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