Assignment 2: Business Oppurtunity ( Individual) AS1205A PDF

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Summary

FUNDAMENTALS OF ENTREPRENEURSHIP(ENT300)BUSINESS OPPORTUNITY OFART COMMISSIONPREPARED BY:NUR FATIHAH MAISARAH BINTI SALTO @ SUHARTO(2019502607)GROUP:AS120 (5A)PREPARED FOR:SIR ABANG SULAIMAN ABANG NAIMSUBMISSION DATE :18/06/ACKNOWLEDGEMENTAlhamdulillah hirobbil a’lamin, thank you Allah for I am able...

Description

FUNDAMENTALS OF ENTREPRENEURSHIP (ENT300)

BUSINESS OPPORTUNITY OF ART COMMISSION

PREPARED BY: NUR FATIHAH MAISARAH BINTI SALTO @ SUHARTO (2019502607)

GROUP: AS120 (5A)

PREPARED FOR: SIR ABANG SULAIMAN ABANG NAIM

SUBMISSION DATE: 18/06/2021

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ACKNOWLEDGEMENT

Alhamdulillah hirobbil a’lamin, thank you Allah for I am able to finish my ENT300 Business Opportunity assignment in the time limit. During the process of doing this assignment, I would like to thank my ENT300 lecturer, Sir Abang Sulaiman, for guiding me doing my assignment. My completion of this assignment could not be achieved without the help of my fellow classmates for teaching, guiding me for this assignment. In addition, my best friends who deserve my deepest gratitude, for teaching me about their experience and knowledge in doing art commission. Finally, thank you to my parents for their endless emotional support when I am loss. Thank you for your non-stop praying for me to succeed. My heartfelt thanks.

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TABLE OF CONTENT EXECUTIVE SUMMARY………………………………………………………...…...……4 1.0 PROJECT DESCRIPTION………………………………………………………..……5 2.0 PROJECT OUTCOME…………………………………………………………...……..7 3.0 EXPERIENCE……………………………………………………………….…...………8 4.0 APENDICES……………………………………………………………...………………9

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EXECUTIVE SUMMARY

The goal of this business opportunity is to teach you about the Fundamentals of Entrepreneurship and how to run a successful business (ENT300). At the beginning of this assignment, I was juggling between selling baking goods such as cakes and cookies or art commissions. In the end, I chose art commission because I am more comfortable and passionate about drawing than baking. Art commission is a service where I offered my drawing skills to draw what the commissioners wish me to fulfil. The commission could be me drawing their original characters in my art style and fanart’s of their favourite characters or people. I choose the art commission for this assignment because of the world pandemic, where we must socially distance to protect ourselves and our family from COVID-19. There are risks of getting infected with the virus if I choose to run a baking business therefore, the art commission is the best one for this circumstance. My service is run entirely online, where I promote my service on my social media accounts such as WhatsApp, Twitter, Instagram, and Twitch. I post and upload pictures of my arts that are commissioned by the commissioners (with their permission) to promote my service to bigger audience. Lastly, I learned something new for every commission I received such as anatomy, colour theory, lighting, poses and many more. With the new knowledge I had gained, my drawing skill improves.

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1.0 PROJECT DESCRIPTION

In this project, I choose to offer an art commission service. For my service, the price ranges from 30 USD to 100 USD. When I was setting up the prices, The prices differ depends on what the customers want. I offered a headshot drawing for 30 USD, a half-body drawing for 50 USD, and a full-body drawing for 100 USD. For an additional character, I discount the price by decreasing 10 USD for every price that I set up. I did a story post on my Instagram account, asking my followers how much money will pay me based on my art style, hence the price is high because of how much detail I put in my drawings. I decided to do this service for a month started from 30 April 2021 to 31 May 2021 and only open one commission slot per week due to my busy schedule. The price for the commission is shown in the table below: Table 1: Art Commission Price TYPES OF COMMISSION Headshot (one character)

PRICE 30 USD (4.14) = RM124.28

Additional character Half-body (one character)

(30 USD + 20 USD) (4.14) = RM207.13 50 USD (4.14) = RM207.13

Additional character Full-body (one character)

(50 USD + 40 USD) = RM372.82 100 USD (4.14) = RM414.25

Additional character *1 USD = RM4.14

(100 USD + 90 USD) (4.14) = RM787.08

I choose art commission for this project because I am really confident with my drawing skill. I have been drawing since I was 10 years old and started learning how to draw digitally in 2018. Doing this art commission service will increase my drawing skills because for every drawing, I learn something new. In addition, because of the global pandemic, I need to make extra money to support my family financially. Therefore, doing an art commission service will give me extra money to support my family. My target customers are art-lovers that are looking for an artist with a semi-realism art style. There are also demands in the anime lover community where they want customized fan art of their favourite characters. My service is open preferably for customers that are over the age of 17 because I also offer to draw suggestive drawing which is not suitable for minors.

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I run my service 100% online. I used my own social media accounts such as WhatsApp, Instagram, Twitter, and a livestream platform-Twitch, to promote my service. I posted and uploaded my work in progress and finished drawing commissions. because it is online, people from all over the can commission me with worrying for their privacy because I do not ask for their home address. I also do a livestream on Twitch of me drawing the commissions with the permissions of my customer, which is also a good platform for new customer. I used PayPal to receive the payments from the customer.

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2.0 PROJECT OUTCOME

My service has received a warm welcome. For four weeks, I had 4 customers, one for each week. I had reached my customers target for this project. Two customers commissioned me full-body drawing and the other two customers commission half-body drawing. The calculation of the cash flow is stated as below:ed

Table 2: Simple Cash Flow Calculation WEE

ORDER

REVENUE

K 1

Half-body (one character)

50 USD (4.14)

2

Half-body (one character)

= RM207.13 50 USD (4.14)

3

Full-body (one character)

= RM207.13 100 USD (4.14)

4

Full-body (one character)

= RM414.25 100 USD (4.14)

TOTAL

= RM414.25 RM1242.76

*1 USD = RM4.14

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3.0 EXPERIENCE

Art commission service is like exploring a whole new world. It was scary because at the beginning, I do not know if there is anyone who is going to commission me. However, it turns out great. I have gained new knowledge that will be useful for future business. I had fun doing each commission that I received. This is because I get to draw beautiful and interesting characters, whether the characters are from anime (Japanese cartoon) or original characters. I do not feel like work because drawing is my hobby. When you do something that you love, you will not feel burden in doing it as a job. When I received my first profit, I was surprised on how much I earned for a drawing because I do not expect that my drawing is worth that much. I was hesitating in doing this service but now I will do it again. The trickiest part for me is interacting with the customers. As a person with social anxiety, it is difficult for me to interact with them, even with messages. I tend to overthink all my messages and because of this, some of my replies to the customers might sound a bit cold and robotic. Another challenge for me is trying to balance my time with studies and doing commission. This is because it took me over 6 to 11 hours to draw. During the drawing, I also at the same time learning on how to draw the poses, lighting, anatomy and making sure the character looks exactly like the reference that the customer’s customers gave me. There are a few areas that I need to improve on. I need to learn on how to perfectly balance my time for studies and doing the art commissions. My customer interaction skill also needed to be improved so that I sound less cold and become friendlier so that the customers will feel more comfortable with me. In a nutshell, the whole experience is a fun and unique experience for me. I get to meet new people gained useful knowledge such as how to use promote my service, customer service, and many. I finally get to help my family financially. I am still in shocked that I just earned over RM1000 by just doing 4 art commission. Because of the end result, I will continue doing my art commission service because I can see this as a chance to do a new back up profession.

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4.0 APPENDICES

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