Bella signorina

WEEK 5

HANUM: Although nine out of ten divine providences are said to come from business but starting a business is not an easy job. But, this can be overcome if only one knows how to look into business opportunities. In this week, we were taught on how to look into the process of identifying, evaluating and choosing opportunities that can help us expand our business. Apart from that, we also came to know about the environmental and market factors such as social responsibilities and problems as well as psychographic change. The evaluating matches between self and business, business and society as well as self with environment are also essential in order to have a successful business in the future.

FARAH: Starting a business is not a walk in the park. However, if the business is done right it could be the key to being a billionaire. This is probably one of the reasons why a lot of people try their hand at running a business. Although many try to dive into the business world, many have failed to be as succesful as they wished to be. But if I learnt this week that to be succesful, we must know how to pick and chose business opportunities that will benefit us.  It takes extensive evaluating to find out if a certain opportunity will be beneficial or not.  Also I learnt how the enviroment and market factors such as social responsibilities and problems as well as psychographic change could affect a business.  This is proof how it is not easy to run a business, its not just about selling a product and reeping the rewards. Lots of planning and evaluating needs to take place first.

AFIQAH: Oppurtunity is defined as new ideas generated via innovative process by establishing a new business, developing new products or services (Barjoyai Bardai, 2000). Entrepreneurship has many oppurtunities but not all of it are good. As an entrepreneur, the ability to know how to identify, evaluate and choose the oppurtunities wisely is important. By analysing the environment and market with the customer needs, evaluate self-competency and setting up a business structure, it can help them to evaluate and make decision whether to choose the oppurtunity or not. There are many environmental and market factors need to be considered but the three most important factors are demographic change (age, sex, income, education, etc), psychographic change (taste, status and ego) and the geographic change. Based on all the factors, the entrepreneur need to conceive a concrete idea, choose and develop a business plan and execute it successfully.

HASNA: Today we learned about creativity and innovation. We learned that what makes a creative individual were the modest and proud of oneself simultaneously. Modest for creating something new but feel proud for the success. Not just that, a creative person is a person who committed with his work and objective oriented, they were the people who dare to try new idea and open to any criticism. They were also the person who was focus  and dedicate in their work and take responsibility for their action. They were also rational and does not hasty. For a creative person, every complex problem were simplified and broken down into smaller pieces. Next, they generate as many ideas possible whether its good or bad and they choose the best alternative as the business strategy.

FATIN: In today’s class, we learned about business opportunity. According to  Barjoyai Bardai (2000) business opportunity is defined as new ideas generated via innovative process by establishing a new business, developing new products or services. There are several situations that create business opportunity which are when customers requiring new products/services solving their problems or needs and existing products/services not able to solve problems or fulfill their needs. There are also several process of identifying, evaluating and choosing opportunities, among them are analysing environment and market with understanding of customer needs, evaluating of self-competency, societal needs and analysing business ideas and choosing the business opportunities and set up a business structure.

IRDINA:The lecture for this week revolves around the topic, business opportunity where the lecturer explained of how to identify opportunities in doing a business and ways to evaluate and choose a practical business opening for developing new products or services. Some situations were given as examples of contributions in business opportunities where as entrepreneurs, we should be able to identify the strengths, grab hold of opportunities, minimize the weaknesses and lessen the threats. We were also briefed on how to identify, evaluate and choose opportunities based on factors like environment and markets.

LUBNA: I learnt about business opportunities in this class. I am more interested in business since now I know how to identify, evaluate and choose business opportunities wisely. Some situations that contribute to business opportunities are given. I also know that there are many market and environmental factors that affect business opportunities such as, demographic and psychographic change, laws and procedures of local government, social responsibilities and problems and also the relationship between industries. I didn’t know all this things before. I’m glad to learn new things that will benefit me in the future..