Week 11 (KET 120044)

This week, we continued on the last of our syllabus, which is Skills in Project Management.

With our syllabus completed by this week, we can finally start our small business on next week. This will definitely put us to the test on whether we can apply the knowledge and skills that we have learned during the lectures in the past 10 weeks.

We will start our work soon and be prepared to run our business.

Week 11(9/5/2013) - KET120007

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.

Week 10 ( 5/52013)

This is our poster.. Here show all the details of our business.. location , operating hours, menu, contact number.. So please do support us ^^!

Week 10 (KET 120044)

This week, we learned about:

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 10 (KET120040)

Week 10 !!

Almost comes to an end ! Sad....But still take a look what new knowledge I have gained :D

The most important thing in the project management is planning. We carry out our project according to our plan. It is just like a map for which road we gonna take when we travel, it helps in keeping us on the track with our initial objectives. There is 2 types of planning, such as the long term planning and the day to day planning which is also known as operation. 

     After planning, we need a strong organisation which can execute the project according to the well-planned schedule and ensure the progress is up to date with the planner.

    A well-managed organisation definitely needs a capable leader. A wise and smart leader is able to conduct the whole project well without feeling panic even when encountered with problems. A well organized structure of an organization is also very important since we have to create several department which is in charge in different types of job. Right people must be assigned wisely according to their specialties into particular department. 

     Next, we need to do marketing research of the products which we are going to promote before starting a business. This is to ensure that we will get the biggest profit and to ensure that there is no loss in our project. A chinese idioms is well said : "Known well of your enemies, victory of every war".

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. 

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. In order to success, we need to have project management skill which is very important in handling a project. I will try my best to acquire the traits of a successful leader which will be useful in my future group work or even working in the society !



Seet Cheng Hou (KET120040)

Week 10(2/5/2013) - KET120007

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

Week 10, we are reminded to submit our business plan by next week. Besides, this week topic is about Management Skills. I find the skills learned is so applicable not only to business but useful to our daily lives as well.

Management is a process of administrate & coordinate the resources effectively. The 4 management functions are:

1) Planning -framework activities done to obtain objectives
 - long term planning-> research
 - operational -> day-to-day basis
 - fixed -> (eg: 5-years Malaysia plan)
 - one-off -> come only once (eg: dinner)
 - Management By Objective (MBO) -> (eg: top level is the thinking, and strategy formulation, whereas bottom level implement in action)
 - contingency -> Alternative plan B

2) Organizing
 - Job design
 - Job Description
 - Job Enlargement
 - Job Enrichment
 - Job Rotation
 - Know your command chain

Organisation structure
 - function based like production & finance
 - division based is 2 or more department
 - matrix combined function & project based department
 - chain structure (eg: Giant, Tesco, Mydin)

3) Leading
Leading Attributes of Leaders
 - passionate
 - high emotional control
 - honest
 - motivating
 - cognitive ability
 - confident and firm
 - knowledgeable

4) Control 
Have long term strategy (eg: Bank has policies to enable payback)

Basics of Marketing
Government sells

Market Size
either monthly or yearly

Market Segmentation
in terms of geographic/ Demographics/ psycho graphics

SWOT analysis
 - Strength / weakness
 - Market share number
 - Sales forecast

Marketing strategy
 - product/ service
 - price
 - promotion
 - place to obtain products easily

Finance
 - Cash budget
 - Capital Budget
 - Operational budget

Proforma Income Statement:
 - Sales Forecast
 - Profit Target
 - Balance Sheet*



HON CHIEW EE
KET 120009

Week 9 (KET 120044)

In last week of basic Entrepreneurship culture course, I got knowledge about Project management and basics of marketing . Beside 4 management functions which are planning , organizing , leading and control.
Project management
Easiest way to define project management is the application of knowledge , skills and techniques to execute projects effectively and efficiently.
 Basically what we should do is that be expertly managed to deliver the on-time, on-budget results, learning and integration which our organizations need.
To have a good project management all four functions play a very important role for example first of all we need  Planning which can help to have good coordination, focussed, have work environment in the form of participation and have effective control systems. Secondly Organizing which is the process of determining the task needed to be done( list of duties) thirdly which is so important is Leading . A good leader inspires team member, boosts morale and encourages effective communication among members. Excellent leadership can even increase the organization's income. And last not least is Control of business  which is the Strategic in long-term , it's so important to avoid our plans from failing.

the second part of lecture notes was about basic of marketing include market size, market segmentation, swot analysis, marketing strategy and finance.

Pro-forma income statement
•Sales Forecast
•Profit Target
•Balance Sheet

Break-even point: Fixed Cost/Selling price – Variable Cost

These are all that we have learned during that week. I will try my best to apply these knowledge when we start our business later in the future.

Week 7(4/4/2013) - KET120007

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 planIn this week's lecture it was highlighted that: 

A professional executive summary should be around 25-35 pages 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 (KET120040)

Week 7 !!

Time flies ! It's already week 7 !! Let's see what we learned this week ^.^

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

I have realized that business plan is important and necessary in preparation of a business. A good business plan can reduce risk of a business. Beside that, it can give a better view in finding out future problems that may exists during the business. It is quite a mandatory for a business start with a business plan.

We did the business plan during the preparation of our business. The content is important because it keep us on our right business track. The knowledge not only applicable in business wise but also useful in my daily life planning.

Seet Cheng Hou (KET120040)

WEEK 7

"I had to make my own living and my own opportunity! But I made it! Don't sit down and wait for the opportunities to come. Get up and make them!"
- Madam C.J. Walker-

This week, we have learnt to plan our business using the guidance provided.


Importance Of 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 realization that there could be future problems associated with running the project.

Important Aspects in Business Plan:

1. Purpose
2. Business Background
3. Ownership Background
4. Industry Information
5. Marketing Information
6. Marketing
7. Price
8. Promotion
9. Distribution
10. Competition
11. Management
12. Operation
13. Finance

WONG SHY CHIEN KEE120058

Week 7

So it has come to the 7th week of APK lesson. This week we learned about the Business Plan. 

Business Plan is a written document which includes the analysis, forecast, expectations outcomes, and implementation of a business strategy. 

Business plan is useful because: 

- opportunity for others to evaluate your business

- able to display the viability of project planned

- it assist people to know the requirements to a business -> effective resource distribution

- provides realization of the future problems while running the project 

A Business plan Format:

1. Title 

2. Table of contents

3. Executive summary

- what to do? and expectation

4. Structure, including: 

 a) Introduction

 b) Purpose

 c) Background

 d) Ownership

 e) Marketing methods/ strategy

 f) Finance

 g) Conclusion

5. Appendices

Inspirational quote of the day:

" I make my own living & own opportunity ! Don't sit down & wait opportunity. Get up & make them !"   

                          

         -Madam C.J.Walker, the 1st black female millionaire. 

HON CHIEW EE

KET 120009

Week 6 (KET120040)

Week 6 !! How to start your own business?!

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

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

I am not confident yet to start my own business, but after this week course, it helped me in the sense of it gave me the biggest guideline to run my business. I am interested to start a business with the technique or skills I have learned in this course. I will implement this to ease my path of maintaining the business.


Idea + Innovation + Execution = Success Business !!!

Week 6 (KET 120009)

In week 6, i have learn the skills acquired to identify resources. Basically, we have know the 5W and 1H of our business, and from there here are the few things we have to consider.

1) What has been supporting our business capital?
2) The product / service that we are selling, is it unique to attract people? Therefore, we consider the target markets available, that is the demographics, psychographics, and geographics.
3) Strategic business location. How we going to choose a location / area, are people able to afford the prices of my products / service. Rent or purchase a location?
4) Business facilities - the material we need for our business. For example if we are opening a restaurant, we need chairs, tables, counters, kitchen appliances and etc. Most important of all, where or how we can get what we need. How much is the costs?
5) Next is negotiation skills, which involves 2 parties. It is suggested that we should plan this agenda in detail, in order to have a successful negotiation.
- a conducive environment
- deal only with the person of deciding authority representative
- wear presentable attire
6) Tactics in communication
- For example, asking others to repeat what is require to do, this enables mutual understanding among peoples. 
- Understand the purpose of each needed communication, therefore from it define the receiver or the person involved.

Inspirational quote of the day: 

"The Best investments are the ones you don't make." 
                                      -Donald Trump- 

HON CHIEW EE
KET 120009

Week 6 (KET 120044)

For this week, we learned about the skills to start a business.

Basically, the skills needed to start a business and to keep the business running efficiently are:

• identify resources required to start a business
• know the techniques of effective negotiation
• the methods of effective communication.

         There are many aspects which we need to take into consideration when we start a business. These elements include Business Capital, Product or Service,  Business Location and Business Facilities.

Throughout the lesson, there was one thing that was emphasized repeatedly and that is “Communication Skills” or more importantly “Negotiation Skills”. In every business, the ability to talk fluently and be able to convince others is essential. 

I learned that one must be presentable when conducting a negotiation. This includes wearing the appropriate attire and making sure that you are clean and presentable. 

Preparations of Negotiation are important if you want to make the best deal .Make a clear objective of what you want out of the negotiation and how you are going to achieve that goal. 

Other factors include Negotiation process, Negotiation Strategies and Negotiation Tactics. All these are needed to produce a “win-win” situation for both negotiation parties.

Negotiations are an important part of every business thus it is vital that we learn and acquire the skill to step into the field of business.

TAN JIA HUEI

KET 120044

Week 5 (KET120040)

Week 5 !!

Things that I have learnt from this week lecture:

In week 5 lesson, I have learnt about the business opportunities. Internet networking is a powerful tools to run business. Most of the problems faced can be overcome with the proper use of networking. The situations that contributes to business opportunities are human needs and 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 am aware that opportunities are important in starting a successful business. Always be alert and keen to grab any potential chances if we want to success in our business.

How am I going to apply the knowledge that I've gained?
I will try to consider more aspects when I want to start a business in order to prevent it from failure.

Seet Cheng Hou (KET120040)

WEEK 5 (BUSINESS OPPORTUNITIES)

  "Our success has really been based on partnerships from the very beginning."
- Bill Gates-

This week we have learnt about Business Opportunities.

For business, opportunities come when:

1.Customers requiring new products/services solving their problems or needs.

2.Existing products/services not able to solve problems or fulfill their needs.

To be able to compete in business, we will need to grab all these opportunities. To do so, we need to:

1) Identify Strengths

2) Minimizing weaknesses

3) Using opportunities 

4) Lessening threats.

Factors that affect business opportunities:

1.Demographic Change
2. Psychographic Change
3.Import & export data regarding demand & supply of products/services in market & identifying opportunities.
4.Provision of local & technological sources.
5.Relationship between industries.
6.Private & govt. projects.
7.Laws & procedures of local govt.
8.Social responsibilities & problems – jobs & eliminating crime rates.
9.Info Technology & Communication.
10. Globalisation a pro-active catalyst & stiff competition.
11.E-Commerce – important, vital & practical.

WONG SHY CHIEN KEE120058

Week 5 (KET 120044)

For week 5, the topic was Business Opportunities. Here are some of the things that I've learned.

There are 2 different situations that can create business opportunities. They are:
1. Customers require new products/services to solve their problems or needs. In other words, we need to look at the customers' needs. From there, we can know what the customers are looking for and we can come up with creative ideas to solve the problems. This creates a business opportunity for us.
2. Existing products/services are not able to solve problems or fulfill their needs. This creates a business opportunity for us in that we can come up with products/services that can or are able to solve customers' problems. We can come up with products/services that can replace those that are not fulfilling the needs of the customers. In other words, we need to look at the gap in the market.

We can manipulate the opportunities by:
1. Identifying Strengths.
2. Minimizing Weaknesses
3. Using Opportunities.
4. Lessening Threats.

As an entrepreneur, we need to have the skills to identify and choose business opportunities as well as reduce risk. We also need to consider other factors such as:

• Demographic change.
• Psychographic change.
• Import and Export data regarding demand and supply of product/services in market and identifying opportunities.
• Availability of natural resources and technology.
• Relationship between industries.
• Private and government projects.
• Laws and procedures of local government.
• Social responsibility and problems.
• Information technology and communication.
• Globalisation.
• E-commerce.

Besides that, I also learned about the Break Even Point.

BEP = FC/(SP-VC)
FC = Fixed Cost
SP = Selling Price
VC = Variable Cost

In short, I have learned many new things regarding business. As a future entrepreneur, we must first acquire the skills and knowledge required in order to kick start our business. I think that the knowledge and infos learned in this class will well benefit me in the future.


TAN JIA HUEI
KET 120044

Week 4 (KET120040)

Week 4 !!

In the fourth week, I have learned the importance of creativity and innovation, to conduct business. Creativity without limits, involves the development of idea to solve the problem. At the same time, innovation is the invention of a new product or improve existing products has better approach. According to Kuratko Hodgettts, four stages of creative prose, namely the absorption of knowledge, incubators, idea generation, and finally evaluation and implementation. A creative entrepreneur has some positive features, there are five main ways to be creative or innovative ideas. Ideas can be generated either through brainstorming, analogy (to connect two different ideas), implementation (to identify potential problems), mind mapping or rated groupings. There are four main types of innovation, namely, invention, expansion, replication and integration. At the end of the presentation, impede creativity and inspire creativity method can also be.

Already know that creativity and innovation is a key to successful entrepreneur. However, by attending this course, I have been taught to generate creative ideas (I have not been exposed to before). Creativity is  not only limited to business areas, but it applies to our lives in many ways.

An entrepreneur should not be satisfied with his achievements. He should be creative and innovative in order to remain competitive. A competent entrepreneur will be able to stand out from the other and boasting the local economy.

Seet Cheng Hou (KET120040)

Creativity & Innovation (Week 4) KEE120019

The meaning of creaivity:

Schemerhorn, Hunt&Osborn: Unique development and answer to expected problems.

The meaning of innovation:

Kinicki & Williams: Approach towards creating a new product, process or service in an improved manner and not resting on laurels.

Knowing both meaning of innovation and creativity, I start to think that am I creative and innovative?

Creative process are divided into 4 stages:

1. Assimilation of knowledge via readings discussion, seminars, workshops to create new product.

2. Incubator

3. Idea

4. Assessment and implementation.

Attributes of creative individuals:

1. Modest and proud of oneself simultaneously.

2. Work committed and objective oriented.

3. Dare to try new ideas.

4. Open to positive critic.

5. Disciplined and Responsible.

6. Good self-control.

7. Rational, objective oriented and not hasty.

8. Take calculated risks.

Implementation (DO IT)

D- Define problem

O- Open

I- Identify best solution

T- Tranform

Types of innovation:

1. Invention

2. Expansion

3. Duplication

4. Integration

Obstacles to creativity and innovativeness:

1. Other organisation do not encourage innovations.

2. Limited resources.

3. Management obstructs creativity.

4. Afraid to try.

5. Fear of making mistakes.

6. Wrong motivation.

7. Fear of failure.

8. Lack of confident.

Creative and innovative strategies:

1. Determine ability of self-competency.

2. Change perception from problems to optimum opportunities.

3. Reward cultural change toward creativity and innovativeness.

4. Willing to accept failure while attempting to improve company performance.

All this are the important point which is taught today.

:)

LAM MIN ZEE (KEE120019)

WEEK 4

Follow your gut instincts.The best decisions are those we don’t make"
- Donald Trump

This week, we have learnt about being creative and innovative in business.
The things that we learnt are basically about:

1) Use thinking skills innovatively & exploit ideas to develop concrete business planning.

2) Viewing the environment in a topsy turvy way & approach problems as realised business opportunities.

We also learnt about the importance of discussion/brainstorming in business with partners. It is very important as:

1.The more ideas the better.

2.Accept all ideas even if ideas seem illogical.

3.Use other  groups’ ideas.

4.Criticisms or evaluations are not allowed.

The strategies to being creative and innovative:

1.Determine ability & self-competency.

2.Change perception from problems to optimum opportunities.

3.Reward cultural change towards creativity & Innovativeness.

4.Willing to accept failure while attempting to improve company performance. 

WONG SHY CHIEN KEE120058

Week 4 (KET 120044)

       From the lecture of week 4, I have learnt several aspects about creativity and innovation in business. Generally, creativity is about coming up with fresh new ideas with potential, while innovation is about making the idea a reality or a feasible, working business plan. In cultivating creativity, basically there are four phases involved:

• Assimilation of knowledge
• Incubator
• Idea
• Assessment and implementation

But how can we develop our creativity and let our creative juice flow freely? There are 5 steps for this:

1. Brainstorming
2. Forced analogy
3. Implementation
4. Mind map
5. Normal grouping

Being creative alone is definitely not enough. At the same time, we should also be innovative to be able to create good business plans. These are the types of innovation:

1. Invention
2. Expansion
3. Duplication
4. Integration

Creativity is one of the key to success in business. It makes things exciting and fascinating, creating products that are relevant and attractive, especially for the youngsters. The important attributes of a creative person are comfortable with failures, have perseverance, able to learn from mistakes, dare to try new ideas and take risks.

In short, I had learnt on how to be creative and I think it would help me in some ways. Thank you.


TAN JIA HUEI
KET 120044

Week 4 KET 120006

Apologies for the late reflection. Once again, I am sorry!

In this week, we lhave to think creatively to built a business plan which is attractive to people and would work successfully.


What have i learn:

• Reading, attending workshops to gain knowledge
• Incubator is where you generate your knowledge to ideas
• Ideas! 
• Assess & Implement is to test whether your idea is good (how? exp: Cost Benefit Analysis) 

• Be objectives oriented, aim for a goal
• Dare to try new object
• Always open to criticism, then only you can ask how can you improve 
• Responsibilities
• Have good self control
• Objective rational
• Prepare for determined risk (exp: Inflation)

Brainstorming- generate new idea~

1. Implement -  Define a problem; Open minded / be creative; Identify solution; Transform (DO IT!)
2. Mind mapping- Start your idea centrally, then from there develop as many ideas, lastly choose the idea you think is the best among all
3. Nominal Grouping- Discuss and share your ideas with members, and the steps to achieve. All members could then vote to decide the best idea.

1.