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)