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.