The third week of class is about Entrepreneurial Ethics.
How is Entrepreneurship in the Eyes of Islam ?
Doing manufacturing or service business is to seek for legal providence. And these people hold a special position in Islam. For example, the Prophet is a businessman who is trustworthy and of high integrity.
(The Divine Acceptance Concept)
9 out of 10 providence comes from business.
And at least 1 Muslim must do business in the community or otherwise the whole community is taken blame.
1. Against Hoarding in business !
2. No Over-supplies
3. Prohibits interests
-For example, Bank Islam did not charge interests on loans borrowed.
4. Fair to workers
-Fair and responsible to workers, eg: welfare, wages, comfortable workplace
5. Responsible to the Environment care
-Besides profit maximization, nature should be preserved and not destroyed.
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Lectures also include some about Base Landing Rate (BLR) -> Floating rate
Inspirational Quote from Sir Richard Branson, Founder and Chairman of Virgin Group
"Business opportunities are like buses, there's always another one coming."
HON CHIEW EE
KET 120009
It's already week 3 but it was only my second time attending this class. It's quite a good thing that the class is conducted in English (which supposed to be in Malay, I guess) because I believe university students now are more adapted to English language in class.
Besides the jokes told by lecturer, i learnt quite a lot of things about entrepreneurship.
I was taught about the Nine Building Blocks of Business. After some research on the web, I found out what the "9" blocks actually mean.
Customer Segments – An organization serves one or several customer segments.
Value Propositions – It seeks to solve customer problems and satisfy customer needs with value propositions.
Channels – Value propositions are delivered to customers through communication, distribution, and sales Channels.
Customer Relationships – Customer relationships are established and maintained with each customer segment.
Revenue Streams – Revenue streams result from value propositions successfully offered to customers.
Key Resources – Key resources are the assets required to offer and deliver the previously described elements…
Key Activities – …by performing a number of key activities.
Key Partnerships – Some activities are outsourced and some resources are acquired outside the enterprise.
Cost Structure – The business model elements result in the cost structure.
Another new information I learnt from the previous lecture was that Islamic bank actually doesn't charge interest for their loan. If so, then how does the bank make profit to sustain it's operation? Well, the bank earns from buying and selling private properties. Citing an example if the house which the bank owns costs RM200,000, it is sold maybe for RM250,000. I'm not sure how the bank owns the house but I know that Islamic bank forbidden 'riba', so no interest for loan.
In that particular class,lecturer did ask us to play a role and my role is as a employee . First of all , i need to prepared my resume in order to get a jobs from the manager and then heading straight to the manager for the jobs . My jobs as the employee is to sell the food to the customer as many as i can ! Its very challenging for me because i need to have excellent persuading skill to persuade those " fussy " customer and also the competition around me was like quiet " hot " makes me feel a lil bit nervous . From this beneficial activities , i have learnt and get a better understanding of the running of a business although im just the employee of the company . Overall , all the character have their respective role and it is all important . Missing any single of it may cause the business to be fail . Next , i also learnt how to communicate and negotiate . This can be used when the employee sell the products to the customer . Negotiation and communication skill are really important to make a deal success or to make a good deal for both side .
As the employee , of course i feel excited to sell my products ! and i do enjoy the role play session as i can get further exposure to the real business world :)
This type of negotiation and communication skill can always be applied anywhere especially when deal with our business partner.
On that particular day, I've learnt something that is very rare to me. The reality of the business world. The lecturer did exposed us to the situations that always and will be faced by the entrepreneurs out there. Well, problems always come and it might be an obstacle for some companies to develop. Thus, for any circumstances they have to defend themselves in order to make sure that their companies have a good reputations at the end of the day. Unfortunately, this matter sometimes can't be the right solution. We also have to take the consideration of tolerance in solving the problems before it became the unsolved problems.
What do i feel?
Nice! It was just nice. We are kind of in the 'The Apprentice' reality game show that time.
Everyone has to defend themselves from being guilty on that situation. It is really challenging.
Where and how I can apply it?
HAHAHA.. seriously I don't know how to specialized where and how to apply it because everything need this values.
Please do think first before you act. No matter how you try to defend yourselves, if it is wrong, it is still be a wrong. So, fix it by admitting and do some changes! You can make a difference.
"A
lot of companies have chosen to downsize, and maybe that was the right thing
for them. We chose a different path. Our belief was that if we kept putting
great products in front of customers, they would continue to open their
wallets."
-Steve
Jobs-
This week, we have learnt something very important about entrepreneurship which is SELF-COMPETENCY ANALYSIS!
Steadfast:
- Overcome obstacles toward achieving objectives.
- Undying effort to solve problems.
- Strong-willed and determination from self-confidence, perseverance, vigilance and patience.
Information seeking:
- Ability to seek, use info & make decisions from feedback.
- Using expert help.
- Market research and evaluate them.
- Networking for new information.
- Evaluate all data before making decisions.
Focused on Quality Work:
- Desire to create products/services of high quality.
- Employ “benchmarking” to stay ahead of competitors or at least keeping abreast.
- Maintain quality operations following ISO standards.
Commitment to Agreements:
- Focused & full sacrifices on business.
- Responsible to customers & Staff.
- Customer satisfaction oriented.
- Establish confidence of customer on the company.
- Promise of quality, fast delivery, acceptable pricing & taking actions on complaints.
Efficiency-focused:
- Operations based on speed & low cost.
- Using latest mgt techniques.
- Innovative action based on cost & profits.
- Technology, expertise, efficiency and latest information orientations.
Systematic Planning:
- All steps and stages planned and simplified.
- Overcoming expected problems.
- Evaluate & Making decisions based on alternative solutions.
- Achievement of objectives via logical and systematic approaches.
Solving Problems:
- Seek & implement strategies to achieve objectives.
- Solving problems innovatively.
Self-Confidence:
- Confidence in ability and self-efficiency.
- Gather & use knowledge & experience outside self-expertise.
- Do not fear failure.
- Follow change and progress.
Iron-willed:
- Able to face opposing forces on actions.
- Exhibit firmness in getting debtors to repay loans, lazy employees to work and face uncertain business environment.
Instill Confidence in Others:
- Exhibit confidence in customers to trust products/services.
- Able to instill confidence in bankers to provide loans and succeed in projects.
- Expert in negotiations.
WONG SHY CHIEN KEE120058
Well, it's already week 2! but yet it's just my first APK class as I had just decided to pick up this subject in the add and drop session. The lecturer entered the lecturer hall. God bless that he is quite humorous and at least we can be more relax in this lecture. As it's the first class of mine, I am still in a quite "blur" condition.
So about what we had learnt this week. Interesting! It was all about SELF-COMPETENCY ANALYSIS to enable us to self-develop entrepreneurship abilities and exhibit attributes of entrepreneurship. This class is all about BUSINESS! :D
What are the entrepreneurial abilities that we should have?
First of all, initiative. Start a business willingly without being force by others. Search and grab every opportunities! To start a business is not so hard but it is not easy also. So, we should also be able to overcome all those obstacles that we face and put in effort to solve them. Strong-willed, determination, preserverance, vigilance and patience are the keys to solve all the problems we face. We must also remember that we must focus on QUALITY WORK. Always maintain quality operations following QSO standard. Next, no money, no business! Operation of business must be based no speed and low cost. Always up to date to latest information orientations. All problems must be solve inovatively. We must also be confident. DO NOT FEAR FAILURE. To be confident on our own product can also bring confident to our customers too.
Use power strategies:
- Legitimate power
- Reward power
- Penalty power
- Expert power
- referent power
There also some reasons which lead to failure.
-Entrepreneur or workers who are undisciplined, unethical and irresponsible.
- Business which is not well planned.
-Not serious in running a business.
-Unable to choose the correct strategy to be used in your business.
- Poor environmental scanning.
So, if I have all of these entrepreneur abilities, can I start a business now? Can't wait ><
LAM MIN ZEE (KEE120019)
Week 2, I learned about self competency in business. There a few criteria you must have in yourselves to gain improvement.
- Be initiative -> try to be in other people's position; Know that for any risk, there is opportunity, if there is none, create your own opportunity!
- Steadfast -> keep on doing what you believe, that is perseverance; And be vigilance and patience
- Info seeking -> ask help from the experts, then using the collected and evaluated data, use the knowledge, apply on your idea and realize it
- Focusing on quality work -> promise & prove product (exp: following ISO standards & employ "bench-marking" to keep abreast)
- Commitment to Agreement -> always consider customer satisfaction your priority, so that you can improve / upgrade quality
- Efficiency focused -> Doing things the right way is efficient
- Having Systematic planning -> for every activity PLANNING is to achieve an objective; STRATEGY is the approach to achieve objective
- Solving a problem -> Solve Innovatively!
- Self-confidence -> be confidence in your own ability & self efficiency; or you can always gather & use knowledge of others(exp: partners) fields which is out of self expertise
- Iron-willed -> Ready to face uncertain business environment internally & externally. (exp: external-economics,social, environmental; internal- human resource)
- Instill confidence in others -> you gotta be expert in negotiations & able to persuade your customers
HON CHIEW EE
KET 120009
