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

Week 4 (KET120040)

Week 4 !!

In the fourth week, I have learned the importance of creativity and innovation, to conduct business. Creativity without limits, involves the development of idea to solve the problem. At the same time, innovation is the invention of a new product or improve existing products has better approach. According to Kuratko Hodgettts, four stages of creative prose, namely the absorption of knowledge, incubators, idea generation, and finally evaluation and implementation. A creative entrepreneur has some positive features, there are five main ways to be creative or innovative ideas. Ideas can be generated either through brainstorming, analogy (to connect two different ideas), implementation (to identify potential problems), mind mapping or rated groupings. There are four main types of innovation, namely, invention, expansion, replication and integration. At the end of the presentation, impede creativity and inspire creativity method can also be.

Already know that creativity and innovation is a key to successful entrepreneur. However, by attending this course, I have been taught to generate creative ideas (I have not been exposed to before). Creativity is  not only limited to business areas, but it applies to our lives in many ways.

An entrepreneur should not be satisfied with his achievements. He should be creative and innovative in order to remain competitive. A competent entrepreneur will be able to stand out from the other and boasting the local economy.

Seet Cheng Hou (KET120040)

Creativity & Innovation (Week 4) KEE120019

The meaning of creaivity:

Schemerhorn, Hunt&Osborn: Unique development and answer to expected problems.

The meaning of innovation:

Kinicki & Williams: Approach towards creating a new product, process or service in an improved manner and not resting on laurels.

Knowing both meaning of innovation and creativity, I start to think that am I creative and innovative?

Creative process are divided into 4 stages:

1. Assimilation of knowledge via readings discussion, seminars, workshops to create new product.

2. Incubator

3. Idea

4. Assessment and implementation.

Attributes of creative individuals:

1. Modest and proud of oneself simultaneously.

2. Work committed and objective oriented.

3. Dare to try new ideas.

4. Open to positive critic.

5. Disciplined and Responsible.

6. Good self-control.

7. Rational, objective oriented and not hasty.

8. Take calculated risks.

Implementation (DO IT)

D- Define problem

O- Open

I- Identify best solution

T- Tranform

Types of innovation:

1. Invention

2. Expansion

3. Duplication

4. Integration

Obstacles to creativity and innovativeness:

1. Other organisation do not encourage innovations.

2. Limited resources.

3. Management obstructs creativity.

4. Afraid to try.

5. Fear of making mistakes.

6. Wrong motivation.

7. Fear of failure.

8. Lack of confident.

Creative and innovative strategies:

1. Determine ability of self-competency.

2. Change perception from problems to optimum opportunities.

3. Reward cultural change toward creativity and innovativeness.

4. Willing to accept failure while attempting to improve company performance.

All this are the important point which is taught today.

:)

LAM MIN ZEE (KEE120019)

WEEK 4

Follow your gut instincts.The best decisions are those we don’t make"
- Donald Trump

This week, we have learnt about being creative and innovative in business.
The things that we learnt are basically about:

1) Use thinking skills innovatively & exploit ideas to develop concrete business planning.

2) Viewing the environment in a topsy turvy way & approach problems as realised business opportunities.

We also learnt about the importance of discussion/brainstorming in business with partners. It is very important as:

1.The more ideas the better.

2.Accept all ideas even if ideas seem illogical.

3.Use other  groups’ ideas.

4.Criticisms or evaluations are not allowed.

The strategies to being creative and innovative:

1.Determine ability & self-competency.

2.Change perception from problems to optimum opportunities.

3.Reward cultural change towards creativity & Innovativeness.

4.Willing to accept failure while attempting to improve company performance. 

WONG SHY CHIEN KEE120058

Week 4 (KET 120044)

       From the lecture of week 4, I have learnt several aspects about creativity and innovation in business. Generally, creativity is about coming up with fresh new ideas with potential, while innovation is about making the idea a reality or a feasible, working business plan. In cultivating creativity, basically there are four phases involved:

• Assimilation of knowledge
• Incubator
• Idea
• Assessment and implementation

But how can we develop our creativity and let our creative juice flow freely? There are 5 steps for this:

1. Brainstorming
2. Forced analogy
3. Implementation
4. Mind map
5. Normal grouping

Being creative alone is definitely not enough. At the same time, we should also be innovative to be able to create good business plans. These are the types of innovation:

1. Invention
2. Expansion
3. Duplication
4. Integration

Creativity is one of the key to success in business. It makes things exciting and fascinating, creating products that are relevant and attractive, especially for the youngsters. The important attributes of a creative person are comfortable with failures, have perseverance, able to learn from mistakes, dare to try new ideas and take risks.

In short, I had learnt on how to be creative and I think it would help me in some ways. Thank you.


TAN JIA HUEI
KET 120044

Week 4 KET 120006

Apologies for the late reflection. Once again, I am sorry!

In this week, we lhave to think creatively to built a business plan which is attractive to people and would work successfully.


What have i learn:

• Reading, attending workshops to gain knowledge
• Incubator is where you generate your knowledge to ideas
• Ideas! 
• Assess & Implement is to test whether your idea is good (how? exp: Cost Benefit Analysis) 

• Be objectives oriented, aim for a goal
• Dare to try new object
• Always open to criticism, then only you can ask how can you improve 
• Responsibilities
• Have good self control
• Objective rational
• Prepare for determined risk (exp: Inflation)

Brainstorming- generate new idea~

1. Implement -  Define a problem; Open minded / be creative; Identify solution; Transform (DO IT!)
2. Mind mapping- Start your idea centrally, then from there develop as many ideas, lastly choose the idea you think is the best among all
3. Nominal Grouping- Discuss and share your ideas with members, and the steps to achieve. All members could then vote to decide the best idea.

1.