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

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

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)