SELF-REFLECTION: NURUL BALQIS BINTI OSMAN EEE110101

Lecture 1: BASIC CULTURELIZATION OF ENTREPRENEURSHIP

Learning outcomes:

1.       Importance of entrepreneurship

2.       Concept of entrepreneur

3.       Concept of entrepreneurship

4.       Attributes to entrepreneurship

5.       Entrepreneurship in the Islamic perspectives

6.       Development of entrepreneurship

7.       Why entrepreneurs starts a business

8.       Myths in business development.

Lecture 2: SELF-COMPETENCY ANALYSIS

Outcomes;

Entrepreneurial abilities:

1. Dare to take an initiatives

2. View and grab opportunities to improve business performance

3. Steadfast

4. Information seeking

5. Focused on quality work

6. Commitment to agreement

7. Efficiency-focused

8. Systematic planning

9. Solving problem

10. Self-confidence

11. Iron willed

12. Using power strategies

Failure factors of entrepreneurs:

      

1.Undisciplined, unethical & irresponsible

2. Ill-equipped mentally and physically for challenges

3. Not able to plan well

4. Not serious in running business

5. Wrong strategies used

6. Poor environmental scanning

7. Poor business knowledge

Lecture 3 – ethics

                In Islamic view, Falsehood & Ads misrepresentations.Sayings of The Prophet: “Do not sell defective products unless you disclose the defects to the buyer”- Narrated by Bukhari. Correct Measurements. Allah SWT revealed: “And complete the measure when you are measuring the scale using the correct tool.”(Al-Israa:35).

The entrepreneurship ethics are:

• Destruction of Over-supplies -Do not waste and destroy
  
• Business involving riba (interests) - Allah SWT: “Allah allows buying & selling & prohibits interests.” (Al-Baqarah:275)
  
• Workers’ Recruitment Practice - Best management practices, fair & responsible.
  
• Fair to workers - Welfare, wages & comfortable workplace.
  
• Environmental Control & Care - Social Responsibility & Green Environment Focused Besides Profit Maximization.

Lecture 4 - CREATIVITY & INNOVATION

                Innovation means Approach towards creating a new product, process or service in an improved manner & not resting on laurels. It takes four stages in creative process the first step is assimilation of knowledge via readings, discussions, seminars, workshops to create new products/services. Secondly, incubator .Does not cares where the source of ideas originates as development of creative ideas is very vital.  Thirdly is idea which acquired ideas unplanned for during lunch/dinner, travelling etc. lastly is assessment & implementation. Transform ideas into reality finally & without doubt. The importances of developing creative ideas are use thinking skills innovatively & exploit ideas to develop concrete business planning. Besides that, viewing the environment in a topsy turvy way & approach problems as realized business opportunities. Techniques of generating creative & innovative ideas are discussions with workers (brainstorming). Next is forced analogy. Use objects or pictures to generate ideas & see its forced relatedness. Mind mapping the ideas and into groups then start voting for the best idea. The types of innovation are invention a new or original product, service or process. Expansion is an addition to existing products, services or processes. Duplication is a process of cloning with added functions. Integration – Combination of different parts to develop a product/application. Example is computer + technology integrates to form internet & e-commerce.

Lecture 5 – business opportunities

                Opportunity is a new ideas generated via innovative process by establishing a new business, developing new products or services. Situations contributing to business opportunities are, customers requiring new products/services solving their problems or needs. Existing of products/services not able to solve problems or fulfill their needs. So, the solution is identifying the strengths, minimizing weaknesses, using opportunities & lessening threats. Next thing I would like to share is the process of Identifying, Evaluating & Choosing Opportunities. First we need to analyse environment & market with understanding of customer needs. Second, evaluating of self-competency, societal needs & analyse business ideas. Thirdly is choose the business opportunities & set up a business structure.

Lecture 6 - SKILLS TO START A BUSINESS

               

                This week, I would like to share on the skills to start a business. All we need first is to identify the business capital in the form of finance, workforce, raw materials and equipments. Next is identify the product or service offered for sale according to categories, types and price list. Location of the business is important in monitoring the purchasing power of locality, target market, customer comfort and basic infrastructure. Besides that, identify the business facilities. Layout facilities, basic facilities, basic equipment for initial starting of business operations and basic documents required. List it and make a decision. Purchasing and selling requires negotiation process involving preparations, planning, strategies, and tactics and communication skills to effect a two way agreement. 

Lecture 7 - Business Plan (BP)

                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. The Importance of BP is to provide others an opportunity to meticulously, critically and objectively evaluate ideas and business projects. It is also to display the viability of a planned project. Assist someone to assess requirements of business necessities so that distribution of resources could be done effectively. To provide someone with the realization that there could be future problems associated with running the project.

Lecture 8 - Skills For Project Management

Management is a process of administration and coordination of resources effectively & efficiently toward organizational objectives. Organization involves group of individuals cooperating to achieve mutual objectives. There are four management functions. Firstly, Strategic is an involving long-term planning. Operational is day –to- day planning. it is fixed. The same annually but may change annually. Once off which mean only once and then new planning. MBO is involves planning of all division, department and section leaders. Contingency is an alternative plans like plan B.