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