SELF-REFLECTION: Nur Liyana Binti Abdul Halim EEE110095

WEEK 1: CONCEPT AND DEVELOPMENT OF ENTREPRENEURSHIP

In this week, I learn about the importance of the study of entrepreneurship, the distinction between the concept of entrepreneur and entrepreneurship. I also learn on how to identify attributes of entrepreneurship and the development of entrepreneurship in Malaysia.

Importance of studying entrepreneurship is basically from entrepreneurship it can boost the growth of national economy in particular country, it also Develop & expand a higher level of culture and attributes of entrepreneurship. Besides that, Entrepreneurs will make the nation more competitive, open employment opportunities and reduce unemployment & poverty level.

Entrepreneurs are a Pioneer of successful business activities and entrepreneurship are an Invention of something new via taking financial, psychological and social risks and acquire profits, personal satisfaction and freedom. Entrepreneurship started with Malaccan sultanate, and then when British came, they divide and ruled the system. After independence, new policy (1971-1990), national development policy (1990-2000) and vision 2020 has been implemented.

WEEK 2: SELF-COMPETENCY ANALYSIS

In this week I learn about self-develop entrepreneurship abilities and exhibit attributes of entrepreneurship. There are numerous of self-develop entrepreneurship abilities:

                      I.        Initiative

                    II.        View and grab opportunities

                   III.        Steadfast

                  IV.        Information seeking

                    V.        Focused on quality work

                  VI.        Commitment to agreements

                 VII.        Efficiency-focused

                VIII.        Systematic planning

                  IX.        Solving problem

                    X.        Self confidence

                  XI.        Iron-willed

                 XII.        Instill confidence in others

WEEK 3: ENTREPRENEURIAL ETHICS

In this week, I learn about the concept of divine acceptance in business. Besides that, I also learn the entrepreneurial ethics and business culture.

Entrepreneurship in the Eyes of Islam is in essence manufacturing and Service Business to seek for legal providence. Other than that, in Islam entrepreneurship is deviate to some sector such as manufacturing, distribution, agriculture and services sector. By involving in entrepreneurship someone could gain High Status for example Prophet’s. Islam also implies that 9/10 divine providence comes from business & “fardhu kifayah”.

Entrepreneurial ethics such as do not waste and destroy of over-supplies, the business involving interests are prohibited in Islam. For additional, management should practices fair and responsible recruitment of workers, also don’t disregard the welfare, wages and comfortable workplace for workers and need to be fair for each of them.

WEEK 4: CREATIVITY AND INNOVATION

In this week, I learn about the aspects of creativity and innovation, knowledge of approach towards thinking creativity and innovation  Other than that, I learn the strategies to encourage creativity and inventiveness.

Innovation is approach towards creating a new product, process or service in an improved manner and not resting on laurels. Creativity is a unique development and answer/response to expected problems, creative process has four stages (assimilation of knowledge, incubator, idea, assessment and implementation).

There are several techniques of generating creative and innovative ideas which is:

I.        Proliferation of ideas via discussions with workers.(Brainstorming)

•   The more ideas the better.
•   Accept all ideas even if ideas seem illogical.
•    Use other groups’ ideas.
•    Criticisms or evaluations are not allowed.

II.        Forced Analogy. Use objects or pictures to generate ideas & see its forced relatedness.  For example, from implementation do it.

•     D: Define problem
•     O: Open your mind apply creativity
•     I:  Identify best solution
•    T: Transform

WEEK 5: BUSINESS OPPORTUNITIES

In this week, I have learn on how to identify the business opportunities and evaluate and choose viable and profitable business opportunities.

Opportunity are defined as new ideas generated via innovative process by establishing a new business, developing new products or services. Situations that contribute to business opportunities are Customers requiring new products/services solving their problems or needs and existing products/services not able to solve problems or fulfill their needs, to solve this sort of problems, entrepreneurs needs to identify Strengths, Minimizing weaknesses, using opportunities and lessening threats (SWOT analysis).

Process of identifying, evaluating and choosing opportunities are to analyze environment and market with understanding of customer needs initially, then evaluating of self-competency, societal needs and analyze business ideas. Lastly, choose the business opportunities and set up a business structure.

Environmental and market factors are as follow:

• Demographic Change is the population distribution of age, sex, income, education, family members’ count, and etc. 
• Psycho-graphic Change is the taste, status and ego of some elite groups. 
• Import and export data regarding demand & supply of products/services in market and identifying opportunities. 
• Provision of local & technological sources. 
• Relationship between industries. 
• Private and government projects. 
• Laws and procedures of local government. 
• Social responsibilities and problems which is jobs and eliminating crime rates. 
• Info Technology and Communication. 
• Globalization's a pro-active catalyst and stiff competition. 
• E-Commerce is very important, vital and practical in choosing the business opportunities.

WEEK 6: SKILLS TO START A BUSINESS

In this week, I have learned on how to identify resources required to start a business and know the techniques of effective negotiation skills. Besides that, I could identify the method used for effective communication. Communication skills is a process involving at least two way sending and receiving of message (verbal, written and non-verbal) with mutual understanding (congruence of the minds). 

Skills to identify resources required we used the 5W1H techniques, which is What, Which, Where, When, Who, and How. Other than resources, entrepreneurs also should know the negotiation strategies. 

Resources required for entrepreneur to start a business are as follows:

1. Business capital 
2. Product and services
3. Business location 
4. Business facilities
5. Negotiation skills
6. Preparations of negotiation
7. Negotiation process

Negotiation strategies are as follow :

1. Prepare a complete negotiation agenda. 
2. Provide early concession for satisfaction of other party. 
3. For important issues, gather as much info as possible for evaluation. 
4. Be prepared to renegotiate issues already closed should the negotiation proceed the following days. 

Forms of communication are through:

• Verbal- meetings, telephone, intercom, face-to-face, seminar and conference. 
• Written- memo, report, electronic mail, notice, circulars, minutes, bulletin, internal paper, formal letter, fax, ads, brochures, invitation, telegrams and telex.

WEEK 7: BUSINESS PLAN

In this week, I have learned definition and purpose of the business plan. Other than that, I have learned the importance of business plan.

Business plan is a written document to explain the business that is to be run comprehensively covering analysis, forecast and expectations plus implementation of business strategy.

Business plan are very important as it provide others an opportunity to meticulously, critically and objectively evaluate ideas and business projects. In addition, business plan  will provide someone with the realization that there could be future problems associated with running the project and assist someone to assess requirements of business necessities so that distribution of resources could be done effectively. Last but not least, to display the viability of a planned project.

WEEK 8: SKILLS FOR PROJECT MANAGEMENT

In this week, I have learned the process of administration and coordination of resources effectively and efficiently toward organizational objectives. I also learned that management has four functions that are Planning, Organizing, Leading and Control.

Each organization need to know the basic of marketing, such as market size, market segmentation, SWOT analysis and marketing strategy. Meanwhile, finance needs calculate the operational budget, cash involving cash only and used the capital budget for calculating project feasibility.