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.
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