Week 11(25/4/2013) - KEE120056

This week the lecture continues on last week's topic, SKILLS IN PROJECT MANAGEMENT. 

This week also marks the end of the syllabus for GXEX 1412 Basic of Entrepreneurship Culture. 

Next week is Week 12, selling and poster display will be going on. 

We look forward to see you... 

For more information about our business, please visit our business blog.

Week 10(2/5/2013) - KEE120056

SKILLS IN PROJECT MANAGEMENT

1. Things that I've learnt from this week's class.

- Management is a process. It involves a small number of people guiding/leading a larger number of people, often sharing the similar aims.

- The four managing functions: Planning, Organizing, Leading, and Control.

- The attributes of a leader.

*MARKETING

- The fundamentals of marketing: market segmentation, different analyses techniques commonly found and used(eg. SWOT analysis)

- Marketing strategy

- Finance

  

2. How do I feel about the things that I've learnt from this week's lecture?

Although I have already know most of the things being taught this week, the sharing of knowledge by the lecturer further deepens my understanding and grasp on this particular topic

3. How am I going to apply the knowledge that I've gained?

I will try to do the SWOT analysis in my daily life as I find it quite useful and practical. I will try to lead as I admires the attributes of a leader compared to a follower.

# Management and strategy is important as a good start is a battle half won. 

Week 10 (2/5/2013) KEE120049

Things that I have learnt from this week lesson:

    On this lesson, I have learnt about the PROJECT MANAGEMENT SKILL which is useful to do our project in this course. The most important thing in the project management is PLANNING. This is because planning will always ensure a successful project if we make a very well-planned project and we follow what we have planned to carry out the whole project. There is 2 types of planning, such as the long term planning and the day to day planning which is also known as operation. 

     Besides planning, we also need a strong ORGANISATION which can carry out the project in order. A well managed organisation will enable the project to be carry out according to the schedule and ensure that the project can be completed successfully. 

    What does a well manage organisation need? Definitely it needs a very successful leader. A wise and smart leader is able to conduct the whole project well without feeling panic even when there is problems encountered. A well organize structure of an organization is also very important since we have to create several department which is in charge in different types of job. We need to consider about their abilities in order to distribute the job accurately. We need to know which field is their major and then only we decide to give him what post. 

     Next, before we want to start a project or business, we need to do some research about the market of the products which we are going to promote. This is to ensure that we will get the biggest profit and to ensure that there is no loss in our project. 

How do I feel about the things that I've learnt from this week's lecture?
The knowledge that I have learnt through this week lesson is very useful to me. This is because it taught me how to ensure my project to be successfully done and completed. It also detailed out all the important criteria which can help to ensure my project do not failed.  How am I going to apply the knowledge that I've gained?
I will apply the knowledge learnt in this week when I want to start a project or business. This is very important as we must ensure whatever we done, we do not want any failure and what we want is only success. In order to success, we need to have project management skill which is very important in handling a project. 

Week 10 (2/5/2013)_KEE120053
Project Management Skills
Things that I have learnt in this week's lecture:
Management

• Process of administration and coordination of resources effectively & efficiently toward organisational objectives
• Functions are Planning, Organizing, Leading & Control

Planning

• Long term strategic
• Daily operation
• Fixed
• Once off
• MBO
• Contigency

Organizing

• Job scope
• Job distribution
• Job enlargement and enrichment
• Job rotation

Leading

• Characteristic of a leader
• High EQ
• Knowledgeable
• Strongly motivated
• Confident
• Honest
• Cognitive

Control

• Strategic
• Tactic
• Operation

Basic of Marketing

• Market size
• Market Segmentation
• SWOT analysis
• Marketing strategy
• Finance
• Proforma income statement

How do I feel about the things that I have learnt from this week's lecture?
I am glad to exposed to this management knowledge because it provide me the characteristic of a leader and the management skills. It is very useful to me as to be start and conduct a project

How am I going to apply the knowledge that I've gained?

• Try to improve myself according to the leadership list 
• Planing for any project using the guidance
• Use the marketing knowledge to conduct my business
• Learn to be a leader

Week 7(4/4/2013) - KEE120056

Business Planning

1. Things that I've learnt from this week's class.

• The importance of having a business plan

> To enable us to evaluate, think and improve the business which we are planning on.

> To enable us to gauge the returnability of a prospect business.

> To make the possible problem that might occur be more observable.

• The format of a formal business plan and important aspects to consider when writing a business plan

In this week's lecture it was highlighted that: 

 A professional executive summary should be around 25-35 pages

à it is to explain BRIEFLY but thoroughly the main elements of business as a separate document.

In the business plan, we must focus on explaining to people in a few pages regarding what are you/ your business going to do. 

In short, business plan is as if a summary on what our business is all about.

The following should be included in the appendices: 

•      Proforma financial statement
•       Balance sheet
•       Cash flow analysis (the flow of money, total project cost, total financing)
•       Income statement
•       Business registration document à for your corporate identity
•      Operation document à permission to do business    

2. How do I feel about the things that I've learnt from this week's lecture?

I feel that it was an imperative lecture as literally every business needs a business plan. I am glad that I was exposed to such a thing now and I am able to apply all the knowledge that I have gained as soon as now! 

3. How am I going to apply the knowledge that I've gained?

I will apply all the knowledge that I have gained from this lecture and lead my team to write a good business plan. I have confidence that we can gain a lot more by writing a good business plan. I am looking forward to cooperate with my team in coming out with a very marketable business plan.

A good plan is a good start. And a good start means the job is half done!

Week 7(4/4/2013)_KEE120053
Business Plan
This week class is about
1) What is business plan?
2) Important of business plan
3) Guidance to prepare a business plan

1) What is business plan?
It is a written document that explain a business which must consists of
(a) analysis
(b) forecast
(c) expectation
(d) strategy

2) Important of business plan
(a) others can evaluate the business objectively and critically
(b) show the validation of the business
(c) find out the requirement resource for the business
(d) realize the future problem

3)Guidance
Format
(a)Title of front page

• Title 
• Name & address of business
• Writer's name
• Date prepared

(b) Table of content
(c) Executive Summary

• Briefly explain main elements of the business

(d) Structure of Business plan
(e) Appendices

Structure of business plan
(a) Introduction

• Name of business
• addressed to whom
• Sole-proprietorship or partnership
• personal detail

(b) Purpose
(c) Business background

• General information
• industrial information

(d) Marketing

• Product/service information
• marketing information
• Price
• Promotion
• Distribution
• Competition
• Management
• Operation

(e) Finance

• modal
• source
• investment
• distribution

This lesson make me clear about business plan. Business plan is important and necessary in preparation of a business. After this lesson, a rough idea of how to write a business plan is on mind. A good business plan can reduce risk of a business. Beside that, it can help to find out future problem and identify the validation of a business. So every business must have a business plan before start.

During the preparation of a business, there are many thing to do and take note. One of it is business plan. From this lesson, I learn the important and the way to write a business plan. The content is important because it may lead a business to a right way. Besides how to do a business plan this lesson also teach me to plan in my life. I will always use the guidance to do a plan in my life not only for business.

Post 5 (KEE 120057)

A business plan comprises analysis from our research, expectation and implementation of our business idea. It displays viability of our business and helps to identify problems associated with our project. A business plan should include the following:

1. Front Page:

            •          Title

            •          Name and address of our business

            •          Name of writer

            •          Date prepared

2. Contents
3. Executive summary

            •          To explain briefly the main elements of business

4. Structure of business plan
5. Appendices

The business plan is then subdivided into the following parts:

     1.       Introduction

     2.       Purpose

     3.       Background information

            •          General information

            •          Industrial information

     4.       Marketing

            •          Details of product or service

            •          Targeting market

            •          Price

            •          Promotion

            •          Distribution

            •          Competition

     5.       Management

     6.       Operation

     7.       Finance

Establish our own business has never been an easy job. It requires meticulous planning, cooperation and commitment of many parties. A good business proposal gives insight and confidence to our business partners.

I can adopt this format in preparing my business plan.

Week 7 (4/4/2013) KEE120049

Things that I have learnt from this week lesson:
This week lesson, have learnt about the business plan. 
What is the meaning of business plan?
Business plan is a written document to explain the business that is to be ran comprehensively covering analysis, forecast and expectations plus implementation of business strategy.


There are several importance about the Business Plan:
1. to provide others an opportunity to meticulously, critically and
    objectively evaluate ideas and business projects.
2. to display the viability of a planned project.
3. Assist someone to assess requirements of business necessities so
    that distribution of resources could be done effectively. 
4. To provide someone with the realisation that there could be 
    future problems associated with running the project. 

How do I feel about the things that I've learnt from this week's lecture?
I feel that the things that I have learnt from this week lesson is very important because as we know, a well-planned business is very important in order to make it successfully. This is to prevent any loss for doing starting a business. Besides that, a well planning business can also reduce the risk of the business as well. So, before we start a business or any important things in our life, we need to plan it well before we start to do. 






How am I going to apply the knowledge that I've gained?
I will apply the knowledge I gain in this week which is PLANNING in my life from now on. I will plan my future and my studies well just like we plan our business for the project. I will also consider about the time for studies and also entertainment everyday in order to balance my studies and my entertainment. I will also include sports in my daily lifestyle because in order to maintain a healthy body, we need to exercise frequently every week. So, I will plan my lifestyle properly and nicely so that my life will be easier in the next ten years. 

Post 4 (KEE 120057)

On the sixth week, we are taught on how to begin our business. There are four aspects which we should take care of before starting our business, i.e. business capital, product or service, business location and business facility. Negotiation is inevitable in the process of gaining customer and partnership. It is therefore an important skill for an entrepreneur to acquire. An entrepreneur must do some preparation before negotiation to give a positive first impression.  Those include attire, posture, gesture, eye contact and body odour. In the process of negotiation, an entrepreneur should present the strength of his product or service, be calm and tolerate in accepting comment from others. He should also choose the media of communication smartly. There are some difficulties to communicate effectively, for example language of communication, emotion of the speaker, subjective opinion of listener and timing. We should use different approaches when we deal with different situations.

I realize that this course does not solely impart knowledge of entrepreneurship. What is being taught in the lesson can be applied somewhere else. In fact, if we practise the concepts being taught properly, we may become a successful man rather than a successful entrepreneur.

I can apply the negotiation skills to communicate effectively when someone disagrees with my idea.

Week 6(28/3/2013) KEE120052

Finally, this week we were taught about how to start a business. After all those week on preparation for starting a business, eventually it comes to a real start on this sixth week.

We have been taught a lot on starting a business, the main concept to use is the 5W1H concept, that are WHO, WHERE, WHEN, WHAT, WHICH and  HOW. this is to identify the problems before and after starting up our business. other than that, we also learnt:

• The existing market
• Business facilities (must be easily be found by customers)
• Negotiation skills (before negotiate, make sure we have proper dressing, appearance and style)
• Communication skills

With these skills above, I will not only apply them in my entrepreneurship, in fact i will also apply in daily life. For example, with the negotiation skills obtained, i will apply it in many ways such as bargaining with other people. With the communication skills, i can communicate well with others, which can help me to deliver my message effectively to my audience.

Week 6 (28/3/2013) KEE120049

Things that I have learnt from this week lesson:
I have learnt about the skill to start a business.
First of all we need to identify the resources required. There are several techniques to identify the resources required:
1. Business capital
2. Product or service
3. Business location
4. Business facilities
5. Negotiation skills
6. Preparation for negotiation
7. Negotiation process





How do I feel about the things that I've learnt from this week's lecture?
I feel that I learnt the ways to identify the resources for starting my business and I can manage to find the best choice for starting my business which will bring me the biggest profit in my life. I have also feel that after learning this lesson, I will be able to be a successful business man.



How am I going to apply the knowledge that I've gained?
I will use the technique to find the most suitable business that I can start in a certain area such as around the UM and also around my housing area.

WEEK 6 (28th March 2013) KEE120047

During week 5 , i was exposed to the topic "SKILLS TO START A BUSINESS"during my entrepreneur class.

Our objectives are : To identify resources required to start a business.
: To know the techniques of effective negotiation skills.
: To know the methods of effective communication.

Negotiation skills are purchasing and and selling requires negotiation process involving preparations, planning, strategies, tactics and communication skills to effect a two way agreement.
1.Involving at least two parties.
2.Agenda, objective and timing.
3.Conducive environment.
4.Elected representative has authority to decide.
5.Internal negotiations or external negotiations.

Preparations of negotiation. Focus on non-verbal communication:
1. Dressing, appearance and style.
2. Way of walking.
3. Gestures.
4. Body language, way you seat yourself, and posture.
5. Eye contact.
6. Body odour.

Exhibit positive first impressions, cooperate, avoid threatening situations and secure important information on the other side:
1. Annual growth,sale trend, installment, subcontract costs.
2. Secure evidence of business documents like sales invoices and inventories.

What I feel about this topic is in order to start a business successfully, we should master the techniques of effective negotiation skills.

I will try to apply these knowledge if I can be an investor in the future.

Thank You.

(28-3-13)Week 6__KEE120059

How to Kick start your business.

   Weeks after weeks, finally it's the time we learn how to set up and start a business. Anyhow, I find the learnings of the week really did give us a brief idea of what to prepare and which part to be mindful and aware of. It's somehow sharing some similarities and applying the concepts in the NINE BUILDING BLOCKS OF BUSINESS MODEL CANVAS we have been introduced to few weeks ago.

   For a successful business start up, we must make sure that we have prepared to the ground for the business before we invest to confirm better available profit. We should always stay clear of what's the resources we might need for our business. A very simple technique must be applied- 5W1H technique.(What, Which, Where, When, Who, How) 

  

   Furthermore, we must be aware of our business capital. Business capitals we need are not solely in term of financial, but in term of workforces, raw materials and equipments too. We must always have to calculate our available capital and necessary capital. Insufficient capital or even over floated capital sometimes may lead to bad business start up and eventually another failure of running business.

  Besides, localised and targeted products and services with high value propositions that would satisfy aimed customer segment will be vitally important for a successful business. We must always make sure our own best way to these 3 S-SUPPLIES, STORE & SALES. Be clear, firm and strong of getting a reason why smart customers on market nowadays what to buy your products or services.

  And also, to start a business, we must first get a business location in which our customer segments could easily get to us. It can be a shop in housing area, a booth in hypermarket, a small stall in shopping complex, or simply  a virtual internet store. Then, we must prepare ourselves for our business by getting enough business facilities such as lay out facilities, basic facilities and basic equipments for initial starting of our business and basic documents required.

   And now, we came to the most crucial and determining part of all the needs of business running- Communication skills & negotiating skills. These 2 vital skills and too fluid and dynamic to describe as we know for every single case in daily life or businesses, different communication skills and negotiating behaviour would be required. Furthermore, it will have to change according to different persons you speak to or try to persuade. Anyhow, for every single case, we must always remember to stay calm and analyse the situation diligently. Always be clear of our objectives and expected outcome of meetings. 

Yi An

Week 5 (21/3/2013) KEE120052

  Week 5 was a total messed up for me as the event i participated was just around the corner and a lot of preparation must be done so i post this weekly post late. A thousand apologies for that.

  During week 5, we learnt about business opportunities. We were taught on how to grab hold on the business opportunities that won't knock twice for us. Thus, timing is a crucial factor in order to success in our business plan.

  All those business opportunities are coming for either customers' need or if the product currently on the market does not fulfill the need of the consumers out there. Therefore, before coming out with a business plan, we must analyse the real need of consumers in this society, then by using our abilities as a benchmark, we can come out with a business plan that fits with the need of the society while compatible with our abilities and strengths.

  After learning these new things, I will apply on my business plan in the future. First I will conduct on a survey on the need of the product i want to sell. After all the analyzing stuff, I will decide it as to be suitable or not for me to continue selling that particular product according by my own strength in pursuing the business plan.

If i find it hard to pursue i will tweak my way out and make the best out of my abilities to make the plan possible though it may have some flaw but i will minimize it with more analyzing.

week5(21/3/2013)_KEE120051

Learning outcome-Short & Simple.
S.W.O.T.
S-Strenght
W-Weaknesses
O-Opportunity
T-Threats

SWOT analysis is a method of assessing a business, its resources, and its environment. Doing an analysis of this type is a good way to better understand a business and its markets, and can also show potential investors that all options open to, or affecting a business at a given time have been thought about thoroughly.

The essence of the SWOT analysis is to discover what you do well; how you could 
improve; whether you are making the most of the opportunities around you; and whether there are any changes in your market—such as technological developments, mergers of businesses, or unreliability of suppliers—that may require corresponding changes in your business. This actionlist will introduce you to the ideas behind the SWOT analysis, and give suggestions as to how you might carry out one of your own.

What We Have To Do Are...

• Know Your Strengths

• Recognize Your Weaknesses

• Spot The Opportunities 

• Watch Out for Threats

week 4(14/3/2013)_KEE120051

Let me roughly talk about what I have learnt in this week lecturer.

i) Innovation in business.

Innovation is the development of new values through solutions that meet new requirements, inarticulate needs, or old customer and market needs in value adding new ways.

This is accomplished through more effective products, processes, services, technologies, or ideas that are readily available to markets, governments, and society.

Innovation differs from invention in that innovation refers to the use of a better and, as a result, novel idea or method, whereas invention refers more directly to the creation of the idea or method itself.

Innovation differs from improvement in that innovation refers to the notion of doing something different rather than doing the same thing better.

ii)Creativity in business.

As business continues to drive positive change in the world, creativity is an increasingly essential part of organizational success. Encouraging creativity is a vital function of good leadership in any organization.

Recent trends affirm the need and desire for creativity in the workplace.  More and more, creativity is becoming part of job descriptions. Many of our largest companies – including Google, 3M and DuPont – expect their workers to spend as much as 20% of their time thinking creatively about new business opportunities.

Survey data from employers showcases the desire for creativity from employees. IBM asked 1500 CEOs to list the most important leadership characteristics, and creativity was ranked higher than integrity, intelligence, and a global mindset.

Week 6(28/3/2013) - KEE120056

Fundamentals to staring a business

Finally, the long awaited topic : Skills to start a business.

1. Things that I've learnt from this week's class.

- Applying 5W1H formula (who, what, why, when, where, how) to help in identifying the problems

- The existing market (3 types)

- Business capital to be considered ( can be divided into several forms: finance, equipments, workforce etc.)

- To focus on product or service?

- Location, analysing the purchasing power of a particular location // in the lecture it was highlighted the difference between renting and purchasing a building.

- Business facilities required

- Negotiation skills (body movements, nonverbal cues, preparation, anticipation of the flow, confidence, timing, research)

- Communication skills (with different forms of communication)

2. How do I feel about the things that I've learnt from this week's lecture?

I feel great as after a few theoretical lessons, this week's lesson was more towards practicality. I was able to get more exposure towards starting a business. I like this lesson a lot, particularly when it comes to the negotiation skills. The tactics, the preparation must be done, the power of it, all are interesting and I am able to relate to the examples given by my lecturer more as negotiation is a skill which can be practices anywhere, anytime. 

3. How am I going to apply the knowledge that I've gained?

My group members and I are starting  a business. We focuses on the selling of food(beverages included).

Everything is going well so far and we getting our stocks ready right now. We are starting our business FOR REAL. For more information, please visit our newly created blog Our business model canvas.

Though "Starting a business is easy, but maintaining it is tough."

We will "flow" through the easy and with our best effort, WE WILL survive through the tough as well. >.^

Week 6(28/3/2013)_KEE120053

IT'S TIME FOR BUSINESS!!!

But......How to start???

The Sixth week entrepreneur's class present:
SKILL TO START A BUSINESS

      Before start a business, there are several thing to consider. The most important one is to identify resources required. In this process, always remember to use 5H1W technique(What, Who, When, Which, Where & How). The things that required to identify are:
1) Business capital(finance, workforce, raw material, equipment)
2) Product or service(price, amount, resource, target market)
3) Location(license, target market, rent/purchase, purchasing power, basic infrastructure  )
4) Facilities(Basic & essential facilities, costs, arrangement & management)
    
      When the resource is identified, negotiation take place. Negotiation skills is necessary for preparation to start a business and to conduct a business. Negotiation process involving several thing which are:
1) Preparation

• Dressing, appearance and style
• Presentation skill  
• Soft skill 

2) Planning

• Determine information & material needed
• How to impress and talk to others

3) Strategies

• Plan a complete agenda
• Collect data/issues/information related
• Fully use data collected

4) Tactics

• Politeness(no negative attitude)
• Find out main point and arrange it well
• Use supportive material to support your point

      Those skill that taught this week lead me a way to start a business. Besides that, I found out that negotiation play important role in a business. Moreover, I hope I can have a chance to start a business so I can gain more experiment and develop myself.

      This lesson teach me to think and identify resources before start a business. Firstly, choose product or service business. Then use 5H1W technique to identify the resources needed. After that, prepare myself well for negotiation process. Remember to plan, use negotiation strategics and tactics in negotiation process.

So...
Start business now with these guidance

Post 3 (KEE 120057)

On the fifth week, I had been taught on how to seek business opportunities and transform them into real business. Observation on existing market and research may give you an insight of potential business opportunities. Basically, there are two situations for business opportunities to exist. Firstly, existing product is not able to fulfill the needs of their customers or solve the problems of their customers. Secondly, there is not yet product developed to meet the demand. After recognizing the business opportunities, entrepreneur should analyze the environmental factors, self-abilities and business idea. Such assessment is crucial because it helps entrepreneurs to identify risk, competition and budget. The following formula is the way to calculate loss.

BEP=FC/(SP-VC)

Where

BEP = Break even point

FC = Fixed cost

SP = Selling price

VC = Variable cost

Careful assessments have to be made to determine suitability of a business.

I have learnt that we should not start up our business in haste.

Week 5 (KEE120049)

Things that I have learnt from this week lecture:

This week lesson, I have learnt about the business opportunities. My lecturer explained about the importance of networking when we want to have more advance golden opportunities in business. He told us that by making good use of networking, we can solve most of the problems which we have encountered.

I have also learnt how to recognize and grab viable business opportunities:

There are several situations in which contributes to business opportunities:
-Human needs.
-Current products are unable to meet the demands of customers nowadays.

Besides, there are also processes of identifying the business opportunities:
1. We can do an analysis on our surroundings and understand customer needs.
2. We must understand our personal strengths and abilities.
3. We must pick a choice and come out with a business framework.

BEP=FC/(SP-VC)

BEP(abbrev. for Break Even Point)

FC(abbrev. for Fixed Cost)

SP(abbrev. for Selling Price)

VC(abbrev. for Variable Cost)

How do I feel about the things that I've learnt from this week's lecture?

I feel about the things that I have learnt from this week is there are many opportunities for us to start a business as we really make our effect on it. If we want to have a successful business, we must have think of the ways and search for the best opportunities to make our business. 

How am I going to apply the knowledge that I've gained?
I will try to implement the equation shown by my lecturer to my daily life when I am going to start my business and observe the effect of it. I will try to think more when I want to start a business in order to prevent it from failure.

 

Week 5(21/3/2013)__KEE120053

BUSINESS OPPORTUNITIES

This is the topic of this week entrepreneur class. It consists of several issues which are:
(1) Definition of Opportunities
New ideas that generated from innovation process which can establish new business.

(2)How business opportunity appear? 
(a) Require new product to solve problem
(b) Existing product unable to solve problem

(3) 3 process of identifying, evaluation and choosing opportunity
(a) Analyse environment & market(customer's need)
(b) Evaluate self-competency, social needs and analyse business idea
(c) Choose and set up the business  

The feeling of I about this week's lecture are:
(a) It is a good guidance for seeking business opportunity
(b) It make me clear about how to start a business
(c) There are many chance in our life but we may loss it all the time  
(d) Determination is needed for us to choose and set up new business  

Application for this lecture:
(a) Find the problem or customer's need
(b) Do research to ensure the opportunity work
(c) Evaluate whether this is my opportunity or not
(d) Choose and set up the business

Week 5 (21/3/2013) - KEE120056

 Weekly Review 

THIS WEEK I LEARNT ABOUT business opportunities

My lecturer stressed on the importance of networking when it comes to business. He says that with a good networking, most of the the possible problems are nonexitent.

1. Things that I've learnt from this week's class.

-How to recognize and grab viable business opportunities

There are a few situations which contributes to business opportunities:

-Human(customer's) needs

-Current product unable to meet the demand nowadays

Three processes of identifying, evaluate and grab the business opportunities:

1. Do an analysis on our surroundings and understand customer needs.

2. Understand our personal strengths and abilities.

3. Pick a choice and come out with a business framework.

Different types of evaluation which we may consider before actually staring our own business.

BEP=FC/(SP-VC)

BEP(abbrev. for Break Even Point)

FC(abbrev. for Fixed Cost)

SP(abbrev. for Selling Price)

VC(abbrev. for Variable Cost)

2. How do I feel about the things that I've learnt from this week's lecture?

Although a bit abstract to me but I agrees with the steps and improvement suggested. For the things which might seem to be a mere lost of money to my eye previously, I now sees some of them as a business investment. I feel that I am more 

3. How am I going to apply the knowledge that I've gained?

I'll try to apply the BEP formula in my daily life and sees the impact it brings. I'll try to "think out of the box" and see more things as an investment, a business opportunity.

 

~Nothing ventured, nothing gained. ~

21-03-2013_week 5(KEE120059)

Business Opportunity

    The fifth week class of business opportunity deal with the discovery of some wide opened and hidden business opportunity as well as the transformation and realisation of business opportunity into business plan. Furthermore, we were also taught of how to justify if the business opportunity actually suit us and our business concept, suit with the society as well as the environment.

    First of all before we ever want to kick start a business. We will need a powerful and concrete business plan that comes from a good and practical business opportunity. How can we discover business opportunities? In fact, business are able to run because it can solve  people's problems effectively. Meanwhile a business opportunity can be found when people tend to solve their daily's PROBLEMS. It is so true that we have to face all sort of problems everyday. Yet every methods and ways that can ease of solve our daily problems can turn out to become a business opportunity that give rise of brilliant business plan. It seems so easy to say, but the way to people turns this problem into a business plan would always require a lot of efforts, critical thinking and deep research.

    Our group found out the problem that most students faced daily that they would need to suffer from hunger normally during the morning class session. That's why we come out with the plan to sell some titbits to solve this problem.

   Anyway, to realise the problem, we analyse our business plan for this business opportunity and find it quite beneficial and suit us as well as the committee in engineering faculty. We will try and try more to make sure the business opportunity we discovered can perfectly realised and run to ease the engineering faculty students' problems. We are glad that we are able to practice and apply what we learnt in lecture to the business. It would be a very good guideline for us to refer to whenever we are caught in dilemma and predicament.

Thank you.
Yi An.

    

Week 5 (21 March 2013) KEE120047

During week 5 , i was exposed to the topic: Business and Opportunities during my entrepreneur class.

Our objectives are to identify business opportunities , evaluate and choose viable & profitable business opportunities.

There are many environmental and market factors:
1. Demographic Change
2. Psychographic Change
3. Import and export data regarding demand and supply of products or services in market & identifying opportunities.
4. Provision of local and technological sources.
5. Relationship between industries.
6. Private & govt. projects.
7. Laws and procedures of local govt.
8. Social responsibilities and problems.
9. Info Technology and Communication.
10. Globalisation a proactive catalyst and stiff competition
11. E-Commerce

In my opinion, I feel that our success has really been based on partnerships from the very beginning.

I will apply those knowledge if i have my opportunity to join to the business community and start my career.^^xD