Debriefing Business Idea and Progress of Business Activity

In week 7, Pn Rafidah continued with the lecture regarding debriefing business ideas. She asked everyone of us to question ourselves if we are a creative person.Then, she gave some advices on how to create a successful business idea. To make us understand better, she often tagged along some examples of value proposition like Air Asia : "Everyone can fly".

On Thursday, the class begun with presentations on the business activity progress where each group sent a representative to present on their activity progresses. We are also required to submit a report for lecturer's references. After that, Pn Rafidah handed everyone of us a set of quiz questions. We finished them earlier than planned, so she continued with the next lecture which is feasibility analysis.

At the same time, my group members and I had started selling some costume accessories according to schedule made. Because most of our group members are females, we decided to sell the products from room to room besides going to study room and television room located at each floor of both YAB Residential Hall and Bank Muamalat Residential Hall. Although I had to record every single transaction made, but I felt glad that we have achieved something.

I've learned that content knowledge, process skills and habits of mind are important factors to be considered in order to produce a good business idea. Before any idea can come to fruition, one must identify a problem, generate the idea and last but not least, to select the idea. I will also learn to be more creative, imaginative and innovative to apply my thoughts in different situations. I am afraid that my group and I done some mistakes by choosing ideas without much consideration.

Presentation and Preparing for Business Activity

This week, we were asked by Pn Rafidah to present our business ideas on the "One Malaysia" iCAAp Competition after a short lecture on debriefing project business ideas. I was actually very nervous at that time as I was one of the presenters representing my group on the "multimedia design" part. Fortunately, Pn Rafidah asked us to be seated in a circle consists of two groups where we can present to and evaluate each other. She then commented on our mistakes and advised us to put in more effort to deliver a better presentation.

On Thursday, Pn Rafidah handed us an assignment on business activity. The theme is Social Entrepreneurship and will be carried out until the end of week 13 of this semester. After briefing us through, we were then given some time to do some group discussions on the project. Initially, we faced a lot of challenges during brainstorming session, mainly in choosing the best ideas and compromising between them. However, after considering the trade-offs and weighing the pros and cons, we have been able to narrow the ideas down. Some of the considerations are cost, time, target market and materials.

I realized that in order to start a business, we need a lot of thinking and considerations. Therefore, time management and team work are some of ways to accomplish tasks effectively. I am concerned that we are not able to come out with good business activities due to the shortage of time, lack of planning and also a small amount of capital. To overcome these problems, I think my group members and I should be more organized. For example, having everything including plans and ideas to be written down on papers. In addition, we can opt to make schedules and of course, try to keep up with the schedules arranged. Checklist of goals can be made to be aware of current status of the project.

Opportunity Analysis and E-Commerce as Globalizing Catalyst

In week 5, Pn Rafidah gave us a lecture on opportunity analysis plan where she discussed that it is mainly focused on the idea of the business and its marketing idea. She gave an example of a successful franchise, Secret Recipe, which is successful because they have a thorough analysis plan.

She also discussed about e-commerce and how it could benefit businesses. Taking Yemen as an example, they are known as a producer of honey, and integrating their business with e-commerce, they would be able to reach out their products to various parts of the world. Hence, e-commerce plays a huge role in globalizing the product to reach to different types of target markets. Another example would be online-based dedication e-commerce website that provides convenience, affordable and quick.

Next was, oral presentation skills. She gave us a walk through on the importance of presentation skills in this course especially whether as a student or an entrepreneur. This is crucial mainly because this course requires a lot of project presentations to be conducted. Students sometimes fear while doing presentation which is why preparation and practice is really essential to improve presentation skills. Using scripts as an aid to practice or cue cards are some of the good practices before a presentation. On top of that, spoken words also have to loud and clear while remaining eye-contact with the audience.

Based on the lectures, I have learned that opportunity analysis plan is important to sustain as well as succeeding in a business venture. Whereas e-commerce is one of the ideas that brings a wider range of opportunities to an existing business. I have achieved to understand the part & parcel of business start-ups and operations and my only concern is to apply this principle for future entrepreneurship projects. I have gained the general idea of what makes a presentation good and how to be able to present something in the right manner. My greatest concern is the risk of venturing into e-commerce,a business with great oppurtunity with well structured analysis plan, because it seems challenging and requires a lot of brainstorming and considerations. Also, in the oral presentation, to not performed well in front of many people.