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