Reflective report

Anirudh rai kapil

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Table of Contents
Personal Reflection Plan ......................................................................................................................... 3
• Introduction ............................................................................................................................... 3
Reflection Point 1 ............................................................................................................................ 3
Reflection Point 2 ............................................................................................................................ 3
Reflection Point 3 ............................................................................................................................ 4
Reflection Point 4 ............................................................................................................................ 4
• What will I start doing? .............................................................................................................. 5
• What will I continue to do?........................................................................................................ 6
• What will I stop doing? .............................................................................................................. 7
Planned outcomes and recommendations. .......................................................................................... 10
• Introduction ............................................................................................................................. 10
• Actual Performance Vs Planned .............................................................................................. 10
• Contribution to performance................................................................................................... 12
• Recommendations ................................................................................................................... 12
References ............................................................................................................................................ 14
Appendix ............................................................................................................................................... 16
1. Self-Reflection Plan.............................................................................................................. 16
2. Worksheet 3 – Personal and Professional Objectives........................................................ 18
3. Worksheet 4 – Expectations and Learning From Success or Failure ................................. 20
4. Worksheet 5 – High-Performance Team Questionnaire ..................................................... 23
5. Worksheet 6 – Practicing Presentation Do’s and Don’ts ................................................... 25
6. Reflection Point 1 ................................................................................................................ 27
7. Reflection Point 2 ................................................................................................................ 28
8. Reflection Point 3 ................................................................................................................ 29
9. Reflection Point 4 ................................................................................................................ 30
10. Simulation Worksheet ..................................................................................................... 31
11. SWOT analysis of AeroRunner ........................................................................................ 38
12. Executive responsibilities ................................................................................................ 39
13. Sales performance and market share trends. ................................................................. 40
• Q5 ........................................................................................................................................ 40
• Q6 ........................................................................................................................................ 41
• Q7 ........................................................................................................................................ 41
• Q8 ........................................................................................................................................ 42
14. Q8 Income statement ..................................................................................................... 43

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Personal Reflection Plan

• Introduction

The personal leadership and management abilities I developed during the capstone course
are described in this reflection report. It draws on key experiences from the simulation
project and is supported by various worksheets and appendices. The reflections also
highlight insights into effective team dynamics, decision-making, and professional
development.

Reflection Point 1
In Week 1, The process began with team introductions, which set a strong foundation for
collaboration and knowledge sharing. Drawing on insights from Adani Industries and
strategic thinking models, I realized that the MBA journey had significantly broadened my
perspective. Previously, I evaluated business problems narrowly, but the course’s emphasis
on structured thinking and tools such as PESTEL enabled me to see situations holistically.

The course exceeded my expectations by over 75%, especially in enhancing my strategic

mindset and helping me analyse challenges from multiple angles. Balancing work and
coursework were demanding, but the lessons learned shaped my resolve to promote
innovation and human efficiency in future roles. Going forward, I will foster inclusive
decision-making and engage more actively with teams to implement meaningful process
improvements.

Reflection Point 2
By Weeks 2 to 4 (Q2–Q4), I had moved beyond my role as Business Analytics VP to engage
with cross-functional areas. The collaborative nature of the simulation encouraged joint
decision-making and trust-building. Initially, I preferred working alone; however, I soon
discovered that team synergy amplified the quality of our decisions and outcomes.

We tackled the simulation challenges with increasing cohesion, despite time zone barriers.
The experience emphasized the value of structured feedback, role clarity, and transparent
communication—key principles from the High-Performance Team Questionnaire (Appendix
4). I also learned to be more concise and focused on presentations (Appendix 5), improving
my communication skills.

Peterson et al. emphasized the importance of positive team dynamics (Gelbard & Carmeli,
2009), and we experienced this firsthand. Each team member felt heard, which contributed
to psychological safety and higher engagement. If given another chance, I would enhance

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collaboration further by addressing teammates by name and providing structured, reasoned
proposals for more efficient discussions.

Reflection Point 3
Midway through the simulation (Q5–Q7), the complexity increased as we sought venture
capital and entered new markets. This phase prompted a more strategic approach using
SWOT analysis and scenario planning tools. We expanded into the EU and APAC regions,
scaled up production to reduce stockouts, and improved operational efficiency by investing
in a well-compensated workforce and overtime policies.

This stage reinforced the importance of adaptability and critical analysis—especially when
confronted with overconfidence bias and attribution errors (Appendix 3). For instance, our
delayed expansion of production and neglect of environmental factors initially hurt our
outcomes. However, we learned to course-correct quickly, benchmarking against
competitors and adjusting strategy accordingly.

Maintaining systematic quarterly reviews (Appendix 3) helped track progress and areas for
improvement. We also aligned decisions with long-term profitability, a principle I will carry
into future roles.

Reflection Point 4
As the simulation concluded (Q7–Q8), I reflected on both my individual growth and our
team’s overall performance. I evaluated our progress using the Self-Reflection Plan
(Appendix 1), tracking challenges, actions, and improvements over time. I realized that
success stemmed from continuous feedback, improved team communication, and resilience
in the face of setbacks.

Presentation feedback (Appendix 5) confirmed improvements in delivery, confidence, and

engagement. This capstone journey enabled me to develop leadership skills grounded in
empathy, humility, and structured analysis. I now feel better equipped to guide teams
through uncertainty, balance emotional intelligence with performance metrics, and drive
innovation while respecting diverse viewpoints.

In conclusion, this capstone experience enhanced my capacity to lead through change, think
strategically, and collaborate effectively. It has laid a strong foundation for my ongoing
development as a thoughtful, analytical, and people-centric manager.

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 • What will I start doing?

As a manager, I will actively brainstorm and refine my core strengths to lead with
confidence in any situation.

a. I will establish quarterly goal-setting and performance tracking for each employee in
accordance with the values and principles of my organization. Kanfer & Ackerman's
(1989) resource allocation model (RAM), which stresses the natural start of self-
regulatory activities—where personnel evaluate and control their performance—
after goals are set, supports this strategy. (Fang, E., Evans, K.R., & Zou, S., 2005).

b. Considering the significant impact of regional market dynamics on financing, I will

ensure sufficient money to recruit or contract out a team, keeping flexible choices
prepared to adjust in the initial phases if needed. Given that governments in many
developing countries support start-ups to boost employment, securing funds is
highly competitive, as explained in Table 1 of Appendix (Okrah, J., Nepp, A., &
Agbozo, E., 2018).

Professionals are under increased pressure to carry out their duties with fewer
resources, higher efficiency, improved quality, and improved customer
responsiveness as a result of the quick creation of new products and their shorter
lifecycles. As a manager, I will use a calculated strategy that matches tasks to
people's interests and abilities, encouraging professional development by giving staff
members novel projects that promote teamwork. Additionally, I will dedicate time to
understanding each person's needs to ensure their success. (Levi, D. & Slem, C.,
1995).

Being a good team player is crucial because, thanks to synergy and a common goal,
cooperative teams achieve more than individuals working alone. The traits of
successful teams and methods for productive teamwork are described in Appendix 6.
(Scarnati, J.T., 2001). A key trait of an effective team member is flexibility—the
ability to maintain an open mind, respect diverse personal values, and embrace
alternative perspectives. I have cultivated this quality throughout my MBA course by
fostering an inclusive and approachable culture. This includes not only proposing
ideas but also explaining and implementing them with team consensus, particularly
in design-thinking exercises and capstone projects. I have consistently valued and
respected my team members’ contributions, viewpoints, brainstorming efforts, and
decision-making processes. (Mickan, S. & Rodger, S., 2000).

My role in the simulated capstone case study company, AeroRunner, allowed me to

serve as VP of Business Analytics, overseeing all data-driven decision-making
processes related to business operations. Despite clearly defined roles, our team
consistently made collaborative decisions through virtual meetings, including video

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 calls and phone discussions and chats. This collective approach significantly
enhanced my experience, as it enabled me to analyse multiple perspectives through
data insights rather than relying solely on my own interpretations, ultimately
improving overall efficiency. This is evident in Worksheet 5 of the appendix, as well
as in the Team Player Test (Psychology Today, n.d.) from Appendix 5.

c. High-innovation businesses integrate mutual adaptability into their framework,

allowing them to shift seamlessly into an entrepreneurial mindset. These businesses
often feature expansive work structures, enabling efficient development strategies.
For instance, I would focus on forming a board structure, engaging consulting firms
for market analysis, budgeting effectively, and, if needed, setting up a factory while
gradually hiring employees or labourers. This approach ensures a smooth launch of
business operations while maintaining compliance with all relevant policies, rules,
and regulations. (Kanter, R., 1985.)

d. Companies regularly look into mergers and acquisitions in order to obtain new
leadership, find new prospects in existing markets, and capitalize on complementary
strengths in larger markets. Companies frequently look for smaller enterprises to
integrate into their operations due to the high expenses of business acquisition.
Given this, I would think about combining with another company after proving
myself or progressively growing my business operations in the area in question and
beyond, if conditions allow. (Brush, C.G., Ceru, D.J., & Blackburn, R., 2009.)

• What will I continue to do?

The success of a business can be determined by several key actions and measures:

a. Future leaders maintain a positive outlook (Bono & Ilies, 2006), attributing uncertain
external factors to challenges while consistently associating favorable events with
broader internal and global influences. Therefore, I will remain optimistic, ensuring I
dedicate time to understanding what people need from me to succeed. Additionally,
I will strive to be approachable—friendly within reason—so that individuals feel
comfortable reaching out without fear or hierarchical barriers. (Juárez & Contreras,
2012).

b. Individuals who overachieve often exceed expected goals, making it essential to

monitor their performance effectively. This requires an objective approach,
consistent tracking, and a focus on collaboration rather than competition to align
with situational demands. By ensuring that workers focus on important performance
measures, employers can improve financial performance while maximizing results
and preserving efficiency. (Paulson Gjerde, K. & Hughes, S.B., 2007)

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 c. Fun is often associated with positive organizational results(Tews et al., 2012) and can
enhance employees' feeling of dedication (Ashforth & Humphrey, 1995). Therefore, I
will continue to foster an understanding of people and their work environment,
striving to create an optimal office atmosphere. By introducing games for relaxation,
I aim to boost productivity, recognizing that employees' personal feelings can
influence their performance. The workplace should be a space where individuals feel
happy and motivated to contribute effectively (Plester & Hutchison, 2016).

d. I'll see to it that every worker has a private discussion., fostering a direct connection
between their performance and growth journey. This approach allows for
personalized feedback, career development discussions, and alignment with
organizational goals, as outlined in appendix Table 1. (Upgrad, n.d.)

e. To effectively manage critical performance behaviours, leaders undertook

independent training and utilized distinct reward incentive approaches, including
monetary prizes, social recognition, and objective feedback. These tactics helped to
raise worker performance. These strategies contributed to improved employee
performance. I would adopt a similar approach, ensuring not only incremental
evaluations but also a focus on long-term development and career progression, as
outlined in appendix Table 1. (Luthans, F., Rhee, S., Luthans, B.C., & Avey, J.B., 2008)

f. Conflicts can lead to various benefits, as noted by several scholars (Baron, 1991;
Deutsch, 1973). The impact of conflicts—whether positive or negative—depends on
how they are handled. Therefore, I will adopt a conflict resolution strategy that
ensures focus on the task without abandoning it due to a lack of cooperation. I will
actively manage conflicts, preventing them from being perceived as competition or
dominance, fostering a more constructive resolution process (Park & Antonioni,
2007).

• What will I stop doing?

I will stop doing the following:

a. By creating an atmosphere of mistrust, micromanagement impedes team

development and lowers morale. Recognizing this as a potential weakness, I will
work to improve by limiting micromanagement unless an employee's performance
necessitates closer oversight. Rather than imposing strict rules, I will focus on
organically cultivating values within the team, ensuring a balanced approach to

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 leadership. This strategy is further detailed in appendix Table 1 and Table 4. (Knight,
R., 2015.)

b. I will prioritize maintaining a positive workplace atmosphere, ensuring that criticism

is viewed constructively to foster personal and business growth, as outlined in
appendix Table 1. Additionally, if red flags are identified among employees,
mitigating corruption risks will require a proactive approach. This involves focusing
on ethical principles and practices that emphasize how growth is achieved rather
than merely its outcomes. To support this, I would refine my organizational culture,
ethics, and values to create a more transparent and integrity-driven environment.
(Taylor, A., 2016.)

c. Employees should recognize the importance of emotions—both their own and those
of co-workers, the community, and stakeholders—as these play a vital role in
organizational operations and growth. Rather than disregarding emotional well-
being, they should resolve issues through open dialogue, fostering transparency and
supportive leadership.
Given the increasing frequency of depression and burnout diagnoses—which still fall
under Z73 in the ICD-10 classification—organizations must take proactive steps to
address workplace challenges. Human errors and misunderstandings are natural, but
I will ensure employees receive clear explanations and refresher training to enhance
their understanding. A strong leader spreads knowledge selflessly, and I will focus on
constructive guidance rather than criticism that could demotivate employees or lead
to attrition. Maintaining a positive organizational culture and staying updated on the
latest business practices will be key to long-term success. (Kutz, A., 2017)

d. Since training can be deferred, I will ensure that hiring decisions are made
strategically, particularly when sales are low. Over-hiring during periods of weak
sales can lead to decreased employee motivation and engagement, potentially
harming business performance. Additionally, heightened uncertainty often prompts
firms to temporarily pause investment and hiring, which in turn slows productivity
growth by stalling real-world operations. Therefore, I will carefully assess market
conditions and make informed decisions about when to halt hiring, as outlined in
appendix Table 1. (Bloom, N., 2009.)

e. Ancona and Caldwell (1992) suggested believe diverse groups are more creative and
produce more ideas, they may eventually become rigid, reducing their ability to
collaborate effectively. To counter this, I will ensure that hiring is not restricted to a
single geography or ethnicity. Instead, I will embrace diversity by recruiting
individuals from various backgrounds, including different races, nationalities,
genders, cultures, and experiences. This approach will enhance innovation and

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inclusivity within the organization, as outlined in appendix Table 1. (De Abreu Dos
Reis, C.R., Sastre Castillo, M.Á., & Roig Dobón, S., 2007)

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Planned outcomes and recommendations.
• Introduction

AeroRunner was founded in March 2022, initially supplying premium carbon fibre to the
aerospace industry. With headquarters in Portland, NORAM, the company transitioned to
bicycle manufacturing in March 2025, leveraging its aerospace expertise to produce high-
performance bikes.

The executive team comprises professionals from diverse manufacturing backgrounds, each
assigned primary and secondary roles:

• Suri, Gaurang – VP of Human Resources | President - Overall Leadership

• K Babu, Bibin – VP of Accounting and Finance | VP of Marketing
• Gupta, Tushar – VP of Marketing | VP of Accounting and Finance
• James, Aju – VP of Manufacturing | VP of Business Analytics
• Kapil, Anirudh – VP of Business Analytics | VP of Sales Management

AeroRunner launched operations in the APAC region with three brands, focusing on
innovation in bicycle manufacturing. The company secured a license for 3D printing and an
advanced, cost-effective carbon fibre material, enabling the production of lighter, stronger,
and customizable bikes. This innovative approach allowed for on-demand manufacturing,
eliminating traditional inventory and increasing operational efficiency.

• Marketing efforts emphasized the company’s key value propositions:

• Lightweight designs for improved comfort
• Competitive pricing for advanced technology
• Sleek, modern aesthetics
• Streamlined production reducing costs
• Lower inventory, reducing debt and boosting efficiency
• Faster sales cycles, minimizing lost sales and increasing revenue

The overarching vision of AeroRunner is to emerge as a market leader through constant

innovation and superior customer value.

• Actual Performance Vs Planned

This section evaluates AeroRunner’s actual outcomes against the strategic plans established
at the beginning of the capstone simulation. It highlights successes, deviations, and insights
gathered from the performance trajectory.

o Sales Channels & Manufacturing

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 Planned Actual

Establish 2 physical stores (NORAM & Launched 12 locations (physical + web) across
APAC) and 1 web centre initially NORAM, EU, and APAC

Open 1 more physical store and 1 web Achieved more than planned; expansion
centre by Q4 ahead of schedule

Scale production from 24 to 180 units/day Increased to 200 units/day due to high
by Q8 demand and frequent stockouts

o Marketing & Branding

Planned Actual

Invested ~$1.6M/quarter and achieved strong

Spend less and try to get more output
results from advertising

Targeted brand development across major Developed 6 brands across 5 market

segments segments

Build strong brand presence to achieve Peaked at 19% market share in Q7-Q8; ended
significant market share at 13% due to capacity limits

o Finance & Profitability

Planned Actual

Revenue target: $10M by Q8 Achieved $16.5M (165% of goal)

Net profit goal: $3M Surpassed with $4.1M profit

EPS goal: 3 by Q8 Achieved EPS of 52

Net assets target: $5.2M (projected in Q5 for

Reached $8.6M in net assets by Q8
Q8)

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 Break-even by Q6 Achieved as planned

• Contribution to performance

My contributions have significantly impacted performance, as demonstrated below.

1. Strengthened data-driven communication among team members by encouraging the

integration of analytical insights into discussions, fostering informed decision-
making.
2. Adopted a more systematic approach to problem-solving by leveraging structured
frameworks and data analytics for improved efficiency and clarity.
3. Enhanced team participation skills by ensuring all voices were heard, proactively
contributing data-backed perspectives in all capstone project discussions.
4. Conducted in-depth research on production capacity versus supply-demand trends,
identifying inefficiencies in inventory management and mitigating stockouts in future
quarters through strategic forecasting and optimization.
5. Proposed brand names based on market analysis, receiving enthusiastic responses
from team members, leading towards a well-informed branding decision.
6. Advocated for increased advertising, aligning with data-driven insights and team
suggestions, which resulted in the highest-rated ad campaign.
7. Suggested geographic expansion in Q3, backed by market potential analysis, though
implementation challenges prevented execution as a team.
8. Recommended workforce expansion, factoring in operational scalability and financial
impact; however, given the decision to forgo regional expansion, this proposal was
deferred due to cost implications.
9. Suggested employee welfare initiatives, aiming to boost workforce productivity and
engagement through well-structured human resource analytics.

• Recommendations

What went wrong and what we could improve on: -

1. One of our early missteps was not entering additional markets during the initial
phases, missing opportunities for expansion and higher profitability.
2. Delays in scaling production capacity in key quarters negatively impacted profits, as
stockouts led to lost sales despite workers putting in overtime.
3. Our advertising efforts in the last two quarters were less aggressive compared to
competitors, limiting our brand’s reach.
4. The late launch of the MTB bike hindered potential market penetration—it would
have been more strategic to introduce it earlier in Q4.

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 5. Limited expansion into physical stores and web sales centres in the early quarters
restricted our ability to capture market share, impacting initial sales performance
compared to competitors who invested earlier.
6. A stronger investment in web sales centres could have boosted sales while reducing
costs, as it eliminates the additional expenses associated with physical store setups.

What we accomplished was beneficial and really successful for us: -

1. After analysing demand estimate across areas, macroeconomic trends, and currency
fluctuations, we strategically intended APAC, North America, and Europe, prioritizing
store openings in APAC and North America first. This proved to be a strong decision,
yielding positive results, before we later expanded into Europe.

2. Our investment in advertising and branding—both locally and regionally—was highly

effective, allowing us to build brand awareness through magazines and newspapers.
This contributed to higher-than-expected revenue generation, resulting in $4.1
million in net profits and an EPS of 52, surpassing our initial projections.

3. By leveraging customer feedback and purchasing behaviour insights, we successfully

refined our advertising and brand messaging. The positive reception from customers
boosted brand credibility, ultimately leading to higher sales and profitability.

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Appendix

1. Self-Reflection Plan
Evaluation &
Timeline Challenge Identified Planned Actions Improvement
Measures

What I Will Start Doing

Introduce goal-
Review and modify
setting, allocate
Employees may feel strategies quarterly
leisure time, and
disengaged due to based on employee
January track engagement
repetitive tasks and feedback to encourage
to boost
lack of structure. voluntary
motivation and
responsibility-taking.
productivity.
Adjust initial
Financial instability budgeting and Regularly assess cash
or cash flow secure funding flow, either monthly or
February fluctuations may sources to ensure quarterly, and adjust
affect hiring financial stability budgets or business
decisions. during uncertain plans accordingly.
periods.
Develop a tracking
Staying informed on
system and hire Continuously update
changing industry
specialists to records to avoid delays
March & April regulations and
ensure compliance and maintain
government policies
and prevent regulatory adherence.
can be challenging.
penalties.

What I Will Continue Doing

Ensure that all

Maintain ongoing
Lack of refresher employees—regardless
tracking of
training leads to of rank—attend
development goals,
May & June avoidable mistakes, refresher training
evaluations, and
impacting overall sessions by embedding
feedback
efficiency. it into company
mechanisms.
guidelines.

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 Hold one-on-one
Underperforming discussions and
employees require integrate individual Establish structured
deeper development improvement training
June
understanding journeys with as part of company
before corrective performance policy.
actions. enhancement
strategies.
Inadequate training Conduct frequent
Create a strong
quality can cause feedback sessions
feedback culture that
disputes, for managers to
June & July evaluates both trainees
resignations, and refine training
and trainers to improve
workplace processes and
learning quality.
inefficiencies. effectiveness.

What I Will Stop Doing

Discontinue daily
micromanagement,
Excessive
intervening only Embed employee
micromanagement
August & when employees emotional well-being
can lead to trust
September underperform or as a core priority in
issues and
experience organizational policies.
workplace conflicts.
personal
difficulties.
Practice mindful
Communication leadership, Foster a workplace
misinterpretations ensuring clear and culture built on
October &
may lead to inclusive transparency and
November
unintended biases communication to problem-solving
or conflict. prevent through open dialogue.
misunderstandings.
Conduct timely market
Avoid excessive
Declining sales may research to align
hiring during low-
demotivate business strategies
November & sales periods to
employees and with industry trends,
December prevent over-
harm company instilling confidence in
expenditure and
morale. employees even during
future layoffs.
challenging times.

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 2. Worksheet 3 – Personal and Professional Objectives

Worksheet 3

Reflective Activity - Personal and Professional Objectives

Management Activities

Management activities I like most, and Management activities I enjoy the least:
things I am best at:

Developing leadership abilities, facilitating

Closely overseeing and guiding employees who
meetings and training sessions, and
are struggling with performance.
supporting others in their growth.

The strengths I will bring to the capstone Strategies I’ll use to address the activities I like
project and the specific opportunities I least:
will look for:

Through capstone, I developed a more

I prefer using SWOT analysis to evaluate all
structured approach and expanded my
external factors influencing a business in the
perspective, as we worked across multiple
market, but since it requires extensive time for
domains, including sales, marketing, and
analysis, it is my least favourite approach.
manufacturing.

Goals for the capstone project:

1. Gaining insights into live projects

2. Developing skills to effectively control and comprehend people

3. Making an effort to be an effective manager and a skilled decision-maker

Leadership Activities

Leadership activities I am best at: Areas of my leadership that I need to develop:

Maintaining an optimistic mindset while

fostering open communication across all

18
 employee levels, ensuring fairness and To guide and inspire others with respect and
impartiality. consideration, ensuring that leadership remains
inclusive and free from offense.

Leadership goals for the capstone project:

1. Promoting company growth through expansion

2. Building solid bonds with all parties involved

3. Optimizing the use of available resources to their fullest potential

Personal Development Activities

including emotional intelligence and interpersonal skills

The types of situations where I’m able to The situations that frustrate me, or known
flourish and where I’m at my best: situations where I need to exercise better
emotional intelligence and interpersonal skills:

I thrived in the field of business analytics,

excelling in strategic pricing, effective ad I found it frustrating when discussions veered
creation, and optimal placement. My off topic, occasionally making me yawn,
expertise shines when leveraging data- especially in situations where others were
driven insights to enhance campaign occupied.
performance and drive profitability.
Furthermore, I operate at my peak when
collaborating with a cooperative and
aligned team, ensuring seamless execution
and impactful results.

Personal development goals:

1. Engaging actively to enhance learning and growth

2. Strengthening leadership abilities while embracing humility and teamwork

3. Motivating, training, and gaining a deeper understanding of people and processes

throughout the capstone experience

Overall Summary

19
Overall, I’m expecting that the capstone Specific things I’m aiming to achieve:
experience will enable me to:

Improve my teamwork skills Strengthen collaboration abilities while

fostering individual growth

Make me calmer and composed. Gain composure and resilience for effective
decision-makin

Facilitate comprehension of the opinions Adopt a systematic, open-minded approach

and viewpoints of others and teach while embracing teamwork and diverse
effective teamwork. perspectives

Gain a full understanding of the simulation Develop a deep understanding of the simulation
to make the best decisions. to make well-informed decisions

3. Worksheet 4 – Expectations and Learning From Success or Failure

Worksheet 4

Expectations & learning from success or failure

Expectations

What are your expectations for the unit? What are you hoping to get out of it?

My objective was to acquire a thorough I had anticipated gaining deeper insights into
comprehension of the business simulation, each quarterly decision. During Q2 and Q3, I
and it fulfilled my expectations. felt anxious and restless, but once we
reviewed performance reports, we were able
to analyse them as a team and make more
informed decisions.

Learning from failure

20
 Reflecting on your performance in the Reflect on your confidence bias during your
preceding five units, list three attribution studies of the MBA. Identify three occasions
errors you have made: where your overconfidence created a bias and
therefore dismissed alternative paths to
completing a task:

1. One of our key missteps was not 1. We entered the MTB bike market later
entering additional markets in the than expected, despite it being one of
initial phases, limiting our expansion the highest-selling bike categories.
opportunities and potential profits.
Impacting profits and market capture.

2. We delayed expanding production 2. In the last three quarters, our

capacity until it became a necessity, production fell behind competitors,
which resulted in stockouts and causing brand stockouts and loss in
negatively impacted our quarterly profits.
results.
3. We did not prioritize environmental 3. We concentrated primarily on a select
considerations, which could have been few regions rather than broadening
a crucial aspect of our strategy. our reach further.

Ask Why

Complete the following two question surveys:

Scale:

1 = Never

2 = Almost never

3 = Occasionally/Sometimes

4 = Almost every time

5 = Every time

Mark ‘x’ in the relevant scale column.

Rate yourself on how many times you

asked yourself ‘why’ in the following 1 2 3 4 5
scenarios:

21
 When I did not achieve the expected
x
results, I asked ‘why’.

When I achieved the expected results, I

x
asked ‘why’.

Draft a plan for reviewing success and failure*

List below your 5-point plan for examining success and failure throughout the Capstone unit

Examine the success or Overall, excellent teamwork, sound decision-making, and effective time
failure. management contributed to the success of our capstone project. I would re-
examine every decision made for each quarter and compare it with peers in the
subsequent simulation to see what went wrong and how I could fix it.

Systematic activity review I would review the business decisions quarterly on:

• What improvements were made in the previous quarter?

• What areas still need improvement?
• What are the expected profits?
• What key factors drive those expected profits?
• What potential challenges might arise this year?
• What difficulties were faced in the previous year?
• Has R&D provided significant returns?
• Are new technologies being introduced and implemented?
• What cost reductions have been made to enhance profitability?

Timeframe 3 months

Replication I would prioritize analysing results first and then determine the next steps
accordingly, rather than relying on predictions or assumptions.

Experimentation I would apply this in real life by launching a fresh, small-scale product to swiftly
capture the demand in a rapidly stocked-out market.

22
 4. Worksheet 5 – High-Performance Team Questionnaire

Worksheet 5

Pathway No Sometimes Yes

My team has a clear understanding of the pathway

Yes
forward.

My teams’ purpose and vision are articulated and

Yes
understood.

My team has an effective plan to deliver on the

Yes
strategic pathway.

My team has an effective short-term strategy. Yes

Transparency No Sometimes Yes

My team members understand their roles and how they interact

Yes
with each other.

I understand the contribution my role makes to the overall

Yes
strategy.

I am clear about the hurdles I need to overcome to ensure

Sometimes
success.

I have clarity over my teammates’ roles and how they interact

Yes
into the strategy.

Team-ness No Sometimes Yes

My team has the authority to deliver on its

Sometimes
accountabilities.

My team recognises the sacrifices required to achieve

Yes
success.

My team members collaborate to ensure success. Yes

23
 My team members share in my success and support
Yes
my goals.

High performance team questionnaire

Resilience No Sometimes Yes

My team members’ styles and capabilities enhance team’s

Yes
resilience.

My team supports me when I am struggling to achieve my

Yes
goals.

My team recognises the value of diversity and its benefits. Yes

I actively support my team members when hurdles present

Yes
themselves.

Communication No Sometimes Yes

We have a process that supports having challenging

Yes
conversations.

Informally, my team members provide insights and ideas to my

Yes
situation.

My team members are aligned in the messaging we provide to

Yes
the wider organisation.

My team’s meetings address both the governance and the

Sometimes
performance aspects of our roles.

Commitment No Sometimes Yes

My team members are committed to our shared objectives

Yes
more than to their own individual goals.

I put in a great deal of effort beyond normal expectations to

Sometimes
help my team to be successful.

24
My team members are willing to make sacrifices for the benefit
Yes
of the team.

Achieving our team’s goal is a higher priority than any

Yes
individual’s objectives.

Innovation No Sometimes Yes

We, as a team, are open to the concept of new ideas and fresh
Sometimes
approaches.

I look forward to providing ideas and insights for the team to be

Yes
more effective.

We continually benchmark ourselves to others and challenge

Yes
ourselves to be better.

Innovation is seen as an important aspect of our roles. Sometimes

Trust No Sometimes Yes

My team members trust one another. Yes

I trust my team members. Yes

5. Worksheet 6 – Practicing Presentation Do’s and Don’ts

Worksheet 6

Team Member
Presentation Do’s
ME Gaurang Bibin Tushar Aju

Used appropriate visual aids 4 4 4 4 4

25
Familiarised yourself with the virtual
5 5 5 5 5
platform and share screen features

Spoke slowly, clearly and loudly with

5 5 5 5 5
appropriate intonation

Timed your presentation 4 4 4 4 4

Made proper contact and had positive

5 5 5 5 5
body language

Team Member
Presentation Don’ts
ME Gaurang Bibin Tushar Aju

Didn't talk to the screen; talked to the

4 4 4 4 4
audience

Didn't jump start the presentation without

4 4 4 4 4
an introduction

Didn't merely read the information from

5 5 5 5 5
the slides

Didn’t rush through the presentation 4 4 4 4 4

Feedback

He engaged effectively with the audience and delivering your points with
Gaurang
confidence.

Your clarity and intonation were excellent, making your delivery engaging and
Bibin easy to follow. Consider incorporating more dynamic expressions to reinforce
key points.

You maintained great eye contact and used positive body language, which kept
Tushar the audience engaged. Perhaps adding a few spontaneous remarks could make
your presentation even more natural.

You’re pacing and screen-sharing skills were well executed, ensuring a smooth
Aju flow throughout. A touch more enthusiasm in tone could elevate the energy in
your delivery.

ME You answered all the relevant questions asked related to the capstone project.

26
 6. Reflection Point 1

What?
My experience has been highly rewarding, as I have had access to quality education and
valuable opportunities to connect with individuals who have significantly contributed to my
leadership development. Their insights and experiences have been instrumental in shaping
both my professional and academic growth. The capstone project began with team
introductions, which proved to be an excellent way for us to familiarize ourselves with one
another. Through this process, I have maximized networking opportunities, leveraging my
MBA peers' expertise to enrich my learning experience and facilitate meaningful knowledge
sharing.

So What?
Beyond the simulation, the course offered numerous business insights that translated
seamlessly into real-world applications. I was particularly impressed by concepts such as
strategic thinking, design thinking, and high-performing organizations, which I explored in
depth through insights from Adani Industries leaders. During the capstone project, we
assigned roles and responsibilities to move forward with our analysis as a team. Initially,
some members were hesitant, but by Q3, everyone was actively participating, and we
developed strong friendships in the process.
The MBA program not only provided practical learning experiences but also surpassed my
expectations by 75%, introducing me to world-class business concepts.
Previously, I had a rather narrow perspective on various business challenges, but this course
has significantly broadened my outlook. It has helped me analyse situations from multiple
angles rather than a singular viewpoint. This shift in mindset, supported by exceptional
coursework such as design thinking, has enabled me to think methodically and make
strategic decisions that drive optimal outcomes both professionally and personally.

Now What?

Through my experiences in this course, alongside balancing work, I am committed to helping

others expand their perspectives and adopt innovative ideas and processes to refine existing

27
practices, ultimately driving greater human efficiency in workplace operations. During the
capstone project, we actively incorporated everyone's input, made collective decisions, and
eagerly awaited the Q4 results.
In future management roles, I will not only share my experiences and gain insights but will
prioritize actively listening to employees and implementing their suggestions—moving
beyond outdated PowerPoint presentations on process improvements that never come to
fruition.
There will always be critical challenges that require strategic problem-solving. Leveraging
tools like PESTEL, which I mastered throughout the MBA program, will allow me to navigate
these complexities effectively. I do feel that, given more time, I could have maximized my
learning and contributions. At times, professional demands, long working hours, and tight
deadlines prevented me from fully dedicating myself, but with additional time, I know I
would have optimized my efforts more efficiently

7. Reflection Point 2

What?
This week, our team has been working efficiently, though time zone differences occasionally
posed challenges. We managed these well, with one of our UK-based team members
making an extra effort to stay awake, which we truly appreciated. As the Business Analytics
VP, my role remained constant, and we did not rotate responsibilities. However, our team
grew significantly, leading us to take on additional duties beyond those we voluntarily
assigned last week in Q1. This naturally encouraged joint decision-making and mutual
agreements, strengthening our dynamic and making us an exceptionally effective team.

So what?
Being part of this team has been a valuable learning experience, helping me improve
coordination and cooperation. It was truly surprising and encouraging to see my teammates,
as well as myself, taking time off work, which strengthened our trust and reliability as our
bond grew. We engaged in deeper discussions and felt more motivated to join video calls
after work, with each team member making a conscious effort to contribute willingly to
joint analysis and decision-making.
Importantly, everyone felt respected and heard. While I initially preferred working alone, I
came to realize that collaborating within a team allowed me to perform even better,

28
significantly benefiting my professional growth. During the capstone project, I received
feedback to make my points more concise and structured, and implementing this advice has
helped me improve my approach and work more systematically.

Now what?
Reflecting on this experience, I would maintain a systematic approach when presenting
ideas, carefully noting and refining others' contributions. While I did this throughout the
process, if given another opportunity, I would aim for even better decision-making and
deeper analysis.
One practical solution to enhance systematic collaboration within the team would be to
directly address individuals by name, fostering a stronger sense of inclusion and ensuring
that everyone feels heard in detail rather than briefly acknowledged. Additionally, if time
constraints arise, posting ideas and decision proposals in the group—along with clear
reasoning—would help streamline discussions while keeping everyone engaged in the
decision-making process.

8. Reflection Point 3

What?
The overall approach was solid, the lower production capacity led to stockouts. This
experience underscores the importance of continuously fine-tuning production capabilities
to align with demand.
The theories and concepts from this course have provided valuable perspectives, reinforced
analytical thinking and improved decision-making. This insight serves as a learning
opportunity, showing how strategic adjustments can lead to more refined, data-driven
decisions in the future.

So what?
Reflecting on the strategy and decision-making process, we consistently analysed key
factors but faced challenges due to time zone differences. Despite this, we were pleasantly
surprised by our team’s strong performance and took time to appreciate each other’s
contributions.
Applying SWOT analysis helped in understanding the external influences on Winners Bike’s
growth, offering valuable insights into opportunities and risks. Additionally, this journey
incorporated many leadership and managerial learnings, further strengthening our
approach to strategic decision-making.

29
Now what?
My teammates have been highly cooperative and influential. I felt comfortable with the
decision-making approach, as it remained consistent and ensured participation from all
team members. However, due to workload constraints, some members occasionally missed
meetings. In such cases, we briefed them before finalizing decisions. Moving forward, three
improvements could enhance our decision-making process:
• Encourage each member to analyse the simulation in advance and come prepared
for video meetings.
• Schedule meetings based on prior consent rather than impromptu arrangements
post-work, ensuring better coordination across time zones.
Reassign roles to allow team members to experience different positions, as we did not
implement role rotations—for instance, I remained VP of Business Analytics throughout all
eight quarters.

9. Reflection Point 4

What?
Describe the experience of working in a team to complete the online simulation.

Participating in the online simulation as a team was a rewarding experience. We successfully

coordinated our schedules, held virtual meetings, engaged in discussions, refined our

previous decisions, and continuously adapted to enhance our products while expanding into

new markets such as APAC, NORAM, and the EU. Alongside these achievements, we also built

professional connections, exchanged skill sets, and gained valuable insights from both one

another and the course itself.

While there were few gaps in our process, the most significant challenge was the lack of

increased production capacity, which led to frequent stockouts. I have addressed this in the

SWOT analysis within this report. However, during the simulation, these aspects were difficult

to emphasize due to the sheer volume of information that needed to be covered and analysed

within a collaborative setting.

So what?

It was truly fascinating to witness how both my team and I evolved throughout the simulation,
becoming more engaged in providing inputs, continuously analysing decisions, and immersing

30
ourselves in the collaborative process. As our MBA coursework nears its conclusion, nostalgia

sets in—we not only enjoyed our work but also cherished the time spent with one another.

Regarding recommendations, which I will address in Part B of this report, the key takeaway

from the capstone project simulation is the importance of effective time management,

maintaining curiosity, and following a structured approach. Staying calm, thinking

strategically—both professionally and personally—has been instrumental in navigating

challenges.

If given the opportunity to revisit our decisions, I would reconsider Q2 and Q3, opting for a

bolder strategy by expanding into new regions and securing loans to accelerate growth.

However, at the time, we played it safe, recognizing our initial market position and choosing

a more cautious approach.

This course has significantly influenced my involvement and personal growth—I’ve stepped

out of my comfort zone, having been accustomed to working alone, and embraced the

benefits of teamwork, enhancing my social skills along the way. I would strongly recommend

revisiting all concepts and reports with a mindset geared toward continuous self-

improvement.

10.Simulation Worksheet
• Q1 – Simulation Worksheet

Simulation Worksheet
Complete this worksheet for each Quarter. Include it in your Assessment 2 Part A.

Name Anirudh Rai Kapil

Quarter 1 Date of completion of worksheet 05.05.2025

Identified issue(s) Recommended action to Post-quarter result

solve the issue

31
List each issue on a separate Must link to theory and be Comment whether the decision was
line referenced implemented, and if not, why.

Briefly discuss whether the

implemented decision yielded the
expected result(s), and why.

This decision led to successful

Roles and responsibilities are
Assigning roles and defining outcomes, as all team members are
assigned according to
responsibilities for team aligned toward a common goal and
corporate experience and
members possess outstanding experience and
field expertise.
expertise in their respective fields.

• Q2 – Simulation Worksheet
Name Anirudh Rai Kapil

Quarter 2 Date of completion of worksheet 05.05.2025

Identified issue(s) Recommended action to Post-quarter result

solve the issue

List each issue on a separate Must link to theory and be Comment whether the decision was
line referenced implemented, and if not, why.

Briefly discuss whether the

implemented decision yielded the
expected result(s), and why.

This decision enables us to reach and

Opting for the top three
engage customers who are interested
Deciding on segment of Bike segments, acknowledging
in two different segments but seek
to start with that they may slightly
features that combine both into a
overlap with other segments.
single offering.

This decision led to satisfactory

results, as all team members are
We established
aligned toward a common goal. In
Factors influencing the compensation for
the initial stages of the business, it is
determination of salespeople and workers
prudent to refrain from immediately
compensation for based on the industry
increasing salaries until there is a
salespeople and workers. average within the relevant
clear understanding of workforce
market segment.
demand and supply in relation to
business needs.

32
 Choosing the right store
location was challenging, but
after evaluating market Following the quarter, we
research and potential, we successfully initiated business
Opening a store, constructing operations with a minimal number of
decided to open a store &
a production facility, and printers—ensuring a fixed capacity
web sales in the APAC. The
determining the number of while our working capacity operated
production facility was
printers required for efficient at full flow within our target segment
determined based on start-
operations. in APAC.
up and operational costs,
while the number of printers
was selected according to
market demand.

• Q3 – Simulation Worksheet
Name Anirudh Rai Kapil

Quarter 3 Date of completion of worksheet 05.05.2025

Identified issue(s) Recommended action to Post-quarter result

solve the issue

List each issue on a separate Must link to theory and be Comment whether the decision was
line referenced implemented, and if not, why.

Briefly discuss whether the

implemented decision yielded the
expected result(s), and why.

Deciding on the brand was

a challenging and time-
consuming process. Our
team conducted a thorough
analysis over a video call to
finalize the necessary
The implemented decisions yielded
decisions. It turned out to
successful results, establishing our
be our longest video call, as
Brand & Ad design business simulation company,
understanding product
AeroRunner, as the firm with the
features proved to be
highest ad rating.
complex. However, with
dedication and extra time
invested in Q3 and Q4, we
successfully resolved the
issue through hard work and
collaboration.

33
 We made the decision to
increase fixed capacity in The decisions were successfully put
Increase in no of printers anticipation of potential into action, and we made every effort
stock shortages in the next to mitigate stockouts.
quarter.

We chose to conduct an
The decision was carried out, yielding
employee survey to identify
valuable insights from the employee
opportunities for enhancing
Did an employee survey survey, which were successfully
the employee experience
incorporated into future quarters for
and improving our
organizational improvement.
organization in the future.

It took us time to reach a

The decision was successfully
conclusion on the best
implemented, yielding positive results
Opening a new Store in direction to take, as we
as we pursued expansion while
NORAM aimed to expand while also
simultaneously meeting demand, with
effectively serving our
only a minor impact on stockouts.
existing customers.

• Q4 – Simulation Worksheet
Name Anirudh Rai Kapil

Quarter 4 Date of completion of worksheet 05.05.2025

Identified issue(s) Recommended action to Post-quarter result

solve the issue

List each issue on a separate Must link to theory and be Comment whether the decision was
line referenced implemented, and if not, why.

Briefly discuss whether the

implemented decision yielded the
expected result(s), and why.

We opted to update our

brand and advertising We effectively connected with all our
Brand and ad satisfaction strategy to reflect the customers, resulting in a strong
modifications and newly market share.
designed bikes.

Opening new web sales We made the decision to We launched a new web sales center
centre extend the reach of our web in NORAM, complementing our
sales into additional regions existing physical stores, which

34
 to tap into new markets and positively influenced our market
broaden our customer base. presence and customer reach.

We adjusted and introduced

two new bikes after
We moved forward with the new
analysing their performance,
Modification and creating bikes, incorporating them into our
as they did not meet our
new bikes product lineup to better meet
initial expectations. The
customer preferences and market
modifications were made to
demands.
better align with customer
needs

• Q5 – Simulation Worksheet
Name Anirudh Rai Kapil

Quarter 5 Date of completion of worksheet 05.05.2025

Identified issue(s) Recommended action to Post-quarter result

solve the issue

List each issue on a separate Must link to theory and be Comment whether the decision was
line referenced implemented, and if not, why.

Briefly discuss whether the

implemented decision yielded the
expected result(s), and why.

We prioritized R&D
investments during the Our R&D efforts delivered excellent
quarter to enhance our results, allowing us to implement key
R&D
product offerings and better innovations and achieve strong
meet customer profits.
expectations.

We addressed quality issues,

enhanced worker
productivity and morale,
and initiated community
Our efforts led to significant
contributions in production.
improvements in quality control and
Profitability and viability Previously, we took multiple
production efficiency, reinforcing our
steps related to
commitment to excellence.
environmental concerns,
quality control, employee
engagement, and product
efficiency.

35
 Even with increased operating
We responded to stockouts capacity, stockouts remained a
in Q4 by increasing both challenge. This suggests demand
fixed and operating exceeded projections or additional
Stock out in Q4. production capacity, factors affected inventory flow.
ensuring better inventory Refining demand forecasting and
management and demand supply chain efficiency could help
fulfilment. mitigate similar issues moving
forward.

• Q6 – Simulation Worksheet
Name Anirudh Rai Kapil

Quarter 6 Date of completion of worksheet 05.05.2025

Identified issue(s) Recommended action to Post-quarter result

solve the issue

List each issue on a separate Must link to theory and be Comment whether the decision was
line referenced implemented, and if not, why.

Briefly discuss whether the

implemented decision yielded the
expected result(s), and why.

We introduced 5 new bikes

We successfully integrated the new
and got into segment for kids
bikes into our product lineup, aligning
Finalizing new models as well and used the R&D
with customer preferences and
that we invested in previous
strengthening our market presence.
quarter.

We refreshed our brand and

advertising strategy to align Our successful customer outreach
with our newly designed strengthened our market share,
Brand and ad satisfaction
bikes, ensuring stronger reinforcing our presence and
market positioning and engagement.
customer engagement.

Invest in more R&D or buy By conducting our own R&D, By conducting in-house R&D, we
from other companies in we gained control over what tailored our products to customer
simulation to improve based on needs while securing future profits
customer needs, rather than through licensing. This approach gave
opting for external R&D, us both flexibility and control over
which, while cheaper, lacked innovation.
flexibility. Additionally,

36
 internal R&D allowed us to
license our innovations,
ensuring greater strategic
advantage.

We decided to invest in
Despite expanding production
expanding production
capacity, demand outpaced supply,
capacity after analysing
leading to stockouts and lost sales.
strong sales and growth
Adjusting capacity planning further
Should we increase during the quarter, ensuring
could help mitigate this challenge in
production capacity to take we could meet increasing
future quarters.
consideration of stockouts demand effectively.

• Q7 – Simulation Worksheet
Name Anirudh Rai Kapil

Quarter 7 Date of completion of worksheet 05.05.2025

Identified issue(s) Recommended action to Post-quarter result

solve the issue

List each issue on a separate Must link to theory and be Comment whether the decision was
line referenced implemented, and if not, why.

Briefly discuss whether the

implemented decision yielded the
expected result(s), and why.

We lost quite a lot of sales

We increased our production
due to stockout even after
Stockouts in Q6 capacity to match the demand
increasing the production
forecasted.
capacity.

We hired additional
Increased workforce for web
resources for web sales to We got more sales.
sales
accommodate customers.

• Q8 – Simulation Worksheet
Name Anirudh Rai Kapil

Quarter 8 Date of completion of worksheet 05.05.2025

37
 Identified issue(s) Recommended action to Post-quarter result
solve the issue

List each issue on a separate Must link to theory and be Comment whether the decision was
line referenced implemented, and if not, why.

Briefly discuss whether the

implemented decision yielded the
expected result(s), and why.

Despite increasing
production capacity,
stockouts persisted in Q7,
resulting in a loss of 2.3
By further expanding production
times the Q6 stockout value.
capacity, we successfully reduced
Stockouts in Q7 This suggests demand
stockouts compared to Q6, ensuring
continued to outpace supply,
better demand fulfilment.
highlighting the need for
further capacity adjustments
or inventory management
strategies.

By successfully repaying the

Our sales performance resulted in
loan while maintaining
strong profits, reflecting effective
Loan burden strong profits, we reinforced
market strategies and customer
financial stability and
engagement.
continued growth.

11.SWOT analysis of AeroRunner

Aspect Key Points Data/Impact
Strengths Diverse product portfolio Cash increased from $63,680
(Q1) to $3 million (Q8)
Competitive production costs Common Stock grew from
(APAC advantage) $1m to $8m (Q8)
Strong liquidity & equity Expanded presence across key
financing regions to maximize market
reach
Q8 highest demanded Speed
segment product
Has both physical and web
sales presence in NORAM,
APAC, and EU
Weaknesses Persistent operational losses Negative Retained Earnings
deepened from -$24K (Q1) to -
$5.1M (Q6)

38
 High fixed overhead (lease Ill will in Q4 estimated to had
costs, etc.) more than 15% impact on Q5
sales & the similar impact was
seen in Q6, Q7, Q8 as well.
Significant stock shortages in Below average wealth
Q6, Q7, and Q8 resulted in creation and investment in
widespread ill-will and future score
operational setbacks.
Opportunities Expansion of digital sales Potential to reduce lost sales
channels to other regions. and capture unmet demand
via digital channels
Eco-friendly production Capitalize on Amsterdam’s
methods highest Work and Recreation
demand with the first physical
store
Latam market expansion
opportunity
Threats Fierce competition in the Increased competition
Recreation & Work segments demands continuous
innovation, while cost
fluctuations could squeeze
margins
Exchange rate risks due to Increased cost rates in Europe
economic vulnerabilities could demand highest cost
outlays initially

12.Executive responsibilities
Secondary
Officer name Primary responsibility
responsibility
President-Overall
Suri, Gaurang VP-Human Resources
Leadership
VP-Accounting and
K BABU, BIBIN VP-Marketing
Finance
VP-Accounting and
GUPTA, TUSHAR VP-Marketing
Finance
VP-Business
JAMES, AJU VP-Manufacturing
Analytics
VP-Sales
KAPIL, ANIRUDH VP-Business Analytics
Management

39
13.Sales performance and market share trends.

• Q4 -

• Q5

40
• Q6

• Q7

41
• Q8

42
 14. Q8 Income statement
Income Statement
Report Item Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 5 Quarter 6 Quarter 7 Quarter 8
Gross Profit
Revenues 0 0 3,68,648 15,50,090 19,52,078 71,43,705 99,12,111 1,66,75,785
- Rebates 0 0 12,540 31,430 43,250 88,280 1,18,450 1,65,400
- Cost of Goods Sold 0 0 1,44,568 7,54,686 8,50,022 35,47,096 49,32,536 81,87,834
= Gross Profit 0 0 2,11,540 7,63,974 10,58,806 35,08,329 48,61,125 83,22,551
Expenses
Research and Development 0 90,000 0 60,000 23,36,592 12,58,603 30,000 60,000
+ Quality Costs 0 0 38,782 1,15,038 1,12,520 3,38,480 4,07,588 4,94,670
+ System Improvement Costs 0 0 5,000 80,000 2,74,500 2,62,160 4,29,705 3,21,225
+ Advertising 0 0 1,01,075 2,48,092 2,23,752 4,34,344 3,95,036 4,25,097
+ Internet Marketing Expenses 0 0 2,709 7,616 23,675 89,790 1,61,122 1,32,857
+ Sales Force Expense 0 0 75,604 1,19,894 1,45,658 5,20,690 7,76,137 9,08,726
+ Store and Web Sales Center Expenses 0 4,47,000 4,35,482 5,34,166 7,32,301 5,09,513 5,05,493 5,09,460
+ Web Sales Productivity Expenses 0 0 50,000 60,000 27,000 27,000 27,000 2,67,000
+ Marketing Research 88,000 0 60,000 60,000 60,000 60,000 60,000 60,000
+ Shipping 0 0 21,576 52,636 61,544 2,18,052 2,52,950 3,92,261
+ Excess Capacity Cost 0 0 57,400 0 0 0 0 0
+ Depreciation 0 0 26,432 44,856 54,366 1,29,659 1,58,191 2,22,890
= Total Expenses 88,000 5,37,000 8,74,059 13,82,298 40,51,908 38,48,291 32,03,223 37,94,186
Operating Profit -88,000 -5,37,000 -6,62,520 -6,18,324 -29,93,101 -3,39,962 16,57,903 45,28,365
Miscellaneous Income and Expenses
+ Licensing Income 0 0 0 0 0 0 70,000 1,00,000
- Licensing Fees 0 0 0 0 0 0 0 0
+ Other Income 50,000 1,000 0 0 0 0 0 0
- Other Expenses 0 0 0 0 0 0 0 0
= Earnings Before Interest and Taxes -38,000 -5,36,000 -6,62,520 -6,18,324 -29,93,101 -3,39,962 17,27,903 46,28,365
+ Interest Income 13,680 7,680 7,680 0 0 0 0 0
- Interest Charges 0 0 0 0 0 29,834 34,337 0
= Income Before Taxes -24,320 -5,28,320 -6,54,840 -6,18,324 -29,93,101 -3,69,795 16,93,565 46,28,365
- Loss Carry Forward 0 0 0 0 0 0 16,93,565 34,95,136
= Taxable Income 0 0 0 0 0 0 0 11,33,229
- Income Taxes 0 0 0 0 0 0 0 4,53,292
= Net Income -24,320 -5,28,320 -6,54,840 -6,18,324 -29,93,101 -3,69,795 16,93,565 41,75,073
Earnings per Share -2 -26 -22 -15 -37 -5 21 52

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