreneurship theories I believe Entrepreneurship Innovation theory is
more relevant to my case. According to Entrepreneurship Innovation theory given by Joseph
Schumpeter, an entrepreneur helps the process development in any economy. Innovation
occurs when an entrepreneur introduces a new product in market/economy, opens up a new
market, or introduces a new production method (Bessant and Tidd 2007). This theory is
relevant to my case because I want to introduce a new product by establishing a public
bookkeeping service office which will serve all kinds of businesses.

3. Opportunity awareness
Opportunity awareness was extremely critical once the task of generation new business idea
was given to me. My intention was to generate a business idea which is concerned to my
country and especially to accounting and finance field. I read the news that Saudi
Government is imposing tax next year. Then I thought this would be a great opportunity for
2

me to generate a business idea based on establishing an office in Saudi Arabia to assist

small businesses for bookkeeping, tax, and other accounting services. The idea of this
business is based on innovation theory which explains the diffusion of new ideas and
technologies from the place of origin to other less developed places over a period of time
(Sundbo 1998). There are many accountants in the UK providing bookkeeping and
accounting services to small businesses such as shops, retailers, and service providers etc.
As Saudi government is imposing tax next year and small businesses in Saudi Arabia have
no formal accounting and bookkeeping skills and they will definitely require the services of
professional accountants. This is the reason this idea came into my mind to establish an
accountancy office to assist small & medium size businesses.

4. Decision making
Before generating this idea, I was not sure which business to open and where. For example,
I was confused either to generate business plan based in the UK or Saudi Arabia. Then I
made a comparison between opening a new business in the UK and Saudi Arabia. Table 1
represents the feasibility analysis on which my decision was based.
Table 1 Comparison matrix of feasibilities
Feasibility

UK

Saudi Arabia

ACCA requirement

Yes

No

Prospects

Low

High

Competition

High

Low

Market research

Extensive

Narrow

Investment

High

Low

Profitability level

Low

High

Information availability

Easy

Easy

Client requirements

High

Medium

Permissions/procedures

Detailed

Detailed

Language expertise level

Adequate

Expert

Understanding of system

Adequate

Complete

As indicated in table 1 that opening a new business in Saudi Arabia will be feasible for me in
terms of many aspects. Therefore, I took the decision of selecting a business idea based on
my country to achieve high prospects and profitability.

5. Opportunity search
3

The small businesses are everywhere in small and big towns. I will conduct a survey to
identify the perception and desire of local retailers and other small businesses. This survey
will help me during market segmentation (dividing market into smaller parts). In this way, I
will be able to target them efficiently and effectively. For example, I think serving productoriented businesses will require less information and tension as compared to serviceoriented business because it is easier to record sales, purchases, stock, and other business
operations of a product-oriented business. In contrast, the nature of each service-based
business is different and requires much more information to keep record. Therefore, I will
target product-oriented small businesses instead of service providers.

6. Action plan
The plan is to establish an accounting and bookkeeping based business namely Arab
Accountants which will offer accounting and bookkeeping services to small businesses in
Jeddah, Saudi Arabia. The businesss proposed objectives are:
To slowly establish a bookkeeping service, starting with one part time bookkeeper
To attain nearly 35K (220K Saudi Riyal) net profit in next 3 years
To extend staff and business activities in next 3 years
The key services will include: payroll processing, financial statements and accounts, sales
tax returns, keeping record of accounts payable and receivables, bank reconciliations, and
inventory management etc.
The action plan of this business idea will be based on two things: commercial viability and
money. Commercial viability is a company's ability to succeed and be profitable. The key to
success of this business will be based on: building trust with clients, legal and ethical
practices whilst preparing final accounts and reports and tax returns, and preserving and
updating knowledge of accounting. Money: The service-based businesses require relatively
less investments as compared to product-oriented businesses. So, I might need some small
amount of business loan to meet initial requirements of business establishment such as
registration of company with official bodies, marketing, promotion, equipment. The business
will generate money immediately by additional revenues from bookkeeping sales because by
imposing of tax more and more small businesses will immediately look for accountants and
thus will become our customers. It is estimated that the business will start generating profit in
the second month of establishment.

7. Reflection on Experience
During the formation of business idea I have developed multiple practical and professional
skills and learned new things. I acquired adequate knowledge of reflective learning and
related theories and models, and then I was able to write a reflective statement. Selfawareness phase helped me to know myself and I discovered my learning style,
entrepreneurship skills and decision making abilities.
Furthermore, I developed creative and cognitive skills by translating the general idea into the
specific business idea by performing partial market research. These skills helped me to
determine which market is suitable for establishing accountancy and bookkeeping business
in the KSA. I had a chance to think about different aspects of establishing a business in the
KSA as well as in UK. Then feasibility analysis and evaluation of two options gave me the
chance to use my decision making abilities for selecting the final option. The commercial
viability of the new business also made my mind to decide whether the idea is feasible.
Overall, the business idea generation project added a significant value in my portfolio where
I learned how to creative, innovate, present and evaluate ideas using formats and behaviors
that are suitable to a commercial pitch.

References
Bessant, J. and Tidd, J. (2007). Innovation and Entrepreneurship. John Wiley & Sons
Boud, D., Keogh, R. and Walker, R. (1985). Reflection: Turning Experience into Learning.
London: Kogan Page.
Boyd, E.M. and Fales, A.W. (1983). Reflective learning: key to learning from experience.
Journal of Humanistic Psychology, 23(2), pp. 99-117.
Driscoll, M. P. (1994). Psychology of learning for instruction. Needham Heights, MA: Allyn
and Bacon
Gibbs G. (1988). Learning by Doing: A Guide to Teaching and Learning Methods. Oxford:
Further Education Unit
Goltz, J. (2012). Six attributes of successful entrepreneurs. The New York Times, 23
February 2012
Kolb, D. A. (1984). Experiential learning: experience as the source of learning and
development. New Jersey: Prentice Hall

Reid, B. (1993). But were doing it already! Exploring a Response to the Concept of
Reflective Practice in Order to Improve its Facilitation, Nurse Education Today, 13,
pp. 305-309
Diamond, E. (2010). 7 mindsets to master self-awareness. AuthorHouse Publishing Ltd.
Snchez, J.C., Carballo, T. and Gutirrez, A. (2011). The entrepreneur from a cognitive
approach. Psicothema, 23(3), pp. 433-438
Stevenson, A. (2010). Oxford dictionary of English. Oxford University Press
Sundbo, J. (1998). The Theory of Innovation: Entrepreneurs, Technology and Strategy.
Cheltenham: Edward Elgar Publishing House

Appendices
Appendix A: Questionnaire (VAK Learning Styles)

1. When I operate new equipment I generally:

a) Read the instructions first
b) Listen to an explanation from someone who has used it before
c) Go ahead and have a go, I can figure it out as I use it
2. When I need directions for travelling I usually:
a) Look at a map
b) Ask for spoken directions
c) Follow my nose and maybe use a compass
3. When I cook a new dish, I like to:
a) Follow a written recipe
b) Call a friend for an explanation
c) Follow my instincts, testing as I cook
4. If I am teaching someone something new, I tend to:
a) Write instructions down for them
b) Give them a verbal explanation
c) Demonstrate first and then let them have a go
5. I tend to say:
a) Watch how I do it
b) Listen to me explain
c) You have a go
6. During my free time I most enjoy:
a) Going to museums and galleries
b) Listening to music and talking to my friends
c) Playing sport or doing DIY
7. When I go shopping for clothes, I tend to:
7

a) Imagine what they would look like on

b) Discuss them with the shop staff
c) Try them on and test them out
8. When I am choosing a holiday I usually:
a) Read lots of brochures
b) Listen to recommendations from friends
c) Imagine what it would be like to be there
9. If I was buying a new car, I would:
a) Read reviews in newspapers and magazines
b) Discuss what I need with my friends
c) Test-drive lots of different types
10. When I am learning a new skill, I am most comfortable:
a) Watching what the teacher is doing
b) Talking through with the teacher exactly what Im supposed to do
c) Giving it a try myself and work it out as I go
11. If I am choosing food off a menu, I tend to:
a) Imagine what the food will look like
b) Talk through the options in my head or with my partner
c) Imagine what the food will taste like
12. When I listen to a band, I cant help:
a) Watching the band members and other people in the audience
b) Listening to the lyrics and the beats
c) Moving in time with the music
13. When I concentrate, I most often:
a) Focus on the words or the pictures in front of me
b) Discuss the problem and the possible solutions in my head
c) Move around a lot, fiddle with pens and pencils and touch things
14. I choose household furnishings because I like:
a) Their colours and how they look
b) The descriptions the sales-people give me
8

c) Their textures and what it feels like to touch them

15. My first memory is of:
a) Looking at something
b) Being spoken to
c) Doing something
16. When I am anxious, I:
a) Visualize the worst-case scenarios
b) Talk over in my head what worries me most
c) Cant sit still, fiddle and move around constantly
17. I feel especially connected to other people because of:
a) How they look
b) What they say to me
c) How they make me feel
18. When I have to revise for an exam, I generally:
a) Write lots of revision notes and diagrams
b) Talk over my notes, alone or with other people
c) Imagine making the movement or creating the formula
19. If I am explaining to someone I tend to:
a) Show them what I mean
b) Explain to them in different ways until they understand
c) Encourage them to try and talk them through my idea as they do it
20. I really love:
a) Watching films, photography, looking at art or people watching
b) Listening to music, the radio or talking to friends
c) Taking part in sporting activities, eating fine foods and wines or dancing
21. Most of my free time is spent:
a) Watching television
b) Talking to friends
c) Doing physical activity or making things

22. When I first contact a new person, I usually:

a) Arrange a face to face meeting
b) Talk to them on the telephone
c) Try to get together whilst doing something else, such as an activity or a meal
23. I first notice how people:
a) Look and dress
b) Sound and speak
c) Stand and move
24. If I am angry, I tend to:
a) Keep replaying in my mind what it is that has upset me
b) Raise my voice and tell people how I feel
c) Stamp about, slam doors and physically demonstrate my anger
25. I find it easiest to remember:
a) Faces
b) Names
c) Things I have done
26. I think that you can tell if someone is lying if:
a) They avoid looking at you
b) Their voices changes
c) They give me funny vibes
27. When I meet an old friend:
a) I say its great to see you!
b) I say its great to hear from you!
c) I give them a hug or a handshake
28. I remember things best by:
a) Writing notes or keeping printed details
b) Saying them aloud or repeating words and key points in my head
c) Doing and practising the activity or imagining it being done

10

29. If I have to complain about faulty goods, I am most comfortable:

a) Writing a letter
b) Complaining over the phone
c) Taking the item back to the store or posting it to head office
30. I tend to say:
a) I see what you mean
b) I hear what you are saying
c) I know how you feel
Result:
A

14 (Visual)

12 (Auditory)

4 (Kinaesthetic)

11

Appendix B: Entrepreneur test 1

12

13

14

Appendix C: Decision Making Skills

15

16

[Link]

17