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)

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)