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. >.^