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

Week 4

This week, we learnt about creativity and innovation.

With creativity, we will expand our mindset, therefore we will expect more so that when problems come in we will always have a solution for our problems. This skill is important to help us get rid of unwanted hassle when carrying out a project or work.

Next is innovation. When facing a problem, instead of only solving it, innovation tends to lead us to improve ourselves from the problem itself. In the end, we will make things better and better, improving at all times.

During the class, our lecturer told us a story about creativity. He asked us how to make people stop complaining about slow elevator (the elevator is not slow after all). I answered it correctly by saying mirror should be put outside the elevator so when the passenger waiting for the elevator, they will have something else to do in front of the mirror, for example tidy up themselves etc.

Post 2 (KEE120057)

In the fourth week, I have learnt the importance of creativity and innovation in conducting a business. Creativity involves development of idea without limits and it is solution to problem. Meanwhile, innovation is a method to invent a new product or to modify existing products to become better. According to Kuratko and Hodgettts, there are four phases in the creativity proses, i.e. assimilation of knowledge, incubator, idea generation and lastly assessment and implementation. A creative entrepreneur possesses some positive characteristics and there are five main ways to generate creative or innovative idea. Idea can be generated either by brainstorming, forced analogy(linking two different sub-idea), implementation (to identify potential problems), mind map or nominal grouping. There are four main types of innovation, i.e. invention, expansion, duplication and integration. At the end of lecture, hindrances to creativity and ways to stimulate creativity also be presented.

It has been known that creativity and innovation are keys to success for an entrepreneur. However, by attending this course, I have been taught of ways to generate creative idea(in which I had not been exposed before). Creativity is not limited only to the field of business, but it applies to many aspects in our lives.

An entrepreneur should not be satisfied with his achievement. He should be creative and innovative in order to stay competitive. A competent entrepreneur will be able to stand out of the others as well as boasting local economy.  

week 4

Things that I have learnt from this week lecture:

-Creativity: an expansion of idea, an answer to the possible "future problem".
-Innovation: an application of the ideas, usually done after the creative process of finding a solution to a problem etc, sometimes may be the key to success in a business.

Besides that, I have also learnt about the types of innovation:
i. Invention: creating a new and original product, service or process.
ii. Expansion: addition to existing products, service or process.
iii. Duplication: cloning with new function.
iv. Integration: combination of different part to form a new product or application. 

I have also learnt on how to get a creative and innovative idea:
There are 5 technique to get it:
1. Proliferation of idea (no criticisms or evaluation is allowed)
2. Forced analogy (relationship)
3. Implementation ( Do It)
4. Mind mapping
5. Nominal grouping (discuss and vote to choose best idea)

According to my opinion, creativity and innovative are very important while doing business because we need to compete in the business world. 

Besides , there are also obstacles and hindrances to creativity and innovativeness:
1. Other organizations do not encourage innovations.
2. Limited resources.
3. Management obstructs creativity.
4. Afraid to try.
5. Fear of making mistakes
6. Wrong or incorrect motivations
7. Fear of failure.
8. Lack of confidence.

How do I feel about the thing that I have learnt this week:
I think that know more about how to make a business to be very successful and how to be a good businessman. I can also know about the ways to be creative and innovative. 

How am I going to apply the knowledge about what I've gained:
I am going to make our blog more creative and ensure that our products are the most innovative in order to compete in the market. 

Week 4 (14/3/2013) - KEE120056

 Weekly Review 

This week's lesson focuses on creativity and innovation in business.

 

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

-Creativity  : an expansion of idea, an answer to the possible "future problem".

-Innovation: an application of the ideas, usually done after the creative process of finding a solution to a problem etc, sometimes may be the key to a success in a business.

 

In short, I was thought of the definitions and given a few examples of the application of creative thinking and innovation in business, particularly when we faces an issue. Jeffrey Preston Bezos was the example given in the lecture.

The following is the highlight of the lecture:

-According to Kuratko and Hodgetts(2004) there are four stages of creative process:
       1. Assimilation of knowledge
       2. Incubator
       3. Idea
       4. Assessment and implementation

-(Main) suggested ways to generate creative and innovative ideas
       1. Developing ideas by bold and creative way of thinking
       2. Forced analogy
       3. Implementation (D.O.I.T.)
       4. Mind mapping
       5. Nominal Grouping

-As the chinese saying goes, "when you know both yourself and your foe, that's when you can win each and every battle". As such the possible hindrance towards creative thinking and innovation was highlighted too so that we can be more adept towards the problems which may occur.


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

I can say that after following the lecture, I have gained a deeper insight to the words creativity and innovation. Thus, I am more confident about applying these concepts in my daily life as I now know more about the characteristics and possible obstacles to expect when applying creativity and innovation in my daily life, particularly when conducting business. 

Hence, I feel good about this week's lecture.


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

I will be more creative in my thinking when anticipating the possible problems that might occur in my daily life especially when doing a business I will discuss with my partners and be more bold and take reasonable risks to be successful in making my business profitable.

Week 4(14/3/2013)KEE120053
What I learn this week???
Creativity 
&
Innovation
What is it!!!
Creativity
- tendency to generate or recognize ideas, alternatives, or possibilities that may be useful in solving problems, communicating with others, and entertaining ourselves and others.
-There are four stage in creativity which is:
(a)Assimilation of knowledge(collecting data from reading, discussion or attend seminar)
(b)Incubators
(c)Ideas(get a way to solve problem. It may under unconscious condition)
(d)Assessments & implementations(turn the idea into reality. Entrepreneur should determinate, confident & hard work)
Innovation
-the process of translating an idea or invention into a good or service that creates value or for which customers will pay.
-There are four types of innovation:
(a)Invention(Create a new and original product, service or process)
(b)Expansion(Addition to existing products, service or process)
(c)Duplication(cloning with new function)
(d)Integration(combination of different part to form a new product or application)
How to get an creative and innovative ideas???
5 technique:
(1)Proliferation of idea (*no criticisms or evaluation is allowed)
(2)Forced analogy(relationship)
(3)Implementation(Do it)
(4)Mind map
(5)Nominal grouping(discuss and vote to choose best idea)

In my opinion, creativity and innovation is necessary for everyone. It may help a businessman to create a business($$$); an engineer to create a new technology or any individual to solve a problem. It help a lot in our daily life. However, to become a creative and innovative individual, you must train yourself  hard to have several criteria like determine, well disciplined, open minded and responsible. It is not easy but important!!!

This is a meaningful lesson because it explain well about creativity and innovation. Besides that, it also show me a way to become a creative and innovative man. Moreover, it provide the way to get ideas for solving a problem.

I will try to apply those technique that I have learnt from this lesson whenever I need to solve a problem. Beside that, I will train myself to become more creative and innovative. Somehow, it may have obstacles or hindrances. But I believe I will overcome it with my willpower!!!    

Week 4(14th March 2013) KEE120047

What I have learn during week 4 of my entrepreneur class is as below:

Implementation (DO IT)
D Define problem
O Open your mind apply creativity
I Identify best solution
T Transform

There are 4 types of innovations:
1.Invention: New or original product, service or process.
2.Expansion: Addition to existing products,services or processes.
3.Duplication: Cloning with added functions.
4.Integration: Combination of different parts to develop a product or application.

Besides , there are also obstacles and hindrances to creativity and innovativeness:
1. Other organizations do not encourage innovations.
2. Limited resources.
3. Management obstructs creativity.
4. Afraid to try.
5. Fear of making mistakes
6. Wrong or incorrect motivations
7. Fear of failure.
8. Lack of confidence.

I feel that if I have all the attributes of those i mentioned above, I sure can become a successful businessman.

I will try to apply these knowledge if I join to the business community in future.^^

Sorry for broken English. 人谁无过 -.-xD

14th March 2013-4th lesson.Innovation and Creativity.(KEE120059)

    A meaningful lesson, even though we used up to 30 minutes to due with the grouping problem, useful and interesting lessons and stories were shared. Innovation and creativity are very fundamental and vital traits that an entrepreneur should carry in order to always throw in new and interesting ideas to any problems and businesses. 
    
     One cruel truth stated in the lecture did make sense to me. "the  an entrepreneur that easily get satisfied with his business and don't stay innovative and creative to keep on upgrade and improve it's company will definitely fall and get kicked out in this competitive world nowadays."

    Being innovative and creative is no longer an advantage for entrepreneurs, but somehow a MUST for them to survive in this modern era.

   To always stay innovative and creative throughout the business, some reminders are given. THE CREATIVE PROCESS brought out by Kuratko & Hodgetts in 2004 mentioned 4 stages, known as, Assimilation of knowledge, incubators, ideas, assessments & implementations. In this process, entrepreneurs was taught of how to realise and practice the creative ideas in real life.

   Furthermore in the lecture, the importances and attributes of being creative and innovative in running businesses were mentioned.

    Besides, some dos and don'ts were pointed out. Never reject ideas even though it might sounds impossible or illogical, take in any ideas and don't criticize or negate it. Always do brainstorm together and discuss with the group of crews of how to improve business and remember, NEVER STOP RUNNING!! 

Post 1 (KEE 120057)

   I am grateful for taking such a course. Throughout the lecture of last few weeks, I had been exposed to the knowledge on entrepreneurship. Particularly, I have learnt that many factors could contribute to the competency of an entrepreneur. For example, a competent entrepreneur should grab any potential opportunities, take initiatives, do researches before starting a business, plan systematically, strive for high quality products and services, give commitment to his own business and be able to solve problems effectively. There are nine building blocks in business model, i.e. key partner, key activity, key resource, value proposition, customer relationship, customer segment, customer channel, cost structure and revenue stream. We could also adopt this in starting our business. An entrepreneur would only be highly respected if he has good behaviors in conducting his business. For instance, he should follow rules and regulations that had been set, be honest in advertising and weighing, avoid unnecessary wastage, treat the workers in good manner and take care of the environment. He should not participate in hoarding or impose excessive charge on the customers.

   The knowledge of entrepreneurship is actually important in our lives as we could not separate ourselves from business activities. This knowledge is dynamic and can be applied along our lives. In this globalized era, there are thousands of opportunities which are yet to be explored. By applying knowledge learnt from this course, we are able to turn these opportunities into business. An entrepreneur is important in the development of a country because he provides job opportunities and drives the economy of the country.

   I can apply knowledge I have learnt so far in many ways. Obviously, there are many criteria which make up a successful entrepreneur. It is not an easy job to establish our own business. Many factors have to be taken into account. We have to plan carefully and systematically in order to reduce the loss. Besides that, an entrepreneur should also behave in a good manner.

(KEE 120057)

Week 3 (7th March 2013) KEE120047

NINE BUILDING BLOCKS OF THE BUSINESS MODEL CANVAS

In this session of entrepreneur class, my lecturer had exposed us to a new knowledge of entrepreneur which is the nine building blocks of the business model canvas.
These nine building blocks are :
1.customer segment
2.value propositions
3.channel
4.customer relationships
5.revenue streams
6.key resources
7.key activity
8.key partners
9.cost structures

What i feel about the knowledge that i gained is if i quit engineering , then i would like to become a businessman.

I will apply the knowledge if i quit engineering and became a businessman.

Sorry for repeating my point of view but that one really is my point of view. Thank You ==.

Third week(7-3-2013)_KEE120059

    The third week class of Basic of Entrepreneurship Culture was a very informative and knowledgeable class.  The nine building blocks of business model canvas were introduced thoroughly throughout the lesson. 

The nine building blocks of business model canvas are:
     *Customer Segments
     *Value Propositions 
     *Channels
     *Customer Relationships
     *Revenue Streams
     *Key Resources
     *Key Activities
     *Key Partnerships
     *Cost structures

      Since most of my group-mates have mentioned about it in details, I would like to give some conclusion for the study instead of explaining the nine building blocks.

   These nine building blocks can be done as a basic guild line of entrepreneurs  to uphold and follow when starting up a new business. Most perspective and values needed for a business to run was brought out explained theoretically.

      However, business as well as entrepreneurship culture can be said as one of the most fluid and dynamic field of study among all the other subjects. The same concept and foundation such as these nine building blocks can run for a vase variety of business in our daily life. So, to learn and understand all the meanings and concepts of these nine building blocks is one thing, but actually, to apply and suit these nine building blocks inside our own businesses is something much more important and crucial in real world.
     
   We are very lucky to have a very experienced lecturer that always come out with an example for each building blocks instead of learning solely the theory. These real cases let us understand in a much easier and faster way, as well as to taught us about the practical use of these nine building blocks.

Week 3(7/3/2013)KEE120053
Class Review
In  this entrepreneur class, I was taught about
1) NINE BUILDING BLOCKS OF BUSINESS MODEL CANVAS
    (a) Customer Segments
    (b) Value Propositions 
    (c) Channels
    (d) Customer Relationships
    (e) Revenue Streams
    (f) Key Resources
    (g) Key Activities
    (h) Key Partnerships
    (i) Cost structures
Nine building blocks is a basic and powerful knowledge for us to start and conduct a business.
2) BUSINESS'S ETHICS
    (a) No cheating 
    (b) Trustworthy
    (c) Fair to employees
    (d) Not involve in 'riba' 
    (e) Take care environment 
A businessman should have business's ethics so the can earn others' respect beside money

The feeling of I about the things that I have learnt from this week lecture are
1) I learn more knowledge on how to conducted a business and how does this world work.
2) Conduct a business is not a simple thing. It need a lot of preparation in order to get it success.  
2) everyone should practice business's ethics. 
3) know more about other religion's perspective for business and how they conduct their business.     

I will apply the knowledge that I have gained by
1) Start and conduct a business by using nine building blocks concept.
2) Be honest and does not cheat others like selling expired product.
3) Respect others races and be fair to them.
4) Do anything that have been promised to anyone
5) Do not destroy the nature by the reason of earn money 

Well, this is the third week for our class started in our second semester. The class is well organized and I have learnt several things about entrepreneur.
I have learnt about the Nine Building Blocks of Business.Belows are the further explanation about this topic.
1. CUSTOMER SEGMENTS-it is an organization serves one or several customer segments.
2. VALUE PROPOSITIONS-seeks to solve customers problems and satisfy customers needs with value propositions.
3. CHANNELS-value propositions are delivered to customers through communication,distribution and sales Channels.
4. CUSTOMERS RELATIONSHIPS-customers relationships are established and maintained with each customer segment.
5. KEY RESOURCES-key resources are the assets required to offer and deliver the previous described elements.
6. REVENUE STREAMS-Revenue streams result from the value propositions successfully offered to customers.
7. KEY ACTIVITIES-by performing a number of key activities.
8. COST STRUCTURES-the business model elements result in the cost structure.
9. KEY PARTNERSHIPS-some activities are outsourced and some resources are acquired outside the enterprise.

I have learnt about the real world that we cannot make business in a very simple way. In order to start a business, we need to prepare many things in order to make the business successful.

I will apply the knowledge I learnt from this class by not selling things that will harm my customers but will benefits them so that I will not spoilt my reputition.

3rd week(7/3)

It's already week 3 but it was only my second time attending this class. It's quite a good thing that the class is conducted in English (which supposed to be in Malay, I guess) because i believe university students now are more adapted to English language in class.

Besides the jokes told by lecturer, i learnt quite a lot of things about entrepreneurship.

I was taught about the Nine Building Blocks of Business. After some research on the web, i found out what the "9" blocks actually mean.

1. Customer Segments – An organization serves one or several customer segments.
2. Value Propositions – It seeks to solve customer problems and satisfy customer needs with value propositions.
3. Channels – Value propositions are delivered to customers through communication, distribution, and sales Channels.
4. Customer Relationships – Customer relationships are established and maintained with each customer segment.
5. Revenue Streams – Revenue streams result from value propositions successfully offered to customers.
6. Key Resources – Key resources are the assets required to offer and deliver the previously described elements…
7. Key Activities – …by performing a number of key activities.
8. Key Partnerships – Some activities are outsourced and some resources are acquired outside the enterprise.
9. Cost Structure – The business model elements result in the cost structure.

Another new information i learnt from the previous lecture was that Islamic bank actually doesn't charge interest for their loan. If so, then how does the bank make profit to sustain it's operation? Well, the bank earns from buying and selling private properties. Citing an example if the house which the bank owns costs RM200,000, it is sold maybe for RM250,000. I'm not sure how the bank owns the house but I know that Islamic bank forbidden 'riba', so no interest for loan.

BLOG(7/3)

          Well, this was my second time entering to apk class. In the class, the lecture had taught us the several ways to start our own business, one of it is by using blog. As you can see, many of my friends were sharing their ideas about "NINE BUILDING BLOCKS OF THE BUSINESS MODEL CANVAS", which basically taught us the techniques to carry out a business, so I would like to share some information about blog. In the global era, What do you think about when you think about the Internet? Some may think of the Internet as a place to email, or visit social networking websites such as Facebook, Linkedin, MySpace or Twitter. Some use the Internet for games, entertainment such as itunes, movies or concert tickets. Some use the Internet for shopping or comparing prices. The good news is there is a lot of information on the Internet and YES, we may use the Internet to locate a business through blog. It can said to be the most effective way to start our own business because people nowadays mostly are exposed to internet. By using blog, we can conduct a business, promote our products, contact our customers and so on, everything can be done easily through blog. 

Week 3 (7/3/2013) - KEE120056

GXEX 1412 Basic of Entrepreneurship Culture