Week 4 (KET 120009)

In week 4, I learned that it is important to have creative ideas in business. We have to think creatively to built a business plan which is attractive to people and would work successfully.

The process of creativity is through:

• 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) 

Where do you start?
Firstly, look out for a problem. Try to think of various creative solution to it, then find opportunities to built your business. These should be in your mind,

• 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)

Generating great ideas? --- Brainstorming!

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.

Types of Innovation

1. Invention-> create something new
2. Expansion-> Add on to something that has already exist, and form a new business
3. Duplicate-> Copy & add on new functions to an item/ product
4. Integration-> make combinations of different objects (exp: computer + technology = internet)

So, I believe we can be creative in many ways, but most importantly is to trust your own instinct, whether the idea is good enough.

HON CHIEW EE 

KET 120009

Week 3 (KET120040)

Week 3 !!

Throughout the lecture last few weeks, I have been exposed to the knowledge-based entrepreneurship. In particular, I have learned that there are many factors that may contribute to the ability of entrepreneurs. For example, a competent entrepreneur should seize any opportunity to take measures to study the business before the planning system, to high-quality products and services, is committed to their business, and can effectively solve the problem. There are nine blocks of the business model, that key partners, key activities, key resources, value proposition, customer relations, customer segmentation, customer channels, cost structure and revenue streams. We can also use this to start our business. An entrepreneur will only be respected if he has good behavior his business. For instance, he should have been set in accordance with the rules and regulations, honest advertising and weighed, to avoid unnecessary waste, a good way to treat workers, take care of the environment. He should not be involved in hoarding or apply excessive customer.

Entrepreneurial knowledge in our lives is actually very important, because we can not separate themselves from commercial activities. This knowledge is dynamic and can follow our lives. In this era of globalization, there are thousands of opportunities to be explored. Through this course apply the knowledge, we are able to turn these opportunities into business. An entrepreneur in a country's development is very important because he provides jobs and drive the economy of the country.

Can I use I learned so far in many aspects of knowledge. Obviously, there are many standards, which make up a successful entrepreneur. This is not an easy task, to establish their own businesses. There are many factors to consider. We must carefully plan and systems to reduce losses. In addition, entrepreneurs should also be reflected in a good way.

Seet Cheng Hou (KET120040)

Week 3 is all about ETHICS (KEE120019)

In the previous lesson, we get to know about all the entrepreneurial abilities that we should have in order to start a business. But it's not all! So, in this week we continued the class with entrepreneur ethics. 

We define the concept of entrepreneurship in the Eyes of Islam. Warnings are given against hoarding. Destruction of over-supplies is strongly prohibited. We must not waste and destroy. We do not conduct a business because of it's interest. All employees must be fair to all their workers. Provides your workers with welfare, wages and comfortable workplace. Conduct business, however must not neglect to care about the environment. 

Be an ethical businessman or woman!

LAM MIN ZEE (KEE120019)

Week 3

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. 

---------
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

3rd week(7/3)

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.

Week 3 KET 120006 Goh Che Jin

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.

Week 2 KET 120006

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.