Challenges and Opportunities in Developing a New Business Venture in V.R.

Introduction

Virtual reality is a new technology becoming increasingly popular in the modern world. VR has continued to show up in different parts of a design, helping to give users new experiences and opening up new ways for people to work and interact with each other (Kamińska et al., 2019). We worked as a team to develop a new business venture in VR. In this group, we experienced several challenges while working on the project. Some of the issues we faced are task division, sustainability, and time management. For example, a member of our group who was supposed to prepare a pricing model had a hard time doing it alone. There were claims that the work was too much for him, and we had trouble getting along. This assignment highlights the difficulties and team’s ability to address them. In addition, the assignment will explore how these problems may affect business concepts and opportunities in the future.

Experience 1

It was an interesting moment working with other people to complete the project. With a committed and dedicated team, it is possible for one to enjoy the process. However, I discovered that working in a team is a daunting task due to individual personality differences. In the group, we had extroverts and introverts and some who were controlling. Teamwork gives an individual the ability to interact with other people.

The Nature of The Challenges We Faced

The challenge we experienced was dividing the task among team members due to different levels of skills and areas of interest. The division of work was to help complete the task within the set timeline and ensures that everyone participated in the process (Acharya and Colomo-Palacios, 2019). As a group, we had a prior plan of dividing the work equally among individual members. However, the problem was the perceived complexity of some of the tasks to be completed. For example, describing the nine elements of the business model canvas was considered more complex than explaining personality. In addition, the person assigned the task of presenting the retail pricing model found it hard to work alone.

How The Challenges Were Solved

We organized a meeting to talk together and reach a consensus. Talking things out allows the team to determine and consider the extent of the problem and develop an amicable solution (Cletus et al., 2018). During the meeting, we discussed the cause of the problem by attentively listening to the people who had an issue with how the tasks were divided. After listening, we brainstormed the possible solutions to the problem. For example, we decided to handle the tasks perceived as daunting as a team. In addition, we agreed to meet regularly to address other issues that may arise. As a result, there was a need for a consensus because some tasks were simple while others were complex.

The Impact on My Business Ideas and Prospects

The knowledge I gained improved my business idea generation and prospects. As a team, we devoted some of our time to researching each aspect considered significant for the business opportunity. After extensive research, a team member can create an individual report containing information pertinent to the company (Salas, Reyes, and McDaniel, 2018). This consist of the marketing approach, how the business might get experts and researchers from various sectors, and how the procedure could be increased. Everyone was allowed to relay their opinion, which was then considered and tailored to meet the project’s requirements better.

A Different Approach to Each Stage

The previous division of work went well because every team member was given an opportunity to choose the task they wanted to complete. We divided the work based on individual interests and ability to do good work. Based on this, we could reduce misunderstandings in the division of work. There was no complaint from individual members that the assigned tasks were difficult.

We thought that allowing people to choose the tasks would be smooth. However, we failed to consider some of the drawbacks of the approach in completing the tasks. The challenge was deciding the order by giving people the chance to select the tasks they want to handle. For example, deciding who would choose first was the issue. After using our initial approach, people ended up choosing simple tasks leaving the complex ones.

There are a lot of things that I can make out of the situation. The first thing is the role of effective planning during group work. Planning help guide the operations of the team to make sure that they run smoothly (Bennett, Gadlin, and Marchand, 2018). In addition, I discovered the effectiveness of conducting extensive research on an approach prior to implementation. We would have avoided the problem with the right information on the appropriate technique of dividing the work.

Strategic planning enhances team building and the spirit of cooperation. According to Bennett, Gadlin, and Marchand (2018), it enables individuals to understand their responsibilities and expertise to complete the assigned task. As a result of this knowledge, I believe being aware of the importance of proper planning in the future will be integral to group work. It will enable the team to work coherently to achieve the anticipated objectives.

Reflection

After conducting many studies on how teams often divide their work, I concluded that it is more of a process than an event. When first putting together a group, its members should deliberate and make a game plan for how the workload will be distributed among them. To accomplish this, an individual needs to be aware of their capabilities and limitations and what they can contribute to the overall project (Ahmed et al., 2018). As a result, the group will be better able to allocate tasks and avoid disagreements appropriately.

The most important concept I learned was that the division of labor needs a thorough plan to ensure that tasks are given to different people in a way that reduces or eliminates conflict in the team. There is a need for the team to ensure that the individual’s capabilities are understood to achieve the set goals (Thayer, Petruzzelli, and McClurg, 2018). In addition, the learning process showed me how important technology is for running a business well and reaching the customers that a person wants. However, we ran into problems and hurdles when we tried to figure out how to use technology to make our product successful. Therefore, I realized that early assessment could be a good way to learn about the challenges and benefits of a certain technology.

Experience 2

Working in a group comes with its advantages and challenges. I have had different experiences with the teams I have within my lifetime. In one of the previous teamwork, everything was smooth with minimal disagreements. However, some teams I worked with had communication issues, while others lacked the skills and capabilities to handle complex tasks, especially those requiring creativity and innovation.

The Nature of The Challenges We Faced

The challenge we experienced was incorporating sustainability in developing and implementing a virtual drilling rig training program. Sustainability involves engaging in operations that protect the natural environment and human and ecological health while driving innovation (Eizenberg and Jabareen, 2017). Based on this, it was challenging for us to develop a program that would make sure that the well-being of everyone is safeguarded. I remember we held a series of meetings to discuss how sustainability concepts would be incorporated into the idea. We experienced several challenges trying to ensure that the training program for oil and gas companies was sustainable and will make sure that people understand the need to protect the environment and create a better world. As a result, adopting sustainability was a daunting task for the team members.

The Impact on My Business Ideas and Prospects

The information I learned helped me formulate more effective business ideas and identify additional opportunities. As a team, we spent some time looking into each part of the business opportunity that we thought was important. After conducting extensive research, a team member can now make a report with relevant data to the business (Salas, Reyes, and McDaniel, 2018). For example, I learned more about sustainability and how it can be integrated into developing business ideas and reaching prospects. Everyone had a chance to say what they thought, which was then taken into account and changed to fit the project’s needs.

How The Challenges Were Solved

The issue of incorporating sustainability into the idea was addressed by extensive research. We decided to handle the problem collectively to achieve the anticipated efficiency. All the team members agreed to read about sustainability incorporation in a virtual training program. We set the timeline to ensure the assignment was completed in time. In addition, we visited some oil and gas companies drilling operations to get an overview of the process and determine where sustainability would be integral. After conducting thorough research on sustainability and writing notes at a personal level, we organized a meeting where we discussed the concept to ensure a concurrence. As a result, we managed to handle the issue of sustainability through collaboration and conducting an extensive study on the concept.

The Different Approaches for Each Stage

The main reason for this team’s success was the practice of holding each other accountable against the established plans. The team members reminded each other to ensure they were making progress and overcoming any barriers that may stand in their way. As a team, we organized a series of meetings to coordinate the operations of different departments or groups to guarantee progress. In addition, during these meetings, individual members were supposed to inform the team about their progress. Therefore, we effectively worked on the project and submitted it on time because we held each other accountable.

Despite thriving in several areas, we had some challenges that adversely influenced our team. Disagreements have the potential to escalate into conflict quickly; though it is not always simple to prevent a conflict, that can be useful. However, if the team does not present and talk about various ideas, they will not be able to figure out which solutions will be the most helpful for overcoming the obstacles. A strong conversation may result in the development of a respectful attitude toward the viewpoints and ideas shared by the other members of the team. The problems that we encountered were attributable to a lack of planning on our part. Thus, as a team, we faced challenges due to the existence of conflict.

In the future, it will be important to choose committed team members and tell them what the team’s goal is in handling the project. Another way to make an impact would be to choose who will lead the team and make sure that the person knows their role as a team member and leader. Based on this, it will be important for the team to decide its goal to achieve the set objectives. After deciding on the team’s goal, it is important to break it down into smaller, more manageable goals that each member can reach. Therefore, make sure that the team has met often to talk about the progress and the problems they have run into, and give daily reports on the team’s progress.

Reflection

I learned that unity is one of the most important factors contributing to an organization’s team’s success in achieving its objectives. If I had to do the same thing again, I would work efficiently and accomplish the goals in a relatively short time because they were united. In addition, the team’s ability to complete the assignment on time and move on to other essential matters that need to be addressed within the team is significantly aided by the division of labor, which plays a key part in the team’s success. I will develop the skills acquired by constantly engaging in teamwork. In the future, I will create a plan to help me act differently. I will ensure that everyone reflects on the previous group work to determine the issues and how they were resolved.

Experience 3

I have had different experiences while working on different teams. The teams I have been a part of throughout my life have taught me something unique. We had a few issues in a prior engagement, and everything ran smoothly. Some of the teams I have worked with had problem-solving issues, while others lacked the resources to complete challenging assignments, particularly those requiring creativity.

The Nature of The Challenges We Faced

All team-based projects have to deal with balancing time, and it is important to find ways to fix the obvious inefficiencies that the team faces. It was enough for our team to develop a culture of self-time management to ensure that the tasks were done on time and enough time was saved to make any necessary changes to the plan (O’Neill and Salas, 2018). In addition, we had to deal with time constraints, which made it hard for them to come up with ideas that could be easily shared with customers in a short amount of time. The team made sure that the management had all the resources they needed to choose an idea and put it into action within the time frame that had been set. Therefore, we ensured that time management played an integral role in attaining group objectives.

How The Challenges Were Solved

I came to the realization that it is feasible for a group to prevail over challenges by utilizing suitable strategies. For instance, there was a challenge in apportioning the jobs to the various team members due to the varying degrees of difficulty involved in each work. After I had resolved this issue, I was certain that the project would proceed without any problems.

The Impact on The Business Idea and Business Prospects

We found that the organization could use virtual reality, particularly for training their staff and learning institutions that could use the product to train their students. Everyone on the team felt like they were a part of it because they all took part in talking about and judging the different ideas that had been put forward. Since some of the team members were experts in different fields or had different kinds of knowledge, it was easy for them to understand how virtual reality could work. At the same time, each person had time to find out as much as possible about the project. As such, the team member knew a lot about the project, which helped the other members to agree. Therefore, finding solutions to the challenges created a platform that helped to attain the established goal.

Effective cooperation and coordination between members were crucial to saving time and reducing disagreements within the team. The discussion was one of the most important things the members did to solve and avoid conflicts. Each team member knew their job and worked hard to help the group figure out how to solve the problem affecting the group. The ability to work together enhanced the development of an effective business venture for Qatar’s oil and gas industry. For example, we brainstormed and created a virtual reality rig drilling training program within a short time. Through the contributions of each team member, the team was able to solve the problem quickly and operate amicably to achieve the established objectives. The solution to the issues helped us understand the benefits of team collaboration.

The Approaches for Each Stage

We succeeded because we assigned tasks based on an individual’s skills and capabilities. Division of labor is when a task is separated into different tasks, and a different person or group does each task. It is most often used for mass production systems and is one of the main ideas behind the assembly line. I believe that the reason why our operations went smoothly was that everyone had the ability to decide which part of the assignment they wanted to work on, and we divided the work based on an individual’s self-identified strengths. For example, people with some knowledge of economics helped develop product costs and pricing. As a result, both of these factors contributed to our operations’ success in creating a new business venture.

There were some shortcomings in the team due to poor planning and lack of time management. Poor management of time is usually a product of ineffective planning of operations in a team (Scholl, 2018). As a team, we spent a lot of time-solving disputes on a division of tasks rather than working on the project. Some team members complained that their tasks were more complex than others. If we had an elaborate plan, we would have avoided the challenges. Based on this, we were forced to stress and rush with the tasks to meet the established deadline. For example, I had to work more than 12 hours daily to complete my assigned tasks. Therefore, we did not do well in some areas while working on the project due to poor planning.

Reflection

I have realized that one of the most significant things that makes it possible for groups within an organization to achieve their objectives is effective collaboration among its members. Since everyone was working toward the same goal, if I were in same situation again, I would move fast to accomplish it because everyone was on the same page. The division of labor makes it simpler for the team to complete the assignment on time and enables the team to move on to other important things that need to be taken care of inside the team. This is an essential component to the success of the team. Working with other people has provided me with invaluable experience, and I intend to continually build upon it to achieve the set objectives. I will devise a strategy to assist me in modifying my behavior in the years to come.

Conclusion

Teamwork is a critical concept because it influences the achievement of the project’s goals. As a result, it is necessary to cultivate productive members of the team while simultaneously guaranteeing cohesion and understanding among the team members in order to minimize confusion and unnecessary repetition of the activity. In addition, there is a need to consider aspects such as proper planning when handling a team. In order to maximize the efficiency with which the team works together, each member of the team is required to attend a meeting with the other members of the team in order to determine who will play which roles on the team and what their individual contributions will be. The team leader is in a position to guarantee that the team members frequently meet to discuss the progress the team is making and the issues they are facing. Therefore, it is well known that effective collaboration between project team members is essential for any business to fulfill its objectives.

Reference List

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Salas, E., Reyes, D.L. and McDaniel, S.H. (2018) ‘The science of teamwork: Progress, reflections, and the road ahead, American Psychologist, 73(4), p.593. Web.

Scholl, W. (2018) Understanding group behavior. Psychology Press.

Thayer, A.L., Petruzzelli, A. and McClurg, C.E. (2018) ‘Addressing the paradox of the team innovation process: A review and practical considerations, American Psychologist, 73(4), p.363. Web.

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StudyCorgi. "Challenges and Opportunities in Developing a New Business Venture in V.R." December 1, 2023. https://studycorgi.com/challenges-and-opportunities-in-developing-a-new-business-venture-in-v-r/.

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